sector and the real economy. Exports and foreign direct investment (FDI) have declined, presumably not only because of a lack … access to external finance on firms’ choices to export or to engage in FDI. We simultaneously model a firm’s decision to … engage in FDI and in exports, and we assess the importance of financial factors for this choice (the extensive margin) as …

the period 1989- 2002. We find that German outward FDI increases in response to positive cyclical developments abroad and …

The choice between foreign direct investment (FDI) and exports has been a recurrent …