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Do Currency Unions Affect Foreign Direct Investment Evidence from US FDI Flows into the European Union

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  • K Aristotelous
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    Abstract

    This paper investigates the effect of EMU on US FDI flows into the European Union using panel data from fifteen EU countries for the period 1966-2003. The empirical findings suggest that EMU had a positive and statistically significant impact on US FDI flows into the twelve countries that adopted the euro as their national currency. The increase in US FDI flows into the EU-12 was not accompanied, however, by a decrease in US FDI flows into the three EU countries that opted out of adopting the euro as their national currency.

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    File URL: http://www.economicissues.org.uk/Files/205Aristotelous.pdf
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    Bibliographic Info

    Article provided by Economic Issues in its journal Economic Issues.

    Volume (Year): 10 (2005)
    Issue (Month): 2 (September)
    Pages: 1-10

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    Handle: RePEc:eis:articl:205aristotelous

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    1. Andrew Mold, 2003. "The Impact of the Single Market Programme on the Locational Determinants of US Manufacturing Affiliates: An Econometric Analysis," Journal of Common Market Studies, Wiley Blackwell, vol. 41(1), pages 37-62, 03.
    2. Kyriacos Aristotelous & Stilianos Fountas, 1996. "An Empirical Analysis of Inward Foreign Direct Investment Flows in the EU with Emphasis on the Market Enlargement Hypothesis," Journal of Common Market Studies, Wiley Blackwell, vol. 34(4), pages 571-583, December.
    3. Neven, Damien & Siotis, Georges, 1993. "Foreign Direct Investment in the European Community: Some Policy Issues," Oxford Review of Economic Policy, Oxford University Press, vol. 9(2), pages 72-93, Summer.
    4. Lunn, John, 1980. "Determinants of U.S. direct investment in the E.E.C. : Further evidence," European Economic Review, Elsevier, vol. 13(1), pages 93-101, January.
    5. Alejandro Micco & Ernesto Stein & Guillermo OrdoÒez, 2003. "The currency union effect on trade: early evidence from EMU," Economic Policy, CEPR & CES & MSH, vol. 18(37), pages 315-356, October.
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