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Labor Skills and Foreign Investment in a Dynamic Economy: Estimating the Knowledge-capital Model for Singapore

  • Gnanaraj Chellaraj
  • Keith E. Maskus
  • Aaditya Mattoo

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

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Article provided by Wiley Blackwell in its journal Review of Development Economics.

Volume (Year): 17 (2013)
Issue (Month): 4 (November)
Pages: 627-643

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Handle: RePEc:bla:rdevec:v:17:y:2013:i:4:p:627-643
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