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1、JourndofInternationalEconomics7(1977)45-65.@North-HollandPublishingCompanyECONOMCGRBWTH,CAPITALISIOVEBIENTSANDTHEINTERNATIONALTRANSFEROFTECHMCALKNOWLEDGETetsunoriKOIZUMIOhioStateUniversity,Columbus,OH43210,U.S.A.KennethJ.KOPECKY*BoardofGovernors,FederalReserveSystem,Washington,DC20551,U.S.
2、A.ReceivedApril1975,revisedversionreceivedJuly1976Thepaperanalyzestheroleoftechnologicaltransfersinaninternationalcapitalmovementmodelbyassumingthatthesetransfersdependontheextentofforeignownershipofacsuntryscapitalstock.Comparedtothestandardmodel,twodifferencesemerge.First,anegativerelati
3、onshipexistsbetweenacountrysindebtednessanditscapitalintensity.Second,changesinsavingratioscanaffectacountryscapitalintensity.Wealsorelaxtheassumptionofcontinualequalitybetweencapitalsdomesticmarginalproductandtheworldinterestrate.Itisshownthatmultipleequilibriaandcyclicalapproachestothest
4、eadystatecanariseinatechnologicaltransfermodeLI.IntroductionThestandardmodeloflong-terminternationalcapitalmovementsinvestigatespatternsofeconomicgrowthofarelativelysmallcountryinthepresenceoffreecapitalmobility.1Thismodelsuffersfromtwoseriousdrawbacks.First,itdoesnotdistinguishbetweerithe
5、rolesplayedbyportfolioandbydirectforeigninvestmentinacountrysdevelopment.Acarefulreadingofthestandardmodelshowsthatitmakesnodifferencewhetheracountryscapitalstockisownedandcontrolledbyresidentsorbyforeigners.Thisa.ssumptionseemstobeatvariancewithempiricalstudieswheretheentrepreneurialorris
6、k-bearingfunctionandthetransferoftechnicalskillsareassertedaskeyfeaturesofdirectforeigninvestment.2Directinvestmentismotivatedbytheopportunityofreapingprofitsabroad,whichismadepossiblethroughtheinvestingco~try's*TheviewsexpressedinthispaperdonotnecessarilyrepresentthoseoftheBoardofGovernor
7、softheFederalReserveSystem.Usefulcommentsonanearlierdraftbyananonjr-mousrefereearegratefullyacknowledged.ISee,forexample,Borts(1964,1/968),HausonandNeher(1967),&her(1970)andOnitsuka(1974).2See,forexample,Horst(1972)andKillick(1973).D46T.KoizumiandK..I.Kopecky,
