Patterns of International Investment in Spain, 1850–2005

International capital fl ows are strongly infl uenced by countryspecifi c patterns that can be best understood in historical and comparative perspective. A long-term empirical analysis of French and German investment in Spain reveals that the core capabilities of foreign fi rms and their relations with local partners have spurred the rise and development of two national models of international investment, characterized here as “political” and “technical.” The research identifi es the main actors and the ownership advantages of the two models that have proved to be so resilient over time.