This study focuses on a sample of 24 European economies to examine the spillovers from disaggregated services foreign direct investment (FDI) on economic growth. We study the impact of 20 disaggregated services FDI inflows and outflows, respectively, on their host and home country services sector and overall growth. We find that both financial services and business services FDI are beneficial for growth in both host and home countries. Financial services FDI works though financial holding companies and home countries benefit especially from investment in foreign banks, which provides access to credit. Business services FDI works though management holding companies and home countries benefit, especially from investment in computer activities, which provides access to specialised human capital and high-value knowledge assets. The positive spillovers to home countries provide evidence for arguing against protectionism.

JEL Codes: F2, F21, F43

本研究侧重于 24 个欧洲经济体的样本，以检查分类服务外国直接投资 (FDI) 对经济增长的溢出效应。我们分别研究了 20 项分类的服务业 FDI 流入和流出对其东道国和母国服务业以及整体增长的影响。我们发现金融服务和商业服务 FDI 都有利于东道国和母国的增长。金融服务 FDI 通过金融控股公司和母国运作，特别是从对外国银行的投资中受益，这提供了信贷渠道。商业服务 FDI 通过管理控股公司和母国受益，特别是从计算机活动的投资中受益，这提供了获得专业人力资本和高价值知识资产的途径。

JEL 代码： F2、F21、F43