Foreign Direct Investment Inflow Dynamics: The Case of Central and Eastern Europe

• Autorzy: Kunofiwa Tsaurai

Warianty tytułu

Dynamika napływu bezpośrednich inwestycji zagranicznych: przypadek Europy Środkowo-Wschodniej

• Języki publikacji: EN

Abstrakty

EN

This study investigates the dynamics of foreign direct investment (FDI) inflows into Central and Eastern European countries (CEECs) using panel data (1994-2020) analysis methods such as fixed effects, fully modified ordinary least squares (FMOLS) and random effects. Specifically, the study examined what factors could account for the mixed pattern of FDI inflows into CEECs. The mixed results from the existing empirical literature on FDI inflow dynamics triggered the undertaking of this study to contribute to the ongoing debate on the subject. The study notes that infrastructural development, economic growth and domestic investment had a significant positive influence on FDI across all three panel data analysis methods. Other variables that were found to have had a significant positive effect on FDI include (1) complementarity between infrastructural and financial development (fixed effects, random effects), (2) trade openness (fixed effects) and (3) savings (random effects, FMOLS). A significant negative impact of the exchange rate on FDI was observed under the FMOLS. CEECs are therefore urged to implement policies to increase infrastructural development, financial development, trade openness and savings to enhance the inflow of FDI. Future studies should investigate the minimum threshold levels of the explanatory variables of FDI.(original abstract)

Opracowanie przedstawia wyniki badania dynamiki napływu bezpośrednich inwestycji zagranicznych (BIZ) do krajów Europy Środkowo-Wschodniej (CEEC) z wykorzystaniem metod analizy danych panelowych (1994-2020), takich jak metoda efektów stałych, w pełni zmodyfikowana metoda najmniejszych kwadratów (FMOLS) i metoda efektów losowych. W szczególności zbadano, jakie czynniki mogą być odpowiedzialne za zróżnicowaną strukturę napływu BIZ do krajów Europy Środkowo-Wschodniej. Różne wyniki prezentowane w istniejącej literaturze empirycznej na temat dynamiki napływu BIZ skłoniły autora do podjęcia się tego badania, aby wnieść wkład w toczącą się debatę. Zauważono, że rozwój infrastruktury, wzrost gospodarczy i inwestycje krajowe miały znaczący pozytywny wpływ na BIZ co potwierdziły wszystkie trzy metody analizy danych panelowych. Inne zmienne, które miały znaczący pozytywny wpływ na BIZ, obejmują (1) komplementarność rozwoju infrastruktury i rozwoju finansowego (metoda efektów stałych, metoda efektów losowych), (2) otwartość handlu (metoda efektów stałych) oraz (3) oszczędności (metoda efektów losowych, FMOLS). Stosując metodę FMOLS zaobserwowano znaczący negatywny wpływ kursu walutowego na BIZ. Zachęca się zatem kraje Europy Środkowo-Wschodniej do wdrożenia polityki mającej na celu zwiększenie rozwoju infrastruktury, rozwoju finansowego, otwartości handlu i oszczędności w celu zwiększenia napływu BIZ. W przyszłych badaniach należy zbadać minimalne poziomy progowe zmiennych objaśniających BIZ.(abstrakt oryginalny)

Słowa kluczowe

EN

Direct investments; Foreign investment; Panel data

PL

Inwestycje bezpośrednie; Inwestycje zagraniczne; Dane panelowe

• Czasopismo: Comparative Economic Research
• Rocznik: 2023
• Tom: 26
• Numer: nr 1
• Strony: 45--63

Twórcy

autor

Kunofiwa Tsaurai

• University of South Africa

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Identyfikatory

DOI

10.18778/1508-2008.26.03