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An assessment of the Estonian investment climate: Results of a survey of foreign investors and policy implications

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  • Ziacik, Terri

    ()
    (BOFIT)

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    Abstract

    Credible economic reform has played a key role in Estonia’s success in attracting significant amounts of foreign direct investment. This paper analyzes two years of data from a survey of foreign investors in Estonia to determine the major motivations to invest and the greatest problems faced by investors. Results indicate that the labour force and market-related factors are the primary motivations for investors coming to Estonia, while bureaucracy, corruption, and labour quality are the greatest problems. Ordered probit analysis of the factor rankings supports previous findings that investor characteristics such as export orientation, mode of entry, or industry can explain factor evaluation for some, but not all, factors. This method can be used by policy makers to identify whether certain types of investors are likely to be affected differently by the host country investment climate.

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    File URL: http://www.suomenpankki.fi/bofit_en/tutkimus/tutkimusjulkaisut/dp/Documents/dp0300.pdf
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    Bibliographic Info

    Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 3/2000.

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    Length: 57 pages
    Date of creation: 02 Mar 2000
    Date of revision:
    Handle: RePEc:hhs:bofitp:2000_003

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    Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
    Phone: + 358 10 831 2268
    Fax: + 358 10 831 2294
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    Web page: http://www.suomenpankki.fi/bofit_en/
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    Keywords: foreign direct investment; transition; Estonia; ordered probit;

    This paper has been announced in the following NEP Reports:

    References

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    1. 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.
    2. Pietro Garibaldi & Nada Mora & Ratna Sahay & Jeromin Zettelmeyer, 2001. "What Moves Capital to Transition Economies?," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 6.
    3. Melanie Lansbury & Nigel Pain & Katerina Smidkova, 1996. "Foreign Direct Investment in Central Europe Since 1990: An Econometric Study," National Institute Economic Review, National Institute of Economic and Social Research, vol. 156(1), pages 104-114, May.
    4. repec:fth:michin:397 is not listed on IDEAS
    5. James R. Markusen & Anthony J. Venables, 1997. "Foreign Direct Investment as a Catalyst for Industrial Development," NBER Working Papers 6241, National Bureau of Economic Research, Inc.
    6. Pavitt, Keith, 1984. "Sectoral patterns of technical change: Towards a taxonomy and a theory," Research Policy, Elsevier, vol. 13(6), pages 343-373, December.
    7. Chakrabarti, A., 1997. "The Distribution of Foreign Direct Investment and the Excluded Economies," Working Papers 397, Research Seminar in International Economics, University of Michigan.
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    Cited by:
    1. Kairi Andresson & Janno Reiljan & Ele Reiljan, 2001. "Attractiveness of Central and Eastern European Countries for Foreign Direct Investment in the Context of European Integration: The Case of Estonia," ERSA conference papers ersa01p35, European Regional Science Association.

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