The German model of capitalism and the persistence of outward foreign direct investment: evidence from German manufacturing industries
Электронный научный архив УРФУ
Информация об архиве | Просмотр оригинала| Поле | Значение | |
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The German model of capitalism and the persistence of outward foreign direct investment: evidence from German manufacturing industries
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| Автор |
Bohl, M. T.
McDonald, F. Tuselmann, H.-J. Voronkova, S. Windrum, P. |
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| Тематика |
FOREIGN DIRECT INVESTMENT
GERMANY HYSTERESIS PUBLIC POLICY SHOCK PERSISTENCE STRUCTURAL BREAKS |
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| Описание |
Against the backdrop of critique on the German model of capitalism in general, and German public policy in particular as to the ability to successfully adjust to rapid change and exogenous shocks in wake of economic globalisation, this paper investigates the degree of shock persistence in foreign direct investment (FDI) of ten German manufacturing industries for the period 1976 to 2003. Theory on exports and non-FDI investment suggests that FDI should exhibit a considerable degree of shock persistence because they are subject to high sunk costs because of high entry and exit costs associated with the high level of asset specificity that is normally connected to FDI. Persistence in foreign direct investment time series data is established by applying various unit root tests. The results are robust to the potential presence of structural breaks in the data. The empirical analysis shows that German outward FDI in mature manufacturing industries, with one exception, exhibits a high degree of shock persistence. The results suggest, at least for mature German industries, that the sunk costs view on shock persistency is confirmed for outward FDI. The results furnish evidence for a tentative assessment of the relationship between German public policy and FDI strategies of multinational firms.
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| Дата |
2024-04-17T11:47:19Z
2024-04-17T11:47:19Z 2011 |
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| Тип |
Article
Journal article (info:eu-repo/semantics/article) Published version (info:eu-repo/semantics/publishedVersion) |
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| Идентификатор |
The German model of capitalism and the persistence of outward foreign direct investment: evidence from German manufacturing industries / M. T. Bohl, F. McDonald, H.-J. Tuselmann, S. Voronkova, P. Windrum // Economy of Region. — 2011. — Iss. 2. — P. 119-125.
2411-1406 2072-6414 http://elar.urfu.ru/handle/10995/132064 10.17059/2011-2-12 84979963414 |
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| Язык |
en
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| Связанные ресурсы |
Экономика региона. 2011. Выпуск 2
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| Права |
Open access (info:eu-repo/semantics/openAccess)
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| Формат |
application/pdf
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| Издатель |
Institute of Economics, Ural Branch of the Russian Academy of Sciences
Институт экономики Уральского отделения РАН |
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| Источник |
Econ. Reg.
Economy of Region |
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