Factor Endowments, Economic Integration, Round-Tripping, and Inward FDI: Evidence from the Baltic Economies
Abstract
:1. Introduction
2. Literature Review
3. Theoretical Framework
4. Data and Methodology
5. Empirical Analysis
6. Conclusions
Author Contributions
Funding
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Partners scope: 2004–2017; N: 548 | Armenia, Australia, Austria, Bangladesh, Belgium, Belize, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong SAR, Hungary, Iceland, India, Ireland, Israel, Italy, Japan, Kazakhstan, Kyrgyzstan, Lithuania, Luxembourg, Malta, Mauritius, Moldova, The Netherlands, New Zealand, Norway, Panama, Poland, Romania, Russia, Saudi Arabia, Singapore, Slovakia, South Africa, South Korea, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, United States, Vietnam. |
Offshore sample | Belize, Cyprus, Hong Kong SAR, Malaysia, Mauritius, The Netherlands, Luxembourg, Panama, Singapore. |
Soviet sample | Armenia, Estonia, Kazakhstan, Kyrgyzstan, Lithuania, Moldova, Russia, Ukraine. |
EU sample | Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom. |
EFTA sample | Iceland, Norway, Switzerland. |
EU FTA sample | Canada, Iceland, Kazakhstan, South Korea, Norway, Switzerland, Turkey, Ukraine. |
Partners scope: 2004–2017; N: 465 | Austria, Belgium, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Hong Kong SAR, Hungary, Iceland, India, Ireland, Italy, Japan, Kazakhstan, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Russia, Singapore, Slovakia, South Korea, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, United States. |
Offshore sample | Cyprus, Hong Kong SAR, The Netherlands, Luxembourg, Singapore. |
Soviet sample | Latvia, Lithuania, Moldova, Russia, Tajikistan, Ukraine. |
EU sample | Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom. |
EFTA sample | Iceland, Norway, Switzerland. |
EU FTA sample | Canada, Iceland, Kazakhstan, Norway, South Korea, Switzerland, Turkey, Ukraine. |
Partners scope: 2004–2017; N: 742 | Albania, Algeria, Argentina, Armenia, Australia, Austria, Bangladesh, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Honduras, Hong Kong SAR, Hungary, Iceland, India, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Korea, Kyrgyzstan, Latvia, Luxembourg, Malta, Malaysia, Mexico, The Netherlands, New Zealand, Norway, Pakistan, Panama, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Spain, Syria, Sweden, Switzerland, Tajikistan, Thailand, Tunisia, Turkey, Ukraine, United Kingdom, United States, Vietnam. |
Offshore sample | Belize, Cyprus, Hong Kong SAR, Luxembourg, Malaysia, The Netherlands, Panama, Singapore. |
Soviet sample | Armenia, Estonia, Kazakhstan, Kyrgyzstan, Latvia, Moldova, Russia, Tajikistan, Ukraine. |
EU sample | Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom. |
EFTA sample | Iceland, Norway, Switzerland. |
EU FTA sample | Canada, Iceland, Kazakhstan, Norway, South Korea, Switzerland, Turkey, Ukraine. |
Variable | Definition | Source |
---|---|---|
FDI | Bilateral direct investment equity stock data from non-resident entities includes investment by a direct investor in its direct investment enterprise (immediate or not), retail funds, real estate investment (including investment properties and vacation homes), pass-through transactions, transactions that reach or surpass the threshold of 10% or more voting power, reverse investment by a direct investment enterprise in its own immediate or indirect investor (IMF 2019). We then applied Pacific exchange rate and used USD to obtain final results (Antweiler 2020), log. | Bank of Estonia (2020) Bank of Latvia (2020) Bank of Lithuania (2020) |
voice | Perceptions of the extent to which a host country citizens are able to participate in selecting their government, freedom of association, and a free media, percentile rank, log. | World Development Indicators |
urban_pop | Total urban population in host country, millions, log. | World Development Indicators |
total_pop | Total population in host country, millions, log. | World Development Indicators |
tf_home | Trade freedom index for the country-of-origin of FDI, log. | Heritage Foundation |
tc | Trade freedom index for the recipient country of FDI, log. | Heritage Foundation |
tax | Tax revenue in host country (% of GDP), log. | World Development Indicators |
stab | Political stability and absence of violence/terrorism in the host country measures perceptions of the likelihood of political instability, including terrorism, percentile rank, log. | World Development Indicators |
soviet | Dummy variable reflects if partner country was a former member of the Soviet Union. | Own calculation |
regq | Perceptions of the ability of the government to formulate and implement sound policies and regulations and promote private sector, percentile rank, log. | World Development Indicators |
offshore | Dummy variable reflects if partner country is in one of the offshore blacklists or indicated as round-trip FDI partner. | Damgaard et al. (2019) |
law | Perceptions of the extent to which agents have confidence in and abide by the rules of society, quality of contract enforcement, property rights, percentile rank, log. | World Development Indicators |
KOF | KOF globalization index, de facto, log. | Gygli et al. (2018) |
k_diff | Physical capital difference adjusted for the number of employed population (in constant 2010 USD million), log. | Penn World Table |
ic | Investment freedom index for the recipient country of inward FDI, log. | Heritage Foundation |
hc_diff | Human capital difference, adjusted for the number of employed population, log. | Penn World Table |
gov | Perceptions of the quality of public services, the quality of the civil service and the degree of its independence from political pressures, percentile rank, log. | World Development Indicators |
gdp_sum | Sum of real GDPs (in constant 2010 USD million), log. | Penn World Table |
gdp_diff | Squared difference of GDPs (in constant 2010 USD million), log. | Penn World Table |
distance | Geographical distance between home and host countries, log (between capital cities, in km). | CEPII |
open | Economic openness index of host country, log | World Development Indicators |
corrup | Perceptions of the extent to which public power is exercised for private gain in the host country, percentile rank, log. | World Development Indicators |
contig | Dummy, one if partner country shares common border with the recipient country of inward FDI. | Own calculation |
efta | Dummy, one if parent country is a member of the European Free Trade Association. | Own calculation |
euro_zone | Dummy, one if parent and host countries are both members of the Eurozone. | Own calculation |
eu | Dummy, one if parent and host countries are both members of the European Union. | Own calculation |
eu_fta | Dummy, one if has active bilateral trade agreement with third party countries. | European Commission (2020) |
Variable | General Case | Restricted Case | ||
---|---|---|---|---|
incl. prob. | post mean | incl. prob. | post mean | |
gdp_diff | 0.659 | −0.110 | 0.274 | 0.017 |
k_diff | 0.808 | 0.220 | 0.966 | 0.323 |
hc_diff | 0.554 | 0.399 | 0.978 | 1.195 |
gdp_sum | 1 | 0.895 | 0.865 | 0.613 |
distance | 1 | −1.472 | 1 | −1.422 |
tf_home | 0.999 | 4.746 | 1 | 7.200 |
ic_est | 0.124 | C | 0.114 | C |
tc_est | 0.175 | −0.861 | 0.162 | −1.178 |
urban_pop | 0.179 | 5.974 | 0.309 | 14.190 |
total_pop | 0.572 | −15.770 | 0.193 | −3.253 |
tax | 0.144 | 0.026 | 0.145 | 0.116 |
open | 0.135 | −0.018 | 0.127 | 0.031 |
KOF | 0.143 | 0.126 | 0.130 | 0.140 |
stab | 0.130 | −0.132 | 0.120 | −0.067 |
voice | 0.177 | 0.506 | 0.152 | 0.327 |
gov | 0.129 | −0.096 | 0.129 | −0.312 |
regq | 0.245 | 1.366 | 0.190 | 1.014 |
law | 0.187 | 0.764 | 0.135 | 0.295 |
corrup | 0.164 | −0.049 | 0.222 | 0.543 |
soviet | 0.264 | 0.107 | 0.632 | 0.420 |
contig | 0.388 | 0.286 | 0.778 | 0.845 |
eu | 0.214 | 0.082 | 0.135 | 0.004 |
eu_fta | 0.999 | −2.034 | 0.999 | −2.096 |
offshore | 1 | 2.422 | N/A | N/A |
euro_zone | 1 | 0.162 | 1 | 0.033 |
efta | 0.407 | 3.134 | 0.157 | 3.017 |
Variable | General Case | Restricted Case | ||
---|---|---|---|---|
incl. prob. | post mean | incl. prob. | post mean | |
gdp_diff | 0.584 | −0.112 | 0.613 | 0.109 |
k_diff | 0.948 | −0.276 | 0.503 | −0.103 |
hc_diff | 0.945 | 0.427 | 0.738 | 0.322 |
gdp_sum | 0.977 | 0.586 | 0.470 | 0.122 |
distance | 1 | −1.070 | 1 | −0.886 |
tf_home | 0.778 | 1.438 | 0.991 | 3.166 |
ic_lat | 0.227 | −0.090 | 0.147 | −0.104 |
tc_lat | 0.573 | 4.427 | 0.295 | 1.584 |
urban_pop | 0.241 | −9.333 | 0.178 | −3.587 |
total_pop | 0.240 | 8.565 | 0.175 | 3.193 |
tax | 0.182 | −0.046 | 0.141 | −0.028 |
open | 0.226 | 0.278 | 0.172 | 0.196 |
KOF | 0.206 | 0.214 | 0.154 | 0.091 |
stab | 0.299 | −0.515 | 0.289 | −0.489 |
voice | 0.215 | −1.183 | 0.188 | −1.206 |
gov | 0.185 | −0.163 | 0.148 | −0.170 |
regq | 0.178 | 0.268 | 0.166 | 0.559 |
law | 0.197 | 0.154 | 0.171 | 0.287 |
corrup | 0.329 | 1.366 | 0.222 | 0.760 |
soviet | 0.188 | −0.026 | 0.313 | −0.159 |
contig | 0.955 | 1.116 | 0.999 | 1.880 |
eu | 0.311 | 0.121 | 0.230 | −0.104 |
eu_fta | 0.957 | −1.041 | 0.994 | −1.250 |
offshore | 1 | 1.266 | N/A | N/A |
euro_zone | 0.177 | 0.021 | 0.179 | −0.046 |
efta | 1 | 2.192 | 1 | 2.484 |
Variable | General Case | Restricted Case | ||
---|---|---|---|---|
incl. prob. | post mean | incl. prob. | post mean | |
gdp_diff | 1 | −0.014 | 0.999 | 0.413 |
k_diff | 1 | 0.348 | 1 | 0.234 |
hc_diff | 1 | 0.818 | 0.716 | 0.960 |
gdp_sum | 0.941 | 0.986 | 0.073 | 0.002 |
distance | 1 | −1.313 | 1 | −1.494 |
tf_home | 1 | 6.367 | 1 | 6.983 |
ic_ltu | 0.133 | −0.153 | 0.137 | −0.268 |
tc_ltu | 0.132 | −0.145 | 0.115 | −0.462 |
urban_pop | 0.129 | 0.446 | 0.185 | 1.397 |
total_pop | 0.128 | 0.106 | 0.177 | −0.085 |
tax | 0.115 | 0.115 | 0.139 | 0.184 |
open | 0.129 | −0.217 | 0.157 | −0.175 |
KOF | 0.119 | −0.217 | 0.167 | −0.454 |
stab | 0.086 | −0.014 | 0.073 | 0.034 |
voice | 0.122 | −0.413 | 0.091 | −0.226 |
gov | 0.126 | −0.220 | 0.100 | −0.187 |
regq | 0.104 | −0.134 | 0.086 | −0.100 |
law | 0.126 | −0.160 | 0.144 | −0.350 |
corrup | 0.136 | −0.221 | 0.110 | −0.177 |
soviet | 0.998 | 1.435 | 0.998 | 1.447 |
contig | 0.902 | 1.318 | 0.714 | 0.900 |
eu | 1 | 1.869 | 0.999 | 1.650 |
eu_fta | 0.172 | 0.099 | 0.105 | −0.005 |
offshore | 1 | 2.370 | N/A | N/A |
euro_zone | 0.174 | 0.079 | 0.140 | 0.061 |
efta | 0.922 | 1.452 | 0.966 | 1.353 |
gdp_diff | k_diff | hc_diff | gdp_sum | distance | tf_home | ic_est | tc_est | urb_pop | tax | open | KOF | stab | voice | gov | regq | law | corrup | soviet | contig | eu | eu_fta | offshore | euro_z | efta | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
gdp_diff | 0.67881 | 0.59644 | 0.50137 | 0.67881 | 0.67881 | 0.67881 | 0.10339 | 0.11533 | 0.11081 | 0.12664 | 0.11696 | 0.12646 | 0.11613 | 0.18467 | 0.11557 | 0.29482 | 0.20207 | 0.14982 | 0.21713 | 0.29711 | 0.14891 | 0.67861 | 0.67881 | 0.33797 | 0.67881 |
k_diff | 0.59644 | 0.81591 | 0.56895 | 0.81591 | 0.81591 | 0.81589 | 0.12134 | 0.13653 | 0.12958 | 0.15047 | 0.13684 | 0.14898 | 0.13526 | 0.22036 | 0.13463 | 0.34945 | 0.24326 | 0.17624 | 0.27248 | 0.39248 | 0.2007 | 0.81547 | 0.81591 | 0.39393 | 0.81591 |
hc_diff | 0.50137 | 0.56895 | 0.60316 | 0.60316 | 0.60316 | 0.60314 | 0.0975 | 0.10742 | 0.10453 | 0.11861 | 0.10811 | 0.11676 | 0.10863 | 0.16853 | 0.10872 | 0.26469 | 0.19216 | 0.13933 | 0.22955 | 0.30001 | 0.15841 | 0.60286 | 0.60316 | 0.29252 | 0.60316 |
gdp_sum | 0.67881 | 0.81591 | 0.60316 | 1 | 1 | 0.99998 | 0.13705 | 0.15552 | 0.14595 | 0.17358 | 0.156 | 0.16996 | 0.1536 | 0.25789 | 0.15217 | 0.40955 | 0.28254 | 0.2015 | 0.30807 | 0.42845 | 0.2213 | 0.99955 | 1 | 0.51186 | 1 |
distance | 0.67881 | 0.81591 | 0.60316 | 1 | 1 | 0.99998 | 0.13705 | 0.15552 | 0.14595 | 0.17358 | 0.156 | 0.16996 | 0.1536 | 0.25789 | 0.15217 | 0.40955 | 0.28254 | 0.2015 | 0.30807 | 0.42845 | 0.2213 | 0.99955 | 1 | 0.51186 | 1 |
tf_home | 0.67881 | 0.81589 | 0.60314 | 0.99998 | 0.99998 | 0.99998 | 0.13705 | 0.15552 | 0.14595 | 0.17358 | 0.156 | 0.16996 | 0.1536 | 0.25789 | 0.15216 | 0.40953 | 0.28253 | 0.20149 | 0.30807 | 0.42845 | 0.22129 | 0.99953 | 0.99998 | 0.51185 | 0.99998 |
ic_est | 0.10339 | 0.12134 | 0.0975 | 0.13705 | 0.13705 | 0.13705 | 0.13705 | 0.02869 | 0.02724 | 0.03108 | 0.02787 | 0.02964 | 0.02902 | 0.04125 | 0.02902 | 0.05941 | 0.04727 | 0.03434 | 0.05365 | 0.07066 | 0.04118 | 0.13699 | 0.13705 | 0.07359 | 0.13705 |
tc_est | 0.11533 | 0.13653 | 0.10742 | 0.15552 | 0.15552 | 0.15552 | 0.02869 | 0.15552 | 0.03193 | 0.03243 | 0.02981 | 0.03157 | 0.03077 | 0.04161 | 0.03231 | 0.06071 | 0.05479 | 0.03651 | 0.0579 | 0.07741 | 0.04522 | 0.15547 | 0.15552 | 0.08204 | 0.15552 |
urb_pop | 0.11081 | 0.12958 | 0.10453 | 0.14595 | 0.14595 | 0.14595 | 0.02724 | 0.03193 | 0.14595 | 0.03212 | 0.03106 | 0.03357 | 0.03287 | 0.04199 | 0.03342 | 0.06149 | 0.0531 | 0.03781 | 0.05703 | 0.07662 | 0.04345 | 0.14588 | 0.14595 | 0.07785 | 0.14595 |
tax | 0.12664 | 0.15047 | 0.11861 | 0.17358 | 0.17358 | 0.17358 | 0.03108 | 0.03243 | 0.03212 | 0.17358 | 0.03979 | 0.04063 | 0.03474 | 0.04279 | 0.03285 | 0.06281 | 0.05548 | 0.03582 | 0.0656 | 0.08559 | 0.0483 | 0.17349 | 0.17358 | 0.09247 | 0.17358 |
open | 0.11696 | 0.13684 | 0.10811 | 0.156 | 0.156 | 0.156 | 0.02787 | 0.02981 | 0.03106 | 0.03979 | 0.156 | 0.03305 | 0.03249 | 0.04129 | 0.03195 | 0.06046 | 0.04983 | 0.0368 | 0.05716 | 0.07813 | 0.04578 | 0.15589 | 0.156 | 0.08003 | 0.156 |
KOF | 0.12646 | 0.14898 | 0.11676 | 0.16996 | 0.16996 | 0.16996 | 0.02964 | 0.03157 | 0.03357 | 0.04063 | 0.03305 | 0.16996 | 0.03501 | 0.04196 | 0.03228 | 0.06502 | 0.0522 | 0.03838 | 0.06136 | 0.08459 | 0.04869 | 0.16989 | 0.16996 | 0.08316 | 0.16996 |
stab | 0.11613 | 0.13526 | 0.10863 | 0.1536 | 0.1536 | 0.1536 | 0.02902 | 0.03077 | 0.03287 | 0.03474 | 0.03249 | 0.03501 | 0.1536 | 0.05091 | 0.03313 | 0.06022 | 0.05265 | 0.04072 | 0.05884 | 0.07898 | 0.04581 | 0.15354 | 0.1536 | 0.08246 | 0.1536 |
voice | 0.18467 | 0.22036 | 0.16853 | 0.25789 | 0.25789 | 0.25789 | 0.04125 | 0.04161 | 0.04199 | 0.04279 | 0.04129 | 0.04196 | 0.05091 | 0.25789 | 0.04527 | 0.06036 | 0.06003 | 0.04404 | 0.08541 | 0.11936 | 0.0663 | 0.25779 | 0.25789 | 0.11583 | 0.25789 |
gov | 0.11557 | 0.13463 | 0.10872 | 0.15217 | 0.15217 | 0.15216 | 0.02902 | 0.03231 | 0.03342 | 0.03285 | 0.03195 | 0.03228 | 0.03313 | 0.04527 | 0.15217 | 0.06359 | 0.06067 | 0.03854 | 0.05906 | 0.07815 | 0.04586 | 0.1521 | 0.15217 | 0.08042 | 0.15217 |
regq | 0.29482 | 0.34945 | 0.26469 | 0.40955 | 0.40955 | 0.40953 | 0.05941 | 0.06071 | 0.06149 | 0.06281 | 0.06046 | 0.06502 | 0.06022 | 0.06036 | 0.06359 | 0.40955 | 0.08712 | 0.05781 | 0.12527 | 0.18262 | 0.10184 | 0.4094 | 0.40955 | 0.16589 | 0.40955 |
law | 0.20207 | 0.24326 | 0.19216 | 0.28254 | 0.28254 | 0.28253 | 0.04727 | 0.05479 | 0.0531 | 0.05548 | 0.04983 | 0.0522 | 0.05265 | 0.06003 | 0.06067 | 0.08712 | 0.28254 | 0.07047 | 0.1003 | 0.1313 | 0.0744 | 0.2824 | 0.28254 | 0.1606 | 0.28254 |
corrup | 0.14982 | 0.17624 | 0.13933 | 0.2015 | 0.2015 | 0.20149 | 0.03434 | 0.03651 | 0.03781 | 0.03582 | 0.0368 | 0.03838 | 0.04072 | 0.04404 | 0.03854 | 0.05781 | 0.07047 | 0.2015 | 0.07263 | 0.09955 | 0.05449 | 0.20142 | 0.2015 | 0.09992 | 0.2015 |
soviet | 0.21713 | 0.27248 | 0.22955 | 0.30807 | 0.30807 | 0.30807 | 0.05365 | 0.0579 | 0.05703 | 0.0656 | 0.05716 | 0.06136 | 0.05884 | 0.08541 | 0.05906 | 0.12527 | 0.1003 | 0.07263 | 0.30807 | 0.13472 | 0.10569 | 0.30778 | 0.30807 | 0.17655 | 0.30807 |
contig | 0.29711 | 0.39248 | 0.30001 | 0.42845 | 0.42845 | 0.42845 | 0.07066 | 0.07741 | 0.07662 | 0.08559 | 0.07813 | 0.08459 | 0.07898 | 0.11936 | 0.07815 | 0.18262 | 0.1313 | 0.09955 | 0.13472 | 0.42845 | 0.14431 | 0.42802 | 0.42845 | 0.21064 | 0.42845 |
eu | 0.14891 | 0.2007 | 0.15841 | 0.2213 | 0.2213 | 0.22129 | 0.04118 | 0.04522 | 0.04345 | 0.0483 | 0.04578 | 0.04869 | 0.04581 | 0.0663 | 0.04586 | 0.10184 | 0.0744 | 0.05449 | 0.10569 | 0.14431 | 0.2213 | 0.22089 | 0.2213 | 0.09477 | 0.2213 |
eu_fta | 0.67861 | 0.81547 | 0.60286 | 0.99955 | 0.99955 | 0.99953 | 0.13699 | 0.15547 | 0.14588 | 0.17349 | 0.15589 | 0.16989 | 0.15354 | 0.25779 | 0.1521 | 0.4094 | 0.2824 | 0.20142 | 0.30778 | 0.42802 | 0.22089 | 0.99955 | 0.99955 | 0.51172 | 0.99955 |
offshore | 0.67881 | 0.81591 | 0.60316 | 1 | 1 | 0.99998 | 0.13705 | 0.15552 | 0.14595 | 0.17358 | 0.156 | 0.16996 | 0.1536 | 0.25789 | 0.15217 | 0.40955 | 0.28254 | 0.2015 | 0.30807 | 0.42845 | 0.2213 | 0.99955 | 1 | 0.51186 | 1 |
euro_z | 0.33797 | 0.39393 | 0.29252 | 0.51186 | 0.51186 | 0.51185 | 0.07359 | 0.08204 | 0.07785 | 0.09247 | 0.08003 | 0.08316 | 0.08246 | 0.11583 | 0.08042 | 0.16589 | 0.1606 | 0.09992 | 0.17655 | 0.21064 | 0.09477 | 0.51172 | 0.51186 | 0.51186 | 0.51186 |
efta | 0.67881 | 0.81591 | 0.60316 | 1 | 1 | 0.99998 | 0.13705 | 0.15552 | 0.14595 | 0.17358 | 0.156 | 0.16996 | 0.1536 | 0.25789 | 0.15217 | 0.40955 | 0.28254 | 0.2015 | 0.30807 | 0.42845 | 0.2213 | 0.99955 | 1 | 0.51186 | 1 |
gdp_diff | hc_diff | gdp_sum | distance | k_diff | ic_lat | tc_lat | tf_home | urb_pop | total_pop | tax | open | KOF | stab | voice | gov | regq | law | corrup | soviet | contig | eu | eu_fta | euro_z | efta | offshore | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
gdp_diff | 0.58619 | 0.57122 | 0.56294 | 0.58619 | 0.55142 | 0.12408 | 0.3304 | 0.48532 | 0.15485 | 0.15093 | 0.11907 | 0.14549 | 0.13262 | 0.19138 | 0.14286 | 0.12161 | 0.11636 | 0.12664 | 0.21138 | 0.11993 | 0.54489 | 0.17592 | 0.56459 | 0.11101 | 0.58614 | 0.58619 |
hc_diff | 0.57122 | 0.94605 | 0.92944 | 0.94605 | 0.89363 | 0.18463 | 0.53536 | 0.76427 | 0.23545 | 0.22881 | 0.17674 | 0.21512 | 0.19644 | 0.28599 | 0.20852 | 0.17947 | 0.1741 | 0.19113 | 0.31604 | 0.18106 | 0.90408 | 0.2859 | 0.9071 | 0.16857 | 0.94591 | 0.94605 |
gdp_sum | 0.56294 | 0.92944 | 0.97675 | 0.97675 | 0.92454 | 0.18732 | 0.55952 | 0.76677 | 0.24146 | 0.23438 | 0.18036 | 0.21985 | 0.20053 | 0.29124 | 0.21219 | 0.18286 | 0.17677 | 0.19436 | 0.32176 | 0.18467 | 0.93183 | 0.30362 | 0.93307 | 0.17217 | 0.97661 | 0.97675 |
distance | 0.58619 | 0.94605 | 0.97675 | 1 | 0.94733 | 0.19112 | 0.57401 | 0.78022 | 0.24613 | 0.23908 | 0.18385 | 0.22407 | 0.20441 | 0.29662 | 0.21627 | 0.18653 | 0.18002 | 0.19852 | 0.32793 | 0.18897 | 0.95497 | 0.3121 | 0.95497 | 0.17588 | 0.99986 | 1 |
k_diff | 0.55142 | 0.89363 | 0.92454 | 0.94733 | 0.94733 | 0.18291 | 0.54502 | 0.73112 | 0.23483 | 0.22806 | 0.17518 | 0.21425 | 0.19555 | 0.28362 | 0.20644 | 0.17808 | 0.17177 | 0.18952 | 0.3144 | 0.17754 | 0.90289 | 0.29282 | 0.90801 | 0.16845 | 0.94722 | 0.94733 |
ic_lat | 0.12408 | 0.18463 | 0.18732 | 0.19112 | 0.18291 | 0.19112 | 0.10522 | 0.15756 | 0.05319 | 0.05213 | 0.04487 | 0.05585 | 0.04943 | 0.06844 | 0.05127 | 0.0433 | 0.04196 | 0.04619 | 0.07418 | 0.04385 | 0.18412 | 0.06674 | 0.18406 | 0.04301 | 0.19108 | 0.19112 |
tc_lat | 0.3304 | 0.53536 | 0.55952 | 0.57401 | 0.54502 | 0.10522 | 0.57401 | 0.4141 | 0.09776 | 0.09664 | 0.09501 | 0.10814 | 0.10219 | 0.11082 | 0.10717 | 0.09414 | 0.0909 | 0.09523 | 0.13307 | 0.10568 | 0.54418 | 0.18801 | 0.54325 | 0.10012 | 0.57393 | 0.57401 |
tf_home | 0.48532 | 0.76427 | 0.76677 | 0.78022 | 0.73112 | 0.15756 | 0.4141 | 0.78022 | 0.19958 | 0.1942 | 0.15019 | 0.18226 | 0.1665 | 0.24212 | 0.17724 | 0.15227 | 0.14993 | 0.16486 | 0.2664 | 0.15294 | 0.75628 | 0.21631 | 0.75616 | 0.14281 | 0.78012 | 0.78022 |
urb_pop | 0.15485 | 0.23545 | 0.24146 | 0.24613 | 0.23483 | 0.05319 | 0.09776 | 0.19958 | 0.24613 | 0.072 | 0.05366 | 0.05752 | 0.05443 | 0.0768 | 0.06247 | 0.05671 | 0.05044 | 0.05189 | 0.09919 | 0.05425 | 0.23642 | 0.08262 | 0.23678 | 0.05078 | 0.2461 | 0.24613 |
total_pop | 0.15093 | 0.22881 | 0.23438 | 0.23908 | 0.22806 | 0.05213 | 0.09664 | 0.1942 | 0.072 | 0.23908 | 0.05301 | 0.0562 | 0.05481 | 0.07619 | 0.06059 | 0.05476 | 0.04854 | 0.05002 | 0.09675 | 0.05211 | 0.2298 | 0.0818 | 0.2304 | 0.04943 | 0.23905 | 0.23908 |
tax | 0.11907 | 0.17674 | 0.18036 | 0.18385 | 0.17518 | 0.04487 | 0.09501 | 0.15019 | 0.05366 | 0.05301 | 0.18385 | 0.05258 | 0.04828 | 0.06467 | 0.04777 | 0.04233 | 0.04266 | 0.04659 | 0.07918 | 0.04273 | 0.17735 | 0.06574 | 0.17684 | 0.04144 | 0.18384 | 0.18385 |
open | 0.14549 | 0.21512 | 0.21985 | 0.22407 | 0.21425 | 0.05585 | 0.10814 | 0.18226 | 0.05752 | 0.0562 | 0.05258 | 0.22407 | 0.05025 | 0.09813 | 0.05495 | 0.05131 | 0.04821 | 0.05335 | 0.08803 | 0.05054 | 0.21506 | 0.07747 | 0.21543 | 0.04896 | 0.22403 | 0.22407 |
KOF | 0.13262 | 0.19644 | 0.20053 | 0.20441 | 0.19555 | 0.04943 | 0.10219 | 0.1665 | 0.05443 | 0.05481 | 0.04828 | 0.05025 | 0.20441 | 0.08611 | 0.05252 | 0.04748 | 0.04678 | 0.04986 | 0.08651 | 0.04744 | 0.19645 | 0.0719 | 0.19703 | 0.04438 | 0.20438 | 0.20441 |
stab | 0.19138 | 0.28599 | 0.29124 | 0.29662 | 0.28362 | 0.06844 | 0.11082 | 0.24212 | 0.0768 | 0.07619 | 0.06467 | 0.09813 | 0.08611 | 0.29662 | 0.06893 | 0.06607 | 0.06329 | 0.06487 | 0.1514 | 0.06721 | 0.28506 | 0.10198 | 0.28568 | 0.06142 | 0.29659 | 0.29662 |
voice | 0.14286 | 0.20852 | 0.21219 | 0.21627 | 0.20644 | 0.05127 | 0.10717 | 0.17724 | 0.06247 | 0.06059 | 0.04777 | 0.05495 | 0.05252 | 0.06893 | 0.21627 | 0.04924 | 0.0489 | 0.05737 | 0.10342 | 0.04983 | 0.20776 | 0.07496 | 0.20782 | 0.04835 | 0.21624 | 0.21627 |
gov | 0.12161 | 0.17947 | 0.18286 | 0.18653 | 0.17808 | 0.0433 | 0.09414 | 0.15227 | 0.05671 | 0.05476 | 0.04233 | 0.05131 | 0.04748 | 0.06607 | 0.04924 | 0.18653 | 0.04207 | 0.04413 | 0.07344 | 0.04318 | 0.17943 | 0.06535 | 0.17992 | 0.0417 | 0.18652 | 0.18653 |
regq | 0.11636 | 0.1741 | 0.17677 | 0.18002 | 0.17177 | 0.04196 | 0.0909 | 0.14993 | 0.05044 | 0.04854 | 0.04266 | 0.04821 | 0.04678 | 0.06329 | 0.0489 | 0.04207 | 0.18002 | 0.04194 | 0.07227 | 0.04165 | 0.17315 | 0.06186 | 0.17375 | 0.03917 | 0.18 | 0.18002 |
law | 0.12664 | 0.19113 | 0.19436 | 0.19852 | 0.18952 | 0.04619 | 0.09523 | 0.16486 | 0.05189 | 0.05002 | 0.04659 | 0.05335 | 0.04986 | 0.06487 | 0.05737 | 0.04413 | 0.04194 | 0.19852 | 0.08006 | 0.04553 | 0.19132 | 0.0683 | 0.19126 | 0.04307 | 0.1985 | 0.19852 |
corrup | 0.21138 | 0.31604 | 0.32176 | 0.32793 | 0.3144 | 0.07418 | 0.13307 | 0.2664 | 0.09919 | 0.09675 | 0.07918 | 0.08803 | 0.08651 | 0.1514 | 0.10342 | 0.07344 | 0.07227 | 0.08006 | 0.32793 | 0.07502 | 0.31527 | 0.11294 | 0.31654 | 0.06893 | 0.32788 | 0.32793 |
soviet | 0.11993 | 0.18106 | 0.18467 | 0.18897 | 0.17754 | 0.04385 | 0.10568 | 0.15294 | 0.05425 | 0.05211 | 0.04273 | 0.05054 | 0.04744 | 0.06721 | 0.04983 | 0.04318 | 0.04165 | 0.04553 | 0.07502 | 0.18897 | 0.18284 | 0.05789 | 0.18234 | 0.0405 | 0.18893 | 0.18897 |
contig | 0.54489 | 0.90408 | 0.93183 | 0.95497 | 0.90289 | 0.18412 | 0.54418 | 0.75628 | 0.23642 | 0.2298 | 0.17735 | 0.21506 | 0.19645 | 0.28506 | 0.20776 | 0.17943 | 0.17315 | 0.19132 | 0.31527 | 0.18284 | 0.95497 | 0.30601 | 0.91033 | 0.16987 | 0.95483 | 0.95497 |
eu | 0.17592 | 0.2859 | 0.30362 | 0.3121 | 0.29282 | 0.06674 | 0.18801 | 0.21631 | 0.08262 | 0.0818 | 0.06574 | 0.07747 | 0.0719 | 0.10198 | 0.07496 | 0.06535 | 0.06186 | 0.0683 | 0.11294 | 0.05789 | 0.30601 | 0.3121 | 0.27292 | 0.05853 | 0.31196 | 0.3121 |
eu_fta | 0.56459 | 0.9071 | 0.93307 | 0.95497 | 0.90801 | 0.18406 | 0.54325 | 0.75616 | 0.23678 | 0.2304 | 0.17684 | 0.21543 | 0.19703 | 0.28568 | 0.20782 | 0.17992 | 0.17375 | 0.19126 | 0.31654 | 0.18234 | 0.91033 | 0.27292 | 0.95497 | 0.16952 | 0.95492 | 0.95497 |
euro_z | 0.11101 | 0.16857 | 0.17217 | 0.17588 | 0.16845 | 0.04301 | 0.10012 | 0.14281 | 0.05078 | 0.04943 | 0.04144 | 0.04896 | 0.04438 | 0.06142 | 0.04835 | 0.0417 | 0.03917 | 0.04307 | 0.06893 | 0.0405 | 0.16987 | 0.05853 | 0.16952 | 0.17588 | 0.17584 | 0.17588 |
efta | 0.58614 | 0.94591 | 0.97661 | 0.99986 | 0.94722 | 0.19108 | 0.57393 | 0.78012 | 0.2461 | 0.23905 | 0.18384 | 0.22403 | 0.20438 | 0.29659 | 0.21624 | 0.18652 | 0.18 | 0.1985 | 0.32788 | 0.18893 | 0.95483 | 0.31196 | 0.95492 | 0.17584 | 0.99986 | 0.99986 |
offshore | 0.58619 | 0.94605 | 0.97675 | 1 | 0.94733 | 0.19112 | 0.57401 | 0.78022 | 0.24613 | 0.23908 | 0.18385 | 0.22407 | 0.20441 | 0.29662 | 0.21627 | 0.18653 | 0.18002 | 0.19852 | 0.32793 | 0.18897 | 0.95497 | 0.3121 | 0.95497 | 0.17588 | 0.99986 | 1 |
gdp_diff | hc_diff | gdp_sum | distance | k_diff | ic_ltu | tc_ltu | tf_home | urb_pop | total_pop | tax | open | KOF | stab | voice | gov | regq | law | corrup | soviet | contig | eu | eu_fta | euro_z | efta | offshore | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
gdp_diff | 0.15023 | 0.15023 | 0.15023 | 0.15023 | 0.14458 | 0.02078 | 0.01785 | 0.15023 | 0.02307 | 0.02326 | 0.02305 | 0.02 | 0.0228 | 0.01606 | 0.02234 | 0.02123 | 0.01779 | 0.02234 | 0.02474 | 0.15002 | 0.13717 | 0.15023 | 0.03177 | 0.03158 | 0.13721 | 0.15023 |
hc_diff | 0.15023 | 1 | 1 | 1 | 0.94212 | 0.1209 | 0.10104 | 1 | 0.1285 | 0.12987 | 0.12898 | 0.11512 | 0.13086 | 0.08617 | 0.12081 | 0.12148 | 0.10158 | 0.12605 | 0.13706 | 0.99799 | 0.9014 | 0.99999 | 0.17239 | 0.17304 | 0.92337 | 1 |
gdp_sum | 0.15023 | 1 | 1 | 1 | 0.94212 | 0.1209 | 0.10104 | 1 | 0.1285 | 0.12987 | 0.12898 | 0.11512 | 0.13086 | 0.08617 | 0.12081 | 0.12148 | 0.10158 | 0.12605 | 0.13706 | 0.99799 | 0.9014 | 0.99999 | 0.17239 | 0.17304 | 0.92337 | 1 |
distance | 0.15023 | 1 | 1 | 1 | 0.94212 | 0.1209 | 0.10104 | 1 | 0.1285 | 0.12987 | 0.12898 | 0.11512 | 0.13086 | 0.08617 | 0.12081 | 0.12148 | 0.10158 | 0.12605 | 0.13706 | 0.99799 | 0.9014 | 0.99999 | 0.17239 | 0.17304 | 0.92337 | 1 |
k_diff | 0.14458 | 0.94212 | 0.94212 | 0.94212 | 0.94212 | 0.11515 | 0.0963 | 0.94212 | 0.12241 | 0.12356 | 0.12314 | 0.10961 | 0.12468 | 0.08253 | 0.11578 | 0.1154 | 0.09712 | 0.11937 | 0.13099 | 0.94012 | 0.87986 | 0.94211 | 0.16811 | 0.16473 | 0.86612 | 0.94212 |
ic_ltu | 0.02078 | 0.1209 | 0.1209 | 0.1209 | 0.11515 | 0.1209 | 0.01253 | 0.1209 | 0.01417 | 0.01409 | 0.01378 | 0.01295 | 0.01475 | 0.01212 | 0.01579 | 0.0155 | 0.01281 | 0.01398 | 0.01522 | 0.12062 | 0.11078 | 0.1209 | 0.02192 | 0.02246 | 0.11203 | 0.1209 |
tc_ltu | 0.01785 | 0.10104 | 0.10104 | 0.10104 | 0.0963 | 0.01253 | 0.10104 | 0.10104 | 0.01325 | 0.01346 | 0.01293 | 0.01223 | 0.01304 | 0.01059 | 0.01493 | 0.01381 | 0.01154 | 0.01298 | 0.0151 | 0.1009 | 0.0932 | 0.10103 | 0.01913 | 0.02212 | 0.09348 | 0.10104 |
tf_home | 0.15023 | 1 | 1 | 1 | 0.94212 | 0.1209 | 0.10104 | 1 | 0.1285 | 0.12987 | 0.12898 | 0.11512 | 0.13086 | 0.08617 | 0.12081 | 0.12148 | 0.10158 | 0.12605 | 0.13706 | 0.99799 | 0.9014 | 0.99999 | 0.17239 | 0.17304 | 0.92337 | 1 |
urb_pop | 0.02307 | 0.1285 | 0.1285 | 0.1285 | 0.12241 | 0.01417 | 0.01325 | 0.1285 | 0.1285 | 0.01339 | 0.01394 | 0.01373 | 0.01303 | 0.0128 | 0.01472 | 0.01532 | 0.01318 | 0.01366 | 0.01548 | 0.1283 | 0.11863 | 0.1285 | 0.0244 | 0.0281 | 0.11862 | 0.1285 |
total_pop | 0.02326 | 0.12987 | 0.12987 | 0.12987 | 0.12356 | 0.01409 | 0.01346 | 0.12987 | 0.01339 | 0.12987 | 0.01436 | 0.01363 | 0.01336 | 0.01306 | 0.01451 | 0.01479 | 0.01295 | 0.01366 | 0.01473 | 0.12954 | 0.11935 | 0.12987 | 0.02441 | 0.02888 | 0.12023 | 0.12987 |
tax | 0.02305 | 0.12898 | 0.12898 | 0.12898 | 0.12314 | 0.01378 | 0.01293 | 0.12898 | 0.01394 | 0.01436 | 0.12898 | 0.01348 | 0.01499 | 0.0131 | 0.01644 | 0.01923 | 0.01456 | 0.01603 | 0.01556 | 0.12878 | 0.11831 | 0.12898 | 0.02372 | 0.02414 | 0.11941 | 0.12898 |
open | 0.02 | 0.11512 | 0.11512 | 0.11512 | 0.10961 | 0.01295 | 0.01223 | 0.11512 | 0.01373 | 0.01363 | 0.01348 | 0.11512 | 0.01346 | 0.0117 | 0.01614 | 0.01666 | 0.01305 | 0.01423 | 0.0165 | 0.11492 | 0.1057 | 0.11512 | 0.02225 | 0.02358 | 0.10658 | 0.11512 |
KOF | 0.0228 | 0.13086 | 0.13086 | 0.13086 | 0.12468 | 0.01475 | 0.01304 | 0.13086 | 0.01303 | 0.01336 | 0.01499 | 0.01346 | 0.13086 | 0.01294 | 0.01484 | 0.01443 | 0.0125 | 0.01343 | 0.01555 | 0.13066 | 0.12008 | 0.13086 | 0.02412 | 0.02865 | 0.12077 | 0.13086 |
stab | 0.01606 | 0.08617 | 0.08617 | 0.08617 | 0.08253 | 0.01212 | 0.01059 | 0.08617 | 0.0128 | 0.01306 | 0.0131 | 0.0117 | 0.01294 | 0.08617 | 0.01268 | 0.01273 | 0.01003 | 0.01228 | 0.01442 | 0.08604 | 0.07985 | 0.08617 | 0.01785 | 0.0186 | 0.07908 | 0.08617 |
voice | 0.02234 | 0.12081 | 0.12081 | 0.12081 | 0.11578 | 0.01579 | 0.01493 | 0.12081 | 0.01472 | 0.01451 | 0.01644 | 0.01614 | 0.01484 | 0.01268 | 0.12081 | 0.01358 | 0.01258 | 0.01379 | 0.01448 | 0.1206 | 0.11172 | 0.12081 | 0.02327 | 0.02834 | 0.11146 | 0.12081 |
gov | 0.02123 | 0.12148 | 0.12148 | 0.12148 | 0.1154 | 0.0155 | 0.01381 | 0.12148 | 0.01532 | 0.01479 | 0.01923 | 0.01666 | 0.01443 | 0.01273 | 0.01358 | 0.12148 | 0.01262 | 0.01457 | 0.01581 | 0.12129 | 0.11174 | 0.12147 | 0.02357 | 0.03211 | 0.11213 | 0.12148 |
regq | 0.01779 | 0.10158 | 0.10158 | 0.10158 | 0.09712 | 0.01281 | 0.01154 | 0.10158 | 0.01318 | 0.01295 | 0.01456 | 0.01305 | 0.0125 | 0.01003 | 0.01258 | 0.01262 | 0.10158 | 0.01262 | 0.0147 | 0.1014 | 0.09375 | 0.10157 | 0.01935 | 0.02086 | 0.09396 | 0.10158 |
law | 0.02234 | 0.12605 | 0.12605 | 0.12605 | 0.11937 | 0.01398 | 0.01298 | 0.12605 | 0.01366 | 0.01366 | 0.01603 | 0.01423 | 0.01343 | 0.01228 | 0.01379 | 0.01457 | 0.01262 | 0.12605 | 0.0153 | 0.12584 | 0.1152 | 0.12605 | 0.02383 | 0.02899 | 0.11675 | 0.12605 |
corrup | 0.02474 | 0.13706 | 0.13706 | 0.13706 | 0.13099 | 0.01522 | 0.0151 | 0.13706 | 0.01548 | 0.01473 | 0.01556 | 0.0165 | 0.01555 | 0.01442 | 0.01448 | 0.01581 | 0.0147 | 0.0153 | 0.13706 | 0.13682 | 0.12578 | 0.13706 | 0.02663 | 0.02978 | 0.12651 | 0.13706 |
soviet | 0.15002 | 0.99799 | 0.99799 | 0.99799 | 0.94012 | 0.12062 | 0.1009 | 0.99799 | 0.1283 | 0.12954 | 0.12878 | 0.11492 | 0.13066 | 0.08604 | 0.1206 | 0.12129 | 0.1014 | 0.12584 | 0.13682 | 0.99799 | 0.8994 | 0.99799 | 0.17223 | 0.17272 | 0.92139 | 0.99799 |
contig | 0.13717 | 0.9014 | 0.9014 | 0.9014 | 0.87986 | 0.11078 | 0.0932 | 0.9014 | 0.11863 | 0.11935 | 0.11831 | 0.1057 | 0.12008 | 0.07985 | 0.11172 | 0.11174 | 0.09375 | 0.1152 | 0.12578 | 0.8994 | 0.9014 | 0.90139 | 0.16355 | 0.16062 | 0.82739 | 0.9014 |
eu | 0.15023 | 0.99999 | 0.99999 | 0.99999 | 0.94211 | 0.1209 | 0.10103 | 0.99999 | 0.1285 | 0.12987 | 0.12898 | 0.11512 | 0.13086 | 0.08617 | 0.12081 | 0.12147 | 0.10157 | 0.12605 | 0.13706 | 0.99799 | 0.90139 | 0.99999 | 0.17238 | 0.17303 | 0.92336 | 0.99999 |
eu_fta | 0.03177 | 0.17239 | 0.17239 | 0.17239 | 0.16811 | 0.02192 | 0.01913 | 0.17239 | 0.0244 | 0.02441 | 0.02372 | 0.02225 | 0.02412 | 0.01785 | 0.02327 | 0.02357 | 0.01935 | 0.02383 | 0.02663 | 0.17223 | 0.16355 | 0.17238 | 0.17239 | 0.03207 | 0.09746 | 0.17239 |
euro_z | 0.03158 | 0.17304 | 0.17304 | 0.17304 | 0.16473 | 0.02246 | 0.02212 | 0.17304 | 0.0281 | 0.02888 | 0.02414 | 0.02358 | 0.02865 | 0.0186 | 0.02834 | 0.03211 | 0.02086 | 0.02899 | 0.02978 | 0.17272 | 0.16062 | 0.17303 | 0.03207 | 0.17304 | 0.16197 | 0.17304 |
efta | 0.13721 | 0.92337 | 0.92337 | 0.92337 | 0.86612 | 0.11203 | 0.09348 | 0.92337 | 0.11862 | 0.12023 | 0.11941 | 0.10658 | 0.12077 | 0.07908 | 0.11146 | 0.11213 | 0.09396 | 0.11675 | 0.12651 | 0.92139 | 0.82739 | 0.92336 | 0.09746 | 0.16197 | 0.92337 | 0.92337 |
offshore | 0.15023 | 1 | 1 | 1 | 0.94212 | 0.1209 | 0.10104 | 1 | 0.1285 | 0.12987 | 0.12898 | 0.11512 | 0.13086 | 0.08617 | 0.12081 | 0.12148 | 0.10158 | 0.12605 | 0.13706 | 0.99799 | 0.9014 | 0.99999 | 0.17239 | 0.17304 | 0.92337 | 1 |
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Cieślik, A.; Gurshev, O. Factor Endowments, Economic Integration, Round-Tripping, and Inward FDI: Evidence from the Baltic Economies. J. Risk Financial Manag. 2021, 14, 348. https://doi.org/10.3390/jrfm14080348
Cieślik A, Gurshev O. Factor Endowments, Economic Integration, Round-Tripping, and Inward FDI: Evidence from the Baltic Economies. Journal of Risk and Financial Management. 2021; 14(8):348. https://doi.org/10.3390/jrfm14080348
Chicago/Turabian StyleCieślik, Andrzej, and Oleg Gurshev. 2021. "Factor Endowments, Economic Integration, Round-Tripping, and Inward FDI: Evidence from the Baltic Economies" Journal of Risk and Financial Management 14, no. 8: 348. https://doi.org/10.3390/jrfm14080348
APA StyleCieślik, A., & Gurshev, O. (2021). Factor Endowments, Economic Integration, Round-Tripping, and Inward FDI: Evidence from the Baltic Economies. Journal of Risk and Financial Management, 14(8), 348. https://doi.org/10.3390/jrfm14080348