| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7085 |
| DP7085 What Happens During Recessions, Crunches and Busts? | |
| Stijn Claessens; M. Ayhan Kose; Marco Terrones | |
| 发表日期 | 2008-12-08 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | There exist two approaches in the literature concerning the multinational firm's mode choice for foreign production between an owned subsidiary and a licensing contract. One approach considers environments where the firm is transferring primarily knowledge-based assets. An important assumption there is that the relevant knowledge is absorbed by the local manager or licensee over the course of time: knowledge is non-excludable. More recently, a number of influential papers have adopted a property-right view of the firm, assuming the application abroad of physical capital, the owner of which retains full and exclusive rights to the capital should a relationship break down. In this paper we combine both forms of capital assets in a single model. The model predicts that foreign direct investment (owned subsidiaries) is more likely than licensing when the ratio of knowledge capital to physical capital is high, or when market value is high relative to the book value of capital (high Tobin's-Q). |
| 主题 | International Trade and Regional Economics |
| 关键词 | Fdi Hold-up Knowledge capital Outsourcing Physical capital |
| URL | https://cepr.org/publications/dp7085 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535921 |
| 推荐引用方式 GB/T 7714 | Stijn Claessens,M. Ayhan Kose,Marco Terrones. DP7085 What Happens During Recessions, Crunches and Busts?. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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