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Multinational Firms and the Theory of International Trade
by James R. Markusen (Author)
"The book will be of tremendous interest to professionals in the field..."
-- Civil Engineering
"Markusen has penned a dream book on multinationals for students and specialists alike. The questions are essential, the results rich, and the exposition exquisite."
-- Donald R. Davis, Professor of Economics, Columbia University
Book Description
Despite the great importance of multinational firms in international economics, theoretical and empirical research on these firms has generally been conducted separately from that on international trade. In this book, James Markusen provides a comprehensive integration of the two fields. Drawing on twenty years of research, he focuses on the interaction of scale economies, trade costs, factor endowments, and imperfect competition. He analyzes decisions about whether to build or acquire a foreign plant separately from decisions about where to raise the financing.
Markusen begins with the simplest possible partial equilibrium models and works systematically toward a full-fledged general equilibrium model with both horizontal and vertical foreign direct investment. He offers empirical tests of hypotheses derived from the theoretical models. The notation is unified throughout, distinctions between models are explained with thoroughly explained derivations, and numerous graphs support the analysis.
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Acknowledgments ix
Preface
Sample Chapter - Download PDF (47 KB) xi
Notation xix
I Technology, Costs, and Market Structure 1
1 Statistics, Stylized Facts, and Basic Concepts
2 A Partial-Equilibrium, Single-Firm Model of Plant Location 21
3 International Duopoly with Endogenous Market Structures 39
4 Incumbency, Preemption, and Persistence 61
5 A General-Equilibrium Oligopoly Model of Horizontal Multinationals 77
6 A General-Equilibrium Monopolistic-Competition Model of Horizontal Multinationals 105
7 The Knowledge-Capital Model 127
8 Extensions to the Knowledge-Capital Model: Trade versus Affiliate Production, Factor-Price Effects, and Welfare Effects of Trade and Investment Liberalization 153
9 Traded Intermediate Inputs and Vertical Multinationals 189
II Empirical Estimation and Testing 215
10 Estimating the Knowledge-Capital Model 217
11 Production for Export versus Local Sale 241
12 Discriminating among Alternative Models of the Multinational 263
III Internalization 285
13 A Reputation Model of Internalization 287
14 A Learning Model of Internalization, with Applications to Contract and Intellectual-Property-Rights Enforcement 307
15 An Asymmetric-Information Model of Internalization 323
Technical Appendices 343
Preface to Technical Appendices 345
Appendix 1: Stop Avoiding Inequalities and Complementarity Problems: A Simple Partial-Equilibrium Model Illustrating the GAMS MCP Solver 347
Appendix 2: Who's Afraid of Applied GE Modeling? A General-Equilibrium Version of Appendix 1 Using the MCP Solver 355
Appendix 3: Doing It the Easy Way: General-Equilibrium Problem of Appendix 2 Using the MPS/GE Subsystem of GAMS 365
Appendix 4: Fun with Sets and Conditionals: GAMS Program Generating the Nash Equilibria in Figures 3.6 and 3.7 375
Appendix 5: How to Stop Worrying and Love the Computer: Program Generating Figures 5.1 and 5.2 Using the MPS/GE Subsystem of GAMS 383
Appendix 6: Chef's Special for Dixit-Stiglitz Lovers: Program Generating Figures 6.1 and 6.2 Using MCP 399
Notes 409
References 419
[此贴子已经被作者于2007-11-20 22:29:44编辑过]
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