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A Panel Data Analysis on FDI and Exports

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Author Info
Martin Falk (WIFO)
Mariya Hake (WIFO)

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Abstract

The present paper investigates the link between exports and the outward FDI stock using a panel of industries and seven EU countries for the period 1973-2004. In particular, we use the panel causality tests developed by Holtz-Eakin, Newey, and Rosen (1988). Estimates using system GMM estimators show that exports cause FDI but not vice versa. The long-run elasticity of the outward FDI stock with respect to exports is 0.78 and highly significant. Separate estimates by destination country yields the same result that exports cause outward FDI but the effect is only significant for the CEE countries and other developed countries (i.e. United States, Japan, Canada, Switzerland, Norway, etc.).

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Paper provided by FIW in its series FIW Research Reports series I with number I-012.

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Length: 32
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Handle: RePEc:wsr:ecbook:2008:i:i-012

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Related research
Keywords: exports; FDI; dynamic panel data methods;

Find related papers by JEL classification:
F10 - International Economics - - Trade - - - General
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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This page was last updated on 2009-11-19.

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