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Risk, Learning, and the Technology Content of FDI: A Dynamic |
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Pao-Li Chang and Chia-Hui
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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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