. - Szanyi, M. (2009): The Concentric-Circle Model of FDI Spillover Effects: Estimation Using Hungarian PanelData. IER Discussion Paper A521, Institute of Economic Research, Hitotsubashi University.
-country or paneldata and made use of GDP as the dependent variable. The selection of variables for this study took these empirical studies into consideration; however, our final model is based on the objectives of this study and the availability of data. We
endogeneity bias since the unobserved panel-level effects can be correlated with the lags of the dependent variable. One can use the dynamic paneldata system estimator developed by Arellano-Bover/Blundell-Bond, using GMM estimation on first differenced
, even though the method is quite limited in capturing longer-term effects. Our model is based on Falagiarda and Reitz (2015) . These authors employed a similar set of paneldata to examine the impact of the ECBs quantitative easing programs. They