This article analyses Spanish multinational firm internationalization process under the sequential theory, based on Uppsala and Root models. The objective is to contrast if international experience and cultural distance play an important role to internationalize business activities through...

This article introduces the open question about an update of the eclectic paradigm, on the occasion of new ways in which multinational firms invest abroad which have emerged in the last decades of the 20th century. It develops a theoretical review of all the theories that have been developed up...

This article introduces the open question about an update of the eclectic paradigm, on the occasion of new ways in which multinational firms invest abroad which have emerged in the last decades of the 20th century. It develops a theoretical review of all the theories that have been developed up...

In this paper, we provide a test of the sustainability of external imbalances in the OECD countries, over the years 1970-2007. Specifically, we deal with the case of those countries that have experienced current account deficits in more than half of the years throughout the period of analysis,...

This paper focuses on the role of product sophistication in determining the permanence in international production networks. The probability of remaining in the global production chains in a changing and unstable competitive environment is expected to be higher for suppliers that provide the...

In this paper, we show how the concept of balance of payments-constrained growth rate developed by Thirlwall (1979) can be generalized as the growth rate constrained by the balance between any two economic variables. In particular, we derive two new concepts: the government balance-constrained...

According to several empirical studies, the Present Value model fails to explain the behaviour of stock prices in the long-run. In this paper we consider the possibility that a linear cointegrated regression model with multiple structural changes would provide a better empirical description of...

This paper examines the sources of real exchange rate (RER) volatility in eighty countries around the world, during the period 1970 to 2011. Our main goal is to explore the role of nominal exchange rate regimes and financial crises in explaining the RER volatility. To that end, we employ two...

This paper examines the interaction between non-linear deterministic trends and long run dependence by means of employing Chebyshev time polynomials and assuming that the detrended series displays long memory with the pole or singularity in the spectrum occurring at one or more possibly non-zero...

This article proposes an extension of Dixit (1989, Quart. J. Econ.), assuming that potential exporting firms benefit from the experience of firms already settled in the foreign market which allows the sunk cost to diminish. In general, the numerical results show that hysteresis is lower as...