ABSTRACT

This article investigates how the COVID-19 pandemic affected home and host countries’ FDI margins. Heckman estimation of monthly bilateral FDI data indicates the following: (1) The pandemic reduced both the FDI margins. (2) COVID-19 mortality in home countries reduced extensive FDI margin. (3) FDI was more sensitive to host countries’ pandemic situation for both OECD and emerging countries; moreover, in emerging countries, FDI was affected by its domestic pandemic control because they were typically the host countries. (4) The service sector’s FDI was severely affected by the pandemic than other sectors’ FDI.

中文翻译：

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锁定会导致关闭吗？COVID-19 大流行对外国直接投资的影响

摘要

本文调查了 COVID-19 大流行如何影响母国和东道国的 FDI 利润率。Heckman 对每月双边 FDI 数据的估计表明： (1) 大流行降低了 FDI 的利润率。(2) 母国的 COVID-19 死亡率降低了广泛的 FDI 利润率。(3) FDI 对 OECD 和新兴国家的东道国疫情形势更为敏感；此外，在新兴国家，外国直接投资受到国内流行病控制的影响，因为它们通常是东道国。(4)服务业FDI受疫情影响较其他行业FDI严重。