Abstract
This paper provides a simple theoretical framework and an empirical analysis of the relationship among competitive advantages, inward and outward DFI, and domestic capital accumulation, applied to the case of Korea. Outward DFI in Korea is found to originate largely from those sectors in which Korea has proven its competitive advantages in world markets. Inward DFI flows have contributed to enhancing competitive advantages of Korean manufacturing in certain sectors, although it does not seem to lead to a more rapid domestic capital accumulation of the receiving sector, which is largely determined by the profit rates of the various sectors.
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