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

In: Proceedings of FIKUSZ '09

Author

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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

Suggested Citation

  • Bardhyl DAUTI, 2009. "Determinants of foreign direct investment in Macedonia. Evidence from time series 1994 – 2008," Proceedings of FIKUSZ '09,in: László Áron Kóczy (ed.), Proceedings of FIKUSZ '09, pages 41-55 Óbuda University, Keleti Faculty of Business and Management.
  • Handle: RePEc:pkk:sfyr09:41-55
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    File URL: http://uni-obuda.hu/users/vecseya/RePEc/pkk/sfyr09/Dauti_Bardhyl.pdf
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    References listed on IDEAS

    as
    1. Hymer, Stephen, 1970. "The Efficiency (Contradictions) of Multinational Corporations," American Economic Review, American Economic Association, vol. 60(2), pages 441-448, May.
    2. John H. Dunning & Matthew McQueen, 1981. "The eclectic theory of international production: A case study of the international hotel industry," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 2(4), pages 197-210, December.
    3. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    4. John H Dunning, 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(1), pages 1-31, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables

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