外商直接投资能否带来溢出效应？外文翻译.docx

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1、外商直接投资能否带来溢出效应？外文翻译外文翻译原文Aretherepositivespilloversfromdirectforeigninvestment?MaterialSourceiJournalofDevelopmentEconomics42199351-74Author:MonaHaddad,AnnHarrisonManydevelopingcountriesnowactivelysolicitforeigninvestment,offeringincometaxholidays,importdutyexemptions?andsubsidiestoforeignfirms.Oner

2、easonforsubsidizingthesefirmsisthepositivespilloverfromtransferringtechnologytodomesticfirms.Thispaperemploysauniquefirm-leveldatasettotestforsuchspilloversintheMoroccanmanufacturingsector.Wefindevidencethatthedispersionofproductivityissmallerinsectorswithmoreforeignfirms.However,werejectthehypothes

3、isthatforeignpresenceacceleratedproductivitygrowthindomesticfirmsduringthesecondhalfofthe1980s.Usingdetailedinformationonquotasandtariffs,wealsorejectthepossibilityofadownwardbiasinestimatingtechnologyspilloversbecauseforeigninvestorsmaybeattractedtoprotecteddomesticmarkets1.IntroductiouThedisappear

4、anceofnonequitysourcesofforeigncapitalinthe1980shascreatedarenewedinterestindirectforeigninvestmentDFLDespitethecontroversiessurroundingthebenefitsandcostsofDFI,anumberofdevelopingcountrygovernmentshavenowchangedtheirpoliciesfromrestrictingtowardspromotingforeignInvestment.Somecountrieshaveactuallyt

5、iltedthebalancetowardsforeignfirmsbyofferingspecialincentives:inMexico,themaquiladorafirmspaynoincometaxes;inmuchoftheCaribbean,foreignfirmsreceiveincometaxholidays,importdutyexemptions,andsubsidiesforinfrastructure.Arethesesubsidiesjustified?OnebenefitoftencitedintheliteratureonthegainsfromDFI,apar

6、tfromthecapitalofteninflowsandadditionalemployment,isthenewtechnologybroughtinbyforeignfirms,itcouldjustifysometypeofsubsidy.ThismaybetherationableforgovermentpoliciesineconomicesasdiverseasTaiwanandBulgaria,whichtargetspecialtreatmentforforeignfirmsinhightechnologysectors.Technologytransferoccursth

7、roughmanydifferentavenues-newtechnologyisembodiedinimportedinputsandcapitalgoods,solddirectlythroughlicensingagreements,ortransmittedtoexporterswholearnaboutnewtechniquesfromtheirforeignbuyers.Inothercases,learningbydoingamongdomesticfirms,combinedwithinvestmentsinformaleducationandon-the-jobtrainin

8、g,iscritical.Noindividualsourceoftechnologyislikelytobethebest;countryexperiencesuggeststhatthemosteffectivediffusionofnewideasandprocessesprobablyinvolvesacombinationofallthesefactors.Foreigninvestmentplaysanunusualroleinseveralrespects,however.First,newtechnologymaynotbecommerciallyavailableandinn

9、ovatingfirmsmayrefusetoselltheirtechnologyvialicensingagreements.MansfieldandRomeo1980,forexample,foundthatthetechnologytransferredviamultinationalswasmuchnewerthanthetechnologysoldthroughlicensingagreements.Second,foreigninvestmentmayprovidethecompetitionnecessarytostimulatetechnologydiffusion,part

10、icularlyiflocalfirmsareprotectedfromimportcompetition.Third,foreigninvestorsmayprovideaformofworkertrainingwhichcannotbereplicatedindomesticfirmsorpurchasedfromabroad.Thetheoreticalliteratureonforeigninvestmentsuggeststhatforeigninvestorspossesssomesortofintangibleassetwhichcannoteasilybesold-suchas

11、managerialskills.TechnologydiffusionmayoccurthroughlaborturnoverasdomesticemployeesmovefromforeigntodomesticfirmsExistingcasestudiesofmultinationalbehaviordosuggestthatforeigninvestmentcouldbeanimportantsourceofspillovers.RheeandBelotl990presentanumberofdetailedcaseswhereforeigninvestorshaveactedase

12、xportcatalysts,insomecasesfuelingdomesticexportindustrywheretherewerenodomesticexportsatall.MansfieldandRomeo,however,foundthatonlyasmallshareofthe15multinationalsintheirsurveybelievedthatforeigninvestmenthastenedaccesstoprocesstechnologyforhostcountrycompetitors.MansfieldandRomeosuggestedthatmoreim

13、portantgainsfromforeigninvestmentwerelikelytobethroughcostsavingstodownstreamusersofnewproductsortechnologytransferredtoupstreamsupplier.Anumberofempiricalstudieshaveattemptedtodirectlymeasuretheso-calledspilloversfromforeigninvestment.Inanearlystudy,Cavel974testedfortheimpactofforeignpresenseonvalu

14、e-addedperworkerinAustraliandomestically-ownedmanufacturingsectors.CavesfoundthatthediparityBetweenhigherforeignanddomesticvalue-addeddisappearsastheforeignshareofsectorallaborrises,whichisconsistentwithpositivespilloversfromforeignpresence.Globermanl979replicatedCave,sfindingsl974usingsector-level,

15、cross-sectiondataforCanadianmanufacturingindustriesin1972.Globerman,however,wasabletocontrolexplicityforcapitalintensityinhisestimationofvalue-addedperworker.Theresultsindicateonlyaweakeffect-noneoftheproxiesforforeignpresenceinthesectoraresignificantatthe5percentlevel.Mostoftheempiricalworkonspillo

16、versfromforeigninvestmentindevelopingcountrieshasfocusedonMexico,whichgathersmanufacturingdatabyownershiptype.BlomstromandPersson1983reproduceGloberman,sstudyusing1970censusdatafor215Mexicanmanufacturingindustries.Controllingforcapitalintensity,scaleeffects,andworkerquality,BIomstromandPerssonfindthatlaborproductivityissignificantlyhigherinsectorswhereforeignfirmsemployahighershareofthelaborforce.Blomstrom1986andWolff1989findfasterproductivitygrowthandfasterconvergenceofproduc