Abstract :
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.
