Openness, technology capital, and development

• 成果类型: Article
• 署名作者: McGrattan, Ellen R.; Prescott, Edward C.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.05.012
• 发表日期: 2009
• 页码: 2454-2476
• 关键词: Openness; Foreign direct investment

摘要

In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research and development, brands, and organization capital. Technology capital is distinguished from other forms of capital in that a firm can use it simultaneously in multiple domestic and foreign locations. A country can exploit foreign technology capital by permitting direct investment by foreign multinationals. In both steady-state and transitional analyses, the extended growth model predicts large gains to being open. (C) 2008 Elsevier Inc. All rights reserved.