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Economic Growth with Imperfect Foreign Investment

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Author Info
Henry Thompson () (Department of Economics, Auburn University.)

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Abstract

Foreign investment has proven essential for economic growth and the present paper connects it explicitly to the capital stock in the neoclassical growth model. The assumption in the literature of perfect foreign investment implies no distinction between domestic and foreign capital. In the applied growth literature, the working assumption is that foreign investment shifts technology. The present paper introduces imperfect foreign investment as a function of the difference between domestic and foreign capital returns. The foreign capital stock is then separate and the small open economy may be a steady state foreign investment host (or source). Convergence is incomplete in the two country model.

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Publisher Info
Paper provided by International Studies Program, Andrew Young School of Policy Studies, Georgia State University in its series International Studies Program Working Paper Series, at AYSPS, GSU with number paper0409.

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Length: 17 pages
Date of creation: 01 Sep 2004
Date of revision:
Handle: RePEc:ays:ispwps:paper0409

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Related research
Keywords: Economic Growth; Foreign Investment; Foreign capital;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation, Yale University. [Downloadable!]
  2. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December. [Downloadable!] (restricted)
  3. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May. [Downloadable!] (restricted)
  4. Aitken, B. & Harrison, A. & Lipsey, R.E., 1995. "Wages and Foreign Ownership: A Comparative Study of Mexico, Venezuela, and the United States," Papers 95-21, Columbia - Graduate School of Business.
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  5. De Gregorio, Jose, 1992. "Economic growth in Latin America," Journal of Development Economics, Elsevier, vol. 39(1), pages 59-84, July. [Downloadable!] (restricted)
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  6. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June. [Downloadable!] (restricted)
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