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The negative effect of regulatory divergence on foreign direct investment

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  • Jean-Marc Fournier

    (OECD)

Abstract

The determinants of foreign direct investment (FDI) are explored with gravity models, using a Poisson estimator and a linear estimator, both with fixed effects. The heterogeneity of product market regulations has a large and robust impact on cross-border investment: a reduction of regulatory divergence by one fifth could increase FDI by about 15%. In particular, the divergence of command and control regulations and of protection of incumbents (antitrust exemptions, entry barriers in networks and services) reduce cross-border investment. In addition, countries with higher employment protection have both less inward and less outward FDI, and there is some evidence that more complex regulatory procedures reduce inward FDI. L'effet négatif de l'hétérogénéité des réglementations sur l'investissement direct étranger Les déterminants de l’investissement direct étranger (IDE) sont analysés au moyen de modèles de gravité, en utilisant un estimateur de Poisson et un estimateur linéaire à effets fixes. L’hétérogénéité des réglementations des marchés de produits a un impact significatif et durable sur l’investissement international : une réduction d’un cinquième des différences entre les réglementations nationales pourrait accroître l’IDE d’environ 15 %. En particulier, les divergences entre les réglementations du type injonction et contrôle et entre les protections des acteurs en place (en termes de dérogations au droit de la concurrence, d’obstacles à l’entrée dans les industries de réseau et les secteurs de services) sont un frein à l’investissement international. En outre, les pays dotés d’une législation plus rigoureuse sur la protection de l’emploi enregistrent à la fois moins d’IDE entrant et moins d’IDE sortant, et des éléments montrent que des procédures réglementaires plus complexes réduisent l’IDE entrant.

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  • Jean-Marc Fournier, 2015. "The negative effect of regulatory divergence on foreign direct investment," OECD Economics Department Working Papers 1268, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1268-en
    DOI: 10.1787/5jrqgvg0dw27-en
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    3. Ortiz Valverde, Gabriela & Latorre, María C., 2019. "Economic Analysis of Multinationals Firms in the UK after Brexit," Conference papers 333099, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
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    7. Aida Caldera Sánchez & Alain de Serres & Naomitsu Yashiro, 2017. "Reforming in a Difficult Macroeconomic Context: A Review of Issues and Recent Literature," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-41, February.
    8. Rafal Kierzenkowski & Nigel Pain & Elena Rusticelli & Sanne Zwart, 2016. "The Economic Consequences of Brexit: A Taxing Decision," OECD Economic Policy Papers 16, OECD Publishing.
    9. Grégoire Garsous & Tomasz Kozluk, 2017. "Foreign Direct Investment and The Pollution Haven Hypothesis: Evidence from Listed Firms," OECD Economics Department Working Papers 1379, OECD Publishing.
    10. Kateryna Zhylenko, 2017. "Investing And Production-Financial Activities Of Tncs' In The Conditions Of Globalization," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 3(4).
    11. Amat Adarov & Robert Stehrer, 2020. "Capital dynamics, global value chains, competitiveness and barriers to FDI and capital accumulation in the EU," JRC Research Reports JRC121096, Joint Research Centre.
    12. Yu, Shu & Qian, Xingwang & Liu, Taoxiong, 2019. "Belt and road initiative and Chinese firms' outward foreign direct investment," Emerging Markets Review, Elsevier, vol. 41(C).
    13. Amara Zongo, 2022. "The effects of restrictive measures on cross‐border investment: Evidence from OECD and emerging countries," The World Economy, Wiley Blackwell, vol. 45(8), pages 2428-2477, August.
    14. Panagiotis Barkas & Mauro Pisu, 2018. "Boosting investment in Greece," OECD Economics Department Working Papers 1506, OECD Publishing.
    15. Balázs Égert, 2021. "Investment in OECD Countries: a Primer," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(2), pages 200-223, June.
    16. Latorre, María C. & Ortiz Valverde, Gabriela, 2018. "Brexit consequences for the United Kingdom: The role of multinationals," Conference papers 330181, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    17. Fernando Mistura & Caroline Roulet, 2019. "The determinants of Foreign Direct Investment: Do statutory restrictions matter?," OECD Working Papers on International Investment 2019/01, OECD Publishing.
    18. Burçak Polat, 2017. "Rate of return on foreign investment income and employment labour protection: A panel analysis of thirty OECD countries," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1273588-127, January.
    19. Øystein Bieltvedt Skeie, 2017. "International differences in corporate taxation, foreign direct investment and tax revenue," OECD Economics Department Working Papers 1359, OECD Publishing.
    20. Andre Jungmittag & Robert Marschinski, 2023. "Service trade restrictiveness and foreign direct investment—Evidence from greenfield FDI in business services," The World Economy, Wiley Blackwell, vol. 46(6), pages 1711-1758, June.
    21. Marco Albori & Flavia Corneli & Valerio Nispi Landi & Alessandro Schiavone, 2021. "The impact of restrictions on FDI," Questioni di Economia e Finanza (Occasional Papers) 656, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

    entreprise multinationale; foreign direct investment; gravity model; heterogeneity; hétérogénéité; IDE; modèle de gravité; multinational firms; product market regulation; réglementation des marchés de produits;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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