刊行物

内容紹介

This paper builds a model of vertical multinational firms with endogenous spillover that explains recent empirical findings. First, vertical multinational firms invest more in low-tech industries than in high-tech industries in skill scarce countries while they invest more in high-tech industries than in low-tech industries in skill abundant countries. Second, the effects of technology transfers are limited only in low-tech sectors in skilled labor scarce economies. To explain these findings, I emphasize industry characteristics as well as country characteristics in a small open general equilibrium framework.