Macroeconomic Effects of International Outsourcing
نویسنده
چکیده
I present a two-country dynamic general equilibrium model of international outsourcing, consistent with the empirical observation that capital and unskilled labor are substitutes. The model predicts lower global savings and investment rates, lower real interest rates, and a change in the composition of U.S. foreign assets. The U.S. current account improves as a result of outsourcing. Nearly all the benefits associated with outsourcing are captured by unskilled-labor-abundant countries, such as China.
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تاریخ انتشار 2007