9
ENDNOTE
1. Definition and Sources of the Data
Dependent Variables
LJFDI, LUSFDI and LEUFDI are the net FDI inflows from Japan, the US and the EU,
respectively. All series are expressed in real terms of 1988 prices using the GDP deflator. Notice that
foreign direct investment is defined as equity investment plus loans from related companies.
Source:
The Bank of Thailand (available at the Bank of Thailand’s website, URL:
)
Explanatory Variables
LGDP Thai Gross Domestic Product measured in billions of baht in 1988 prices.
Source:
The World Bank. 2000,
World Development Indicators CD-Rom.
LTWR the average monthly earnings of Thai workers in the manufacturing sector, calculated
in baht.
Source:
(a) Thailand’s National Statistical Office. Various Issues,
Final
Report of the Labor Force Survey
. (b) International Labor Office. Various
Issues,
Yearbook of Labour Statistics
.
LTUC the long-term lending rate in Thailand.
Source:
The World Bank. 2000,
World
Development Indicators CD-Rom
.
LJPY, LUSD and LUKP are the annual average exchange rate of the Thai baht against the Japanese
Yen, the US dollar and the Pound Sterling, respectively.
Source:
The Bank of
Thailand. Various Issues,
Quarterly Bulletin of Statistics
, and the Bank of
Thailand’s website, URL:
.
REFERENCES
Aliber, R. Z. 1970, ‘A Theory of Foreign Direct Investment’, in Charles P. Kindleberger, ed.,
The
International Corporation
, Cambridge, Mass.: The MIT Press: 17-34.
Kravis, I. B. & Lipsey, R. E. 1982, ‘The Location of Overseas Production and Production for
Export by U.S. Multinational Firms’,
Journal of International Economics
, 12(3/4):
201-223
.
Kongruang, C. 2002, ‘Empirical Analysis of the Macroeconomic Determinants of FDI in Thailand’,
Studies in Regional Science
, 32(2): 15-29.
Krugman, P. R. & Obstfeld M. 1997,
International Economics :Theory and Policy
,
Addison-Wesley,170-175.
Love, J. H. & Lage-Hidalgo, F. 2000, ‘Analyzing the Determinants of US Direct Investment in
Mexico’,
Applied Economics
, 32(10): 1259-1267.
Lucas, R. E. B. 1993, ‘On the determinants of Direct Investment: Evidence from East and Southeast
Asia’,
World Development
, 21(3): 391-406.
