ปัจจัยกำหนดและผลกระทบของเงินทุนต่างประเทศภาคเอกชนต่อการค้าระหว่างประเทศของประเทศไทย / พรชัย ทรัพย์ยิ่ง = Determinants and impact of private foreign capital on Thai international trade / Pornchai Supying
The objectives of this study are to study the determinants and the impact on Thailand's international trade of the mobility of foreign direct investment (FDI) and foreign loans (FL) in Thailand. The Ordinary Least Square (OLS) and Two-Stage Least Square (TSLS) method were used to estimate the model of the determinants and impact respectively. The period covered in this study are 31 quarters, from 1st quarter of 1991 to 3rd quarter of 1998. It was found that the determinants of FDI inflow are GDP, Eurodollar interest rate, exchange rate, minimum wage, opening BIBF and financial crisis. For the outflow of FDI, the determinants are GDP, Eurodollar interest rate, exchange rate, opening BIBF and financial crisis. In the part of FL inflow the determinants are expected output, interest rate differential, current account balance, opening BIBF and financial crisis. At the same time the determinants of FL outflow are expected output, interest rate differential, current account balance, debt service ratio, opening BIBF and financial crisis. In the case of impact Thailand's international trade the higher of both FDI and FL inflow will deteriorate balance of trade, while the higher of both FDI and FL outflow will improve balance of trade.