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1、ForeignDirectInvestmentandtheDomesticCapitalStockByMIHIRA.DESAI,C.FRITZFOLEY,ANDJAMESR.HINESJR.*RisinglevelsofforeigndirectinvestmentFDItoprivatenonresidential?xedinvestment(FDI)concerngrowingnumbersofpolicymakersintheUnitedStatesaveraged6percentthroughandmembersoftheAmericanp
2、ublic.Thesethe1960sand1970s,thisratiohasrisento15concernsstemfromtheperceptionthatforeignpercentbythe2000s.ThisdramaticincreaseinactivitiesofAmericanmultinationalcorpora-outboundFDIismatchedbyasimilarlydra-tionsreduceemploymentandothereconomicmaticincreaseinFDI?owsintotheUnite
3、dactivitieswithintheUnitedStates.Whilein-States.vestment?owswithintheUnitedStatesgoThispaperevaluatesevidenceoftherelation-largelyunnoticed,inaninternationalsettingtheshipbetweenoutboundFDIandlevelsofdo-lexiconof“winners”and“l(fā)osers”canbeines-mesticcapitalformation.Earlier?ndin
4、gscapable.Curiously,bothcapital-exportingcoun-reportedbyMartinS.Feldstein(1995),usingtriesandcapital-importingcountrieshaveatdatafromthe1970sand1980s,indicatethattimesexpressedconcernovertheconsequencesoutboundFDIreducestotaldomesticinvest-ofinternationalcapital?ows.Capital-ex
5、portingmentintheUnitedStatesroughlydollar-for-countriesworrythattoomuchoftheircapitaldollar,whereasinboundFDIcontributestototalgoesabroad,whilecapital-importingcountriesdomesticinvestmentbythesamemagnitude.fearforeigncontrolofdomesticassetsandtheEvidenceinthispaperfromamuchbro
6、aderpossiblemacroeconomicinstabilityassociatedsampleofcountriesforthe1980sand1990swithrapidchangesinforeigninvestmentlevels.con?rmsthattheaggregatepatternsidenti?edTheconcernsofcapital-exportingcountries,byFeldsteinpersistinthislarger,andmorewhilediffuse,oftenarebasedonconcept
7、ionsofrecent,sample.However,anentirelydifferentoutboundFDIasdivertingeconomicactivity.pictureemergeswhenattentioniscon?nedtoUnsurprisingly,growingoverseasactivitiesofmultinational?rms.Higherlevelsofcapitalex-multinational?rmshavebecomeasourceofpendituresbytheirownforeignaf?lia
8、tesareeconomicinsecurityforworkers,managers,andassociatedwith
