外文翻译资料--外国资本流入和福利经济的不完全竞争

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1、 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 competition Abstract:This paper examines the resource

2、allocational and welfare effects of exogenous inflows of foreign capital in a general-equilibrium model with oligopolistic competition and unemployment. Although the welfare impact for the short run is ambiguous and dependent upon the strength of excess profits and scale economies relative to unempl

3、oyment 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: In

4、ternational capital mobility； Imperfect competition； 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 introductio

5、n 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

6、always improve welfare by depressing the rental and so lowering the payments to existing foreign-owned capital. Recently, Neary (1981), using a common framework for both tariffs and quotas, obtains more general results of foreign capital inflows； the welfare effect of such inflows depends crucially

7、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 v

8、alid 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

9、with constant returns-to-scale technology. Although perfect competition serves as a useful assumption in crystallizing theoretical insights, it nevertheless fails to depict many of the real-world phenomena. The real-world economy is characterized, to a large extent, by imperfect competition and econ

10、omies 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 developed economies. Krueger (1984) in her survey points out that though market imperfections exist i

11、n developed nations, the imperfections are far more serious and pervasive in developing countries. 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) restric

12、ted entry in manufacturing partly because 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

13、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 t

14、hen 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 necessarily wel

15、fare improving with inter sectoral capital mobility. Since perfect competition is a limiting case of imperfect competition modeled in this paper, Deis result regarding welfare-improving foreign capital can be viewed as a special case of the present analysis. We construct a general-equilibrium model

16、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 discussed in Sec

17、tion 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 excess profits and scale economies (relative to the unemployment effect in manufacturing),