Geroski, Paul (1978) On the international diversification of production. PhD thesis, University of Warwick.

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Abstract

This thesis is concerned with rigorously formalizing and testing a particular model of foreign investment, the so-called 'portfolio model'. As such, it is an exercise in positive economics - rigorous model specification coupled with direct empirical testing. The exercise can be conceptually separated into four stages. In the first place, consideration must be given to the reasons for using the model and the limitation on its applicability. This is the principal subject matter of the first chapter. Having cleared this ground, the model must be formulated and tested. It is here that previous attempts to test the model have been most disappointing.

In Chapter II, we shall set out the model rigorously and generate an estimating technique to deal with the simultaneous equations system the model generates. The third step in our examination of the portfolio model is the assessment of the results and this merges with the final step of taking these results and using them for further explorations on multinational firms. As it turns out, the model does not command support from the data and the process of assessing the reasons for failure involve the last three chapters. However, an alternative model emerges directly from examination of the portfolio model and some attention is paid to this evolution and the close links between the models. Thus, in a sense, the thesis results are a purely negative affair - i.e. after a reasonably close examination, the portfolio model is put on one side. The reasons for failure and the beginnings of an alternative model are the positive results which emerge but, in the end, we are not left with a full blown rigorous model which we can put some confidence in. While not glorious and exhilarating, it is still progress.

Item Type:	Thesis (PhD)
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance
Library of Congress Subject Headings (LCSH):	Investments, Foreign, Investments, Foreign -- Mathematical models, Production (Economic theory), Economic development
Official Date:	August 1978
Dates:	Date Event August 1978 Submitted
Institution:	University of Warwick
Theses Department:	Department of Economics
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Williamson, John ; Cowling, Keith
Extent:	247 leaves
Language:	eng

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