期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2010
卷号：1
出版社：Monash University
摘要：This study estimates the possible determinants of outward FDI from Malaysia by
introducing host market size and home government policy on capital outflows using
multivariate cointegration and error-correction modeling techniques. The empirical
results indicate that there is a positive long-run relationship between Malaysia’s outward
FDI and its key determinants, viz. foreign market size, real effective exchange rate,
international reserves and trade openness. In order to capitalize on globalization, the main
findings suggest that apart from the market-seeking incentive and the adoption of
outward-oriented policies, the Malaysian government could also encourage outward FDI
by implementing liberal policy on capital outflows. However, this can pose a dilemma to
the economy. On one hand, encouraging FDI outflows may tend to retard domestic
investment seeing that it has been an important source of economic growth over the last
three decades. On the other hand, restricting FDI outflows could discourage potential
Malaysian multinational corporations from seizing opportunities abroad and to become
regional and international players in the long run. The present study has important policy
implications for the country’s economic development and the internationalization of
Malaysian firms in the era of globalization.
