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The Internationalisation of Spanish Firms

  • Mónica Correa Lopez
  • Rafael Domenech

This paper shows that the variation in the world export share and the internationalisation process that the Spanish economy has experienced since the establishment of EMU have been determined by a broad set of factors that go beyond the evolution of international relative prices. Firms’ decisions on factor inputs (company size, investment in physical capital, quality of human capital, or R&D expenditure and technology adoption) and on market and financial strategies (product diversification, reliance on non-banking finance or expansion via outward foreign direct investment) have shaped the internationalisation process. Given the variety of determinants, economic policy must be multidimensional and have a dual objective: to improve the functioning of the markets for factor inputs (capital and labour markets, access to finance and to new production technologies and innovations) and to foster competition in the markets for goods and services.

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Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1230.

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Length: 27 pages
Date of creation: Dec 2012
Date of revision:
Handle: RePEc:bbv:wpaper:1230
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  1. Nicolas Berman & Jérôme Héricourt, 2008. "Financial factors and the margins of trade : evidence from cross-country firm-level data," Documents de travail du Centre d'Economie de la Sorbonne bla08050, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
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  3. Chang-Tai Hsieh & Peter Klenow, 2009. "Misallocation and Manufacturing TFP in China and India," Working Papers 09-04, Center for Economic Studies, U.S. Census Bureau.
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  13. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
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  15. Julian di Giovanni & Andrei A. Levchenko, 2009. "Firm Entry, Trade, and Welfare in Zipf's World," Working Papers 591, Research Seminar in International Economics, University of Michigan.
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  17. José Emilio Boscá & Rafael Domenech & Javier Ferri, 2012. "Fiscal Devaluations in EMU," Working Papers 1211, BBVA Bank, Economic Research Department.
  18. Giorgio Barba Navaretti & Matteo Bugamelli & Fabiano Schivardi & Carlo Altomonte & Daniel Horgos & Daniela Maggioni, . "The global operations of European firms - The second EFIGE policy report," Blueprints, Bruegel, number 581, June.
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