From Abnormal Foreign Direct Investment to a Normal Driver of Sudden Stop Episodes

IF 1.5 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2025-07-20 DOI:10.1111/infi.70001

Maria Siranova, Menbere Workie Tiruneh, Brian Konig

引用次数: 0

Abstract

In this study, we investigate the role of ‘abnormal FDI’ as a potential driver of sudden stops during the period 2009–2019. The unexplained part of country fixed effects in a bilateral gravity regression is used to calculate the abnormal FDI. We then construct two measures of ‘FDI abnormalcy’ that assess the possible role of an economy as a financial centre or tax haven, and the contribution of ‘FDI abnormalcy’ to total FDI position. The determinants of sudden stops are analyzed using the panel probit model. We find that economies labelled as tax havens or financial centres and economies with comparatively higher shares of inward ‘abnormal FDI’ are associated with a lower incidence of sudden stops.

查看原文本刊更多论文

从非正常外商直接投资到突发性事件的正常驱动

在本研究中，我们研究了“异常FDI”在2009-2019年期间作为突然停止的潜在驱动因素的作用。利用双边重力回归中国家固定效应的未解释部分来计算FDI异常。然后，我们构建了“FDI异常”的两个衡量标准，以评估一个经济体作为金融中心或避税天堂的可能作用，以及“FDI异常”对FDI总头寸的贡献。采用面板概率模型对突然停车的决定因素进行了分析。我们发现，被标记为避税天堂或金融中心的经济体，以及流入“异常外国直接投资”份额相对较高的经济体，其突然停止的发生率较低。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.