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Labor skills and foreign investment in a dynamic economy : estimating the knowledge-capital model for Singapore

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  • Chellaraj, Gnanaraj
  • Maskus, Keith E.
  • Mattoo, Aaditya

Abstract

Singapore is an interesting example of how the pattern of foreign investment changes with economic development. The authors analyze inbound and outbound investment between Singapore and a sample of industrialized and developing countries over the period 1984-2003. They find that Singapore’s two-way investment with industrialized nations has shifted into skill-seeking activities over the period, while Singapore’s investments in developing countries have increased sharply and become concentrated in labor-seeking activities. Singapore’s increasing skill abundance relative to all countries in the sample accounted for 41 percent of average inbound stocks during the period, that is, US$18 billion annually; the corresponding figure for outbound stocks was 40 percent, that is, US$5.51 billion annually.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4950.

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Date of creation: 01 Jun 2009
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Handle: RePEc:wbk:wbrwps:4950

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Keywords: Debt Markets; Non Bank Financial Institutions; Investment and Investment Climate; Economic Theory&Research;

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  1. David L. Carr & James R. Markusen & Keith E. Maskus, 1998. "Estimating the Knowledge-Capital Model of the Multinational Enterprise," NBER Working Papers 6773, National Bureau of Economic Research, Inc.
  2. Kee, Hiau Looi & Hoon, Hian Teck, 2005. "Trade, capital accumulation and structural unemployment: an empirical study of the Singapore economy," Journal of Development Economics, Elsevier, vol. 77(1), pages 125-152, June.
  3. Linda Low & Eric D. Ramstetter & Henry Wai-Chung Yeung, 1996. "Accounting for Outward Direct Investment from Hong Kong and Singapore: Who Controls What?," NBER Working Papers 5858, National Bureau of Economic Research, Inc.
  4. Markusen, James R., 1984. "Multinationals, multi-plant economies, and the gains from trade," Journal of International Economics, Elsevier, vol. 16(3-4), pages 205-226, May.
  5. Bruce A. Blonigen & Miao Wang, 2004. "Inappropriate Pooling of Wealthy and Poor Countries in Empirical FDI Studies," Working Papers and Research 0903, Marquette University, Center for Global and Economic Studies and Department of Economics.
  6. Bruce A. Blonigen & Ronald B. Davies & Keith Head, 2003. "Estimating the Knowledge-Capital Model of the Multinational Enterprise: Comment," American Economic Review, American Economic Association, vol. 93(3), pages 980-994, June.
  7. Bruce Blonigen, 2005. "A Review of the Empirical Literature on FDI Determinants," Atlantic Economic Journal, International Atlantic Economic Society, vol. 33(4), pages 383-403, December.
  8. Theodore H. Moran & Edward M. Graham & Magnus Blomstrom, 2005. "Does Foreign Direct Investment Promote Development?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3810.
  9. Gao, Ting, 2003. "Ethnic Chinese networks and international investment: evidence from inward FDI in China," Journal of Asian Economics, Elsevier, vol. 14(4), pages 611-629, August.
  10. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Scholarly Articles 3445092, Harvard University Department of Economics.
  11. Andreas Waldkirch, 2010. "The structure of multinational activity: evidence from Germany," Applied Economics, Taylor & Francis Journals, vol. 42(24), pages 3119-3133.
  12. Braconier, Henrik & Norbäck, Pehr-Johan & Urban, Dieter, 2003. "Reconciling the Evidence on the Knowledge Capital Model," Working Paper Series 590, Research Institute of Industrial Economics.
  13. James R. Markusen, 2004. "Multinational Firms and the Theory of International Trade," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633078, December.
  14. Jang-Sup Shin, 2005. "The Role Of The State In The Increasingly Globalized Economy: Implications For Singapore," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 50(01), pages 103-116.
  15. Anwar, Sajid, 2008. "Foreign investment, human capital and manufacturing sector growth in Singapore," Journal of Policy Modeling, Elsevier, vol. 30(3), pages 447-453.
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