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The World Bank Economic Review Advance Access originally published online on December 6, 2005
The World Bank Economic Review 2005 19(3):473-488; doi:10.1093/wber/lhi015
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© The Author 2005. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / THE WORLD BANK. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org.

Foreign Direct Investment in Mexico since the Approval of NAFTA

Alfredo Cuevas, Miguel Messmacher, and Alejandro Werner

Cross-country panel data are used to assess the effect of free-trade agreements on flows of foreign direct investment (FDI). Free-trade agreements are found to have a significant positive effect on FDI flows, and free-trade agreements are found to matter more for the smaller members of the agreement. For example, the North American Free-Trade Agreement’s (NAFTA) effect on FDI flows into Mexico is much larger than its effect on flows into the United States. These cross-country results are used to assess NAFTA’s effect on FDI flows into Mexico. After controlling for a set of other factors—such as an increase in worldwide FDI flows—the trade agreement is found to generate FDI flows nearly 60 percent higher than they would have been without the agreement.


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