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Chapter15MultinationalsandMigration:InternationalFactorMovements
ForeignDirectInvestment(FDI)Flowdefinition:Flowoffundingprovidedbyinvestors(usuallyfirms)toestablishoracquireforeigncompaniesortoexpandorfinanceexistingforeigncompaniesthattheinvestorsown.Keyissufficientownershiptocontrolorinfluencethemanagementoftheforeigncompany.Stockdefinition:Totalvalueofexistingfunding(equityanddebt)offoreigncompaniesthathasbeenprovidedbyinvestorsthatowntheseforeigncompanies.
MultinationalEnterprise(MNE)Afirmthatownsandcontrolsoperationsinmorethanonecountry.TheparentfirmoftheMNEislocatedinthehomecountry.ThehomecountryisthesourcecountryforoutwardFDI.TheMNEhasoneormoreaffiliateslocatedinoneormorehostcountries.ThehostcountryisthedestinationcountryforinwardFDI.
ExlesofFDIandPortfolioInvestments
Figure15.1–MajorHomeCountries’DirectInvestments,Endof2002(BillionsofU.S.Dollars)
Table:TransferPriceAffectsGlobalAfter-TaxProfit
WhyDoMNEsExist?Inherentdisadvantagesofoperatingaforeignaffiliatecompetingagainstlocalfirms.Firm-specificadvantagesoftheMNE,especiallyintangibleassets.Internalizationadvantagesinusingtheseassets.Locationfactorsbasedonresourcecostsandavailability,customerdemand,governmentpolicies,andotherconsiderations.OligopolisticrivalrythatusesFDIinthefirms’strategiesforcompeting.
Taxationofmulinationalenterprise’sprofitsTransferpricingThesettingbythefirmofmonetaryvalues(prices)forthingsthatmovebetweenunitsofthefirm(suchasthingsthatmoveamongtheparentfirmandtheforeignaffiliatesofanMNE).
ShouldthehomecountryrestrictFDIoutflow?ShouldthehostcountryrestrictFDIinflows?
Immigration
Figure15.2–GrossImmigrationRatesintotheUnitedStates,1820-2004,andCanada,1852-2004
Figure15.3–NetImmigrationRatesintotheEuropeanU
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