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|a In this paper we investigate the impact of the euro integration process on the drivers of FDI inflows. We show theoretically and empirically that the single currency alters the drivers of FDI inflows across its Member States. Estimating bilateral gravity models of FDI inflows into euro area countries, we show that the euro facilitates intra-euro area vertical FDI flows but reduces incentives for horizontal or market seeking FDI. Instead, horizontal FDI flows stemming from investor countries located outside the monetary union increase. Such flows are however not more likely be directed towards euro area countries with larger domestic markets but rather to countries that are close to large euro area markets and that have higher quality institutions. Overall, these results suggest that while the euro has been beneficial to FDI inflows into the monetary union, the impact differs significantly across countries. The global financial crisis does not change our main findings. Our results are robust to various economic specifications.
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In this paper we investigate the impact of the euro integration process on the drivers of FDI inflows. We show theoretically and empirically that the single currency alters the drivers of FDI inflows across its Member States. Estimating bilateral gravity models of FDI inflows into euro area countries, we show that the euro facilitates intra-euro area vertical FDI flows but reduces incentives for horizontal or market seeking FDI. Instead, horizontal FDI flows stemming from investor countries located outside the monetary union increase. Such flows are however not more likely be directed towards euro area countries with larger domestic markets but rather to countries that are close to large euro area markets and that have higher quality institutions. Overall, these results suggest that while the euro has been beneficial to FDI inflows into the monetary union, the impact differs significantly across countries. The global financial crisis does not change our main findings. Our results are robust to various economic specifications. |
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Sondermann, David 1980- VerfasserIn (DE-588)138728380 (DE-627)605275106 (DE-576)308839595 aut, Did the euro change the nature of FDI flows among member states? David Sondermann, Isabel Vansteenkiste, Frankfurt am Main, Germany European Central Bank [2019], 1 Online-Ressource (circa 37 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2275 (April 2019), In this paper we investigate the impact of the euro integration process on the drivers of FDI inflows. We show theoretically and empirically that the single currency alters the drivers of FDI inflows across its Member States. Estimating bilateral gravity models of FDI inflows into euro area countries, we show that the euro facilitates intra-euro area vertical FDI flows but reduces incentives for horizontal or market seeking FDI. Instead, horizontal FDI flows stemming from investor countries located outside the monetary union increase. Such flows are however not more likely be directed towards euro area countries with larger domestic markets but rather to countries that are close to large euro area markets and that have higher quality institutions. Overall, these results suggest that while the euro has been beneficial to FDI inflows into the monetary union, the impact differs significantly across countries. The global financial crisis does not change our main findings. Our results are robust to various economic specifications., Vansteenkiste, Isabel VerfasserIn (DE-588)143038524 (DE-627)64147055X (DE-576)334714540 aut, Europäische Zentralbank Working paper series no 2275 (April 2019) 2275 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://doi.org/10.2866/006290 Resolving-System kostenfrei Volltext, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2275~ece268a0e3.en.pdf Verlag kostenfrei Volltext, http://hdl.handle.net/10419/208309 Resolving-System kostenfrei, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2275~ece268a0e3.en.pdf LFER, LFER 2019-05-07T00:00:00Z |
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Sondermann, David, Vansteenkiste, Isabel, Did the euro change the nature of FDI flows among member states?, Europäische Zentralbank, Working paper series, no 2275 (April 2019), In this paper we investigate the impact of the euro integration process on the drivers of FDI inflows. We show theoretically and empirically that the single currency alters the drivers of FDI inflows across its Member States. Estimating bilateral gravity models of FDI inflows into euro area countries, we show that the euro facilitates intra-euro area vertical FDI flows but reduces incentives for horizontal or market seeking FDI. Instead, horizontal FDI flows stemming from investor countries located outside the monetary union increase. Such flows are however not more likely be directed towards euro area countries with larger domestic markets but rather to countries that are close to large euro area markets and that have higher quality institutions. Overall, these results suggest that while the euro has been beneficial to FDI inflows into the monetary union, the impact differs significantly across countries. The global financial crisis does not change our main findings. Our results are robust to various economic specifications. |
| title |
Did the euro change the nature of FDI flows among member states? |
| title_auth |
Did the euro change the nature of FDI flows among member states? |
| title_full |
Did the euro change the nature of FDI flows among member states? David Sondermann, Isabel Vansteenkiste |
| title_fullStr |
Did the euro change the nature of FDI flows among member states? David Sondermann, Isabel Vansteenkiste |
| title_full_unstemmed |
Did the euro change the nature of FDI flows among member states? David Sondermann, Isabel Vansteenkiste |
| title_in_hierarchy |
no 2275 (April 2019). Did the euro change the nature of FDI flows among member states? ([2019]) |
| title_short |
Did the euro change the nature of FDI flows among member states? |
| title_sort |
did the euro change the nature of fdi flows among member states |
| url |
https://doi.org/10.2866/006290, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2275~ece268a0e3.en.pdf, http://hdl.handle.net/10419/208309 |
