The global agglomeration of multinational firms |
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| Institution: | 1. Harvard Business School, Morgan 293, Boston, MA 02163, United States;2. NBER, United States;3. Department of Economics, George Washington University, 2115 G ST, NW, #367, Washington, DC 20052, United States;1. Department of Economics, the University of Minnesota, United States;2. School of Economics, Singapore Management University, Singapore;3. Sauder School of Business, the University of British Columbia, Canada;4. Federal Reserve Bank of Minneapolis, United States;5. The National Bureau of Economic Research, United States;1. University of Rochester, United States;2. Federal Reserve Bank of Philadelphia, United States;3. Monash University, Australia;1. Research Department, International Monetary Fund, 700 19th St. NW, Washington, DC 20431, United States;2. Asian Development Bank, Manila, Philippines;3. Graduate School of Business, Columbia University, 619 Uris Hall, 3022 Broadway, New York, NY 10027, United States;4. NBER, United States;5. CEPR, United Kingdom;1. Department of Economics, University of Tübingen, Mohlstr. 36 (V4), D-72074 Tübingen, Germany;2. Department of Economics, University of Tübingen and CESifo, Mohlstr. 36 (V4), D-72074 Tübingen, Germany;1. Department of Economics, University of Oregon, Eugene, OR 97403-1285, United States;2. NBER, United States |
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| Abstract: | The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What drives the offshore agglomeration of multinational firms in comparison to the agglomeration of domestic firms? Using a unique worldwide plant-level dataset that reports detailed location, ownership, and operation information for plants in over 100 countries, we construct a spatially continuous index of agglomeration and analyze the different patterns underlying the global economic geography of multinational and non-multinational firms. We present new stylized facts that suggest that the offshore clusters of multinationals are not a simple reflection of domestic industrial clusters. Agglomeration economies including technology diffusion and capital-good market externality play a more important role in the offshore agglomeration of multinationals than the agglomeration of domestic firms. These findings remain robust when we explore the process of agglomeration. |
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