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Risk, Learning, and the Technology Content of FDI: A Dynamic

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Pao-Li Chang and Chia-Hui Lu

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Working Paper

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Chia-Hui Lu (§f¨Î¼z)

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This paper builds a dynamic model of catching up to examine the policy stance of developing countries in attracting inward FDI. We show that the observably evident risk of FDI failure sets a minimum threshold on the South's technology capacity and furthermore creates a limit on the technology content of any inward FDI. We provide economic foundations for the determinants of the FDI risk and formalize how the risk factor evolves over time as the South moves up its technology ladder. The model reconciles many relevant empirical observations and policy implications.

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