SOVEREIGN RISK, FDI SPILLOVERS, AND ECONOMIC GROWTH* Lilia Maliar, Serguei Maliar and Fidel Pérez** WP-AD 2005-27 Corresponding author: L. Maliar. Departamento de Fundamentos del Análisis Económico, Universidad de Alicante, Campus San Vicente del Raspeig, Ap. Correos 99, 03080 Alicante, Spain. E-mail: maliarl@merlin.fae.ua.es. Editor: Instituto Valenciano de Investigaciones Económicas, S.A. Primera Edición Septiembre 2005 Depósito Legal: V-3790-2005 IVIE working papers offer in advance the results of economic research under way in order to encourage a discussion process before sending them to scientific journals for their final publication. * This research was partially supported by the Instituto Valenciano de Investigaciones Económicas and the Ministerio de Ciencia y Tecnología de España, BEC 2001-0535 and BEC2001-0980. Any errors are the sole responsibility of the authors. ** University of Alicante.