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1、McGraw-Hill/Irwin Copyright 2009 by The McGraw-Hill Companies,Inc.All rights reserved.Chapter 15:Multinationals and Migration:International Factor Movements 15-2 15-31.Foreign Direct Investment(FDI)n nFlow definition:Flow of funding provided by Flow definition:Flow of funding provided by investors(u
2、sually firms)to establish or acquire foreign investors(usually firms)to establish or acquire foreign companies or to expand or finance existing foreign companies or to expand or finance existing foreign companies that the investors panies that the investors own.Key is sufficient ownership to control
3、 or influence the Key is sufficient ownership to control or influence the management of the foreign company.management of the foreign company.n nStock definition:Total value of existing funding Stock definition:Total value of existing funding(equity and debt)of foreign companies that has been(equity
4、 and debt)of foreign companies that has been provided by investors that own these foreign provided by investors that own these foreign panies.15-42.Multinational Enterprise(MNE)n n A firm that owns and controls operations in more than one country n n The parent firm of the MNE is located in the home
5、 country.The home country is the source country for outward FDIn n The MNE has one or more affiliates located in one or more host countries.The host country is the destination country for inward FDI.15-5 15-6 15-72.MNES:Why they exist?n nInherent disadvantagesInherent disadvantages of operating a fo
6、reign affiliate of operating a foreign affiliate competing against local peting against local firms.n nFirm-specific advantagesFirm-specific advantages of the MNE,especially of the MNE,especially intangible assets.intangible assets.n nInternalization advantagesInternalization advantages in using the
7、se assets.in using these assets.n nLocation factorsLocation factors based on resource costs and based on resource costs and availability,customer demand,government policies,and availability,customer demand,government policies,and other considerations.other considerations.n nOligopolistic rivalryOlig
8、opolistic rivalry that uses FDI in the firms that uses FDI in the firms strategies for competing.strategies for competing.15-83.Migration and the labour markets n n A International migration is the movement of people from one country to another on a long term basisn n See Tables 15.2 and 15.3 for im
9、migration rates to the US and EU 15-9 15-10Figure15.3:Net immigration rates into the EU 15-113.Migration and the labour markets n n To simplify the analysis the world is divided into a low income“South”and a high income“North”.n n Initially,assume no migration:n nNorthern workers earn$6 an hour and
10、southern Northern workers earn$6 an hour and southern workers$2 an hourworkers$2 an hourn n Then remove the barriers to migration so that there is free migration between the South and the North 15-12 15-133.Migration and the labour markets n n Migrants gain area e+fn nBecause of the cost of migratio
11、n,Because of the cost of migration,cc,those who,those who migrate earn$5 but it is only worth as much as 3.20 migrate earn$5 but it is only worth as much as 3.20 in the South.in the South.n n South n nWorkers remaining in the south gain area d(because Workers remaining in the south gain area d(becau
12、se of the reduction in competition)of the reduction in competition)n nSouthern employers loose are(Southern employers loose are(dd+ee)(because they)(because they have to offer higher wage rates)have to offer higher wage rates)n nThe net loss is area The net loss is area e or(d+e-d)e or(d+e-d)15-14 1
13、5-15Figure 15.3:Labour-Market effects o fmigration 15-164.Should sending country restrict emigration n n The previous labour market analysis showed that sending country loses economic wellbeing because of emigrationn n The other important costs and benefits of emigration are:n nThe government loses
14、future tax paymentsThe government loses future tax paymentsn nBut those who emigrate dont require government But those who emigrate dont require government services(i.e.health care,welfare,education etc.)so services(i.e.health care,welfare,education etc.)so that government spending is reducedthat go
15、vernment spending is reducedn nThose who emigrate often sent money to relatives Those who emigrate often sent money to relatives back homeback home 15-17 15-184.Should the receiving country restrict immigrationn n The previous labour market analysis showed that receiving country gains from immigrati
16、onn n There are other important costs and benefits of immigration.n n 1.Effects on the government budgetn nImmigrants pay taxes in theirs new countryImmigrants pay taxes in theirs new countryn nImmigrants rely on social servicesImmigrants rely on social servicesn nThere is a consensus that that fisc
17、al effects of There is a consensus that that fiscal effects of depend on the skill level of the immigrantdepend on the skill level of the immigrant 15-194.Should the receiving country restrict immigrationn n 2.External costs and benefitsn nKnowledge benefits(only part of the economic Knowledge benef
18、its(only part of the economic benefits of knowledge accrues to the immigrants,benefits of knowledge accrues to the immigrants,part of it often spills over)part of it often spills over)n nCongestion costsCongestion costsn nSocial frictionSocial friction 15-205.What policies to select immigrantsn n Th
19、e type of immigrant workers admitted will affect which groups within the population win/lose.n n For example,if immigrants are unskilled,they will compete for jobs against unskilled native workersn n The types of immigrants admitted will affect the net fiscal benefit or burden of immigration 15-215.
20、What policies to select immigrantsn n To gain grater fiscal benefits,the country should admit young adults who have some university education.This is likely to enhance external knowledge benefits as well.n n Australian policies draw from these lessons.n nAustralia has a points system to screen applicants,Australia has a points system to screen applicants,focusing on age and skills that are likely to benefit focusing on age and skills that are likely to benefit the Australian economythe Australian economy