Agglomeration, adjustment, and state policies in the location of foreign direct investment in the United States

• 成果类型: Article
• 署名作者: Bobonis, Gustavo J.; Shatz, Howard J.
• 署名单位: University of Toronto; RAND Corporation
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.89.1.30
• 发表日期: 2007-02
• 页码: 30-43
• 关键词: determinants; GROWTH

摘要

Using U.S. state-level data we show that agglomeration externalities influence the level of foreign-invested capital in a location. Our empirical model allows the separation of agglomeration effects from the rate of capital stock adjustment, two forces that previous research has conflated. We estimate an agglomeration elasticity of investment of 0.11 to 0.15 with respect to same-source-country investment, lower than previous estimates. We also investigate the influence of state policies and find that although general investment incentives do not affect the location of FDI, targeted policies such as unitary taxation and state foreign offices influence investment.