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FDI in the post-EU accession Baltic Sea Region: A global or a regional concern?

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  • H. Richard Nakamura

    ()
    (Centre for Baltic and East European Studies (CBEES), Södertörn University)

  • Mikael Olsson

    (Centre for Baltic and East European Studies (CBEES), Södertörn University)

  • Mikael Lönnborg

    (Centre for Baltic and East European Studies (CBEES), Södertörn University)

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    Abstract

    This paper investigates the dynamics of FDIs in the Baltic Sea Region (BSR) by applying the Poisson Pseudo-Maximum Likelihood estimation method on a gravity model. In particular, we analyze the influence of macro and spatial factors on investment stock changes and discuss whether the origin of these investments and the 2004 EU enlargement have had any effects on BSR FDIs. Our results suggest that EU enlargement has been significant for FDI activity in the region, and that FDI is basically a regional issue as it tends to be bilateral within the region. However, the same results also suggest that geographic distance is not a significant factor. We conclude that while being traditional in nature, the BSR FDI pattern is undergoing changes towards a lesser degree of geographic bias.

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    Bibliographic Info

    Article provided by Baltic International Centre for Economic Policy Studies in its journal Baltic Journal of Economics.

    Volume (Year): 12 (2012)
    Issue (Month): 2 (December)
    Pages: 89-108

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    Handle: RePEc:bic:journl:v:12:y:2012:i:2:p:89-108

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    Related research

    Keywords: Baltic Sea Region; FDI; trade; gravity model; poisson pseudo-maximum likelihood method.;

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    References

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    1. Edward Christie, 2003. "Foreign Direct Investment in Southeast Europe," wiiw Working Papers 24, The Vienna Institute for International Economic Studies, wiiw.
    2. Joao Santos Silva & Silvana Tenreyro, 2005. "The log of gravity," LSE Research Online Documents on Economics 3744, London School of Economics and Political Science, LSE Library.
    3. Tiiu Paas & Egle Tafenau, 2005. "Regional Trade Clusters in Promoting Eastward Enlargement of European Union," Transition Studies Review, Springer, vol. 12(1), pages 77-90, 07.
    4. Marchant, Mary A. & Peng, Xuehua, 2004. "Prospects For China'S Agricultural Fdi Inflows: A Gravity Model Approach," 2004 Annual Meeting, February 14-18, 2004, Tulsa, Oklahoma 34656, Southern Agricultural Economics Association.
    5. Robert E. Lipsey, 2006. "Measuring the Impacts of FDI in Central and Eastern Europe," NBER Working Papers 12808, National Bureau of Economic Research, Inc.
    6. Peter J Buckley & L Jeremy Clegg & Adam R Cross & Xin Liu & Hinrich Voss & Ping Zheng, 2007. "The determinants of Chinese outward foreign direct investment," Journal of International Business Studies, Palgrave Macmillan, vol. 38(4), pages 499-518, July.
    7. Blomström, Magnus & Kokko, Ari, 2003. "The Economics of Foreign Direct Investment Incentives," EIJS Working Paper Series 168, The European Institute of Japanese Studies.
    8. Ana Paula Africano & Manuela Magalhaes, 2005. "FDI and Trade in Portugal: a gravity analysis," FEP Working Papers 174, Universidade do Porto, Faculdade de Economia do Porto.
    9. Jaya Prakash Pradhan, 2004. "The determinants of outward foreign direct investment: a firm-level analysis of Indian manufacturing," Oxford Development Studies, Taylor & Francis Journals, vol. 32(4), pages 619-639.
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