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Determinants of Foreign Direct Investment in Transition Economies: With particular Reference to Macedonia's Performance

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Author Info
Merita Zulfiu
Abstract

Using a panel dataset of bilateral flows of foreign direct investment (FDI), we study the determinants of FDI in transition economies, with particular reference to Macedonia?s performance. As many transition countries, Macedonia has a low FDI potential and performance. The empirical work confirms the expectation of the positive feedback effect of past FDI onto current FDI. We do not have enough large dataset to say that all other variables, such as the GDP of the host and source country, unit labour cost, trade, inflation, legal environment, distance, and dummy variables capturing the language, common border and colonizing effect, do not have an effect on FDI stocks. Our suggestion is that all the econometric findings on the determinants of FDI in transition economies using small dataset and static models should be accepted only with caution.

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Paper provided by FIW in its series FIW Working Paper series with number 019.

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Handle: RePEc:wsr:wpaper:y:2008:i:019

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Keywords: Foreign Direct Investments; Transition Countries; Gravity Model; Panel Data Estimation;

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  1. John H Dunning, 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 19(1), pages 1-31, March. [Downloadable!] (restricted)
  2. Ronald S. Saunders, 1982. "The Determinants of Interindustry Variation of Foreign Ownership in Canadian Manufacturing," Canadian Journal of Economics, Canadian Economics Association, vol. 15(1), pages 77-84, February. [Downloadable!] (restricted)
  3. Pietro Garibaldi & Nada Mora & Ratna Sahay & Jeromin Zettelmeyer, 2001. "What Moves Capital to Transition Economies?," IMF Staff Papers, Palgrave Macmillan Journals, vol. 48(4), pages 6. [Downloadable!] (restricted)
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  4. Peter J Buckley & Mark C Casson, 1998. "Analyzing Foreign Market Entry Strategies: Extending the Internalization Approach," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 29(3), pages 539-561, September. [Downloadable!] (restricted)
  5. Dawn Holland & Nigel Pain, 1998. "The Diffusion of Innovations in Central and Eastern Europe: A Study of the Determinants and Impact of Foreign Direct Investment," NIESR Discussion Papers 137, National Institute of Economic and Social Research. [Downloadable!]
  6. Rugman, Alan M, 1986. "New Theories of the Multinational Enterprise: An Assessment of Internalization Theory," Bulletin of Economic Research, Blackwell Publishing, vol. 38(2), pages 101-18, May.
  7. Jason G. Cummins & R. Glenn Hubbard, 1994. "The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data," NBER Working Papers 4703, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 451-71, June. [Downloadable!] (restricted)
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