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Foreign Investment and Transition in Central/Eastern Europe along the Phase Curve

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Author Info
Valentina HARTARSKA
Henry THOMPSON ()

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Abstract

An empirical neoclassical growth model reveals that foreign investment incrementally contributed to the economic transition of 27 countries in Central and Eastern Europe during the transition period 1989 to 2003. The model departs from the theoretical and applied growth literatures by estimating the phase equation of a partial adjustment model of growth that implicitly includes foreign investment. The pooled estimate reveals an early phase of economic growth that will take generations, aside from a few positive outliers, to approach the status of the developed countries.

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Publisher Info
Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 8 (2008)
Issue (Month): 2 ()
Pages: 67-78
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Handle: RePEc:eaa:aeinde:v:8:y:2008:i:2_6

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Keywords: neoclassical growth; foreign investment; Central Eastern Europe;

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  1. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Aitken, Brian & Harrison, Ann & Lipsey, Robert E., 1996. "Wages and foreign ownership A comparative study of Mexico, Venezuela, and the United States," Journal of International Economics, Elsevier, vol. 40(3-4), pages 345-371, May. [Downloadable!] (restricted)
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  3. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December. [Downloadable!] (restricted)
  4. Hans-Peter Lankes & A. J. Venables, 1996. "Foreign direct investment in economic transition: the changing pattern of investments," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 331-347, October. [Downloadable!] (restricted)
  5. Alan A. Bevan & Saul Estrin, 2000. "The Determinants of Foreign Direct Investment in Transition Economies," William Davidson Institute Working Papers Series 342, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  6. Bevan, Alan & Estrin, Saul, 2000. "The Determinants of Foreign Direct Investment in Transition Economies," CEPR Discussion Papers 2638, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Campos, Nauro F & Kinoshita, Yuko, 2002. "Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Economies," CEPR Discussion Papers 3417, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Robert E. Lipsey, 2000. "The Role of Foreign Direct Investment in International Capital Flows," NBER Working Papers 7094, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May. [Downloadable!] (restricted)
  10. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, 06. [Downloadable!]
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  11. Jozef Konings, 2000. "The Effects of Foreign Direct Investment on Domestic Firms: Evidence from Firm Level Panel Data in Emerging Economies," William Davidson Institute Working Papers Series 344, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  12. Campos, Nauro F & Coricelli, Fabrizio, 2002. "Growth in Transition: What we Know, What we Don't and What we Should," CEPR Discussion Papers 3246, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  13. Zsolt M. Darvas & András Simon, 2000. "Capital Stock and Economic Development in Hungary," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 197-223, March. [Downloadable!] (restricted)
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