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Globalization has affected the integration of markets through many different channels, including movements of factors and trade in goods. From a theoretical point of view, the interaction between the different channels of integration can take different forms. The aim of this paper is to analyze the interaction between different channels of integration empirically. More specifically, we use state-level German data to answer the question whether and how migration and FDI decisions and thus integration of labor and capital markets are linked. Our findings suggest that FDI and migration have similar determinants. Moreover, there is substantial evidence that factors cluster. *This paper has partly been written while the authors visited the Research Centre of the Deutsche Bundesbank and the National Bureau of Economic Research (NBER). The hospitality of the Bundesbank and of the NBER as well as access to the Bundesbank's micro-database "International Capital Links" are gratefully acknowledged. The authors would like to thank Eckhardt Bode, Jörg Breitung, Jörg Döpke, Kai Carstensen, Alexander Lipponer, Howard Shatz, Harald Stahl, Beatrix Stejskal-Passler, and seminar participants at the Kiel Institute for World Economics and at the Annual Meetings of the Western Economic Association 2003 in Denver for most helpful discussions. Roland Bodenstein, Marco Oestmann and Anne Richter have provided efficient research assistance. All errors and inaccuracies are solely in our own responsibility.

Where Enterprises Lead, People Follow? Links Between Migration and German FDI