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The investment development path of newly developed countries

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  • Juan Duran
  • Fernando Ubeda
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    Abstract

    According to foreign direct investment (FDI) path theory, developed countries are grouped into two phases, known as the fourth and fifth phases. Fourth-phase countries (newly developed economies) show a technological and institutional "gap" in comparison with fifth-phase economies, which explains their lesser capacity to generate direct investment. We found that these countries, which were less developed economies in the 1980s, had undergone a deep structural transformation. This transformation encouraged the multinationalization of firms, which is a differentiating element and one outcome of their development process. These results have clear policy implications: the governments of newly developed countries should take steps to increase the endowment of knowledge-intensive assets. The main contribution of this paper is the theoretical reformulation of the fourth phase of the investment development path theory.

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    File URL: http://www.tandfonline.com/10.1080/1357151042000323076
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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal International Journal of the Economics of Business.

    Volume (Year): 12 (2005)
    Issue (Month): 1 ()
    Pages: 123-137

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    Handle: RePEc:taf:ijecbs:v:12:y:2005:i:1:p:123-137

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    Related research

    Keywords: Investment Development Path; Outward Direct Investment Stock; Inward Direct Investment Stock; Economic Development; Technological Gap; JEL Classifications: F21; F23; F43;

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    References

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    1. Narula ,Rajneesh & Wakelin ,Katharine, 1995. "Technological competitiveness, trade and foreign direct investment," Research Memoranda 013, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology.
    2. Dosi, Giovanni & Soete, Luc, 1988. "Technical change and international trade," Open Access publications from Maastricht University urn:nbn:nl:ui:27-6339, Maastricht University.
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    Cited by:
    1. Rajneesh Narula & John Dunning, 2010. "Multinational Enterprises, Development and Globalization: Some Clarifications and a Research Agenda," Oxford Development Studies, Taylor and Francis Journals, vol. 38(3), pages 263-287.
    2. Alexandros Ragoussis, 2011. "The investment development path in space," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 147(3), pages 527-541, September.

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