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The Investment Development Path Hypothesis: Evidence from the Portuguese Case – A Panel Data Analysis

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  • Miguel Fonseca
  • António Mendonça
  • José Passos
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    Abstract

    Looking at the transformations that took place in the world economy after Second World War, as a result of liberalization, deregulation and market opening process, one of the most striking features was the significant expansion of Foreign Direct Investment. So, the main purpose of this paper is to discuss the positioning of Portugal – a small open economy in the extreme west of Europe - in this context. Our analysis is based on the Investment Development Path (IDP) theory, according to which the inward and outward investment position of a country is tied with its economic development. In the present research, this hypothesis is estimated empirically for Portugal and other 25 countries in different stages of development, using fixed-effects panel data models. Generally, our results find support for IDP paradigm, although it is impossible to capture all the stages predicted theoretically, given the lack of heterogeneity between the most countries of our sample and the relatively short time period considered.

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    File URL: http://pascal.iseg.utl.pt/~depeco/wp/wp212007.pdf
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    Bibliographic Info

    Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2007/21.

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    Date of creation: 2007
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    Handle: RePEc:ise:isegwp:wp212007

    Contact details of provider:
    Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
    Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

    Related research

    Keywords: Foreign Direct Investment; Multinational Enterprises; Investment Development Path; Portugal.;

    This paper has been announced in the following NEP Reports:

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