Does intrastate conflict termination increase foreign direct investment (FDI)? Why do some countries receive rapid FDI inflows after an internal armed conflict ends, while others do not? As a key explanation, we focus on the different types of conflict termination that send different signals to foreign investors. We argue that post-conflict countries receive more FDI when an intrastate conflict ends in a decisive manner because decisive termination lowers the risk of conflict resumption that creates precarious investment climates. Using the UCDP armed conflict termination data from 1970 to 2009, we empirically find that countries emerging from an intrastate conflict that ends in one side's victory, in particular government victory, and that ends in a peace agreement with major power involvement attract more FDI over the course of post-conflict years.

中文翻译：

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州内武装冲突的终止和外国直接投资

州内冲突终止是否会增加外国直接投资 (FDI)？为什么有些国家在内部武装冲突结束后会迅速获得外国直接投资流入，而另一些国家却没有？作为关键解释，我们关注向外国投资者发出不同信号的不同类型的冲突终止。我们认为，当国内冲突以决定性的方式结束时，冲突后国家会获得更多的外国直接投资，因为决定性的终止降低了冲突恢复的风险，从而造成了不稳定的投资环境。使用 1970 年至 2009 年的 UCDP 武装冲突终止数据，我们凭经验发现，摆脱以一方胜利，特别是政府胜利告终的国内冲突的国家，