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1、JournalofDevelopmentEconomics103(2013)107–123ContentslistsavailableatSciVerseScienceDirectJournalofDevelopmentEconomicsjournalhomepage:www.elsevier.com/locate/devecFiscaldecentralization,endogenouspolicies,andforeigndirectinvestment:TheoryandevidencefromChinaa
2、ndIndia☆YongWang?DepartmentofEconomics,HongKongUniversityofScienceandTechnology,HongKongarticleinfoabstractArticlehistory:Apolitical-economymodelisdevelopedtoexplainwhy?scaldecentralizationmayhaveanon-monotoniceffectReceived30March2011onFDIin?owsthroughendogen
3、ouspolicies.Toomuch?scaldecentralizationhurtscentralgovernmentincentives,Receivedinrevisedform26August2012whereastoolittle?scaldecentralizationrendersthelocalgovernmentsvulnerabletocapturebytheprotectionistAccepted21January2013specialinterestgroups.Moreover,th
4、elocalgovernment'spreferenceforFDIcanbeendogenouslypolarized;there-Availableonline1February2013fore,asmallchangein?scaldecentralizationacrosscertainthresholdvaluesmayleadtoadramaticdifferenceinequilibriumFDIin?ows.Empiricalinvestigationssupporttheideathatthedi
5、fferencein?scaldecentralizationisanJELclassi?cation:D78importantreasonforthenine-folddifferenceinFDIpercapitabetweenChinaandIndia.Cross-countryregressionF23resultsalsosupporttheinverted-Urelationship.H77?2013ElsevierB.V.Allrightsreserved.O33Keywords:Fiscaldece
6、ntralizationFDISequentiallobbyTechnologyadoptionGrowthanddevelopmentChinaandIndia1.Introductionsimplifyinglicenseapplication,charginglowfeesforlanduse,buildingfacilitatinginfrastructure,etc.Incontrast,wedidnotseesuchenthusi-Foreigndirectinvestment(FDI)helpsfac
7、ilitateeconomicgrowthasmforFDIatthecentralorthelocalleveloftheIndiangovernmentindevelopingcountriesbecauseitnotonlybringsmorephysicalcap-untilveryrecently.Forinstance,thecorporateincometaxrateon1italbutalsoembodiesbetterforeigntechnology.However,inreality,fore
8、ign-invested?rmswas41%inIndiabutwellbelow33%inChina2governmentpoliciestowardFDIvarytremendouslyacrosscountries.in2004.ThedefactoinstitutionalbarrierstoFDIarealsomuchhigherForexampl
