简介
The multinational firm and its main vehicle, foreign direct investment, are key forces in economic globalization. Their importance to the world economy can be seen in the fact that since 1990 foreign direct investment has grown more rapidly than the world GDP and world trade. Despite this, the causes and consequences of multinational firm activity are little understood and until recently relatively unexamined in the theoretical literature. This CESifo volume fills this gap, examining the multinational enterprise (MNE) and foreign direct investment (FDI) from both theoretical and empirical perspectives. In the theoretical chapters, leading scholars take a wide range of modern analytical approaches--from new growth and trade theories to new economic geography, industrial organization, and game theory. Taking current theoretical work on MNE and FDI as a starting point and aiming to extend the existing theoretical framework, the contributors consider such topics as investment liberalization and firm location, tax competition, and welfare consequences of FDI and outsourcing. The empirical chapters test several of the key hypotheses of recent theoretical work on MNE and FDI, examining topics that include productivity effects on Italian MNEs, the different effects of outsourcing in Austria and Poland, location decisions of MNEs in the European Union, and other topics. ContributorsOscar Amerighi, Bruce A. Blonigen, Steven Brakman, Davide Castellani, Ronald B. Davies, Alan V. Deardorff, Fabrice Defever, Harry Garretsen, Anders N. Hoffman, Andzelika Lorentowicz, James R. Markusen, Charles van Marrewijk, Dalia Marin, James R. Marukusen, Alireza Naghavi, Helen T. Naughton, Giorgio Barba Navaretti, J. Peter Neary, Gianmarco Ottaviano, Alexander Raubold, Glen R. WaddellSteven Brakman is Professor of Globalization in the Faculty of Economics at the University of Groningen. Harry Garretsen is Professor of International Economics at the Utrecht School of Economics, Utrecht University.
目录
Contents
1 Foreign Direct Investment and the Multinational Enterprise: An
Introduction 1
Steven Brakman and Harry Garretsen
1.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Part I: Theory . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.3 Part II: Empirics . . . . . . . . . . . . . . . . . . . . . . . . 11
2 Trade Costs and Foreign Direct Investment 17
J. Peter Neary
2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.2 The Proximity-Concentration Trade-Off . . . . . . . . . . . 19
2.3 Vertical versus Horizontal FDI . . . . . . . . . . . . . . . . 26
2.4 Export-Platform FDI . . . . . . . . . . . . . . . . . . . . . 31
2.5 Cross-Border Mergers and Acquisitions . . . . . . . . . . . 35
2.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . 42
3 Investment Liberalization and the Geography of Firm Location 59
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Anders N. Hoffman and James R. Markusen
3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 59
3.2 Model Structure . . . . . . . . . . . . . . . . . . . . . . . . 64
3.3 Effects of Investment Liberalization . . . . . . . . . . . . . 73
3.4 Some Relevant Data . . . . . . . . . . . . . . . . . . . . . . 81
3.5 Summary and Conclusions . . . . . . . . . . . . . . . . . . 85
4 Outsourcing, Contracts and Innovation Networks 95
Alireza Naghavi and Gianmarco Ottaviano
4.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 95
4.2 A Model of Product Innovation . . . . . . . . . . . . . . . . 102
4.2.1 Demand . . . . . . . . . . . . . . . . . . . . . . . . 102
4.2.2 Supply . . . . . . . . . . . . . . . . . . . . . . . . 104
4.3 Organization and Product Variety . . . . . . . . . . . . . . . 107
4.3.1 Production . . . . . . . . . . . . . . . . . . . . . . 107
4.3.2 Innovation . . . . . . . . . . . . . . . . . . . . . . 110
4.3.3 Equilibrium . . . . . . . . . . . . . . . . . . . . . . 112
4.3.4 Comparative Statics . . . . . . . . . . . . . . . . . 116
4.4 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . 121
5 Agglomeration and Government Spending 129
Steven Brakman, Harry Garretsen and Charles van Marrewijk
5.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 129
5.2 Stylized facts about taxation and public spending in the EU . 134
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5.3 The Model . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
5.4 Analysis of the symmetric equilibrium for a given level of
public goods . . . . . . . . . . . . . . . . . . . . . . . . . . 144
5.5 Break analysis for a given level of public goods . . . . . . . 149
5.6 Simulation results . . . . . . . . . . . . . . . . . . . . . . . 152
5.7 Summary and conclusions . . . . . . . . . . . . . . . . . . 155
6 Transfer Pricing and Enforcement Policy in Oligopolistic Markets
169
Oscar Amerighi
6.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 169
6.2 The model . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
6.3 Transfer pricing and quantity decisions . . . . . . . . . . . . 181
6.3.1 Equilibrium transfer price . . . . . . . . . . . . . . 182
6.3.2 Equilibrium home sales and exports . . . . . . . . . 184
6.4 Tax competition . . . . . . . . . . . . . . . . . . . . . . . . 189
6.4.1 Symmetric tax rates and enforcement policies . . . . 191
6.4.2 Effects of economic integration . . . . . . . . . . . 194
6.5 Enforcement policy competition . . . . . . . . . . . . . . . 200
6.6 Concluding remarks . . . . . . . . . . . . . . . . . . . . . . 204
7 Gains from Trade and Fragmentation 229
Alan V. Deardorff
7.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 229
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7.2 Lessons from the Gains from Trade . . . . . . . . . . . . . 231
7.3 Can Fragmentation Hurt a Country? . . . . . . . . . . . . . 234
7.4 Can Fragmentation Hurt Groups within a Country? . . . . . 238
7.5 Can Fragmentation Hurt the World? . . . . . . . . . . . . . 240
7.6 Should We Care about the World ? . . . . . . . . . . . . . . 245
7.7 Conclusion? . . . . . . . . . . . . . . . . . . . . . . . . . . 249
8 Spacey Parents: Spatial Autoregressive Patterns in Inbound FDI255
Bruce A. Blonigen, Ronald B. Davies, Helen T. Naughton, and Glen R. Waddell
8.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 255
8.2 A Simple Model of the Multinational Firm . . . . . . . . . . 258
8.3 Empirical Methodology and Data . . . . . . . . . . . . . . . 264
8.3.1 Empirical Specification . . . . . . . . . . . . . . . . 264
8.3.2 Data . . . . . . . . . . . . . . . . . . . . . . . . . . 269
8.4 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272
8.4.1 OECD Results . . . . . . . . . . . . . . . . . . . . 272
8.4.2 Robustness to Alternative Weighting Schemes . . . . 274
8.4.3 European Results . . . . . . . . . . . . . . . . . . . 277
8.5 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . 280
9 Do Italian firms improve their performance at home by investing
abroad? 291
Giorgio Barba Navaretti and Davide Castellani
9.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 291
vi
9.2 Analysing the performance of investing firms: the issue . . . 295
9.2.1 Analytical issues . . . . . . . . . . . . . . . . . . . 295
9.2.2 The empirical setting . . . . . . . . . . . . . . . . . 298
9.3 The evaluation problem: propensity score matching and differencein-
difference estimators . . . . . . . . . . . . . . . . . . . . 302
9.4 Data and description of the sample . . . . . . . . . . . . . . 306
9.5 Construction of the counterfactual . . . . . . . . . . . . . . 309
9.6 The effects of investing abroad: results . . . . . . . . . . . . 313
9.7 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . 315
10 Is Human Capital Losing from Outsourcing? Evidence for Austria
and Poland 325
Andzelika Lorentowicz, Dalia Marin, and Alexander Raubold
10.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 325
10.2 The Framework . . . . . . . . . . . . . . . . . . . . . . . . 330
10.3 The Empirical Model . . . . . . . . . . . . . . . . . . . . . 333
10.4 Outsourcing in Austria . . . . . . . . . . . . . . . . . . . . 335
10.4.1 Data and Variables . . . . . . . . . . . . . . . . . . 336
10.4.2 Empirical Results . . . . . . . . . . . . . . . . . . . 337
10.5 Multinational Outsourcing to Poland . . . . . . . . . . . . . 342
10.5.1 Data and Variables . . . . . . . . . . . . . . . . . . 342
10.5.2 Empirical Results . . . . . . . . . . . . . . . . . . . 344
10.5.3 Robustness . . . . . . . . . . . . . . . . . . . . . . 347
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10.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . 349
10.6.1 Data . . . . . . . . . . . . . . . . . . . . . . . . . . 350
10.6.2 Tables . . . . . . . . . . . . . . . . . . . . . . . . . 353
11 Is it strategic to attract the service activities of multinational
firms ? Some empirical evidence. 361
Fabrice Defever
11.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 361
11.2 Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365
11.2.1 Description of the database . . . . . . . . . . . . . . 365
11.2.2 The five functions considered . . . . . . . . . . . . 366
11.2.3 Job creation by multinational firms . . . . . . . . . 367
11.3 Econometric Model . . . . . . . . . . . . . . . . . . . . . . 370
11.4 Dependent and independent variable . . . . . . . . . . . . . 372
11.4.1 Construction of the dependent variable . . . . . . . 372
11.4.2 The independent variables . . . . . . . . . . . . . . 373
11.5 Econometric test . . . . . . . . . . . . . . . . . . . . . . . 374
11.6 Implications for policy makers . . . . . . . . . . . . . . . . 377
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