Is there a euro effect in the drivers of US FDI? New evidence using Bayesian Model Averaging techniques
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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INVESTIGACIONMetadatos
Título
Is there a euro effect in the drivers of US FDI? New evidence using Bayesian Model Averaging techniquesFecha de publicación
2021-02-15Editor
SpringerISSN
1610-2878; 1610-2886Cita bibliográfica
CAMARERO, Mariam, et al. Is there a euro effect in the drivers of US FDI? New evidence using Bayesian Model Averaging techniques. Review of World Economics, 2020Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://link.springer.com/article/10.1007/s10290-020-00405-yVersión
info:eu-repo/semantics/acceptedVersionPalabras clave / Materias
Resumen
In this paper we analyze the potential determinants of US outward FDI stock with aparticular focus on the euro effect during the period 1985-2017. To this aim, we considera large set of candidate variables suggested ... [+]
In this paper we analyze the potential determinants of US outward FDI stock with aparticular focus on the euro effect during the period 1985-2017. To this aim, we considera large set of candidate variables suggested both theory and previous empirical anal-ysis. We select the covariates using Bayesian Model Averaging (BMA), a data-drivenmethodology. Our sample includes a total of 56 host countries, that represent aroundthe 70% of US outward FDI stock. We study the role of the euro on American FDI bothin Europe and the rest of the world. In Europe, we consider various country groups:the European Union (EU), the Euro Area (EA), as well as core and periphery within thislast group. We conclude that many variables studied by previous FDI literature cannotbe considered robust determinants. Moreover, US OFDI is explained by both horizon-tal and vertical motives. However, HFDI strategies predominate in EA core countries,whereas VFDI prevails in the periphery. As for the euro effect, the common currencyseems to have played an important role encouraging US FDI, being a crucial element inthe convergence of EA periphery to its core. In addition, our results indicate that theadoption of the euro has favoured VFDI to the detriment of HFDI. [-]
Publicado en
Review of World Economics, 2020Entidad financiadora
Ministerio de Economía y Competitividad | Generalitat Valenciana | European Commission | European Social Fund | European Regional Development Fund
Código del proyecto o subvención
ECO2017-83255-C3-3-P | PROMETEO 2018/102 | 611032-EPP-1-2019-1-ES-EPPJMO-CoE
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