Investor Protection and International Investment Positions: An Empirical Analysis*

Teresa L. Cyrus, Talan B. İşcan and Sheena Starky

International Finance, 2006, vol. 9, issue 2, pages 197-221

Abstract: Given the recent revival of interest in the institutional determinants of global capital flows, we investigate the relationship between investor protection and international investment positions, using data on 40 countries for the period 1970-98. We find that strong shareholder protection is an important predictor of gross foreign direct investment liabilities, while countries with strong creditor protection tend to have positive stocks of net foreign assets. We conclude that the global pattern of investor protection is a significant determinant of international investment positions. Copyright 2006 Blackwell Publishing Ltd.

Date: 2006

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