capital movements and the international transfer of technical knowledge推荐.pdfVIP

Journd of International Economics 7 (1977) 45-65. @ North-Holland Publishing Company ECONOMC GRBWTH, CAPITAL ISIOVEBIENTS AND THE INTERNATIONAL TRANSFER OF TECHMCAL KNOWLEDGE Tetsunori KOIZUMI Ohio State University, Columbus,OH 43210, U.S.A. Kenneth J. KOPECKY* Board of Governors,Federal Reserve System, Washington,DC 20551, U.S.A. Received April 1975,revised version received July 1976 The paper analyzes the role of technological transfers in an international capital movement model by assuming that these transfers depend on the extent of foreign ownership of a csuntry’s capital stock. Compared to the standard model, two differences emerge. First, a negative relationship exists between a country’s indebtedness and its capital intensity. Second, changes in saving ratios can affect a country’s capital intensity. We also relax the assumption of continual equality between capital’s domestic marginal product and the world interest rate. It is shown that multiple equilibria and cyclical approaches to the steady state can arise in a technological transfer modeL I. Introduction The standard model of long-term international capital movements investigates patterns of economic growth of a relatively small country in the presence of free capital mobility.1 This model suffers from two serious drawbacks. First, it does not distinguish betweeri the roles played by portfolio and by direct foreign investment in a country’s development. A careful reading of the standard model shows that it makes no difference whether a country’s capital stock is owned and controlled