ABSTRACT

This paper contributes to the literature discussing the effects of the European Cohesion Policy (ECP) on recipients’ foreign direct investment (FDI). Unlike previous studies, we closely examine the ECP effects not only on total FDI but also on both the extensive and intensive FDI margins. The analysis on the EU 28 countries, conducted using system GMM estimation, suggests ECP plays a role in promoting FDI on the extensive margin only. Moreover, the ECP’s positive marginal effect on total FDI is neutralized in the Central and Eastern European (CEE) countries, implying an increase in their attractiveness through other ways than implementing market-oriented structural reforms.

摘要

本文对讨论欧洲凝聚政策 (ECP) 对受援国外国直接投资 (FDI) 的影响的文献做出了贡献。与以往的研究不同，我们仔细研究了 ECP 不仅对总 FDI 的影响，而且对广泛和集约的 FDI 利润率的影响。使用系统 GMM 估计对欧盟 28 个国家进行的分析表明，ECP 仅在广泛边际上发挥促进 FDI 的作用。此外，ECP 对外国直接投资总额的积极边际效应在中欧和东欧 (CEE) 国家被抵消，这意味着通过实施市场导向的结构性改革以外的其他方式增加了它们的吸引力。