Foreign direct investment and the euro: the first five years
利用欧盟统计局未公开数据，评估了经济与货币联盟头五年主要经济体间外国直接投资流动的影响因素，发现欧元区FDI激增主要是世纪末并购热潮的体现，欧元作用有限，且剔除比利时-卢森堡经济联盟中转数据后，区内FDI实际疲软。
This paper assesses the main influences on foreign direct investment (FDI) flows between the major economies in the first five years of economic and monetary union (EMU). Using previously unpublished data specially provided by Eurostat, it concludes that the huge wave of FDI that reached the Eurozone after EMU was largely a manifestation of the end-of-century takeover boom, a global phenomenon of which the euro was only a subsidiary cause. But much of the boom in euro economies' FDI disappears if flows to and from the Belgium–Luxembourg Economic Union (BLEU) (dominated by transhipment via Luxembourg) are removed. On that basis, intra-zone FDI turns out to have been weak after EMU, both in relation to previous trends and as a share of major economies' global FDI flows. However, the euro appears to have given a modest stimulus to inflows from other major investing economies, while the UK share of the latters' outflows has fallen moderately in the post-EMU period. The policy implications are discussed.