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Abstract: This paper combines two fields in the economic literature by examining empirically the pattern of foreign direct investment (FDI) flows within the European Union (EU) and the relevance of trade integration as an influence upon investment flows over the period 1995–2009. We capture trade integration primarily by means of the home bias, rather than by using other indicators such as tariffs and non-tariff barriers. In turn, the home bias is computed for the countries in our sample by a standard gravity model. Our results find a positive and robust correlation between trade integration and FDI activity for the countries in our sample. For the particular case of the EU, it is not possible to strictly discriminate between horizontal or vertical FDI. FDI flows seem to be more consistent with a knowledge-capital hybrid model, where considerations about the market size of the partners and their relative endowment of skilled labour are relevant.
Fuente: Empirical economics, Volume 50, Issue 1, 1 February 2016, Pages 197-229
Editorial: Springer Berlin Heidelberg
Año de publicación: 2016
Nº de páginas: 33
Tipo de publicación: Artículo de Revista
Url de la publicación: http://dx.doi.org/10.1007/s00181-015-0942-y
VALERIANO MARTINEZ SAN ROMAN
BLANCA SANCHEZ-ROBLES RUTE
MARTA BENGOA CALVO