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| Author: | Sousa, J. de Lochard, J. |
| Title: | Does the single currency affect foreign direct investment? |
| Journal: | Scandinavian Journal of Economics
2011 : VOL. 113:3, p. 553-578 |
| Index terms: | foreign investment direct investment models euro currency European Monetary System European Union |
| Freeterms: | FDI EMS EMU |
| Language: | eng |
| Abstract: | It is questioned whether the creation of the euro currency partly explains the sharp increase of European investments. Herein, derived is a simple gravity-like model for bilateral foreign direct investment (FDI). It is found that the Economic and Monetary Union (EMU) has increased intra-EMU FDI stocks on average by approximately 30 percent. This effect varies over time and across EMU members, being larger for the outward investments of the less-developed EMU member countries. Furthermore, EMU countries have invested more in non-EMU countries since the launch of the currency. |
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