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Determinants of foreign direct investment in Macedonia. Evidence from time series 1994 – 2008

In: Proceedings of FIKUSZ '09

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  • Bardhyl DAUTI

    ()
    (State University of Tetova, Faculty of Economy, Economics Department)

Abstract

Foreign Direct Investment has been considered as one of the main factors underlying the relative growth rates experienced by the Macedonian Economy. The raising trend of FDI inflow made possible the deep liberalization and transformation of an economy, thus increasing the degree of openness and integration of Macedonian economy into the world markets. In addition, the Macedonian attitude toward European Union (EU) membership has involved a new boost in FDI that would reflect the favorable prospects for the country’s economic future faced with the challenges of the Single European Market. Despite the crucial role played by FDI in the Macedonian economy, the available empirical evidence is rather scant, being in general of a descriptive nature. The aim of this paper is to provide some more robust evidence on the tested hypothesis related allocation over time of gross aggregate FDI inflows in the Macedonian economy. For this purpose, using quarterly data for the period 1994 – 2008 we employed cointegration analysis. This paper applies dynamic econometric methodology empirically to investigate the determinants affecting foreign direct investment (FDI) inflow in Macedonia

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This chapter was published in: László Áron Kóczy (ed.) Proceedings of FIKUSZ '09, , pages 41-55, 2009.

This item is provided by Óbuda University, Keleti Faculty of Business and Management in its series Proceedings of FIKUSZ '09 with number 41-55.

Handle: RePEc:pkk:sfyr09:41-55

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Keywords: Foreign Direct Investment; Macedonia; Error Correction Model; Cointegration Analysis.;

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