資源描述:
《capital movements and the international transfer of technical knowledge》由會(huì)員上傳分享,免費(fèi)在線閱讀,更多相關(guān)內(nèi)容在工程資料-天天文庫(kù)。
1、JourndofInternationalEconomics7(1977)45-65.@North-HollandPublishingCompanyECONOMCGRBWTH,CAPITALISIOVEBIENTSANDTHEINTERNATIONALTRANSFEROFTECHMCALKNOWLEDGETetsunoriKOIZUMIOhioStateUniversity,Columbus,OH43210,U.S.A.KennethJ.KOPECKY*BoardofGovernors,FederalReserveSystem,Washington,DC20551,U.S.
2、A.ReceivedApril1975,revisedversionreceivedJuly1976Thepaperanalyzestheroleoftechnologicaltransfersinaninternationalcapitalmovementmodelbyassumingthatthesetransfersdependontheextentofforeignownershipofacsuntryscapitalstock.Comparedtothestandardmodel,twodifferencesemerge.First,anegativerelati
3、onshipexistsbetweenacountrysindebtednessanditscapitalintensity.Second,changesinsavingratioscanaffectacountryscapitalintensity.Wealsorelaxtheassumptionofcontinualequalitybetweencapitalsdomesticmarginalproductandtheworldinterestrate.Itisshownthatmultipleequilibriaandcyclicalapproachestothest
4、eadystatecanariseinatechnologicaltransfermodeLI.IntroductionThestandardmodeloflong-terminternationalcapitalmovementsinvestigatespatternsofeconomicgrowthofarelativelysmallcountryinthepresenceoffreecapitalmobility.1Thismodelsuffersfromtwoseriousdrawbacks.First,itdoesnotdistinguishbetweerithe
5、rolesplayedbyportfolioandbydirectforeigninvestmentinacountrysdevelopment.Acarefulreadingofthestandardmodelshowsthatitmakesnodifferencewhetheracountryscapitalstockisownedandcontrolledbyresidentsorbyforeigners.Thisa.ssumptionseemstobeatvariancewithempiricalstudieswheretheentrepreneurialorris
6、k-bearingfunctionandthetransferoftechnicalskillsareassertedaskeyfeaturesofdirectforeigninvestment.2Directinvestmentismotivatedbytheopportunityofreapingprofitsabroad,whichismadepossiblethroughtheinvestingco~try's*TheviewsexpressedinthispaperdonotnecessarilyrepresentthoseoftheBoardofGovernor
7、softheFederalReserveSystem.Usefulcommentsonanearlierdraftbyananonjr-mousrefereearegratefullyacknowledged.ISee,forexample,Borts(1964,1/968),HausonandNeher(1967),&her(1970)andOnitsuka(1974).2See,forexample,Horst(1972)andKillick(1973).D46T.KoizumiandK..I.Kopecky,