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首页> 外文期刊>Journal of Economic Dynamics and Control >Optimal foreign investment dynamics in the presence of technological spillovers
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Optimal foreign investment dynamics in the presence of technological spillovers

机译：存在技术溢出效应时的最优外国投资动态

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摘要

In this paper we present a dynamic model of a firm which is deciding whether to outsource parts of its production to a less developed economy where wages and the level of technology are lower. Outsourcing reduces production costs but is associated with spillovers to foreign potential competitors. Spillovers over time increase productivity of firms in the foreign country and make them stronger competitors on the common market. The paper analyzes the inter-temporally optimal behavior of the firm and shows that two outcomes are possible in the long-run. One outcome is that there is one steady state where the firm invests a positive amount in the foreign country and the other outcome is a continuum of steady states with no investment. The paper then derives conditions such that it is optimal for the firm to invest in the foreign country and characterizes different types of optimal dynamic investment patterns. In addition, using numerical dynamic optimization methods, the effect of the speed of technology adoption and of the wage differential on total labor income in the home country is studied taking into account the transition dynamics.
机译：在本文中，我们提出了一个动态的公司模型，该公司正在决定是否将其部分产品外包给工资和技术水平较低的欠发达经济体。外包降低了生产成本，但与向外国潜在竞争对手的溢出相关。随着时间的流逝，溢出会提高国外公司的生产率，并使它们在共同市场上成为更强大的竞争对手。本文分析了企业的跨时间最优行为，并表明从长远来看有两种结果是可能的。一个结果是存在一个稳定状态，企业在国外投资了正数，而另一个结果是没有投资的连续稳定状态。然后，本文得出了可以使企业在国外进行投资的最佳条件，并描述了不同类型的最优动态投资模式。此外，使用数值动态优化方法，考虑了过渡动态，研究了技术采用速度和工资差异对本国劳动力总收入的影响。

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