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the shares of risky and safe countries in world FDI evolve in a way that is in line with our main contention. Namely, when the global volume of FDI increases, the share of risky countries tends to increase. Conversely, when the global volume of FDI decreases,

The share of risky countries tends to decrease. It therefore seems that investors worry less about political risk when the global volume of FDI is larger this finding also implies that global risk taking increases when worldwide FDI activity increases. If the same behaviour is found to hold true for other forms of investment (either cross-border or domestic), it would have far-reaching implications. It has for instance been argued that the recent financial crisis found its roots in an excess supply of liquidity resulting in investors turning

To riskier investments. The results of the present study suggest a similar behaviour of direct investment despite political risk. Findlay (1978) postulates that foreign direct

Investment increases the rate of technical progress in the host country through a

‘Contagion’ effect from the more advanced technology, management practices, etc.

Used by the foreign firms.Wang (1990) incorporates this idea into a model more in

Line with the neoclassical growth framework, by assuming that the increase in

‘Knowledge’ applied to production is determined as a function of foreign direct

Investment (FDI). Technology diffusion can take place through a variety of channels that involve

The transmission of ideas and new technologies. Imports of high-technology

Products, adoption of foreign technology and acquisition of human capital through

Various means are certainly important conduits for the international diffusion of

3 technologies. Our empirical results imply that FDI is more

Productive than domestic investment only when the host country has a minimum

Threshold stock of human capital. E. Borensztein, J. De Gregorio, J-W. Lee (1998)

By year-end 2010, the latest year for which detailed data are available, foreign firms employed

Almost 6 million Americans, less than 4% of the U.S. civilian labour force, and owned over 33,000

Individual business establishments.5 Foreign firms have a direct investment presence in every

State. Employment of these firms ranges from over 636,000 in California, to about 7,700 in South

Dakota. Following California, New York (459,600), Texas (455,200), Pennsylvania (285,300),

Illinois (263,800), New Jersey (256,700), and Florida (239,500) have the largest numbers of

Residents employed by foreign firms. In 2010, 36% of the foreign firms’ employment was in the

Manufacturing sector, more than twice the share of manufacturing employment in the U.S.

Economy as a whole, with average annual compensation (wages and benefits) per worker of about

$76,000.
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