河南科技学院新科学院
2013届本科毕业生论文（设计）
英文文献及翻译
Foreign capital inflows and welfare in an economy with
imperfect competition
学生姓名：王艳杰
所在院系：经济系
所学专业：国际经济与贸易
导师姓名：侯黎杰
完成时间： 2013年4月15日
Foreign capital inflows and welfare in an economy with imperfect competitionAbstract:This paper examines the resource allocational and welfare effects ofexogenous inflows of foreign capital in a general-equilibrium model witholigopolistic competition and unemployment.Although the welfare impact for theshort run is ambiguous and dependent upon the strength of exce profits and scale economies relative to unemployment in manufacturing, in the long run additional inflows of foreign capital always improve national welfare with capital mobility.Hence, attracting foreign capital remains a sound policy for economies characterized by imperfect competition, scale economies,and regional unemployment.
Keywords:Internationalcapitalmobility;Imperfectcompetition;Welfare
1.Introduction
The welfare effects of exogenous inflows of foreign capital in the presence of trade restrictions have been extensively studied.Brecher and Diaz Alejandro (1977) show that when imports are subject to tariffs, an introduction of foreign capital inflows accentuates the tariff distortion and hence reduces national welfare if the import-competing sector is relatively capital-intensive.In contrast, Dei (1985) shows that when imports are restricted by quotas,foreign capital inflows in the presence of foreign-owned capital always improve welfare by depreing the rental and solowering the payments to existing foreign-owned capital.Recently, Neary (1981), using a common framework for both tariffs and quotas, obtains more general resultsof foreign capital inflows; the welfare effect of such inflows depends crucially on whether foreign-owned capital exists initially in the home country.In addition, Khan (1982) and Grinols (1991) have examined the effects of foreign capital inflows for a generalized Harris-Todaro economy under tariff protection.Khan finds that the result by Brecher and Diaz Alejandro is still valid even in the presence of unemployment, whereas Grinols argues that increased foreign capital need not be detrimental to welfare if the opportunity costs of labor are sufficiently low.
Noteworthy is that the models used by these authors are all based upon the premise of perfect competition along with constant returns-to-scale technology.Although perfect competition serves as a useful aumption in crystallizing theoretical insights, it neverthele fails to depict many of the real-world phenomena.The real-world economy is characterized, to a large extent, by imperfect competition and economies of scale.The policy implications of imperfect competition and economies
of scale have been examined in the recent literature (see, for example, Brander and Spencer (1985)), mostly dealing with developedeconomies.
Krueger (1984) in her survey points out that though market imperfections exist indeveloped nations, the imperfections are far more serious and pervasive in developingcountries.Rodrik (1981), in an illuminating paper, reports that most developing nations have very high four-firm concentration ratios.He finds that a developing economy is typically characterized by (1) restricted entry in manufacturing partlybecause of the absence of serious antitrust policies;(2) high protection of the manufacturing sector by quotas rather than tariffs; and (3) imperfect home capital markets and, thus, sluggish movements of capital among sectors.
The purpose of the present paper is to develop a model to incorporate these key features of imperfect competition characterizing a developing economy.In addition to the above-mentioned features as noted by Rodrik, we also introduce in our framework sector-specific unemployment frequently observed in a developing nation.The model will then be utilized to examine the welfare implications of foreign capital inflows.It will be shown that foreign capital inflows in the presence of a given quota may be detrimental to welfare in the short run in which capital is sector-specific; the inflows, however, are in the long run necearily welfare improving with inter sectoral capital mobility.Since perfect competition is a limiting case of imperfect competition modeled in this paper, Dei’s result regarding welfare-improving foreign capital can be viewed as a special case of the present analysis.
We construct a general-equilibrium model to capture the key salient features of imperfect competition for developing economies in Section 2.The resource-alloc- ational effects of foreign capital inflows in the presence of quantitative restrictions are examined in Section 3.The welfare impact of foreign capital inflows is discued in Section 4.Section5 presents concluding remarks.
2.Concluding remarks
This paper has examined the effects of inflows of foreign capital on home resource allocation and welfare in a general-equilibrium framework.The home country is characterized by oligopolistic competition, scale economies, and regional unemployment.Although the welfare effect of foreign capital for the short run is somewhat indeterminate and is dependent on the magnitude of the effects of exce profits and scale economies (relative to the unemploymenteffect in manufacturing),
the inflows of foreign capital always improve welfare for such economies in the long run with capital mobility.
Our results, which stand in sharp contrast to those derived in the presence of tariffs (Beecher and Dial Alejandro, 1977), lend support to the finding of Deｉ (1985).Dei’s key result is generalized to economies with imperfect competition in the short run and imperfect competition, along with regional unemployment, in the long run.
The use of quasi linear preferences in this paper serves to focus on the price effect by suppreing the income effects on the demand for goods.It may be noted thatwhen the income effects are presented in the model via more general preferences, the demand for goods would be further raised in the case of inter sectoral mobility of capital.Hence, foreign capital inflows would be more welfare-improving in the long run.
Bakra, R.N.and N.Naevi, 1987, Urban unemployment and the gains from trade,Economic 54, 381-3Y6.
Bela di, H., 1988, Variable returns to scale, urban unemployment and welfare,Southern Economic Journal 55, 412-423.
Brander, J.A.and B.J.Spencer, 1985, Export subsidies and international marketshare rivalry, Journal of International Economics 18, X3-100.
Beecher, R.A.And C.F.Dial Alejandro 1977,Tariffs,foreign capital and immiserizing growth, Journal
译文：
外国资本流入和福利经济的不完全竞争
摘要：本文探讨了在寡头竞争和失业的一般均衡模型下，资源配置和外国资本流入的福利效益。虽然福利影响短期内是不确定的，而且它依赖于超额利润的强度并取决于制造业中失业人数的规模经济，从长远来看，额外的资本流入总是能提高国民福利与资本流动。因此，吸引外资对于具有不完全竞争、规模经济和区域失业特点的经济忍让是一个良好的政策。
关键词： 国际资本流动； 不完全竞争；福利
1、引言
在贸易限制领域，外国资本流入的福利效应已经被广泛研究。布雷赫尔和迪亚兹﹒亚历杭德罗（1977）表明，当进口受制于关税，外国资本流的引进加剧了关税失真，因此若果进口竞争部门是相对的资本密集型企业就会降低减少国家福利。相反，DEI（1985）表明，当进口受配额限制，外商独资领域的外国资本流入总是能通过压低租金来改善福利，因此也降低了给现有的外商独资资本的支付。最近，通过使用一个关税和配额的共同框架，尼尔瑞（1981）获得了更多外国资本的流入的一般结论；流入资本的这种福利效应很大程度上取决于外商独资资本最初在本国的福利效应。此外，柯汗（1982）和格里诺尔斯（1991）探讨了外国资本流入对一个广义的在关税保护下的哈里斯——托达罗经济的影响。柯汗发现布雷赫尔和迪亚兹﹒亚历杭德罗的结果即使在失业存在的情况下仍然是有效的，而格里诺尔斯认为，增加外国资本必须不损害福利，如果劳动力的机会成本足够低。
值得注意的是，这些作者所使用的模型都是基于完全竞争与规模报酬不变的前提。尽管完全竞争是具体的理论见解中的一个有用假设，但它无法描绘现实世界中的许多现象。真实经济的特点，在很大程度上，是不完全竞争和规模经济。对不完全竞争和规模经济的政策含义已经出现在最近的文献研究（见，例如，Brander和Spencer（1985）），主要是用来处理发达经济体。
克鲁格（1984）在她的调查种指出，尽管在发达国家存在市场缺陷，但这种缺陷在发展中国家更为严重和普遍。洛迪克（1981），在一篇启蒙论文中，报告说大多数发展中国家都有很高的四企业集中率。他认为，发展型经济体的典型特征是（1）限制制造业企业的进入部分原因是由于严重的反垄断政策的缺失；（2）通过配额而不是关税来加强制造业的保护；（3）不完善的国内资本市场，因此，部门间的资本流动缓慢。
本文的目的是建立一个模型，把这些表征发展型经济的不完全竞争特点融合在一起。除了上述洛迪克提出的特点，我们也将在我们的框架中介绍在发展中国
家观察到的特定行业的经常性失业。该模型然后会被用来研究外国资本流入的福利效益。它将表明，从短期来看，在一个给定配额的情况下特定行业的资本流入可能有损于福利；但是从长远来看，资本流入必然改善部门之间的资本流动。由于完全竞争是是本文中的不完全竞争的一种极限情况，DEI的关于改善福利的外资的研究结果可以被看做是目前分析情况下的一个特殊案例。 在第二部分我们构建了一个一般均衡模型来捕获发展型经济体关于不完全竞争的显著特征。第三节讨论了在数量限制情况下外国资本流入的资源配置效益。外国资本的流入对福利的影响在4节讨论。第五节提出结论性意见。
2、结束语
本文在一般均衡框架考察外国资本流入对国内资源的分配和福利的影响。本国的特点是寡头竞争，规模经济，以及地区性失业。虽然从短期来看外国资本流入的福利效益是不确定的，依赖于超额利润的影响和规模经济的效益（相对于制造业中的失业效应），从长期来看，外国资本流入总是能改善这种经济体资本流动的福利。
我们的研究结果，和那些起源于关税存在的观点形成鲜明对比（布雷赫尔和迪亚兹Alejandro，1977），支持ＤＥＥ的发现（1985）。DEI的关键结果短期内伴随着不完全竞争的广义经济，长期来看伴随着区域失业。
在本文中，准线性偏好的使用致力于通过抑制商品需求的收入效应而获得的价格效益。可以指出的是，当收入效益在模型中被通过更一般的喜好而展现出来，在跨部门资本流动情况下，商品需求将被更进一步的提高。因此，外国资本流入将更多的从长远来改善福利。
参考文献
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