本研究以加勒比共同體為例探討經濟自由度對國外投資組的影響. 為此，本研究研究期間
為 2012 年至 2016 年。定態(stationarity test)檢定的結果顯示所有變數為定態的狀態。此
外，Hausman 檢定表示資料型態應使用固定效果模型較為適切。
根據固定效果模型，經濟自由度對國外投資組合有顯著正面影響。因此，加勒比共同體會
員國之間經濟自由度提高，會吸引更多投資者投資該國的股票和債務工具。此外，為確保
債投資組合和研究結果的穩健性，本研究亦估計外外國股票投資組合之單獨回歸模型，該
模型支持 Baseline 回歸結果，並顯示經濟自由度對外債投資組合和外國股票投資組合有顯
著正相關. 本研究指出加勒比共同體的會員國提高其經濟自由度，將能吸引夠多的外國投
資者在該國家投資。

This study intends to investigate the effect of economic freedom on foreign portfolio investments
in the case of the Caricom Single Market and Economy. For this purpose, this study has used data
from 2012 to 2016. The results of the stationarity test showed that data of all variables considered
in the study are stationary at level. Moreover, the fixed effect model better modelled the data as
suggested by the results of the Hausman test. Based on the results of the fixed effect models,
economic freedom has a significant and positive effect on the total foreign portfolio investments.
Therefore, an increase in the economic freedom among the Caricom Single Market and Economy
member countries will attract more investors to invest in their country stocks and debt instruments.
Furthermore, for robustness of the results, the study has also estimated a separate regression model
for foreign debt portfolio investments and foreign equity portfolio investments which also support
the baseline regression results and showed a significant and positive effect of economic freedom
on both foreign debt and foreign equity portfolio investments. This study suggests that the member
countries of the Caricom Single Market and Economy improve their economic freedom which will
attract more foreign investors to invest in their countries.

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