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01771cas a2200241 a 4500 |
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AALejournalIMF001044 |
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|c 5.00 USD
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|z 9781451855470
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Lehmann, Alexander.
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|a Country Risks and the Investment Activity of U.S. Multinationals in Developing Countries /
|c Alexander Lehmann.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1999.
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| 300 |
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|a 1 online resource (27 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper develops a simple real options model that demonstrates the role of country-specific risk and sunk costs in determining a multinational's choice between exports and foreign investment. The hypotheses from the model are tested for the distribution of capital expenditures by U.S.-owned foreign affiliates in 29 developing countries during 1984-95. Political and economic risk ratings are identified as deterrents to foreign capital formation; scale economies, unit wage differentials, trade openness, and agglomeration effects are found to be stimulating. These findings provide an additional rationale for a multilateral investment agreement that could function as an agency of restraint.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1999/133
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1999/133/001.1999.issue-133-en.xml
|z IMF e-Library
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