Arbeitspapier

What Is real and what Is not in the global FDI network?

Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate the global FDI network while disentangling real investment and phantom investment and allocating real investment to ultimate investor economies. We find that phantom investment into corporate shells with no substance and no real links to the local economy may account for almost 40 percent of global FDI. Ignoring phantom investment and allocating real investment to ultimate investors increases the explanatory power of standard gravity variables by around 25 percent.

Sprache
Englisch

Erschienen in
Series: Danmarks Nationalbank Working Papers ; No. 148

Klassifikation
Wirtschaft
International Investment; Long-term Capital Movements
Multinational Firms; International Business
International Finance: General
Thema
Global FDI Network
Special Purpose Entities
Phantom FDI
Real FDI

Ereignis
Geistige Schöpfung
(wer)
Damgaard, Jannick
Elkjaer, Thomas
Johannesen, Niels
Ereignis
Veröffentlichung
(wer)
Danmarks Nationalbank
(wo)
Copenhagen
(wann)
2019

Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Damgaard, Jannick
  • Elkjaer, Thomas
  • Johannesen, Niels
  • Danmarks Nationalbank

Entstanden

  • 2019

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