主题：The FDI-Natural Resource Curse: How Relevant are Institutions?
主讲人：Zhixiong Zeng，Adjunct Senior Research Fellow，Department of Economics， University of Monash
主持人：帅杰，副教授，中南财经政法大学 文澜学院
时间： 2015年9月18日（周五）下午4：15-5：30
地点：南湖校区 文波楼204
主讲人简介：
Zhixiong Zeng, Northwestern University 博士；现担任澳大利亚University of Monash Adjunct Senior Research Fellow；主要研究方向宏观经济学，货币经济学，金融经济学。曾在Economic Theory, Journal of Banking & Finance, Journal of Housing Economics, Economics Letters等杂志发表数十篇文章。
内容提要：
We construct an FDI general equilibrium model that incorporates natural resources and institutional quality. In the model, an increase in natural resources induces agents to engage in rent seeking activities, and the intensity of rent seeking decreases with the quality of institutions in the FDI host country. We derive four results: (i) There exists an FDI-natural resource curse, i.e., an increase in natural resources reduces FDI; (ii): Institutions have a direct positive effect on FDI; (iii) Good institutions mitigate the FDI-natural resource curse; and (iv) Institutions are not able to eliminate the FDI-natural resource curse. We show that the adverse effect of natural resources on FDI occurs through two channels: the Dutch disease channel and the rent seeking channel. Institutions mitigate the rent seeking effect but has no impact on the Dutch disease effect. As a consequence, institutions are not able to eliminate the curse. The results are confirmed by data from 99 developing countries over the period 1984-2011. We find that an improvement in corruption from the level of Nigeria to the level of Botswana will reduce the adverse effect of natural resources on FDI by about 16%. The paper highlights the importance as well as the limitation of institutions in addressing the
FDI-natural resource curse.
