334 Lecture 2 2008-09 Market Imperfections国际商务-Dr Robert Read.pptxVIP

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334 Lecture 2 2008-09 Market Imperfections国际商务-Dr Robert Read.pptx

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334 Lecture 2 2008-09 Market Imperfections国际商务-Dr Robert Read.pptx

The Market Imperfections Approach to International BusinessEcon 334: Lecture 2, Michaelmas 2007Dr Robert ReadThe Market Imperfections Approach to International Business 1. The Neo-Classical Explanation of FDI – Mundell 2. Hymer-Kindleberger 3. Market Imperfections, Transaction Costs Internalisation 4. International Market Imperfections Internalisation by MNEsNeo-Classical Explanations of FDI Neo-Classical trade theory states that free trade in goods means that there is no need for international flows of capital and labour to achieve factor price equalisation. The Neo-Classical model therefore assumes that Capital (K) and Labour (L) are immobile between countries. FDI therefore cannot be explained by Neo-Classical trade theory.Neo-Classical Theories of FDI:the Differential Rate of Return This theory attempts to explain international flows of capital in turns of relative scarcity and differential rates of return. In this case, there is no trade. The model is based upon countries having non-identical factor endowments; some are relatively well-endowed with Capital and others with Labour. The theory demonstrates that the efficient use of scarce international resources and global welfare maximisation are dependent upon international flows of factors (i.e. factor price equalisation). The Differential Rate of Return:the MacDougall Diagram The welfare maximising and efficiency effects of the Differential Rate of Return theory can be illustrated using the MacDougall diagram. The diagram shows the K (or L) stock (0I – 0II) in two countries (I, II) and their respective marginal productivities (MPKI, MPKII). The movement of Capital (or Labour) leads to factor prices being equalised (pKI/pLI = pKII/pLII = rI = rII). This leads to improved efficiency, higher output and greater global economic welfare. The MacDougall Diagram In the first instance, there is no factor mobility. Output is determined by the capital stock and the MPK in each country - 0IECK’ for Country I and 0