外商直接投资能否带来溢出效应？外文翻译.docx

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.Onereasonforsubsidizingthesefirmsisthepositivespilloverfromtransferringtechnologytodomesticfirms.Thispaperemploysauniquefirm-leveldatasettotestforsuchspilloversintheMoroccanmanufacturingsector.Wefindevidencethatthedispersionofproductivityissmallerinsectorswithmoreforeignfirms.However,werejectthehypothesisthatforeignpresenceacceleratedproductivitygrowthindomesticfirmsduringthesecondhalfofthe1980s.Usingdetailedinformationonquotasandtariffs,wealsorejectthepossibilityofadownwardbiasinestimatingtechnologyspilloversbecauseforeigninvestorsmaybeattractedtoprotecteddomesticmarkets1.IntroductiouThedisappearanceofnonequitysourcesofforeigncapitalinthe1980shascreatedarenewedinterestindirectforeigninvestmentDFLDespitethecontroversiessurroundingthebenefitsandcostsofDFI,anumberofdevelopingcountrygovernmentshavenowchangedtheirpoliciesfromrestrictingtowardspromotingforeignInvestment.Somecountrieshaveactuallytiltedthebalancetowardsforeignfirmsbyofferingspecialincentives:inMexico,themaquiladorafirmspaynoincometaxes;inmuchoftheCaribbean,foreignfirmsreceiveincometaxholidays,importdutyexemptions,andsubsidiesforinfrastructure.Arethesesubsidiesjustified?OnebenefitoftencitedintheliteratureonthegainsfromDFI,apartfromthecapitalofteninflowsandadditionalemployment,isthenewtechnologybroughtinbyforeignfirms,itcouldjustifysometypeofsubsidy.ThismaybetherationableforgovermentpoliciesineconomicesasdiverseasTaiwanandBulgaria,whichtargetspecialtreatmentforforeignfirmsinhightechnologysectors.Technologytransferoccursthroughmanydifferentavenues-newtechnologyisembodiedinimportedinputsandcapitalgoods,solddirectlythroughlicensingagreements,ortransmittedtoexporterswholearnaboutnewtechniquesfromtheirforeignbuyers.Inothercases,learningbydoingamongdomesticfirms,combinedwithinvestmentsinformaleducationandon-the-jobtraining,iscritical.Noindividualsourceoftechnologyislikelytobethebest;countryexperiencesuggeststhatthemosteffectivediffusionofnewideasandprocessesprobablyinvolvesacombinationofallthesefactors.Foreigninvestmentplaysanunusualroleinseveralrespects,however.First,newtechnologymaynotbecommerciallyavailableandinnovatingfirmsmayrefusetoselltheirtechnologyvialicensingagreements.MansfieldandRomeo1980,forexample,foundthatthetechnologytransferredviamultinationalswasmuchnewerthanthetechnologysoldthroughlicensingagreements.Second,foreigninvestmentmayprovidethecompetitionnecessarytostimulatetechnologydiffusion,particularlyiflocalfirmsareprotectedfromimportcompetition.Third,foreigninvestorsmayprovideaformofworkertrainingwhichcannotbereplicatedindomesticfirmsorpurchasedfromabroad.Thetheoreticalliteratureonforeigninvestmentsuggeststhatforeigninvestorspossesssomesortofintangibleassetwhichcannoteasilybesold-suchasmanagerialskills.TechnologydiffusionmayoccurthroughlaborturnoverasdomesticemployeesmovefromforeigntodomesticfirmsExistingcasestudiesofmultinationalbehaviordosuggestthatforeigninvestmentcouldbeanimportantsourceofspillovers.RheeandBelotl990presentanumberofdetailedcaseswhereforeigninvestorshaveactedasexportcatalysts,insomecasesfuelingdomesticexportindustrywheretherewerenodomesticexportsatall.MansfieldandRomeo,however,foundthatonlyasmallshareofthe15multinationalsintheirsurveybelievedthatforeigninvestmenthastenedaccesstoprocesstechnologyforhostcountrycompetitors.MansfieldandRomeosuggestedthatmoreimportantgainsfromforeigninvestmentwerelikelytobethroughcostsavingstodownstreamusersofnewproductsortechnologytransferredtoupstreamsupplier.Anumberofempiricalstudieshaveattemptedtodirectlymeasuretheso-calledspilloversfromforeigninvestment.Inanearlystudy,Cavel974testedfortheimpactofforeignpresenseonvalue-addedperworkerinAustraliandomestically-ownedmanufacturingsectors.CavesfoundthatthediparityBetweenhigherforeignanddomesticvalue-addeddisappearsastheforeignshareofsectorallaborrises,whichisconsistentwithpositivespilloversfromforeignpresence.Globermanl979replicatedCave,sfindingsl974usingsector-level,cross-sectiondataforCanadianmanufacturingindustriesin1972.Globerman,however,wasabletocontrolexplicityforcapitalintensityinhisestimationofvalue-addedperworker.Theresultsindicateonlyaweakeffect-noneoftheproxiesforforeignpresenceinthesectoraresignificantatthe5percentlevel.MostoftheempiricalworkonspilloversfromforeigninvestmentindevelopingcountrieshasfocusedonMexico,whichgathersmanufacturingdatabyownershiptype.BlomstromandPersson1983reproduceGloberman,sstudyusing1970censusdatafor215Mexicanmanufacturingindustries.Controllingforcapitalintensity,scaleeffects,andworkerquality,BIomstromandPerssonfindthatlaborproductivityissignificantlyhigherinsectorswhereforeignfirmsemployahighershareofthelaborforce.Blomstrom1986andWolff1989findfasterproductivitygrowthandfasterconvergenceofproduc