| In this dissertation, I verify the existence of an international market for disembodied technology, I estimate the impact on productivity of technology acquired in this way, and I analyze how contracts for the international sale of technology are arranged. I find that the international market for technology is growing at a higher rate than output or merchandise trade in the OECD countries, and that cumulative R&D efforts influence observed receipts for the sale of technology, implying that returns to research are at least partially appropriable. I also find that disembodied technology acquired in market transactions has a positive and significant impact on domestic productivity, stressing the importance of this specific technology diffusion channel. Finally, I study how technology imports contracts are designed. Specifically, I focus on whether observed characteristics of the technology have an influence on scheduled payments, finding that traditional explanations based on moral hazard or asymmetric information models are not fully satisfactory. |
