Transcription of FOREIGN INVESTMENT IN DEVELOPING …
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FOREIGN INVESTMENT INDEVELOPING COUNTRIESDoes it Crowd inDomestic INVESTMENT ?Manuel R. Agosin andRicardo MayerNo. 146 February 2000We wish to thank Sanjaya Lall, Karl Sauvant and Zbigniew Zimmy for their useful comments on anearlier draft. Part of this work was undertaken on behalf of UNCTAD as an input into the WorldInvestment Report, ii -The opinions expressed in this paper are those of the authors and do not necessarily reflect theviews of UNCTAD. The designations and terminology employed are also those of the Discussion Papers are read anonymously by at least one referee, whose comments aretaken into account before on this paper are invited and may be addressed to the authors, c/o Editorial Assistant*,Macroeconomic and
- 3 - investment in the real sense: mergers and acquisitions (M&As) are mere transfers of ownership of existing assets from domestic to foreign firms.
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