Patterns of International Investment in Spain, 1850-2009

International capital flows are strongly influenced by country-specific patterns that can be best understood in historical and comparative perspective. A long-term empirical analysis of French and German investment in Spain reveals that the core capabilities of foreign firms and their relations with local partners have spurred the rise and development of two national models of international investment, characterized here as “political” and “technical.” The research identifies the main actors and ownership advantages of the two models, which have proved resilient over time