海外投资REDDAWAY报告和经济理论外文翻译.docVIP

外文翻译 原文 Overseas investment:the Reddawae Report and economic theory Material Source：Effects of U.K. Direct Investment Oversea (2009) 88:245–261 Author：Richard Legomber The Reddaway Report on overseas investment sought an answer to the question What would have been the effect on the British economy and, in particular, on the British balance of payments of a marginal change in direct investment overseas? Such investment apparently involves both real and financial transfers and it might be expected that the theory of factor movements and transfer theory would be relevant to Professor Reddaways question. However, the Report makes no reference to these bodies of theory, and indeed it is difficult to relate them to the Reddaway analysis. The framework of assumptions appears to be different. This note contrasts the assumptions of the Report (set out in considerable detail) with those more usually made in theoretical work. In particular it is pointed out that the results obtained depend crucially on an apparent asymmetry in the treatment of Britain and the Rest of the World. It is worth while to begin by recapitulating the main argument of the Report. If a foreign subsidiary of a British firm increases its net operating assets by ￡100, it will typically raise ￡60 in Britain, ￡40 overseas. Firms made it clear that foreign investments did not compete for funds with domestic investments, which were thus not directly affected. Of the ￡100 of real capital installed, effectively and on average ￡11 was exported from Britain, the remaining ￡89 being supplied from foreign sources. Reddaway assumed that the British government acts to hold constant aggregate demand. This I shall label Assumption 1. Thus domestic demand is reduced by ￡11 to offset the increase in exports. Very properly, the reduction is assumed to fall wholly on domestic investment, so that the effect of redirecting investment to overseas ventures is isolated from the effect of increased thriftiness. (An instructive