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Multinational Enterprises, International Trade, and Productivity Growth

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Author Info

  • Stephen R. Yeaple
  • Wolfgang Keller

Abstract

We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity gains for domestic firms. The size of FDI spillovers is economically important, accounting for about 11 percent of productivity growth in U.S. firms between 1987 and 1996. In addition, there is some evidence for import-related spillovers, but it is weaker than for FDI spillovers. The paper also gives a detailed account of why our study leads to results different from those found in previous work. This analysis indicates that our results are also likely to apply to other countries and periods.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/248.

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Length: 40
Date of creation: 01 Dec 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/248

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Related research

Keywords: Foreign direct investment; Technology transfer; Productivity; Economic growth; Foreign investment; fdi; spillovers; direct investment; technology spillovers; mnes; multinational enterprises; lead; international trade; manufacturing firms; multinational enterprise; high-technology firms; foreign investors; foreign affiliates; foreign-owned firms; foreign ownership; foreign affiliate; noise; inward foreign direct investment; foreign-owned companies; host economy; foreign companies; foreign counterparts; investment choices; industrial chemicals; high-technology industries; foreign operations;

References

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  1. Ericson, Richard & Pakes, Ariel, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Wiley Blackwell, vol. 62(1), pages 53-82, January.
  2. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
  3. Robert C. Feenstra & John Romalis & Peter K. Schott, 2002. "U.S. Imports, Exports, and Tariff Data, 1989-2001," NBER Working Papers 9387, National Bureau of Economic Research, Inc.
  4. Lee Branstetter, 2000. "Is Foreign Direct Investment a Channel of Knowledge Spillovers? Evidence from Japan's FDI in the United States," NBER Working Papers 8015, National Bureau of Economic Research, Inc.
  5. Ann E. Harrison & Brian J. Aitken, 1999. "Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela," American Economic Review, American Economic Association, vol. 89(3), pages 605-618, June.
  6. Girma, Sourafel & Wakelin, Katharine, 2001. "Regional Underdevelopment: Is FDI the Solution? A Semiparametric Analysis," CEPR Discussion Papers 2995, C.E.P.R. Discussion Papers.
  7. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August.
  8. Zvi Griliches & Jacques Mairesse, 1995. "Production Functions: The Search for Identification," NBER Working Papers 5067, National Bureau of Economic Research, Inc.
  9. Robert E. Baldwin & Robert E. Lipsey & J. David Richards, 1998. "Geography and Ownership as Bases for Economic Accounting," NBER Books, National Bureau of Economic Research, Inc, number bald98-1, June.
  10. Trefler, Daniel, 1995. "The Case of the Missing Trade and Other Mysteries," American Economic Review, American Economic Association, vol. 85(5), pages 1029-46, December.
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