Economic Integration and FDI in Transition Economies: What Can We Learn from German Data?
The opening up of Central and Eastern Europe has provided new investment opportunities for German investors. At the same time, importing capital from abroad can be an efficient mechanism towards increased factor accumulation for the accession states to the European Union. In this paper, we study the development of German FDI into the accession states from an aggregated, sectoral, and a firm-level perspective. We assess whether patterns of FDI into the transition economies confirm recent theories of FDI and whether we find evidence that the heterogeneity of firms matters for FDI decisions. Die Öffnung der mittel- und osteuropäischen Staaten hat deutschen Investoren neue Investitionsmöglichkeiten eröffnet. Gleichzeitig bietet der Import ausländischen Kapitals für die Reformländer einen Weg zu einer effizienten Faktorakkumulation. In diesem Papier untersuchen wir die Entwicklung deutscher Direktinvestitionen auf Basis aggregierter Daten, sektoral disaggregierter und firmenspezifischer Daten. Wir untersuchen ferner, ob das Muster der Direktinvestitionen den Implikationen von Theorien multinationaler Unternehmen entspricht. Unsere Ergebnisse zeigen, dass Unterschiede auf Firmenebene Auswirkungen auf die Struktur der Direktinvestitionen haben.
Volume (Year): 72 (2003)
Issue (Month): 4 ()
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