Vertical and Horizontal FDI Technology Spillovers: Evidence from Thai Manufacturing
Keywords:
Foreign direct investment, Spillovers, Trade policy, AsiaAbstract
This paper examines Foreign Direct Investment (FDI) spillovers, using an unbalanced panel data set of the manufacturing survey of Thailand during the period 2001-03. Both horizontal and vertical FDI technology spillovers examined. The econometric analysis’s finding highlights the important role of the trade policy regime as a conditional gain of horizontal FDI spillovers. Interestingly, imposing an assumption of identical horizontal FDI spillovers across industry could result in biased estimates of vertical FDI spillovers. Our finding here gives a warning not to overemphasize the role of linkages. It is the quality rather than magnitude of linkages that should be used as a proxy of the vertical FDI spillovers.
References
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11.Blalock, G. & P.J. Gertler (2008). ‘Welfare Gains from Foreign Direct Investment through Technology Transfer to Local Suppliers’, Journal of International Economics,74: 402-421.
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13.Blomström, M., A. Kokko, and Z. Mario (2000). Foreign Direct Investment: Firm and Host Country Strategies, Macmillan Press, London
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15.Brecher, R.A. and R. Findlay (1983), ‘Tariff, Foreign Capital and National Welfare with Sector-Specific Factors’, Journal of International Economics, Vol.14, No.3, pp.277–88.
16.Bulmer-Thomas, V. (1982) Input-output Analysis in Developing Countries: Sources, Methods and Applications, J.Wiley & Sons, Chichester.
17.Caves, R.E. (2007), Multinational Enterprise and Economic Analysis, Cambridge University Press, Cambridge.
18.Cheh, J.H. (1974). ‘United States concessions in the Kennedy round and short-run adjustment costs’, Journal of International Economics, 4,(4), 267-274.
19.Cohen, W.M. and R. Levin (1989). ‘Empirical Studies of Innovation and Market Structure’, in R. Schumalensee and R.D. Willig (eds.), Handbook of Industrial Organization, Vol II. North Holand, Amsterdan.
20.Corden, W. M. (1966). The structure of a tariff system and the effective protective rate. Journal of Political Economy, 74, (3), 221-37.
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22.Crespo, N. and M.P. Fontoura (2007). ‘Determinant Factors of FDI Spillovers-What Do We Really Know?’, World Development, 35 (3), p. 410-425.
23.De Melo, J. and S. Urata (1986). ‘The Influence of Increased Foreign Competition on Industrial Trade and Profitability’, International Journal of Industrial Organization, 43 (3), p. 287-314.
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25.Girma, S. and H. Görg (2003). ‘Foreign Direct Investment, Spillovers and Absorptive Capacity: Evidence from Quantile Regressions, GEP Working Paper, No. 2002/14.
26.Girma, S., D. Greenaway, and K. Wakelin (2001). ‘Who Benefits from Foreign Direct Investment in the UK?, Scottish Journal of Politica Economy,48(2): 119-133.
27.Görg, H. and D. Greenaway (2004). ‘Much Ado about Nothing? Do Domestic Firms Really Benefit from FDI?, World Bank Research Observer, 19, 171-197.
28.Görg, H. and E. Strobl (2002), ‘Spillovers from Foreign Firms through Worker Mobility: An Empirical Investigation’, IZA Discussion Papers No. 591, Institute for the Study of Labor, Bonn.
29.Greenaway D. and R. Kneller (2007). ‘Firm Heterogeneity, Exporting and Foreign Direct Investment’, Economic Journal, vol. 117: 134-161.
30.Griliches, Z. (1992). ‘The Search for R&D Spillovers’, Scandinavian Journal of Economics, 94 p29-47.
31.Haddad, M. and A. Harrison (1993), ‘Are there Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco’, Journal of Development Economics, Vol. 42, No.1, pp. 51–74.
32.Hart, O. (1983). ‘The Market Mechanism as an Incentive Structure’, Bell Journal of Economics, 14 (autumn), 366-82.
33.Hayakawa, K., F. Kimura, and T. Machikita (2008). ‘Firm-level Analysis of Globalization: A Survey’, ERIA Discussion Paper 2008-01, Economic Research Institute for ASEAN and East Asia, Jakatra.
34.Hill, H. and P. Athukorala (1998), ‘Foreign Investment in East Asia: A Survey’, Asian-Pacific Economic Literature, Vol.12, No.2, pp.23–50.
35.Hirschman, A.O. (1958), The Strategy of Economic Development, Yale University Press, New Haven.
36.Hugh, H. (2001). ‘The Evolution of Dual Economies in East Asia’, in D. Lal and R.H. Snape (eds.), Trade, Development and Political Economy: Essays in Honour of Anne O. Krueger, Palgrave McMillan.
37.IMF (International Monetary Fund), (1993), Balance of Payments Manual 5th Edition, Washington, DC: IMF.
38.Javorcik, B.S. (2004). ‘Does Foreign Direct Investment Increase the Productivity of Domestic Firms? in Search of Spillovers through Backward Linkages’, American Economic Review 94(3), p.605-27.
39.Johnson, J. (1984) Econometric Methods, (3rd edition), McGraw-Hill, New York.
40.Jongwanich, J. and A. Kohpaiboon (2009) Export Performance, Foreign Ownership and Trade Policy Regime: Evidence from Thai Manufacturing, ERD Working Paper No. 140, Economics and Research Department, Asian Development Bank
41.Jongwanich, J. and A. Kohpaiboon (2007). ‘Determinants of Protection in Thai Manufacturing’, Economic Papers 26(3), p. 276-294
42.Khanthachai, N., K. Tanmavad, T. Boonsiri, C. Nisaisook and A. Arttanuchit (1987). Technology and Skills in Thailand, Institute of Southeast Asian Studies, Singapore.
43.Kinoshita, Y. (2001). ‘R&D and Technology Spillovers though FDI: Innovation and Absorptive Capacity’, CEPR Discussion Papers, No. 2775
44.Kohpaiboon (2003), ‘Foreign Trade Regimes and the FDI-Growth Nexus: A Case Study of Thailand’, Journal of Development Studies, 40 (2), 55–69.
45.Kohpaiboon, A. (2006a). Foreign Direct Investment and Technology Spillover: A Cross-industry Analysis of Thai Manufacturing’, World Development, 34(3), 541-56.
46.Kohpaiboon, A. (2006b). Multinational Enterprises and Industrial Transformation: Evidence from Thailand, Edward Elgar, Cheltenham.
47.Kohpaiboon, A. (2007) ‘Thai Automotive Industry: Multinational Enterprises and Global Integration’ ERTC Discussion Paper 2007/4 Faculty of Economics, Thammasat University.
48.Kohpaiboon, A. (2008). MNEs and Global Integration of Thai Clothing Industries: Policy Implication for SME Development, Report submitted to Institute of Developing Economies, Japan.
49.Kohpaiboon, A. (2009), Trade Policy and International Production Networks in Asia: A Case Study of Hard Disk Drive (HDD) Industry in Thailand, (work in progress)
50.Kohpaiboon, A. and E.D. Ramstetter (2008). ‘Producer Concentration, Conglomerates, Foreign Ownership, and Import Protection: Thai Manufacturing Firms a Decade after the Crisis’, ICSEAD Working Paper, March 2008, International Centre for the Study of East Asian Development, Kokura.
51.Kokko, A. (1994). ‘Technology, Market Characteristics, and Spillovers’, Journal of Development Economics, 43: 279-293.
52.Kokko, A., R. Tansini, M. Zejan (1996). ‘Local Technological Capability and Productivity Spillovers from FDI in the Uruguayan Manufacturing Sector, Journal of Development Studies, 32: 602-611.
53.Kokko, A., Zejan, M., & Tansini, R. (2001). Trade regimes and spillover effects of FDI: evidence from Uruguay. Weltwirtschaftliches Archiv, 137, (1), 124-149.
54.Lin, P. and K. Saggi (2005). ‘Multinational Firms and Backward Linkages: A Critical Survey and a Simple Model’, in T. Moran, E.M. Graham, M. Blomström (eds.), Does Foreign Direct Investment Promote Development?, Institute for International Economics, Washington DC.
55.Lipsey, R. (2001). ‘Foreign Direct Investment and the Operations of Multinational Firms: Concepts, History and Data’, in H. James (ed.), Handbook of International Trade, Cambridge: Basil Blackwell.
56.Markusen, J.R. (1995). ‘The Boundaries of Multinational Enterprises and the Theory of International Trade’, Journal of Economic Perspectives, 9(2), 169-89.
57.Markusen, J.R. and A.J. Venables (1999). ‘Foreign Direct Investment as a Catalyst for Industrial Development’, European Economic Review, 43 (2), 335–356.
58.Martin, J. and J. M. Page (1983). ‘The Impact of Subsidies on X-Efficiency in LDC Industry: Theory and an Empirical Test: Review of Economics and Statistics, 65, 608-17.
59.Menon, J. (1998), ‘Total Factor Productivity Growth in Foreign and Domestic Firms in Malaysian Manufacturing’, Journal of Asian Economics, 9, 251-80.
60.Moran, T.H. (2001). Parental Supervision: The New Paradigm for Foreign Direct Investment and Development, Washington, DC: Institute for International Economics.
61.Moulton, B.R. (1990). ‘An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units’, Review of Economics and Statistics, May 72(2):p. 334-8.
62.Oguchi, N., N.A.M. Amdzah, Z. Bakar, R.Z. Abidin and M. Shafii (2002), ‘Productivity of Foreign and Domestic Firms in Malaysian Manufacturing Industry’, Asian Economic Journal, 16, 215-28.
63.Porter, M.E.(1990); The Competitive Advantage of Nations, Macmillan Press, London.
64.Pursell, G. (2001). ‘Australia’s Experience with Local Content Program in the Auto Industry’, Policy Research Working Paper WPS2625, World Bank, Washington.
65.Ramstetter, E. (2003). ‘Foreign Multinationals in Thailand after the Crisis: the Challenge of Measuring and Interpreting Recent Trends’, in M. Toida and J. Uemura (eds.), Projects for Asian Industrializing Region 2003, Tokyo, Institute of Developing Economies, p.83-170.
66.Ramstetter, E.D. (2006). ‘Are Productivity Differentials Important in Thai Manufacturing’, in E.D. Ramstetter and F. Sjöholm (eds.) Multinational Corporations in Indonesia and Thailand, Palgrave McMillan, New York.
67.Roberts, M. K. and J.R. Tybout (1996). Industrial Evolution in Developing Countries: Micro Patterns of Turnover, Productivity and Market Structure, Oxford University Press, New York..
68.Rodriguez-Clare, A. (1996). ‘Multinationals, Linkages and Economic Development’, American Economic Review, 86 (4), 852–873.
69.Rodrik, D. (1991). ‘Closing the Technology Gap: Does Trade Liberalization Really Help?’, in G. Helleiner (ed.), Trade Policy, Industrialization and Development: New Perspectives. Clarendon Press, Oxford.
70.Scharfstein, D. (1988). ‘Product-Market Competition and Managerial Slack’, Rand Journal of Economics, 19 (sping), 147-55.
71.Schumpeter, J.A. (1942). Capitalism, Socialism, and Democracy, Harper and Row, New York.
72.Sjohölm, F. (1999). ‘Technology Gap, Competition and Spillovers from Direct Foreign Investment: Evidence from Establishment Data’, Journal of Development Studies, 36(1):53-73.
73.Studwell, J. (2007). Asian Godfather Money and Power in Hong Kong and South East Asia, Profile Books
74.Symeonidis, G. (1996). ‘Innovation, Firm Size, and Market Structure: Schumpeterian Hypotheses and Some New Themes’, OECD Economic Studies, 27, 35-70.
75.Tamburlertchai, S., and E.D. Ramstetter (1991). Foreign firms in promoted industries and structural change in Thailand. In E. D. Ramstetter (Ed.), Direct Foreign Investment in Asia's Developing Economies and Structural Change in the Asia-Pacific region. USA: Westview Press.
76.Wagner, J. (2007). 'Exports and Productivity: A Survey of the Evidence from Firm Level Data', World Economy, 30, p. 60-82.
77.Wooldridge, J. (2002). Econometric Analysis of Cross Section and Panel Data,MIT Press, Cambridge MA.
2.Ahn, S. (2002). ‘Competition, Innovation and Productivity Growth: A Review of Theory and Evidence’, OECD Economic Department Working Paper, 317, OECD.
3.Aitken, B.J. and A.E. Harrison (1999), ‘Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela’, American Economic Review, Vol.89, No.3, pp.605–618.
4.Athukorala, P. (1998). Trade Policy Issues in Asian Development, Routledge, London
5.Athukorala, P., & Chand, S. (2000). Trade orientation and productivity gains from international production: a study of overseas operatins of United States TNCs. Transnational Corporations, 9, (2), 1-30.
6.Balasubramanyam, V.N., Salisu, M.A., & Sapsford, D. (1996). ‘Foreign direct investment and growth in EP and IS countries’ Economic Journal, 106, (434), 92-105.
7.Bell, M., B. Ross-Larson, L.E. Westphal (1984). ‘Assessing the Performance of Infant Industries’, Journal of Development Economics, 16 (1), 101–128.
8.Bhagwati, J. (1973). The theory of immiserizing growth: further applications. In M.B. Connolly, & A. K. Swoboda (Eds.), International trade and money. Toronto: University of Toronto Press.
9.Bhagwati, J. (1978). Anatomy and consequences of exchange control regimes. New York: Balinger Publishing.
10.Bhagwati, J. (1994). Free trade: old and new challenges. Economic Journal, 104, (423), 231-46.
11.Blalock, G. & P.J. Gertler (2008). ‘Welfare Gains from Foreign Direct Investment through Technology Transfer to Local Suppliers’, Journal of International Economics,74: 402-421.
12.Blomstrom, M. and F. Sjohölm (1999). ‘Technology Transfer and Spillovers: Does Local Partipation with Multinationals Matter?, European Economic Review, 43: 915-923.
13.Blomström, M., A. Kokko, and Z. Mario (2000). Foreign Direct Investment: Firm and Host Country Strategies, Macmillan Press, London
14.Brecher, R.A. and C. F. Diaz-Alejandro (1977), ‘Tariffs, Foreign Capital and Immiserizing Growth’, Journal of International Economics, Vol.7, No.4, pp.317–322.
15.Brecher, R.A. and R. Findlay (1983), ‘Tariff, Foreign Capital and National Welfare with Sector-Specific Factors’, Journal of International Economics, Vol.14, No.3, pp.277–88.
16.Bulmer-Thomas, V. (1982) Input-output Analysis in Developing Countries: Sources, Methods and Applications, J.Wiley & Sons, Chichester.
17.Caves, R.E. (2007), Multinational Enterprise and Economic Analysis, Cambridge University Press, Cambridge.
18.Cheh, J.H. (1974). ‘United States concessions in the Kennedy round and short-run adjustment costs’, Journal of International Economics, 4,(4), 267-274.
19.Cohen, W.M. and R. Levin (1989). ‘Empirical Studies of Innovation and Market Structure’, in R. Schumalensee and R.D. Willig (eds.), Handbook of Industrial Organization, Vol II. North Holand, Amsterdan.
20.Corden, W. M. (1966). The structure of a tariff system and the effective protective rate. Journal of Political Economy, 74, (3), 221-37.
21.Corden, W.M. (1974) Trade Policy and Economic Welfare (Oxford: Clarendon Press).
22.Crespo, N. and M.P. Fontoura (2007). ‘Determinant Factors of FDI Spillovers-What Do We Really Know?’, World Development, 35 (3), p. 410-425.
23.De Melo, J. and S. Urata (1986). ‘The Influence of Increased Foreign Competition on Industrial Trade and Profitability’, International Journal of Industrial Organization, 43 (3), p. 287-314.
24.Girma, S. (2005). ‘Absorptive Capacity and Productivity Spillovers from FDI: A Threshold Regression Analysis’, Oxford Bulletin of Economics and Statistics, 67(3): 281-306.
25.Girma, S. and H. Görg (2003). ‘Foreign Direct Investment, Spillovers and Absorptive Capacity: Evidence from Quantile Regressions, GEP Working Paper, No. 2002/14.
26.Girma, S., D. Greenaway, and K. Wakelin (2001). ‘Who Benefits from Foreign Direct Investment in the UK?, Scottish Journal of Politica Economy,48(2): 119-133.
27.Görg, H. and D. Greenaway (2004). ‘Much Ado about Nothing? Do Domestic Firms Really Benefit from FDI?, World Bank Research Observer, 19, 171-197.
28.Görg, H. and E. Strobl (2002), ‘Spillovers from Foreign Firms through Worker Mobility: An Empirical Investigation’, IZA Discussion Papers No. 591, Institute for the Study of Labor, Bonn.
29.Greenaway D. and R. Kneller (2007). ‘Firm Heterogeneity, Exporting and Foreign Direct Investment’, Economic Journal, vol. 117: 134-161.
30.Griliches, Z. (1992). ‘The Search for R&D Spillovers’, Scandinavian Journal of Economics, 94 p29-47.
31.Haddad, M. and A. Harrison (1993), ‘Are there Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco’, Journal of Development Economics, Vol. 42, No.1, pp. 51–74.
32.Hart, O. (1983). ‘The Market Mechanism as an Incentive Structure’, Bell Journal of Economics, 14 (autumn), 366-82.
33.Hayakawa, K., F. Kimura, and T. Machikita (2008). ‘Firm-level Analysis of Globalization: A Survey’, ERIA Discussion Paper 2008-01, Economic Research Institute for ASEAN and East Asia, Jakatra.
34.Hill, H. and P. Athukorala (1998), ‘Foreign Investment in East Asia: A Survey’, Asian-Pacific Economic Literature, Vol.12, No.2, pp.23–50.
35.Hirschman, A.O. (1958), The Strategy of Economic Development, Yale University Press, New Haven.
36.Hugh, H. (2001). ‘The Evolution of Dual Economies in East Asia’, in D. Lal and R.H. Snape (eds.), Trade, Development and Political Economy: Essays in Honour of Anne O. Krueger, Palgrave McMillan.
37.IMF (International Monetary Fund), (1993), Balance of Payments Manual 5th Edition, Washington, DC: IMF.
38.Javorcik, B.S. (2004). ‘Does Foreign Direct Investment Increase the Productivity of Domestic Firms? in Search of Spillovers through Backward Linkages’, American Economic Review 94(3), p.605-27.
39.Johnson, J. (1984) Econometric Methods, (3rd edition), McGraw-Hill, New York.
40.Jongwanich, J. and A. Kohpaiboon (2009) Export Performance, Foreign Ownership and Trade Policy Regime: Evidence from Thai Manufacturing, ERD Working Paper No. 140, Economics and Research Department, Asian Development Bank
41.Jongwanich, J. and A. Kohpaiboon (2007). ‘Determinants of Protection in Thai Manufacturing’, Economic Papers 26(3), p. 276-294
42.Khanthachai, N., K. Tanmavad, T. Boonsiri, C. Nisaisook and A. Arttanuchit (1987). Technology and Skills in Thailand, Institute of Southeast Asian Studies, Singapore.
43.Kinoshita, Y. (2001). ‘R&D and Technology Spillovers though FDI: Innovation and Absorptive Capacity’, CEPR Discussion Papers, No. 2775
44.Kohpaiboon (2003), ‘Foreign Trade Regimes and the FDI-Growth Nexus: A Case Study of Thailand’, Journal of Development Studies, 40 (2), 55–69.
45.Kohpaiboon, A. (2006a). Foreign Direct Investment and Technology Spillover: A Cross-industry Analysis of Thai Manufacturing’, World Development, 34(3), 541-56.
46.Kohpaiboon, A. (2006b). Multinational Enterprises and Industrial Transformation: Evidence from Thailand, Edward Elgar, Cheltenham.
47.Kohpaiboon, A. (2007) ‘Thai Automotive Industry: Multinational Enterprises and Global Integration’ ERTC Discussion Paper 2007/4 Faculty of Economics, Thammasat University.
48.Kohpaiboon, A. (2008). MNEs and Global Integration of Thai Clothing Industries: Policy Implication for SME Development, Report submitted to Institute of Developing Economies, Japan.
49.Kohpaiboon, A. (2009), Trade Policy and International Production Networks in Asia: A Case Study of Hard Disk Drive (HDD) Industry in Thailand, (work in progress)
50.Kohpaiboon, A. and E.D. Ramstetter (2008). ‘Producer Concentration, Conglomerates, Foreign Ownership, and Import Protection: Thai Manufacturing Firms a Decade after the Crisis’, ICSEAD Working Paper, March 2008, International Centre for the Study of East Asian Development, Kokura.
51.Kokko, A. (1994). ‘Technology, Market Characteristics, and Spillovers’, Journal of Development Economics, 43: 279-293.
52.Kokko, A., R. Tansini, M. Zejan (1996). ‘Local Technological Capability and Productivity Spillovers from FDI in the Uruguayan Manufacturing Sector, Journal of Development Studies, 32: 602-611.
53.Kokko, A., Zejan, M., & Tansini, R. (2001). Trade regimes and spillover effects of FDI: evidence from Uruguay. Weltwirtschaftliches Archiv, 137, (1), 124-149.
54.Lin, P. and K. Saggi (2005). ‘Multinational Firms and Backward Linkages: A Critical Survey and a Simple Model’, in T. Moran, E.M. Graham, M. Blomström (eds.), Does Foreign Direct Investment Promote Development?, Institute for International Economics, Washington DC.
55.Lipsey, R. (2001). ‘Foreign Direct Investment and the Operations of Multinational Firms: Concepts, History and Data’, in H. James (ed.), Handbook of International Trade, Cambridge: Basil Blackwell.
56.Markusen, J.R. (1995). ‘The Boundaries of Multinational Enterprises and the Theory of International Trade’, Journal of Economic Perspectives, 9(2), 169-89.
57.Markusen, J.R. and A.J. Venables (1999). ‘Foreign Direct Investment as a Catalyst for Industrial Development’, European Economic Review, 43 (2), 335–356.
58.Martin, J. and J. M. Page (1983). ‘The Impact of Subsidies on X-Efficiency in LDC Industry: Theory and an Empirical Test: Review of Economics and Statistics, 65, 608-17.
59.Menon, J. (1998), ‘Total Factor Productivity Growth in Foreign and Domestic Firms in Malaysian Manufacturing’, Journal of Asian Economics, 9, 251-80.
60.Moran, T.H. (2001). Parental Supervision: The New Paradigm for Foreign Direct Investment and Development, Washington, DC: Institute for International Economics.
61.Moulton, B.R. (1990). ‘An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units’, Review of Economics and Statistics, May 72(2):p. 334-8.
62.Oguchi, N., N.A.M. Amdzah, Z. Bakar, R.Z. Abidin and M. Shafii (2002), ‘Productivity of Foreign and Domestic Firms in Malaysian Manufacturing Industry’, Asian Economic Journal, 16, 215-28.
63.Porter, M.E.(1990); The Competitive Advantage of Nations, Macmillan Press, London.
64.Pursell, G. (2001). ‘Australia’s Experience with Local Content Program in the Auto Industry’, Policy Research Working Paper WPS2625, World Bank, Washington.
65.Ramstetter, E. (2003). ‘Foreign Multinationals in Thailand after the Crisis: the Challenge of Measuring and Interpreting Recent Trends’, in M. Toida and J. Uemura (eds.), Projects for Asian Industrializing Region 2003, Tokyo, Institute of Developing Economies, p.83-170.
66.Ramstetter, E.D. (2006). ‘Are Productivity Differentials Important in Thai Manufacturing’, in E.D. Ramstetter and F. Sjöholm (eds.) Multinational Corporations in Indonesia and Thailand, Palgrave McMillan, New York.
67.Roberts, M. K. and J.R. Tybout (1996). Industrial Evolution in Developing Countries: Micro Patterns of Turnover, Productivity and Market Structure, Oxford University Press, New York..
68.Rodriguez-Clare, A. (1996). ‘Multinationals, Linkages and Economic Development’, American Economic Review, 86 (4), 852–873.
69.Rodrik, D. (1991). ‘Closing the Technology Gap: Does Trade Liberalization Really Help?’, in G. Helleiner (ed.), Trade Policy, Industrialization and Development: New Perspectives. Clarendon Press, Oxford.
70.Scharfstein, D. (1988). ‘Product-Market Competition and Managerial Slack’, Rand Journal of Economics, 19 (sping), 147-55.
71.Schumpeter, J.A. (1942). Capitalism, Socialism, and Democracy, Harper and Row, New York.
72.Sjohölm, F. (1999). ‘Technology Gap, Competition and Spillovers from Direct Foreign Investment: Evidence from Establishment Data’, Journal of Development Studies, 36(1):53-73.
73.Studwell, J. (2007). Asian Godfather Money and Power in Hong Kong and South East Asia, Profile Books
74.Symeonidis, G. (1996). ‘Innovation, Firm Size, and Market Structure: Schumpeterian Hypotheses and Some New Themes’, OECD Economic Studies, 27, 35-70.
75.Tamburlertchai, S., and E.D. Ramstetter (1991). Foreign firms in promoted industries and structural change in Thailand. In E. D. Ramstetter (Ed.), Direct Foreign Investment in Asia's Developing Economies and Structural Change in the Asia-Pacific region. USA: Westview Press.
76.Wagner, J. (2007). 'Exports and Productivity: A Survey of the Evidence from Firm Level Data', World Economy, 30, p. 60-82.
77.Wooldridge, J. (2002). Econometric Analysis of Cross Section and Panel Data,MIT Press, Cambridge MA.
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2013-03-22
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Kohpaiboon, A., & Jongwanich, J. (2013). Vertical and Horizontal FDI Technology Spillovers: Evidence from Thai Manufacturing. Thailand and The World Economy, 31(1), 60–108. Retrieved from https://so05.tci-thaijo.org/index.php/TER/article/view/136803
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