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Outward FDI and exports relation: A heterogeneous panel approach dealing with cross-sectional dependence

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  • Maza, Adolfo
  • Gutiérrez-Portilla, Paula

Abstract

This paper explores the link between outward foreign direct investment (OFDI) and exports using Spain's flows to the top-50 recipient countries over the period 1995–2019. Methodologically, it addresses two often forgotten features of spatial data (heterogeneity and cross-sectional dependence) by combining a heterogeneous panel approach with the treatment of cross-sectional dependence. Indeed, when addressing cross-sectional dependence, it removes one of its two components (spatial dependence) so that comparing raw and spatially filtered data yields relevant conclusions. Findings show that OFDI has a significant positive effect on exports in the long term, but it is exclusively due to spatial dependence.

Suggested Citation

  • Maza, Adolfo & Gutiérrez-Portilla, Paula, 2022. "Outward FDI and exports relation: A heterogeneous panel approach dealing with cross-sectional dependence," International Economics, Elsevier, vol. 170(C), pages 174-189.
    • Handle: RePEc:eee:inteco:v:170:y:2022:i:c:p:174-189
    DOI: 10.1016/j.inteco.2022.04.002
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    More about this item

    Keywords

    Outward foreign direct investment; Exports; Heterogeneous panel; Cross-sectional dependence; Spatial dependence;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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