引进外资外文翻译资料

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 withimperfect 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 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 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: International capital mobility; Imperfect competition; Welfare 1.IntroductionThe 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 fo reign 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 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 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 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 economies of scale. The policy implications of imperfect competition and economiesof 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 in 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) restricted 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 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 necessarily 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 discussed in Section 4. Section5 presents concluding remarks.2. Concluding remarksThis 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),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 suppressing the income effects on the demand for goods. It may be noted that when 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, V ariable 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 market share 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。