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The Diffusion of Innovations in Central and Eastern Europe: A Study of the Determinants and Impact of Foreign Direct Investment

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Author Info
Dawn Holland ()
Nigel Pain

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Abstract

Foreign direct investment (FDI) is widely thought to be an important channel for the introduction of new ideas, technologies and standards to the transition economies in Central and Eastern Europe. This paper contains a panel data analysis of the factors affecting aggregate inflows of FDI in the ten accession economies plus Croatia over the five year period from 1992 to 1996. Our results indicate that the method of privatisation, the extent of trade linkages with the advanced economies and proximity to the EU have significant effects on the level of investment. We also detect a role for risk and relative labour costs in the host economies, suggesting a degree of competition to attract inward investment. We augment these results with a separate panel data analysis of the factors affecting technical progress in eight Eastern European economies over the same period. This suggests that spillovers from the stock of inward investment and international trade both have a positive impact on productivity in the transition economies, with the beneficial effects of FDI being higher in the more market-orientated economies.

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Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 137.

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Date of creation: Jun 1998
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Handle: RePEc:nsr:niesrd:137

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  1. Kai Carstensen & Farid Toubal, 2003. "Foreign Direct Investment in Central and Eastern European Countries: A Dynamic Panel Analysis," Kiel Working Papers 1143, Kiel Institute for the World Economy. [Downloadable!]
    Other versions:
  2. Katerina Smidkova & Ales Bulir, 2004. "Would Fast Sailing Towards the Euro Be Smooth?: What Fundamental Real Exchange Rates Tell Us About Acceding Economies," Macroeconomics 0408002, EconWPA. [Downloadable!]
    Other versions:
  3. Olga Arratibel & Reiner Martin & Davide Furceri, 2008. "Real convergence in Central and Eastern European EU member states - which role for exchange rate volatility?," Working Paper Series 929, European Central Bank. [Downloadable!]
  4. Carlo Altomonte & Enrico Pennings, 2004. "The Hazard Rate of Foreign Direct Investment: A Structural Estimation of a Real Option Model," Working Papers 259, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
    Other versions:
  5. Merita Zulfiu, . "Determinants of Foreign Direct Investment in Transition Economies: With particular Reference to Macedonia's Performance," FIW Working Paper series 019, FIW. [Downloadable!]
  6. Petr Kral, 2004. "Identification and Measurement of Relationships Concerning Inflow of FDI: The Case of the Czech Republic," Working Papers 2004/05, Czech National Bank, Research Department. [Downloadable!]
  7. Juan Piñeiro Chousa, & Krishna Chaitanya, & Bitzenis P. Aristidis & Artur Tamazian, 2008. "Determinants Of Barries To Quality Of Direct Foreign Investments – Evidences From South & East Asian Economies," William Davidson Institute Working Papers Series wp910, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  8. Jaap Bos & Mindel van de Laar, 2004. "Explaining Foreign Direct Investment in Central and Eastern Europe: an Extended Gravity Approach," DNB Working Papers 008, Netherlands Central Bank, Research Department. [Downloadable!]
    Other versions:
  9. Fragkiskos Filippaios & Constantina Kottaridi, 2008. "Complements or Substitutes? New Theoretical Considerations and Empirical Evidence on the Imports and FDI Relationship," Working Papers 0026, University of Peloponnese, Department of Economics. [Downloadable!]
  10. Aleksandra Riedl, 2008. "Contrasting the dynamic patterns of manufacturing and service FDI: Evidence from transition economies," Department of Economics Working Papers wuwp117, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
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