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35 J. Common Mkt. Stud. 1 (1997)

handle is hein.journals/jcmks35 and id is 1 raw text is: Journal of Common Market Studies Vol. 35, No. 1 March 1997 The European Internal Market Programme and Inbound Foreign Direct Investment* JOHN H. DUNNING Graduate School of Management, Rutgers University, University Heights, 180 University Avenue, Newark, New Jersey 07102-1895, USA PART I I. Introduction: European Integration Prior to 1985 During the late 1960s and 1970s, there were several scholarly attempts to assess the impact of the European Common Market (ECM) - the first phase of economic integration within the European Community (EC)l - on foreign direct investment (fdi), both between Member States and from countries outside the EC to countries within it.2 Most of these studies were longitudinal and used time series, rather than cross-sectional, statistics. Although their results were sensi- tive to the data and the econometric models chosen,3 all supported the proposi- tion that, while the removal of intra-EC tariffs, and the establishment of a common external tariff, increased both intra- and extra-EC fdi - and sometimes * This is the first part of a two-part article. The second part will appear in the next (i.e. June 1997) issue of the Journal of Common Market Studies 'Now called the European Union (EU). However, as most of the analysis contained in this article predates the formation of the European Union, we shall use the expression European Community (EC) throughout. 2 For a review of these studies, see UN (1993a). Some, for example, compared fdi in the EC with that in non-EC countries in Western Europe; others compared fdi flows in the pre-EC period with those in the post-EC period, and attempted to explain the differences with respect to a number of explanatory variables, including a proxy for the ECM. @ Blackwell Publishers Ltd 1997, 108 Cowley Road, Oxford OX4 1JF, UK and 350 Main Street, Malden, MA 02148, USA

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