Objective: The study seeks to analyse the interaction of foreign direct investment, emigration, and immigration before and after the great economic recession. Research Design & Methods: We used the Linear Mixed Model (LMM) to analyse interaction of foreign direct in-vestment (FDI), emigration, and immigration for 112 countries with which Spain has closely interconnected migratory and investment chains, and we focused on the analy-sis of both the pre-crisis 1998-2007 and post-crisis 2008-2016 periods. Findings: The results show that the higher number of immigrants in Spain is related to an overall higher Spanish FDI flows toward the immigrants’ origin countries. This relation between migration and FDI might be sustained in the long run as opposed to what was often raised in classical approaches. In fact, migration and FDI act like two sides of the same coin. Implications & Recommendations: Based on our results, we propose more proactive migration policies that support inte-gration in host countries, migrants’ return to home countries, and also trade agree-ments as an instrument that endorses selective FDI flow to more productive and criti-cal sectors in home countries. Moreover, our results show that lower FDI is usually associated with a higher volume of emigration from Spain. Contribution & Value Added: In a sense, FDI and migration may be considered a risk aversion strategy. Article type: research paper

中文翻译：

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资本和劳动力的国际流动：外国直接投资和移民流动研究

目标：本研究旨在分析经济大衰退前后外国直接投资、移民和移民之间的相互作用。研究设计与方法：我们使用线性混合模型 (LMM) 分析了与西班牙有密切联系的移民和投资链的 112 个国家的外国直接投资 (FDI)、移民和移民的相互作用，我们专注于对 1998-2007 年危机前和 2008-2016 年危机后时期的分析。调查结果：结果表明，西班牙移民人数越多，西班牙 FDI 流向移民原籍国的人数越多。从长远来看，移民与 FDI 之间的这种关系可能会持续下去，这与传统方法中经常提出的关系相反。实际上，移民和 FDI 就像一枚硬币的两个方面。启示和建议：根据我们的研究结果，我们提出了更积极的移民政策，以支持东道国的融合、移民返回母国以及贸易协定作为支持选择性 FDI 流向更具生产力和批判性的工具- 本国的校准部门。此外，我们的结果表明，较低的 FDI 通常与较高的西班牙移民量有关。贡献和增值：从某种意义上说，FDI 和移民可以被视为一种规避风险的策略。文章类型：研究论文 贸易协定作为一种工具，支持有选择的外国直接投资流向母国生产力更高和更关键的部门。此外，我们的结果表明，较低的 FDI 通常与较高的西班牙移民量有关。贡献和增值：从某种意义上说，FDI 和移民可以被视为一种规避风险的策略。文章类型：研究论文 贸易协定作为一种工具，支持有选择的外国直接投资流向母国生产力更高和更关键的部门。此外，我们的结果表明，较低的 FDI 通常与较高的西班牙移民量有关。贡献和增值：从某种意义上说，FDI 和移民可以被视为一种规避风险的策略。文章类型：研究论文