Foreign direct investment in Australia following the Australia-US free trade agreement

Kirchner, SI

Foreign direct investment in Australia following the Australia-US free trade agreement

Kirchner, SI

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Publisher:: Blackwell Publishing Ltd
Publication Type:: Journal Article
Citation:: The Australian Economic Review, 2012, 45 (4), pp. 410 - 421
Issue Date:: 2012-01

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Field	Value	Language
dc.contributor.author	Kirchner, SI	en_US
dc.date.issued	2012-01	en_US
dc.identifier.citation	The Australian Economic Review, 2012, 45 (4), pp. 410 - 421	en_US
dc.identifier.issn	0004-9018	en_US
dc.identifier.uri	http://hdl.handle.net/10453/31540
dc.description.abstract	A model of inward foreign direct investment for Australia is estimated. Foreign direct investment is found to be positively related to economic and productivity growth and negatively related to foreign portfolio investment, trade openness, the exchange rate and the foreign real interest rate. Foreign direct investment is found to be a substitute for both portfolio investment and trade in goods and services. The exchange rate and the US bond rate affect foreign direct investment through the relative attractiveness of domestic assets. Actual foreign direct investment outperforms a model-derived forecast in recent years, consistent with the liberalisation of foreign investment screening rules following the AustraliaUS Free Trade Agreement.	en_US
dc.publisher	Blackwell Publishing Ltd	en_US
dc.relation.ispartof	The Australian Economic Review	en_US
dc.relation.isbasedon	10.1111/j.1467-8462.2012.00686.x	en_US
dc.subject.classification	Economics	en_US
dc.title	Foreign direct investment in Australia following the Australia-US free trade agreement	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	45	en_US
utslib.for	1401 Economic Theory	en_US
utslib.for	14 Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.issue	4	en_US
pubs.volume	45	en_US

Abstract:

A model of inward foreign direct investment for Australia is estimated. Foreign direct investment is found to be positively related to economic and productivity growth and negatively related to foreign portfolio investment, trade openness, the exchange rate and the foreign real interest rate. Foreign direct investment is found to be a substitute for both portfolio investment and trade in goods and services. The exchange rate and the US bond rate affect foreign direct investment through the relative attractiveness of domestic assets. Actual foreign direct investment outperforms a model-derived forecast in recent years, consistent with the liberalisation of foreign investment screening rules following the AustraliaUS Free Trade Agreement.

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http://hdl.handle.net/10453/31540