This article explores the impact of EU membership on foreign direct investment (FDI). It analyses empirically how the effects of such deep integration differ from other forms and investigates what drives these effects. Using a structural gravity framework on annual bilateral FDI data for almost every country in the world from 1985 to 2018, we find EU membership leads to about 60 per cent higher FDI investment into the host economy from outside the EU, and around 50 per cent higher intra-EU FDI. Moreover, we find that the effect of EU membership on FDI is larger than from membership of the North American Free Trade Agreement, the European Free Trade Association and the Southern Common Market, and that the single market is the cornerstone of this differential impact.

中文翻译：

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欧盟成员国对外国直接投资的影响

本文探讨了欧盟成员资格对外国直接投资 (FDI) 的影响。它从经验上分析了这种深度整合的影响与其他形式的不同之处，并调查了驱动这些影响的原因。对 1985 年至 2018 年世界上几乎每个国家的年度双边 FDI 数据使用结构引力框架，我们发现加入欧盟后，欧盟以外对东道国经济体的 FDI 投资增加了约 60%，增加了约 50%欧盟内部 FDI。此外，我们发现欧盟成员资格对 FDI 的影响大于北美自由贸易协定、欧洲自由贸易联盟和南方共同市场的成员资格，并且单一市场是这种差异影响的基石。