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Investissement direct à l'étranger et échanges extérieurs : un impact plus fort aux États-Unis qu'en France

  • Lionel Fontagné
  • Michaël Pajot

[eng] Direct Investment and French Firms France's direct investment has shot up since the mid-1 980s. The OECD reports that France was the, number four investment recipient country and the number five investor country in 1997. France starting catching up in the second half of the 1 980s and is now at the top of the list of the most dynamic countries in terms of direct investment. In common with the other developed countries, it invests mainly in the OECD zone despite that fact that its share of investment in Asia and Latin America : has risen considerably since the beginning of the decade. . Foreign direct investment in France comes mainly from the developed countries. For the most part, it concerns high i value-added industrial sectors such as electronics and . parachemicals. The market tertiary sector and services in particular are a central focus for French direct investment, accounting for over two-thirds of total investment. France likewise invests a great deal in these sectors abroad, especially in business services. French international corporations - French firms = controlled by a foreign investor or French firms controlling at least, one subsidiary abroad - stand out, at microeconomic level. They employ a more highly skilled, productive and better paid workforce. Their margins are higher than their national competitors in all sectors and they make larger profits in industry. They also export more. However, they have higher gearing and need more funds to face the risks they run. In general, they are not more profitable. These performance differences narrow, but. persist, when membership of a group and the job's qualifications structure are included in with size and activity sector. [ger] Direktinvestitionen im Ausland und AuBenhandel: mehr Auswirkungen in den Vereinigten Staaten als in Frankreich Die Direktinvestitionen im Ausland (DIA) und die. Geschâftstâtigkeit multinationaler Unternehmen im Ausland nehmen in raschem Tempo zu. Solche Investitionen kônnen unmittelbar an die Stelle des Handels treten, da die Exporte durch den Vertrieb vor Ort der im Ausland errichteten Tochtergesellschaften ersetzt werden. Sie kônnen aber auch die Wettbewerbsfâhigkeit der betreffenden Firmen auf dem Aufnahmemarkt verbessern und dadurch die Ausfuhren der investierenden Lânder fôrdern, so daB die DIA den Welthandel ergànzen. Von der Substitution (mit negativen Folgen fur die Geschâftstâtigkeit der Firma oder des Wirtschaftszweigs = im Herkunftsland) bis hin zur Komplementaritàt (mit im Gegenteil positiven Folgen) kônnen zahlreiche Zwischensituationen je nach der gewâhlten Analyseebene - mikro- oder makroôkonomische . Ebene auftreten: im letzteren Falle eine mehr oder weniger umfassende Untergliederung der Wirtschaftssystematiken, auf deren Grundlage die- Investitionen und Handelstàtigkeiten erfa8t werden. Auf mikroôkonomischer Ebene wûrde der Substitutionseffekt vorherrschen: die DlAwùrden fur das Unternehmen eine Alternative zum Gûterhandel. darstellen, insbesondere im Falle hoher Transportkosten. Dagegen wûrde auf makroôkonomischer Ebene der, Ankurbelungseffekt bei den Ausfuhren voll zum Tragen kommen, was dem Mundell-Substitutionsgrundsatz widerspricht. Die Kontroverse besteht allerdings fort, mit alien ihren bedeutenden Konsequenzen im Hinblick auf die Herkunfts- und Aufnahmewirtschaften der Investitionen. Eine Datenbank iiber den Handel und die DIA zwischen 1984 und 1994 kann zur Beantwortung einiger Fragen beitragen, indem im Falle Frankreichs und der Vereinigten Staaten die Beziehungen zwischen den Exporten, den. Importen und dem Saldo der Handelsbilanz einerseits und den DIAandererseits getestet werden. Daraus ergibt sich, daB die Outward-DIAeine viel stàrkere Auswirkung auf den Handel der Vereinigten Staaten haben. Substitutionseffekte lassen sich durch die Ausfuhren, die durch die DIA gefôrdert werden, in anderen Branchen kompensieren (Stimulationseffekt). Die DIAeines Industriezweigs stimulieren dessen Exporte in gleicher Weise wie diejenigen der restlichen Industrie; und dieser Ankurbelungseffekt ist bei den Direktinvestitionen, die in Frankreich von auslândischen Unternehmen getàtigt werden, noch ausgeprâgter. In den Vereinigten Staaten tragen die DIA- ganz gleich, ob es sich um inwards oder outwards handelt - zur Erhôhung des Handelsdefizits bei. Auf die Handelsbilanz wirken sich schlieBlich die Inward-DIAim Durchschnitt negativer als die Outward-DIAaus. [spa] Inversiones directas en el extranjero e intercambios exteriores : un impacto mayor en los Estados Unidos que en Francia a las exportaciones. También pueden aumentar la competitividad de estas firmas en el paîs de acogida y contribuir de este modo a favorecer las exportaciones procedentes del paîs inversor : la IDE es entonces el La inversion directa en el extranjero (IDE) y la actividad extranjera de las firmas multinacionales se van desarrollando a un buen ritmo. Taies inversiones son capaces de sustituirse directamente a los intercambios, ya que las ventas locales de las sucursales se sustituyen complemento de los intercambios internacionales. De la sustituciôn (cuyas consecuencias son negativas para la actividad de la firma o del sector econômico en el paîs de salida) a la complementariedad (cuyas consecuencias al contrario son positivas),' muchas son las situaciones- intermediarias con las que nos podemos encontrar, segûn el nivel de anâlisis escogido : micro o macroeconômico, y en este caso segûn las nomenclaturas de actividad mas o . menos pormenorizadas con las que se van considerando la inversion y los intercambios. .. A un nivel microeconômico, predominarfa el efecto de sustituciôn : la IDE séria para la firma una alternativa a los ■. intercambios de aquellos bienes que suponen altos costes detransporte. A la inversa, a nivel macroeconômico, el efecto de entrenamiento sobre las

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Article provided by Programme National Persée in its journal Economie et statistique.

Volume (Year): 326 (1999)
Issue (Month): 1 ()
Pages: 71-95

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Handle: RePEc:prs:ecstat:estat_0336-1454_1999_num_326_1_6226
Note: DOI:10.3406/estat.1999.6226
Contact details of provider: Web page: http://www.persee.fr/collection/estat

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  1. Belderbos, R.A., 1992. "Large Multnational Enterprises Based in a Small Economy: Effects on Domestic Investment," Papers 9115-g, Erasmus University of Rotterdam - Institute for Economic Research.
  2. Corinne Barlet, 1992. "Commerce international et différenciation des produits : un arbitrage entre exportation et investissement direct," Économie et Prévision, Programme National Persée, vol. 102(1), pages 55-65.
  3. Lionel Fontagné & Michaël Pajot & Michael Freudenberg, 1999. "Le potentiel d'échanges entre l'Union européenne et les PECO. Un réexamen," Revue Économique, Programme National Persée, vol. 50(6), pages 1139-1168.
  4. S. Lael Brainard, 1993. "An Empirical Assessment of the Proximity-Concentration Tradeoff between Multinational Sales and Trade," NBER Working Papers 4580, National Bureau of Economic Research, Inc.
  5. James R. Markusen & Anthony J. Venables, 1995. "Multinational Firms and The New Trade Theory," NBER Working Papers 5036, National Bureau of Economic Research, Inc.
  6. Jonathan Eaton & Akilo Tamura, 1994. "Bilateralism and Regionalism in Japanese and U.S. Trade and Direct Foreign Investment Patterns," Boston University - Institute for Economic Development 48, Boston University, Institute for Economic Development.
  7. 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.
  8. Brenton, Paul & DiMauro, Francesca & Lücke, Matthias, 1998. "Economic integration and FDI: an empirical analysis of foreign investment in the EU and in Central and Eastern Europe," Kiel Working Papers 890, Kiel Institute for the World Economy.
  9. Magnus Blomstrom & Robert E. Lipsey & Ksenia Kulchycky, 1987. "U.S. and Swedish Direct Investment and Exports," NBER Working Papers 2390, National Bureau of Economic Research, Inc.
  10. S. Lael Brainard, 1993. "An Empirical Assessment of the Factor Proportions Explanation of Multi-National Sales," NBER Working Papers 4583, National Bureau of Economic Research, Inc.
  11. Palle S. Andersen & P. Hainaut, 1998. "Foreign direct investment and employment in the industrial countries," BIS Working Papers 61, Bank for International Settlements.
  12. Lionel Fontagné & Michael Frudenberg & Nicolas Péridy, 1998. "Commerce international et structures de marché : une vérification empirique," Économie et Prévision, Programme National Persée, vol. 135(4), pages 147-167.
  13. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 451-71, June.
  14. Drabek, Zdenek, 1998. "A multilateral agreement on investment: Convincing the sceptics," WTO Staff Working Papers ERAD-98-05, World Trade Organization (WTO), Economic Research and Statistics Division.
  15. Blomström, Magnus & Kokko, Ari, 1994. "Home Country Effects of Foreign Direct Investment: Evidence from Sweden," SSE/EFI Working Paper Series in Economics and Finance 3, Stockholm School of Economics.
  16. Guy V. G. Stevens & Robert E. Lipsey, 1988. "Interactions between domestic and foreign investment," International Finance Discussion Papers 329, Board of Governors of the Federal Reserve System (U.S.).
  17. Lipsey, Robert E & Weiss, Merle Yahr, 1984. "Foreign Production and Exports of Individual Firms," The Review of Economics and Statistics, MIT Press, vol. 66(2), pages 304-08, May.
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