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FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies

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  • Vujanović, Nina
  • Stojčić, Nebojša
  • Hashi, Iraj

Abstract

Most studies on foreign direct investment (FDI) are nested within periods of economic prosperity. Our study investigates the impact of FDI spillovers on productivity during the global financial crisis (2006–2014) and the accompanying credit shortage. A dynamic panel analysis of firm-level data from two neighbouring but distinct transition economies, Croatia and Slovenia, reveals that the impact of the crisis may go as far as halting the process of learning through spillovers if firms have difficulties in accessing external funds. The implications of the study may prove particularly beneficial to policy makers grappling with the economic crisis following the COVID-19 pandemic.

Suggested Citation

  • Vujanović, Nina & Stojčić, Nebojša & Hashi, Iraj, 2021. "FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies," Economic Systems, Elsevier, vol. 45(2).
    • Handle: RePEc:eee:ecosys:v:45:y:2021:i:2:s0939362521000133
    DOI: 10.1016/j.ecosys.2021.100865
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    4. Alexandra Bykova & Branimir Jovanović & Olga Pindyuk & Nina Vujanović, 2023. "Monthly Report No. 5/2023 - FDI in Central, East and Southeast Europe," wiiw Monthly Reports 2023-05, The Vienna Institute for International Economic Studies, wiiw.
    5. Nebojša Stojčić & Korneliusz Pylak & Dubravka Jurlina Alibegović, 2022. "The spatial impact of entrepreneurial zones: firm, city and inter-city evidence," Regional Studies, Taylor & Francis Journals, vol. 56(12), pages 2164-2176, December.
    6. Jamiu Olamilekan Badmus & Sodiq Olaide Bisiriyu & Oluwadamilola Samuel Alawode, 2022. "Does COVID-19 shock endanger the flows of FDI in OECD? Empirical evidence based on AMG panel estimator," Future Business Journal, Springer, vol. 8(1), pages 1-14, December.
    7. Nina Vujanović, 2023. "CEFTA: Trade and Growth Patterns Fifteen Years since Establishment," wiiw Research Reports 466, The Vienna Institute for International Economic Studies, wiiw.
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    Keywords

    FDI; Knowledge spillovers; Productivity; Transition economies; Economic crisis;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G01 - Financial Economics - - General - - - Financial Crises

    Statistics

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