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The Determinants and Macroeconomic Impacts of Foreign Direct Investment in Transition Economies

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  • Iwasaki, Ichiro
  • 岩﨑, 一郎
  • Tokunaga, Masahiro

Abstract

In this paper, we perform a meta-analysis of foreign direct investment in transition economies. The first part examines how transition-specific factors affect FDI in CEE and FSU countries. The latter part explores how large is the impact of FDI on macroeconomic growth in the region. The results of meta-analysis revealed that empirical results reported in previous studies present the close relationship between the progress in transition to a market economy and FDI and a positive effect of FDI on macroeconomic growth in the literature as a whole; this suggests that, in transition economies, the success of transformation towards a marketoriented system and foreign capital flow has created a kind of virtuous cycle.

Suggested Citation

  • Iwasaki, Ichiro & 岩﨑, 一郎 & Tokunaga, Masahiro, 2019. "The Determinants and Macroeconomic Impacts of Foreign Direct Investment in Transition Economies," CEI Working Paper Series 2019-8, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hitcei:2019-8
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    More about this item

    Keywords

    transition economies; foreign direct investment (FDI); determinants of FDI; macroeconomic impacts of FDI; meta-analysis; publication selection bias;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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