Has the crisis affected Spanish investment strategy abroad? A spatial panel data approach

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URI: http://hdl.handle.net/10902/17890
ISSN: 0378-5920
ISSN: 1467-9701
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Autoría
Gutiérrez Portilla, PaulaAutoridad Unican; Maza Fernández, Adolfo JesúsAutoridad Unican; Villaverde Castro, JoséAutoridad Unican
Fecha
2019-04
Derechos
© John Wiley & Sons.Para el post-print incluir la frase: This is the peer reviewed version of the following article: o "Has the crisis affected Spanish direct investment abroad? A spatial panel data approach" with Paula Gutiérrez-Portilla, Adolfo Maza, José Villaverde. World Economy, vol. 42, nº 4, 2019, pp. 1032-1056, which has been published in final form at https://doi.org/10.1111/twec.12740. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions
Publicado en
World economy,Volume 42, Issue 4, April 2019, Pages 1032-1056
Editorial
Wiley-Blackwell
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Palabras clave
Foreign direct investment
Spatial dependence
Spain
Pre-crisis
Crisis
Resumen/Abstract
This paper investigates whether the Spanish investment strategy abroad has been affected by the Great Recession. Applying a panel spatial Durbin model for two sample periods, pre-crisis (1996-2007) and crisis (2008-14), our findings indicate that Spanish foreign direct investment (FDI) strategy has been indeed markedly altered by the global economic crisis. Complex-vertical FDI motives prevailed over the pre-crisis period, whereas horizontal FDI did so over the crisis. These results are robust to the use of sectoral FDI data and alternative specifications of the spatial weight matrix.
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