Voting with Their Money: Brexit and Outward Investment by UK Firms
Voting with Their Money: Brexit and Outward Investment by UK Firms
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DOI：
10.1016/j.euroecorev.2020.103400
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发表时间：
2019-07
期刊：
影响因子：
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通讯作者：
Holger Breinlich;Elsa Leromain;D. Novy;T. Sampson
中科院分区：
文献类型：
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作者：
Holger Breinlich;Elsa Leromain;D. Novy;T. Sampson
我们研究 2016 年英国脱欧公投对英国外国直接投资的影响。使用综合控制方法构建适当的反事实，我们发现，截至 2019 年 3 月，脱欧公投导致英国在其余欧盟 27 国的对外投资交易数量增加了 17%，而非欧盟 OECD 国家的交易未受影响。这些结果支持了这样的假设：英国公司一直在设立欧洲子公司，以在脱欧后保留进入欧盟市场的机会。与此同时，我们发现欧盟27国在英国的投资项目数量下降了约9%，这表明作为一个比欧盟规模较小的经济体，英国更容易承受经济解体的成本。
We study the impact of the 2016 Brexit referendum on UK foreign direct investment. Using the synthetic control method to construct appropriate counterfactuals, we show that by March 2019 the Leave vote had led to a 17% increase in the number of UK outward investment transactions in the remaining EU27 member states, whereas transactions in non-EU OECD countries were unaffected. These results support the hypothesis that UK companies have been setting up European subsidiaries to retain access to the EU market after Brexit. At the same time, we find that the number of EU27 investment projects in the UK has declined by around 9%, illustrating that being a smaller economy than the EU leaves the UK more exposed to the costs of economic disintegration.