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Chapter 15Multinationals and Migration: International Factor Movements A useful framework for understanding why MNEs exist strees five elements.First, firms face inherent disadvantages in operating affiliates in foreign countries.Second, to overcome the disadvantages and to be succeful with its FDI, a firm must have some firm-specific advantages not held by its local competitors in the foreign country.These advantages may be technologies, marketing aets, managerial capabilities, or acce to large amounts of financial capital.Third, location factors, such as comparative advantage or government barriers to trade, influence where production should occur(export or FDI).Fourth, there may be advantages to using the firm’s advantages internally within the MNE, rather than incurring the transactions costs and risks of selling or renting these aets to independent firms(license or FDI).Fifth, FDI can be part of global oligopolistic rivalry.(The box on CEMEX shows the roles of firm-specific aets and oligopolistic rivalry in the growth of this MNE based in Mexico.)
The taxation of the profits of multinational firms raises important iues.Although the details are overwhelming, the general approach to how the profits are taxed is that the profits of the foreign affiliates are taxed by the host country and the profits of the parent company on its own activities are taxed by the home country.To minimize total taxes paid worldwide, multinationals can try to locate activities in low-tax countries.More controversially, multinational firms can use transfer pricing on transactions that occur within the global organization to show more of their profits in countries where they will be lightly taxed.Governments know this incentive.They often attempt to police transfer pricing to aure that transfer prices are similar to market prices, but this determination is often difficult, so the firms have some scope to manipulate transfer pricing.Multinational firms are active in international trade in goods and services, and about one-third of world trade is intra-firm trade between units of multinational firms in different countries.Although some FDI is a substitute for trade, because local production replaces products that otherwise would be imported, FDI and trade are also often complements.This is especially true when multinational firms exploit differences in comparative advantages by locating different stages of production in different countries.It can also be true when better local marketing by an affiliate leads to increased sales of some products that the multinational firm produces in other countries, even if other parts of the firm’s product line are produced locally by the affiliate.Most studies conclude that FDI overall is somewhat complementary to international trade in products.Economic analysis indicates that the home(or source)country can receive net benefits from its outward FDI, because the gains to the owners of the MNEs exceed the loes to workers and other providers of resource inputs.There are several other sources of poible lo to the home country.The government may lose tax revenues as profits are now shown in foreign affiliates.Positive externalities may be lost when the activities are shifted out of the country.The multinationals may gain too much influence over the country's foreign policies.While there are some arguments for the home county to tax or restrict outbound FDI, the actual policies of the major home countries are neutral to mildly supportive toward outward FDI.15-2 Chapter 15Multinationals and Migration: International Factor Movements The basic analysis of the effects of migration indicates that the receiving country gains economic well-being.There are several other poible effects of immigration.First, immigrants often bring external benefits through knowledge spillovers.Second, immigrants can bring external costs through increased congestion and crowding.Third, immigrants can raise social frictions based on bigotry, which can become severe during periods when the rate of immigration is high.In addition, in a number of receiving countries the fiscal effects of immigration have become increasingly controversial.The box “Are Immigrants a Fiscal Burden?” summarizes recent studies for the United States and Sweden.For a receiving country like the United States, the fiscal effects of immigration depend on whether providing government goods and services to the immigrants requires an expansion in spending on these goods and services, in order to maintain the same level of consumption value to natives in the country.Presumably, any transfer payments received by immigrants are an expansion of government expenditures, but the effects on other government goods and services are debatable.One way to examine this is to look at a snapshot for a single year.The net effect is not easy to determine.Another way to look at this is to examine the net effects over the entire lifetimes of immigrants and their descendants.One careful recent study of the United States concludes that the average net fiscal effect is slightly negative for the typical immigrant and substantially positive for the immigrant’s descendants.In addition, the study concludes that the net fiscal effect of the immigrant depends on the immigrant’s level of education, used as indicator of labor skill and earnings potential.Immigrants with a high school education or le impose a net cost;immigrants with some college provide a net benefit.Because the average education and earnings of immigrants has been declining relative to those of natives, for the United States since about 1980, the fiscal balance is probably shifting toward immigrants being a fiscal burden.The analysis has implications for the policies used by receiving countries to limit immigration.First, the types of immigrant admitted have an impact on which native group suffers lo.Second, the types of immigrants admitted have an impact on the net fiscal effects.To gain greater fiscal benefits(and to minimize the negative impact on low-skilled native workers who already have low earnings), the receiving country should skew its immigration policies to favor young adults with some college education.However, for countries like the United States, this would mean shifting away from other worthy goals pursued by their current immigration policies, including family reunification and aisting refugees.Tips
Figure 15.1 has quite a bit of information that can be used to generate cla discuion, including the identity of the major home countries(why these are the major home countries?), the relatively small amount of FDI into developing countries and more generally what countries and regions host most FDI(why?), and the specific pattern of FDI for each home country(why?).Migration is a sensitive topic, and any presentation needs to keep its scientific standards up, by distinguishing what is known or plausibly estimated from what is common folklore.15-4 Chapter 15Multinationals and Migration: International Factor Movements
c.FDI.Additional purchases of ownership of a foreign company by the U.S.investor that then owns more than 10 percent of the foreign affiliate.d.The $100,000 is FDI, because the Brazilian affiliate is owned by the U.S.firm.The loan from the Brazilian bank is not FDI because it is not foreign, and because it is not direct(the Brazilian bank does not own equity in the Brazilian company).8.Labor groups seek restrictions on the flow of direct investment out of the United States because outward FDI tends to lower labor income.This reduction may occur for three major reasons.First, the FDI is shifting jobs out of the United States, so some U.S.workers lose as they become unemployed.Second, the general decrease in demand for labor puts downward preure on wage rates.Third, the bargaining power of unionized labor is reduced when companies can threaten to shift production out of the United States.Unions cannot bargain so effectively to gain higher wages.Standard economic analysis shows that the loes to labor generally are more than offset by the gains to the owners of the companies undertaking the FDI.This standard analysis suggests that labor is mainly defending its special interest.But, there are other poible effects that would favor restricting outbound FDI in the national interest of the home country.The home government may lose tax revenue when profits are shown in foreign affiliates, and external technological benefits may shift out of the country.If these other effects are large enough, then the opposition of U.S.labor to outward FDI may also be in the national interest.10.First, in 1924, the United States paed a law that severely restricted immigration, using a system of quotas by national origin.Second, the Depreion, with its very high rates of labor unemployment, probably reduced the economic incentive to immigrate, because potential immigrants would expect that it would be very difficult to find employment.12.The reduction in the annualized cost of migration would lead to more migration(the number of migrants would be greater than 20 million).In the new equilibrium, with a smaller gap(c), the wage rate after migration would be greater than $3.20 in the South, and le than $5.00 in the North.Each of the areas of gain and lo(a, b, d, e, and f)would be larger.14.This statement is probably false.The migrants do improve their economic well-being.But once they leave they are no longer part of the sending country.The sending country can lose in two ways.First, analysis of the labor-market effects of emigration indicates that, while workers remaining in the sending country gain, employers and others in the sending country lose more, so the net effect on the sending country is a lo.Second, the net fiscal effect of emigration is probably a lo for the sending country.The emigrants have often received education paid for by the government, but the emigrants shift to paying taxes to the receiving-country government once they leave.We should also note one major way that the sending country can gain—emigrants often send back remittances to relatives and friends.The overall effect on the sending country is then unclear, but a lo is likely unle remittances are large.15-6 Chapter 15-Multinationals and Migration: International Factor Movements 16.Here are several arguments.First, Japan is already a crowded place, with many Japanese living in densely populated metropolitan areas(especially Tokyo).Allowing more immigrants will add to the external costs of congestion, because most immigrants will want to live and work in urban areas.Second, increased immigration will add to social frictions.It will not be easy to change Japanese attitudes against foreigners.Instead, the immigrants are likely to face substantial discrimination based on prejudice.Japan’s policy must be decided with this reality in mind.Third, the immigrants easily could be a net fiscal burden.If the policy is not suitably selective, Japan will receive many immigrants who have little education and low labor skills.These immigrants will pay low taxes, but they will receive substantial benefits from Japanese government programs, including government-financed medical care.Fourth, the native groups that will lose from increased immigration include lower skilled Japanese workers who already have low earnings.The Japanese government should not institute a policy change that harms the least well off within the country, even if it might bring net gains to the country overall.15-7
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