海外投资REDDAWAY报告和经济理论【外文翻译】

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1、外文翻译原文Overseasinvestment:theReddawaeReportandeconomictheoryMaterialSource：EffectsofU.K.DirectInvestmentOversea(2009)88:245–261Author：RichardLegomberTheReddawayReportonoverseasinvestmentsoughtananswertothequestion"WhatwouldhavebeentheeffectontheBritisheconomyand,inparticul

2、ar,ontheBritishbalanceofpaymentsofamarginalchangeindirectinvestmentoverseas?"SuchinvestmentapparentlyinvolvesbothrealandfinancialtransfersanditmightbeexpectedthatthetheoryoffactormovementsandtransfertheorywouldberelevanttoProfessorReddaway'squestion.However,theReportmakes

3、noreferencetothesebodiesoftheory,andindeeditisdifficulttorelatethemtotheReddawayanalysis.Theframeworkofassumptionsappearstobedifferent.ThisnotecontraststheassumptionsoftheReport(setoutinconsiderabledetail)withthosemoreusuallymadeintheoreticalwork.Inparticularitispointedou

4、tthattheresultsobtaineddependcruciallyonanapparentasymmetryinthetreatmentofBritainandtheRestoftheWorld.ItisworthwhiletobeginbyrecapitulatingthemainargumentoftheReport.IfaforeignsubsidiaryofaBritishfirmincreasesitsnetoperatingassetsby£100,itwilltypicallyraise£60inBritain,£

5、40overseas.Firmsmadeitclearthatforeigninvestmentsdidnotcompeteforfundswithdomesticinvestments,whichwerethusnotdirectlyaffected.Ofthe£100ofrealcapitalinstalled,effectivelyandonaverage£11wasexportedfromBritain,theremaining£89beingsuppliedfromforeignsources.Reddawayassumedth

6、attheBritishgovernmentactstoholdconstantaggregatedemand.ThisIshalllabelAssumption1.Thusdomesticdemandisreducedby£11tooffsettheincreaseinexports.Veryproperly,thereductionisassumedtofallwhollyondomesticinvestment,sothattheeffectofredirectinginvestmenttooverseasventuresisiso

7、latedfromtheeffectofincreasedthriftiness.(Aninstructivealternativeassumptionwhichachievesthisseparationisthatthebalanceofsupplyanddemandismaintainedbyan£11increaseinimportsofcapitalgoods.)Overtheyears,theinitialactofoverseasinvestmentaffectstheBritishbalanceofpaymentsintw

8、omainways.First,profits(netoffinancingcharges)willbeearned,secondlyBritishexportswilldifferfromw