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Autor:innen: 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Discussion Paper Series 1 No. 2008,29
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
In this paper an index of financial competitiveness is calculated that corresponds to the market-to-book ratio of inward FDI stocks. For a panel of five advanced economies from 1980 to 2006 it is shown that price competitiveness, stable inflation rates and registered patents have a positive impact on the index. Institutional factors like EMU membership or Anglo-Saxon legislation also play a role. Financial competitiveness in turn encourages FDI inflows whereas it benefits fixed investment relative to M&A. There is also some evidence that an innovative environment accelerates investment decisions by promoting competition among investors.
Schlagwörter: 
Competitiveness
foreign direct investment
international integration
JEL: 
F41
F23
F21
Dokumentart: 
Working Paper

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