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Italian FDI and Exports at Sectoral Level: Substitutes or Complements?

Abstract In this contribution we investigate upon the impact of the stocks of Italian outward FDI (in terms of employees of Italian foreign affiliates in the host markets and of the number of Italian foreign affiliates) on trade (national exports and imports). We employ a sector gravity analysis of Italian trade and FDI with the main partners to estimate a conditional correlation between domestic exports and foreign investment. To such a purpose we carry out a sectoral level analysis by aggregating data at firm level that allows a detailed analysis of the Italian FDI (ICE-Reprint). The sectoral panel we build on the basis of this firm level dataset includes 68 Italian host markets and 16 sectors during the 2001–2003 period. Our results do not confirm a substitution relationship of firm performances in terms of exports with respect to productive takeovers and employment in affiliates abroad.