Estimating models of complex FDI: Are there third-country effects?
Estimating models of complex FDI: Are there third-country effects?
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DOI：
10.1016/j.jeconom.2006.09.009
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发表时间：
2007-09-01
影响因子：
6.3
通讯作者：
Pfaffermayr, Michael
中科院分区：
文献类型：
--
作者：
Baltagi, Badi H.;Egger, Peter;Pfaffermayr, Michael
最近的贸易和跨国公司一般均衡理论强调第三国的重要性和跨国公司复杂的一体化战略。几乎没有人做过实证检验这一理论。本文试图纠正这种情况，不仅考虑双边的决定因素，但也空间加权的外国直接投资（FDI）的第三国的决定因素。由于东道国市场之间的依赖关系与跨国公司在东道国市场之间的贸易密切相关，因此我们使用贸易成本（距离）作为空间权重。利用1989-1999年期间观察到的美国产业和东道国的面板数据，我们估计了一个“复杂的FDI”版本的知识资本模型的美国对外直接投资的各种最近开发的空间面板数据广义矩（GM）估计。我们发现，第三国的影响是显着的，贷款支持存在的各种模式的复杂的外国直接投资。(C)2006 Elsevier B. V.保留所有权利。
The recent general equilibrium theory of trade and multinationals emphasizes the importance of third countries and the complex integration strategies of multinationals. Little has been done to test this theory empirically. This paper attempts to rectify this situation by considering not only bilateral determinants, but also spatially weighted third-country determinants of foreign direct investment (FDI). Since the dependency among host markets is particularly related to multinationals' trade between them, we use trade costs (distances) as spatial weights. Using panel data on U.S. industries and host countries observed over the 1989-1999 period, we estimate a "complex FDI" version of the knowledge-capital model of U.S. outward FDI by various recently developed spatial panel data generalized moments (GM) estimators. We find that third-country effects are significant, lending support to the existence of various modes of complex FDI. (C) 2006 Elsevier B.V. All rights reserved.