Abstract: This paper investigates whether the Spanish investment strategy abroad has been affected by the Great Recession. Applying a panel spatial Durbin model for two sample periods, pre?crisis (1996-2007) and crisis (2008-14), our findings indicate that Spanish foreign direct investment (FDI) strategy has been indeed markedly altered by the global economic crisis. Complex-vertical FDI motives prevailed over the pre-crisis period, whereas horizontal FDI did so over the crisis. These results are robust to the use of sectoral FDI data and alternative specifications of the spatial weight matrix.

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