IDEAS home Printed from
   My bibliography  Save this paper

Foreign Direct Investment in the Black Sea Area


  • Ioannis Glinavos

    (University of Kent at Canterbury)


The Black Sea is a region of vital interest to the foreign investor. This study examines the six countries that border it (Russia, Ukraine, Georgia, Turkey, Romania, Bulgaria) and presents the financial outlook and the foreign direct investment performance of each state. The main focus is on the analysis of the legislation related to the promotion and protection of investments. This is done with the aim of providing information about the opportunities and pitfalls of doing business in the area. The main conclusion is that the Black Sea presents great opportunities that remain largely unrealized. The reasons for this are mainly administrative barriers and the lack of legal certainty and enforcement.

Suggested Citation

  • Ioannis Glinavos, 2005. "Foreign Direct Investment in the Black Sea Area," Development and Comp Systems 0506007, EconWPA.
  • Handle: RePEc:wpa:wuwpdc:0506007
    Note: Type of Document - pdf; pages: 13. The legal framework for the protection of investment and economic opportunities in the countries bordering the Black Sea

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Joshua D. Angrist & Alan B. Krueger, 2001. "Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 69-85, Fall.
    2. Tether, Bruce S., 2002. "Who co-operates for innovation, and why: An empirical analysis," Research Policy, Elsevier, vol. 31(6), pages 947-967, August.
    3. Röller, Lars-Hendrik & Siebert, Ralph & Tombak, Mihkel, 1997. "Why Firms Form Research Joint Ventures: Theory and Evidence," CEPR Discussion Papers 1654, C.E.P.R. Discussion Papers.
    4. Kamien, Morton I. & Zang, Israel, 2000. "Meet me halfway: research joint ventures and absorptive capacity," International Journal of Industrial Organization, Elsevier, vol. 18(7), pages 995-1012, October.
    5. Lopez, Alberto, 2008. "Determinants of R&D cooperation: Evidence from Spanish manufacturing firms," International Journal of Industrial Organization, Elsevier, vol. 26(1), pages 113-136, January.
    6. Bruno Cassiman & Reinhilde Veugelers, 2002. "R&D Cooperation and Spillovers: Some Empirical Evidence from Belgium," American Economic Review, American Economic Association, vol. 92(4), pages 1169-1184, September.
    7. Veugelers, Reinhilde, 1997. "Internal R & D expenditures and external technology sourcing," Research Policy, Elsevier, vol. 26(3), pages 303-315, October.
    8. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
    9. Kesteloot, Katrien & Veugelers, Reinhilde, 1995. "Stable R&D Cooperation with Spillovers," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 4(4), pages 651-672, Winter.
    10. Kaiser, Ulrich, 2002. "An empirical test of models explaining research expenditures and research cooperation: evidence for the German service sector," International Journal of Industrial Organization, Elsevier, vol. 20(6), pages 747-774, June.
    11. Patrick Greenlee & Bruno Cassiman, 1999. "Product market objectives and the formation of research joint ventures," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(3), pages 115-130.
    12. Frederico Rocha, 1999. "Inter-Firm Technological Cooperation: Effects Of Absorptive Capacity, Firm-Size And Specialization," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 8(3), pages 253-271.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Law; FDI; Russia; Black Sea; Investment; Growth; Development;

    JEL classification:

    • O - Economic Development, Innovation, Technological Change, and Growth
    • P - Economic Systems

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpdc:0506007. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.