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INTERNATIONAL KNOWLEDGE SPILLOVERS

Knowledge diffusion occurs because of interactions. Borders restrict interactions such as trade, investment and migration and reduce knowledge transmission. This is backed up by a plethora of studies showing the local nature of technology diffusion. In this paper, we examine the bigger picture, considering the extent of knowledge transfer between developed countries that occurs through trade, investment and migration linkages. We find that growth in imports of machinery and equipment as a share of GDP is associated with productivity growth, suggesting that these imports may bring knowledge. But we find no evidence that importing machinery and equipment from high knowledge countries provides any additional productivity benefits than importing machinery and equipment in general. We also find that outward migration to high knowledge countries provides productivity benefits. This introduces a role for migration to directly enable knowledge transfer, as well as its indirect role in strengthening trade and investment linkages.