标题： 发展融资机构（DFIs）、政治条件和外国直接投资（FDI）在撒哈拉以南非洲 显示英文标题

标题： Development finance institutions (DFIs), political conditions, and foreign direct investment (FDI) in Sub-Saharan Africa

摘要： 本研究利用1990年至2018年五个撒哈拉以南非洲国家（尼日利亚、加纳、肯尼亚、南非和津巴布韦）的年度定量面板数据，使用在STATA中估计的固定效应模型，研究了开发金融机构（DFIs）、外国直接投资（FDI）与经济发展之间的动态关系。 具体而言，该分析探讨了DFIs是否促进FDI流入，从而推动经济增长并有助于实现可持续发展目标（SDGs）。 研究结果表明，尽管DFIs理论上对FDI有积极影响，但这一关系在样本中并不具有统计显著性，这表明其受到区域经济差异的影响。 该研究还分析了经济增长、贸易开放度、通货膨胀、政治稳定性和法治如何影响这一联系，阐明了它们在塑造投资环境中的作用。 行业分析表明，DFI在基础设施、农业企业和金融领域的投资对FDI有显著影响，其中基础设施的影响最大，因为其在经济体系中起着基础性作用。 本研究通过在面板设定中将DFIs与FDI联系起来，为政策制定者提供了一个框架，以加强制度和宏观经济条件，从而优化DFIs对FDI的影响，最终促进可持续发展。 研究结果强调了制定有针对性的政策以解决区域差异并提高DFI在促进可持续增长方面的有效性的必要性。 显示英文摘要

摘要： This study investigates the dynamic relationship between development finance institutions (DFIs), foreign direct investment (FDI), and economic development in Sub-Saharan Africa (SSA) from 1990 to 2018, using a quantitative panel dataset of annual data for five SSA countries (Nigeria, Ghana, Kenya, South Africa, and Zimbabwe) and a fixed-effects model estimated in STATA. Specifically, the analysis examines whether DFIs enhance FDI inflows, thereby promoting economic growth and contributing to the achievement of the Sustainable Development Goals (SDGs). The findings indicate that although DFIs have a theoretically positive impact on FDI, this relationship is not statistically significant across the sample, suggesting contextual dependencies influenced by regional economic variations. The study also analyzes how economic growth, trade openness, inflation, political stability, and the rule of law influence this nexus, elucidating their roles in shaping investment climates. A sectoral analysis indicates that DFI investments in infrastructure, agribusiness, and finance significantly affect FDI, with infrastructure having the greatest impact owing to its foundational role in economic systems. This research contributes by linking DFIs with FDI in SSA in a panel setting, thus providing a framework for policymakers to strengthen institutional and macroeconomic conditions to optimize the impact of DFIs on FDI and, ultimately, on sustainable development. The findings underscore the need for targeted policies to address regional disparities and enhance DFI effectiveness in fostering sustainable growth.