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The cyclical nature of FDI flows

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Author/s:
Levy Yeyati, Eduardo
Panizza, Ugo
Stein, Ernesto
Date:
2002-12-19
Abstract
In this paper, we examine how the business and interest rate cycles in developed countries affects FDI to developing countries. After aggregating flows into three big source areas (the U.S., Europe and Japan), we find FDI flows to be countercyclical with respect to both output and interest rate cycles in the first two, whereas in Japan they display either no cyclical behavior or mild procyclical behavior. This finding is consistent with the fact that FDI outflows and local investment tend to move in opposite directions during the cycles in the U.S. and Europe, reflecting investors’ arbitrage among different investment opportunities. In sum, and contrary to what is usually claimed, we conclude that recessions in industrial countries are likely to increase FDI flows, particularly to those countries with close ties with the U.S. and Europe.
Para cualquier uso del contenido del presente documento debe ponerse en contacto con el autor.
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https://repositorio.utdt.edu/handle/20.500.13098/10761
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Campus Alcorta
Av. Figueroa Alcorta 7350 (C1428BCW)
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Página de ayuda al investigador
Horarios de atención
Campus Alcorta
Av. Figueroa Alcorta 7350 (C1428BCW)
Sáenz Valiente 1010 (C1428BIJ)
Ciudad de Buenos Aires, Argentina
P: (54 11) 5169 7000