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Has the crisis affected Spanish investment strategy abroad? A spatial panel data approach

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  • Paula Gutiérrez‐Portilla
  • Adolfo Maza
  • José Villaverde

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.

Suggested Citation

  • Paula Gutiérrez‐Portilla & Adolfo Maza & José Villaverde, 2019. "Has the crisis affected Spanish investment strategy abroad? A spatial panel data approach," The World Economy, Wiley Blackwell, vol. 42(4), pages 1032-1056, April.
    • Handle: RePEc:bla:worlde:v:42:y:2019:i:4:p:1032-1056
    DOI: 10.1111/twec.12740
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    Cited by:

    1. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2019. "Alternative Estimators For The Fdi Gravity Model: An Application To German Outward Fdi," Working Papers 1907, Department of Applied Economics II, Universidad de Valencia.
    2. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2022. "Explaining German outward FDI in the EU: a reassessment using Bayesian model averaging and GLM estimators," Empirical Economics, Springer, vol. 62(2), pages 487-511, February.
    3. Maximilian Buchholz & Harald Bathelt & John A. Cantwell, 2020. "Income divergence and global connectivity of U.S. urban regions," Journal of International Business Policy, Palgrave Macmillan, vol. 3(3), pages 229-248, September.
    4. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2020. "Understanding German FDI in Latin America and Asia: A Comparison of GLM Estimators," Economies, MDPI, vol. 8(1), pages 1-18, March.
    5. Maximilian Buchholz & Harald Bathelt & John A. Cantwell, 0. "Income divergence and global connectivity of U.S. urban regions," Journal of International Business Policy, Palgrave Macmillan, vol. 0, pages 1-20.

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