1International Monetary Fund, 700 19th Street, NW, Washington, DC 20431.
2Graduate School of Business, 615 Uris Hall, Columbia University, New York, NY 10027.
Tóm tắt
Governments often promote inward foreign investment to encourage technology “spillovers” from foreign to domestic firms. Using panel data on Venezuelan plants, we find that foreign equity participation is positively correlated with plant productivity (the “own-plant” effect), but this relationship is only robust for small enterprises. We then test for spillovers from joint ventures to plants with no foreign investment. Foreign investment negatively affects the productivity of domestically owned plants. The net impact of foreign investment, taking into account these two offsetting effects, is quite small. The gains from foreign investment appear to be entirely captured by joint ventures. (JEL F2, O1, O3).
Từ khóa
Tài liệu tham khảo
10.2307/2098609
10.1016/0305-750X(83)90016-5
10.2307/2551748
10.2307/2553765
10.2307/134570
Goncalves Reinaldo, 1986, Journal of Development Economics, 11, 119
