Do Currency Unions Affect Foreign Direct Investment Evidence from US FDI Flows into the European Union
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.
Volume (Year): 10 (2005)
Issue (Month): 2 (September)
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- Alejandro Micco & Ernesto H. Stein & Guillermo Luis Ordoñez, 2003.
"The Currency Union Effect on Trade: Early Evidence from EMU,"
IDB Publications (Working Papers)
6511, Inter-American Development Bank.
- Alejandro Micco & Ernesto H. Stein & Guillermo Luis Ordoñez, 2003. "The Currency Union Effect on Trade: Early Evidence from EMU," Research Department Publications 4339, Inter-American Development Bank, Research Department.
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"Foreign direct investment in the european community: Some policy issues,"
ULB Institutional Repository
2013/184831, ULB -- Universite Libre de Bruxelles.
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- Alejandro Micco & Ernesto Stein & Guillermo Ordoñez, 2003. "The currency union effect on trade: early evidence from EMU," Economic Policy, CEPR;CES;MSH, vol. 18(37), pages 315-356, October.
- 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.
- Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR;CES;MSH, vol. 15(30), pages 7-46, 04.
- 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.
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