Spacey Parents and Spacey Hosts in Foreign Direct Investment
研究了对外直接投资中，母国在不同东道国的投资以及不同母国在同一东道国的投资之间存在相互影响，使用空间估计框架区分了市场规模相关和剩余相互依赖，揭示了全球投资体系的复杂性。
Shocks on FDI of some parent country in a host affect the same parent's FDI in other hosts. Shocks on a parent's FDI in some host affect other parents' FDI in the same host. In general equilibrium, shocks on FDI between any country pair will affect all country pairs' FDI. Using cross‐sectional data on FDI among 22 OECD countries in 2000, we use a spatial estimation framework to allow for all three modes of interdependence simultaneously, thereby distinguishing between market‐size‐related and remainder interdependence. Our results highlight the complexity of multinational enterprises' investment strategies and the interconnectedness of the world investment system.