外文翻译---当地含量的限制与阻碍对服务业外商直接投资的影响

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1、本科毕业论文外文翻译 原文 Impact of Local Content Restrictions and Barriers Against Foreign Direct Investment in Services The Case of Kazakhstans Accession to the World Trade Organization Jesper Jensen and David Tarr The working party on the accession of Kazakhstan to the World Trade Organization (WTO) was esta

2、blished on February 6, 1996. Bilateral market access negotiations began in October 1997 and are continuing on the basis of revised offers in goods and services. Since 2004, the accession negotiations have acquired increased momentum. A draft report of the working party was prepared by the WTO secret

3、ariat in May 2005. Based on this report, the chairman of the working party on the accession of Kazakhstan indicated that Kazakh accession has taken an important step forward. He stated further that progress would not have been possible without key domestic reforms and the enthusiasm of the Kazakh ne

4、gotiating team. By 2007, some Kazakh officials were (over) optimistically forecasting accession by the end of the year. We document that the Kazakh tariff structure is not highly distorted. On the other hand, barriers to foreign direct investors remain significant in several key business service sec

5、tors and are the focus of negotiations between Kazakhstan and the WTO working party. Despite the important role that the rights of multinational investors in business services play in WTO accession negotiationsand in the Kazakh negotiations in particularuntil recently, modelers have been unable to a

6、ssess the effect of the liberalization of barriers to foreign direct investment (FDI) in business services. This paper follows the recent innovative structure of the models for Russia of Jensen et al. (2006； 2007). That is, we numerically assess the liberalization of barriers to foreign direct inves

7、tors in business services in a multisector applied general equilibrium model, for which DixitStiglitz (1977) variety-productivity effects are crucial to the results. Local content policies in crude oil and gas are an important aspect of the accession negotiations. At issue is whether multinational o

8、il producers that invest in Kazakhstan are encouraged to purchase Kazakh inputs in a manner that is inconsistent with the Trade-Related Investment Measures (TRIMS) agreement of the WTO. Modeling local content policies requires a modeling framework that distinguishes domestic from foreign firms and g

9、ives foreign firms a domestic presence through FDI. Based on the theoretical model of Grossman (1981), this paper is innovative in that we extend the Jensen et al. (2006； 2007) analysis to examine the effect of local content policies in an applied general equilibrium model. We also use that framewor

10、k to examine a policy option being considered in Kazakhstan: the waiver of the value-added tax (VAT) on domestic inputs into oil and gas. The intent is to place domestic inputs on an equal VAT footing with imported inputs in the crude oil and gas sectors, as multinationals in those sectors are repor

11、ted to have negotiated a waiver of the VAT on imported inputs. We develop a fifty-six-sector, small, open economy comparative static computable general equilibrium model of Kazakhstan, which we believe is appropriate to evaluate the effect of Kazakhstans accession to the WTO. Our key modeling as-sum

12、ptions are as follows. We assume that additional varieties of business servicesand those goods that are produced under increasing returns to scaleresult in a reduction of the quality-adjusted cost of their use, according to the DixitStiglitz framework. We also assume that a substantial portion of bu

13、siness services require a domestic presence, that isFDI； multinational service providers import specialized capital or labor as part of their decision to establish a domestic presence； and business services supplied with a domestic presence are supplied by imperfectly competitive firms that produce

14、a unique variety of the service. We estimate that the gains to Kazakhstan from WTO accession, measured as Hicksian equivalent variation, are 6.7 percent of Kazakh consumption, or 3.7 percent of the gross domestic product (GDP) in the medium run； the gains could be as high as 17.5 percent of Kazakh c

15、onsumption, or 9.7 percent of GDP, in the long run, using our comparative steady-state model. We show that the gains from FDI liberalization in services are 4.9 percent of the value of Kazakh consumption, which amounts to over 70 percent of the total gains from Kazakh WTO accession. We show that the

16、se gains are more than ten times the gains from a constant returns-to-scale model. Overview of the Model and Key Data Overview of the Model Formulation Our small, open economy (SOE) computable general equilibrium model is based on the model of Jensen et al. (2007). An algebraic formulation of the mo

17、del may be found in Jensen et al. (2004), which is based on Markusen et al. (2005). Consequently, we describe the model structure only briefly here. Because it is new in this paper, we discuss in more detail how we model local content policies and specialized VAT treatment for the multinationals in

18、the oil and gas sectors. Primary factors include labor, mobile capital, sector-specific capital in the energy sectors reflecting the exhaustible resource, sector-specific capital in imperfectly competitive sectors, and primary inputs imported by multinational service providers, reflecting specialize

19、d management expertise or technology of the firm. The existence of sector-specific capital in several sectors implies decreasing returns to scale in the use of the mobile factors. Supply curves in these sectors slope upward. There are fifty-six sectors in the model. Excepting crude oil and natural g

20、as, the sectors fall into one of three categories (see Table 1). The categories are competitive goods and services sectors； imperfectly competitive goods produced subject to increasing returns to scale； and business services that are produced in Kazakhstan under increasing returns to scale and imper

21、fect competition. In the imperfectly competitive sectors we allow for DixitStiglitz, Ethier (1982) variety effects, whereby an additional variety results in endogenous productivity gains for downstream sectors that use the new variety as an input. In business services, we allow for both cross-border

22、 trade and FDI by multinational service providers that choose to establish a presence in Kazakhstan to compete with Kazakh firms directly in the Kazakh market. These services are characterized by firm-level product differentiation. For multinational firms, the barriers to FDI affect their profitabil

23、ity and entry. Reducing the constraints on FDI induces foreign entry that typically leads to productivity gains, because when more varieties of service providers are available, buyers can obtain varieties that more closely fit their demands and needs (the Dixit Stiglitz variety effect). crude Oil an

24、d Gas Sector We view oil and gas as goods produced under increasing returns to scale and imperfect competition. Unlike other goods in this model, we assume, for obvious reasons in the case of Kazakhstan, that there is FDI in the sector. The modeling of this sector is similar to the modeling of the increasing returns to scale services sectors