The complementarity between U.S. foreign direct investment stock and trade
Within a gravity model framework, this paper will establish that trade and foreign direct investment (FDI) are complementary, using trade and FDI stock data on a bilateral basis between the U.S. and 51 other countries over the period 1982 to 1994. U.S. outward FDI is found to have a larger predicted...
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| Veröffentlicht in: | Atlantic economic journal 2001-12, Vol.29 (4), p.420-437 |
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| creator | Safarian, A Hejazi, W |
| description | Within a gravity model framework, this paper will establish that trade and foreign direct investment (FDI) are complementary, using trade and FDI stock data on a bilateral basis between the U.S. and 51 other countries over the period 1982 to 1994. U.S. outward FDI is found to have a larger predicted impact on U.S. exports than does inward FDI. On the other hand, inward FDI is found to have a larger predicted impact on U.S. imports than does U.S. outward FDI. These results are directly linked to patterns of intrafirm trade within the multinational enterprise (MNE), a result consistent with the transactions cost theory of MNEs. In addition, a sectoral analysis indicates that U.S. outward FDI in manufacturing has a large predicted impact on both exports and imports, whereas U.S. outward FDI in services has a large predicted impact on U.S. exports but little or no predicted impact on imports. (JEL F2, F4) |
| doi_str_mv | 10.1007/BF02299331 |
| format | Article |
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U.S. outward FDI is found to have a larger predicted impact on U.S. exports than does inward FDI. On the other hand, inward FDI is found to have a larger predicted impact on U.S. imports than does U.S. outward FDI. These results are directly linked to patterns of intrafirm trade within the multinational enterprise (MNE), a result consistent with the transactions cost theory of MNEs. In addition, a sectoral analysis indicates that U.S. outward FDI in manufacturing has a large predicted impact on both exports and imports, whereas U.S. outward FDI in services has a large predicted impact on U.S. exports but little or no predicted impact on imports. 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| identifier | ISSN: 0197-4254 |
| ispartof | Atlantic economic journal, 2001-12, Vol.29 (4), p.420-437 |
| issn | 0197-4254 1573-9678 |
| language | eng |
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| source | RePEc; PAIS Index; SpringerLink Journals; Business Source Complete |
| subjects | Economic aspects Economic conditions Economic models Foreign investment Foreign investments International trade Multinational corporations Studies US exports |
| title | The complementarity between U.S. foreign direct investment stock and trade |
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