To test our first set of hypotheses (1-1.5) related to regional integration and the effect of accession on FDI flows, we restrict our sample to only those countries that joined either ANZCERTA, the EU or NAFTA in our sample period and we utilize an indicator variable: RIA.
NAFTA takes on a value of one if the host country is one of the NAFTA member countries, ANZCERTA takes on a value of one if the host country is one of the ANZCERTA member countries and EU 1992 takes on a value of one if the host country is one of the EU member countries and the time period is 1992 or thereafter.7
However, in the full sample, being a member of NAFTA or ANZCERTA, did not lead to additional FDI inflows; in fact, compared to the other nations, NAFTA members appeared to have received less FDI.
While we find the EU, NAFTA, and ANZCERTA to be particularly apt in capturing the 'home region' criteria insofar as the regionalization/globalization debate is concerned (see, for example, Fratianni and Oh 2009), clearly other RIAs should also be tested to see whether similar results obtain.
ANZCERTA: The Australia New Zealand Closer Economic Relations Trade Agreement came into effect January 1, 1983.
Scholars have explored the surprising effectiveness of ANZCERTA's thin institutional framework and criticized the arbitration procedure of MERCOSUR for being less legalistic than the aims of the treaty require.
(8.) For example, Kahler notes the effectiveness of the Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) in the absence of formal governance structures.
(11.) Diverse examples include the 1969 Southern African Customs Union; the 1983 ANZCERTA; and the 1992 Central European Free Trade Agreement.
(65.) On ANZCERTA, see Kahler 1995, 110-11; for MERCOSUR, see O'Neal Taylor 1996, 870.
Sin embargo, casos como el del ANZCERTA
demuestran que en algunos casos un ACP puede ayudar a que el sector empresarial sintonice con la necesidad de ajustarse a un contexto de liberalizacion comercial y, de este modo, abrir el camino para una posterior liberalizacion NMF amplia, realizada unilateralmente en los casos de Australia y Nueva Zelandia.