- citations in SCIndeks: 0
- citations in CrossRef:0
- citations in Google Scholar:[
 ]
- visits in previous 30 days:19
- full-text downloads in 30 days:8
|
|
|
|
|
|
Determinants of foreign direct investment in Central and Eastern Europe: Panel data analysis results
Determinante direktnih stranih investicija u Centralnoj i Istočnoj Evropi - rezultati panel analize
Abstract
The diffusion of technology and the knowledge spillover that accompanies foreign direct investment have made all countries, especially those in transition, interested in this type of capital inflow. Accordingly, in this paper, we have applied econometric panel models to identify determinants of foreign direct investment in Central and Eastern European countries. Our results indicate that differences in foreign direct investment flow in the analysed countries can, to a large extent, be explained by traditional factors such as the availability of skilled labour force, labour costs, infrastructure quality, and market size. In addition, the quality of institutions, primarily democratic government, an independent judiciary, and the absence of corruption, also significantly influence foreign companies' decisions about where to invest in countries in the region.
Sažetak
Difuzija tehnologije i prelivanje znanja koje prate direktne strane investicije učinile su da sve zemlje, a posebno one u procesu tranzicije, budu zainteresovane za ovaj vid priliva kapitala. Shodno tome, u ovom radu primjenili smo ekonometrijske modele panela kako bi identifikovali determinante direktnih stranih investicija u zemljama Centralne i Istočne Evrope. Naši rezultati ukazuju da razlike u tokovima direktnih stranih investicija u analiziranim zemljama, u velikoj mjeri, mogu da se objasne tradicionalnim faktorima kao što su raspoloživost kvalifikovane radne snage, troškovi rada, kvalitet infrastrukture i veličina tržišta. Dodatno, kvalitet institucija, prije svega demokratska vlada, nezavisno pravosuđe i sudstvo i odsustvo korupcije, takođe značajno utiču na odluke stranih kompanija o tome gdje da investiraju u zemlje regiona.
|
|
|
|
References
|
|
3 
|
Acemoglu, D., Robinson, J.A. (2012) Why Nations Fail: The Origins of Power, Prosperity and Poverty. London: Profile Books
|
|
 
|
Amiti, M., Wakelin, K. (2003) Investment Liberalization and International Trade. Journal of International Economics, 61(1): 101-126
|
|
10
|
Baltagi, B.H. (2005) Econometric Analysis of Panel Data. Chichester: John Wiley & Sons, 3rd ed
|
|
|
Bellak, C., Leibrecht, M., Riedl, A. (2008) Labour Costs and FDI Flows into Central and Eastern European Countries: A Survey of the Literature and Empirical Evidence. Structural Change and Economic Dynamics, 19(1): 17-37
|
|
8
|
Bevan, A.A., Estrin, S. (2004) The Determinants of Foreign Direct Investment into European Transition Economies. Journal of Comparative Economics, 32(4): 775-787
|
|
|
Borensztein, E., de Gregorio, J., Lee, J.-W. (1998) How Does Foreign Direct Investment Affect Economic Growth?. Journal of International Economics, 45(1): 115-135
|
|
2
|
Busse, M., Hefeker, C. (2007) Political Risk, Institutions and Foreign Direct Investment. European Journal of Political Economy, 23(2): 397-415
|
|
|
Carstensen, K., Toubal, F. (2003) Foreign Direct Investment in Central and Eastern European Countries: A Dynamic Panel Analysis. in: Kiel Working Paper, Kiel Institute for World Economics, No. 1143, https://www.econstor.eu/bitstream/10419/17819/1/kap1143.pdf
|
|
|
Dunning, J.H. (2003) Determinants of Foreign Direct Investment: Globalization-Induced Changes and the Role of Policies. in: Tungodden B.; Stern N.; Kolstad I. [ed.] Toward Pro-Poor Policies: Aid, Institutions, and Globalization, Washington: World Bank and Oxford University Press, 279-290
|
|
2
|
Dunning, J.H., Lundan, S.M. (2008) Multinational Enterprises and the Global Economy. Cheltenham: Edward Elgar Publishing, 2nd ed
|
|
2
|
Jovičić, M., Dragutinović-Mitrović, R. (2011) Ekonometrijski metodi i modeli. Beograd: Ekonomski fakultet
|
|
3
|
Lansbury, M., Pain, N., Smidkova, K. (1996) Foreign Direct Investment in Central Europe Since 1990: An Econometric Study. National Institute Economic Review, 156(1): 104-114
|
|
1
|
Markusen, J.R. (2002) Multinational Firms and the Theory of International Trade. Cambridge: MIT Press Mateev
|
|
|
Markusen, J.R., Maskus, K.E. (2001) General-Equilibrium Approaches to the Multinational Firm: A Review of Theory and Evidence. in: NBER Working Paper, Cambridge: National Bureau of Economic Research, No. 8334, https://www.nber.org/system/files/working_papers/w8334/w8334.pdf
|
|
|
Mateev, M. (2009) Determinants of Foreign Direct Investment in Central and South-eastern Europe: New Empirical Tests. Oxford Journal, 8(1): 133-149, http://mateevfinance.com/infoArticle.php?id=215
|
|
|
OECD (2020) Trade Policy Implications of Global Value Chains (Policy Brief). https://www.oecd.org/trade/topics/global-value-chains-and-trade/
|
|
|
Salvatore, D. (2013) International Economics. New Jersey: John Wiley & Sons, 11th ed
|
|
|
Stack, M., Ravishankar, G., Pentecost, E. (2017) Foreign Direct Investment in the Eastern European Countries: Determinants and Performance. Structural Change and Economic Dynamic, 41(C): 86-97
|
|
|
Tintin, C. (2013) The Determinants of Foreign Direct Investment Inflows in the Central and Eastern European Countries: The Importance of Institutions. Communist and Post-Communist Studies, 46(2): 287-298
|
|
|
United Nations Conference on Trade and Development (1998) World Investment Report 1998: Trends and Determinants. New York: United Nations Publication, https://unctad.org/system/files/official-document/wir1998_en.pdf
|
|
1
|
United Nations Conference on Trade and Development (2002) World Investment Report 2002: Transnational Corporations and Export Competitiveness. New York: United Nations Publication, https://unctad.org/system/files/officialdocument/wir2002_en.pdf
|
|
1
|
United Nations Conference on Trade and Development (2009) World Investment Report 2009: Transnational Corporations, Agricultural Production and Development. New York: United Nations Publication, https://unctad.org/system/files/officialdocument/wir2009_en.pdf
|
|
|
|
|