An Econometric Analysis of U.S. Foreign Direct Investment

Ray J Barrell · Nigel Pain

209 citations0/0 files storedThe Review of Economics and Statistics

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International Business and FDI Corporate Finance and Governance Global trade and economics

Abstract

This paper constructs a theoretical model of foreign direct investment and examines the extent to which the model can explain the level of outward direct investment by U.S. companies over the last two decades. The authors find that market size and factor costs, both labor and capital, are important factors in the investment decision. Instrumental variable estimation is used to demonstrate that the expectation of short-run fluctuations in the dollar also influences the timing of investment. Copyright 1996 by MIT Press.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1988Testing for a Unit Root in Time Series Regression 1988The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions 2007Multinational Enterprise and Economic Analysis 1978Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers' Expenditure and Income in the United Kingdom 1991Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach 1986EXPLORING EQUILIBRIUM RELATIONSHIPS IN ECONOMETRICS THROUGH STATIC MODELS: SOME MONTE CARLO EVIDENCE*1985Real Exchange Rate Risk, Expectations, and the Level of Direct Investment

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