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TheEconomicsofInternationalInvestmentIncentivesMagnusBlomströmStockholmSchoolofEconomics,NBERandCEPRMarch,2002TobepresentedattheECLAC/WorldBankSeminaronGlobalization,SantiagodeChile,6-8March,2002.TheEconomicsofInternationalInvestmentIncentivesMagnusBlomströmStockholmSchoolofEconomics,NBERandCEPR1.IntroductionTheattitudetowardsinwardforeigndirectinvestment(FDI)haschangedconsiderablyoverthelastcoupleofdecades,asmostcountrieshaveliberalizedtheirpoliciestoattractallkindsofinvestmentfrommultinationalcorporations(MNCs).OntheexpectationthatMNCswillraiseemployment,exports,ortaxrevenue,orthatsomeoftheknowledgebroughtbytheforeigncompaniesmayspillovertothehostcountryprivatesector,manygovernmentshavealsointroducedvariousformsofinvestmentincentives,toencourageforeignownedcompaniestoinvestintheirjurisdiction.Themostpowerfulargumentsinfavorofsuchincentivesarebasedontheprospectforknowledgespillovers.Sincetechnologytosomeextentisapublicgood,foreigninvestmentcanresultinbenefitsforhostcountrieseveniftheMNCscarryouttheirforeignoperationsinwholly-ownedaffiliates.Thesebenefitstaketheformofvarioustypesofexternalitiesor“spillovers”.Forinstance,localfirmsmaybeabletoimprovetheirproductivityasaresultofforwardorbackwardlinkageswithMNCaffiliates,theymayimitateMNCtechnologies,orhireworkerstrainedbyMNCs.Theincreaseincompetitionthatoccursasaresultofforeignentrymayalsobeconsideredabenefit,inparticularifitforceslocalfirmstointroducenewtechnologyandworkharder.However,theforeignMNCswillnotincludethesespilloversintheirprivateassessmentofthecostsandbenefitsofinvestingabroad,andmaythereforeinvestlessthanwhatwouldbesociallyoptimal.Themotiveforpublicsubsidiestoforeigninvestorsistobridgethegapbetweentheprivateandsocialreturns,thuspromotinglargerinflowsofFDI.InthispaperweexaminewhetherinternationalinvestmentincentivescanbejustifiedonthebasisofacademicresearchonthehostcountryeffectsofFDI.Weareparticularlyinterestedin“financialincentives”
