Two-Way FDI and Global Value Chain Resilience:Empirical Evidence from Cross-country Data
This paper constructs"country-industry-year"three-dimensional panel data for 60 countries from 2008 to 2018 to investigate the impact of two-way FDI interaction development on the resilience of global value chains and its mechanism.The study finds that:the increase in the level of two-way FDI interaction and development can signifiicantly improve the resilience of global value chains,and this conclusion still holds after a series of robustness tests and endogenous tests;the results of the mechanism test show that the increase in the level of two-way FDI interaction and development can enhance the technological innovation capacity and production efficiency of each country,and promote the improvement of the business environment,so as to facilitate the en-hancement of the resilience of the global value chains of each country;in the service sector In the service industry,the upstream industries of the value chain,and countries with favorable economic environments,the effect of two-way FDI interactive develop-ment on the enhancement of GVC resilience is more significant,and the increase in the level of two-way FDI interactive develop-ment can make up for the insufficiency of resource endowment and improve the institutional environment,thus promoting the en-hancement of the resilience of the GVCs in these countries.This study affirms the positive effect of two-way FDI interactive devel-opment on the resilience of global value chains,which is an important revelation for improving the resilience and security level of industrial chain supply chains.
NETL
NSTL
万方数据
