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1、2668-01_CH01.qxd04/14/0508:40Page11IntroductionandOverviewTHEODOREH.MORAN,EDWARDM.GRAHAM,andMAGNUSBLOMSTR?MWhatistheimpactofforeigndirectinvestment(FDI)ondevelopment?Theanswerisimportantforthelivesofmillions—ifnotbillions—ofworkers,families,andcommunitiesint
2、hedevelopingworld.Theansweriscrucialforpolicymakersindevelopinganddevelopedcountriesandinmultilat-eralagencies.Theansweriscentraltothedebateaboutthecostsandben-e?tsoftheglobalizationofindustryacrossborders.YetdeterminingexactlyhowFDIaffectsdevelopmenthasprov
3、entoberemarkablyelusive.InvestigatinghowFDIcancontributeto,ordetractfrom,thegrowthandwelfareofdevelopingcountriesisachallengetheInstituteforInternationalEconomicstakesupinthechaptersofthiscon-ferencevolume.WhyhastherelationshipbetweenFDIanddevelopmentbeensod
4、if?-culttoinvestigate?Whatquandariesinanalysis,orde?cienciesinproce-dure,haveimpededtheinvestigationinthepast?Howcananalysisbestrengthened,andwhatdotheresultsshow?ThisvolumegatherstogetherthecuttingedgeofnewresearchonFDIandhostcountryeconomicperformance,andp
5、resentsthemostsophisti-catedcritiquesofcurrentandpastinquiries.Thevolumeprobesthelimitsofwhatcanbedeterminedfromavailableevidenceandfrominnovativeinvestigativetechniques.Itpresentsnewresults.Thisconferencevolumealsoconcludeswithananalysisoftheimplicationsfor
6、contemporarypol-icydebates,andproposednewavenuesforfutureresearch.TheodoreH.MoranisMarcusWallenbergProfessorofInternationalBusinessandFinanceattheSchoolofForeignServiceatGeorgetownUniversity.EdwardM.GrahamisseniorfellowattheInstituteforInternationalEconomics
7、.MagnusBlomstr?misprofessorattheEuropeanInstituteofJapaneseStudiesattheStockholmSchoolofEconomics.12668-01_CH01.qxd04/14/0508:40Page2FindinganEmpiricalFrameworkforPolicyAnalysisThreebodiesof“conventionalwisdom”aboutnonextractiveFDI’simpactonhostcountriesinth
8、edevelopingworldexist:1“WashingtonConsensus”Enthusiasm.The?rstsourceofconventionalwisdomcanbefoundinthe“Washingtonconsensus,”whichisstillreiter-atedbymultinationalinvestorsandbusinessadvocacygro
