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Foreign direct investment in industrial R&D and exchange rate uncertainty in the UK

  • Bettina Becker
  • Stephen Hall

Relatively little is known about the factors behind the gross level of international migrant flows into the UK, despite the rapid growth in the number of migrants seen in recent years. This matters because assumptions about the future evolution of migration are an important component of official judgements about the potential trend rate of economic growth. In this paper we develop the first detailed econometric model of the economic and demographic determinants of annual migrant inflows into the UK from a number of different locations. Some of the factors found to be important, such as Ôfriends and family' effects from existing migrants, income differentials between the host and source location and the demographic structure of the source location population, have been shown to matter in other host economies as well. But we also show that it is important to allow both for developments in other potential host locations and for heterogeneity in the speed with which migration from different source locations responds to changes in economic circumstances. Neither of these factors have been given much attention to date in the applied literature on international migration. We find that the change in migration over the decade to 1998-2000 is primarily due to population growth in the source locations and the continuing pull effects from the rise in the migrant stock and per capita incomes in the UK relative to the source location.

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Paper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2003 with number 4.

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Date of creation: 27 Sep 2004
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Handle: RePEc:mmf:mmfc03:4
Contact details of provider: Web page: http://www.essex.ac.uk/afm/mmf/index.html

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  1. Jeffrey I. Bernstein & M. Ishaq Nadiri, 1982. "Financing and Investment in Plant and Equipment and Research and Development," NBER Working Papers 1017, National Bureau of Economic Research, Inc.
  2. Stephen Bond & Dietmar Harhoff & John Van Reenen, 2010. "Investment, R&D and Financial Constraints in Britain and Germany," NBER Chapters, in: Contributions in Memory of Zvi Griliches, pages 433-460 National Bureau of Economic Research, Inc.
  3. Serapio Jr., Manuel G. & Dalton, Donald H., 1999. "Globalization of industrial R&D: an examination of foreign direct investments in R&D in the United States," Research Policy, Elsevier, vol. 28(2-3), pages 303-316, March.
  4. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
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  6. Bruno Van Pottelsberghe & Dominique Guellec, 1999. "Does government support stimulates private R&D," ULB Institutional Repository 2013/6231, ULB -- Universite Libre de Bruxelles.
  7. Adams, James D & Chiang, Eric P & Starkey, Katara, 2001. " Industry-University Cooperative Research Centers," The Journal of Technology Transfer, Springer, vol. 26(1-2), pages 73-86, January.
  8. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
  9. repec:cup:etheor:v:11:y:1995:i:1:p:122-50 is not listed on IDEAS
  10. M. Ishaq Nadiri, 1993. "Innovations and Technological Spillovers," NBER Working Papers 4423, National Bureau of Economic Research, Inc.
  11. Andrew Blake, 1999. "An Artificial Neural Network System of Leading Indicators," NIESR Discussion Papers 144, National Institute of Economic and Social Research.
  12. James D. Adams & Eric P. Chiang & Jeffrey L. Jensen, 2003. "The Influence of Federal Laboratory R&D on Industrial Research," Rensselaer Working Papers in Economics 0301, Rensselaer Polytechnic Institute, Department of Economics.
  13. Alan Carruth & Andy Dickerson & Andrew Henley, 1998. "What Do We Know About Investment Under Uncertainty?," Studies in Economics 9804, School of Economics, University of Kent.
  14. Kamien, Morton I & Muller, Eitan & Zang, Israel, 1992. "Research Joint Ventures and R&D Cartels," American Economic Review, American Economic Association, vol. 82(5), pages 1293-306, December.
  15. John Cantwell & Simona Iammarino, 2000. "Multinational Corporations and the Location of Technological Innovation in the UK Regions," Regional Studies, Taylor & Francis Journals, vol. 34(4), pages 317-332.
  16. Engle, Robert F. & Kroner, Kenneth F., 1995. "Multivariate Simultaneous Generalized ARCH," Econometric Theory, Cambridge University Press, vol. 11(01), pages 122-150, February.
  17. Benassy-Quere, AgnEs & Fontagne, Lionel & LahrEche-Revil, Amina, 2001. "Exchange-Rate Strategies in the Competition for Attracting Foreign Direct Investment," Journal of the Japanese and International Economies, Elsevier, vol. 15(2), pages 178-198, June.
  18. Goldberg, Linda S, 1993. "Exchange Rates and Investment in United States Industry," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 575-88, November.
  19. repec:ucp:bkecon:9780226316529 is not listed on IDEAS
  20. Darby, Julia, et al, 1999. "The Impact of Exchange Rate Uncertainty on the Level of Investment," Economic Journal, Royal Economic Society, vol. 109(454), pages C55-67, March.
  21. Himmelberg, Charles P & Petersen, Bruce C, 1994. "R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 38-51, February.
  22. Acs, Zoltan J & Audretsch, David B & Feldman, Maryann P, 1992. "Real Effects of Academic Research: Comment," American Economic Review, American Economic Association, vol. 82(1), pages 363-67, March.
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