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Continental Drift: European Integration and the Location of U.K. Foreign Direct Investment

Nigel Pain ()

The Manchester School of Economic & Social Studies, 1997, vol. 65, issue 0, 94-117

Abstract: This paper seeks to quantify the impact of the European internal market programme on the sectoral and geographical pattern of foreign direct investment by U.K. corporations. The author uses an annual panel data set covering investment within seven sectors in the European Union and the United States, and controls for market size, relative costs, innovation, corporate financial constraints, and sector-specific fixed effects. His results indicate that the programme has had a significant positive effect on the level of investment, both in industrial and service sectors. There is also some evidence of investment diversion from the United States into the European Union since 1990. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1997
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Working Paper: Continental Drift: European Integration and the Location of UK Foreign Direct Investment (1996)
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Handle: RePEc:bla:manch2:v:65:y:1997:i:0:p:94-117