关键词: 外商直接投资, 官方发展援助, 劳工汇款, 经济增长, 政府治理

Abstract: In the past 20 years，international capital flows have increased every year, including foreign direct investment, official development assistance and workers’ remittances. Nevertheless, the current research hasn’t put the three types of capital flows under one framework to examine their effects on economic growth. One of the main contributions of this paper is to use the data of 134 developing countries from 1980 to 2010 and panel three-stage least squares method (EC3SLS) to enrich the research in this field, and then we introduce governance indicators to test if different governance levels of local governments will have a significant impact on the effects of foreign capital inflows on domestic economic performance. The results show that in the developing countries FDI and workers' remittances play a significant role in promoting economic growth. Moreover, this positive impact will been strengthened at better governance environment. ODA has no obvious impact on the economic growth on its own, reflecting the effectiveness of ODA assistance targets, but when the government efficiency is taken into account, the economic effects of the ODA will have different results.

Key words: FDI;ODA;Workers&rsquo, Remittance;Economic Growth;Governance