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Economic freedom and asymmetric crisis effects on FDI inflows: The case of four South European economies

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  • Economou, Fotini

Abstract

This paper examines the impact of several traditional foreign direct investment (FDI) determinants alongside the impact of economic freedom on FDI inflows in four South European economies (Greece; Italy; Portugal; Spain) for the 1996–2017 period. Results suggest a positive impact of market size and gross capital formation, as well as a negative impact of unit labor costs on FDI inflows. Economic freedom is found to bear a consistently positive impact on FDI inflows. Testing for the impact of the individual economic freedom components, I find that protection of property rights, government integrity, monetary freedom, and financial freedom all have a robustly positive effect on FDI. The paper further investigates the impact of the Eurozone crisis on FDI and documents an asymmetric economic freedom effect within versus outside the crisis that is more pronounced outside the crisis. The findings showcase the institutional factors policy-makers should focus on in order to attract FDI inflows, particularly during economic crises.

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  • Economou, Fotini, 2019. "Economic freedom and asymmetric crisis effects on FDI inflows: The case of four South European economies," Research in International Business and Finance, Elsevier, vol. 49(C), pages 114-126.
    • Handle: RePEc:eee:riibaf:v:49:y:2019:i:c:p:114-126
    DOI: 10.1016/j.ribaf.2019.02.011
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    13. Hsiao-I Pan & Komsan Suriya & Pathairat Pastpipatkul, 2022. "An Analysis of Determinants of Foreign Direct Investment in Banking Industry from Taiwan to ASEAN Countries with Gravity Model," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 631-649, December.
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    21. Ray Barrell & Abdulkader Nahhas, 2022. "Regional integration and bilateral FDI stocks in the OECD," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3032-3050, July.
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    More about this item

    Keywords

    Foreign direct investment inflows; Economic freedom; Economic crisis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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