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Quantifying Productivity Gains from Foreign Investment

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  • Christian Fons-Rosen
  • Sebnem Kalemli-Ozcan
  • Bent E. Sørensen
  • Carolina Villegas-Sanchez
  • Vadym Volosovych

Abstract

We quantify the causal effect of foreign investment on total factor productivity (TFP) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously controlling for unobservable firm and country-sector-year factors. Using our well identified firm level estimates for the direct effect of foreign ownership on acquired firms and for the spillover effects on domestic firms, we calculate the aggregate impact of foreign investment on country-level productivity growth and find it to be very small.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18920.

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Date of creation: Mar 2013
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Handle: RePEc:nbr:nberwo:18920

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  1. Mathias M. Siems & Michael C. Schouten, 2009. "The Evolution of Ownership Disclosure Rules across Countries," ESRC Centre for Business Research - Working Papers wp393, ESRC Centre for Business Research.
  2. Wooldridge, Jeffrey M., 2009. "On estimating firm-level production functions using proxy variables to control for unobservables," Economics Letters, Elsevier, vol. 104(3), pages 112-114, September.
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Cited by:
  1. Sanfilippo , Marco, 2013. "Investing abroad from the bottom of the productivity ladder – BRICS multinationals in Europe," BOFIT Discussion Papers 26/2013, Bank of Finland, Institute for Economies in Transition.

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