Agglomeration, Adjustment, and State Policies in the Location of Foreign Direct Investment in the United States
利用美国州级数据，研究发现集聚外部性影响外资资本水平，并分离了集聚效应与资本存量调整率，估计出同源国投资的集聚弹性为0.11至0.15，低于以往估计；同时发现一般投资激励不影响外资区位，但单一税制和州外事办公室等针对性政策有影响。
Using U.S. state-level data we show that agglomeration externalities influence the level of foreign-invested capital in a location. Our empirical model allows the separation of agglomeration effects from the rate of capital stock adjustment, two forces that previous research has conflated. We estimate an agglomeration elasticity of investment of 0.11 to 0.15 with respect to same-source-country investment, lower than previous estimates. We also investigate the influence of state policies and find that although general investment incentives do not affect the location of FDI, targeted policies such as unitary taxation and state foreign offices influence investment. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.