Does the Single Currency Affect Foreign Direct Investment?*
研究欧元创建是否部分解释了欧洲投资的激增，发现经济与货币联盟使内部外国直接投资存量平均增加约30%，且对欠发达成员国的对外投资影响更大。
Abstract Does the creation of the euro partly explain the sharp increase in European investments? To address this question, we derive a simple gravity‐like model for bilateral foreign direct investment (FDI). Using this model, we find that the Economic and Monetary Union (EMU) has increased intra‐EMU FDI stocks on average by around 30 percent. This effect varies over time and across EMU members. It is found to be larger for the outward investments of the less‐developed EMU members. Moreover, contrary to early expectations of FDI diversion effects, EMU countries have invested more in non‐EMU countries since the launch of the euro.