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Foreign subsidiaries of multinational companies are suggested as one of the main channels of technology transfer to less developed economies. In Central East Europe their presence proved to be a decisive factor to economic restructuring and development. This volume is a unique guide to theory, method of research, and empirical evidence, for technology transfer via foreign subsidiaries of multinational companies. It combines the merits of a core text on technology transfer via FDI with up-to-date empirical evidence.
Foreign direct investment (FDI) brings host countries capital, productive facilities, and technology transfer, as well as new jobs and management expertise. Thus, it is important to understand why in many transition countries FDI inflow is lower than expected. The goal of this study is to explore some important factors determining flow of FDI into transition countries. In particular, we analyze the legal environment for FDI in some transition economies. Then we model the impact of stability of the economic and legal environment on the pattern of FDI. Our analysis shows that (1) higher variability of basic macroeconomic fundamentals reduces the flow of FDI, (2) high volatility of fiscal and business regulations makes the inflow of FDI smaller, and (3) macroeconomic and legal instability leads to adverse selection of the investors. Based on theoretical findings we formulate a clear message to policy makers stating that in order to attract significant inflows of long-term and nonspeculative foreign capital, first of all, a stable economic and institutional environment is needed.
The paper presents econometric analysis of foreign direct investment inflows to transition economies. Panel data for 25 countries of Central amp; Eastern Europe and Commonwealth of Independent States suggests on differences in FDI determinants in these two regions. Energy industry is given deeper insight due to its importance in investment attraction. Empirical results reflect deeper research on resource seeking FDI to CIS (primarily Russia) where production and consumption of various energy types is considered. The paper also spills light on the history of economic though on international capital movement from Marx to Dunning.
Reviews the business environment and conditions facing the foreign investor in Central and Eastern Europe, and assesses exiting statistical and qualitative economic studies. The volume also critically examines transaction cost theory and the theory of the multinational firm under the conditions of economic transition. Pointing to a reorientation of research focusing on firms as organizations, the author challenges the theoretical foundations of current research. Annotation copyrighted by Book News, Inc., Portland, OR
FDI has proved to be the most dynamic defensive and offensive response to globalization. This book provides an in-depth evaluation of the rationale as well as theoretical and empirical explanations of the outward internationalization of firms from the Czech Republic, Estonia, Hungary, Poland and Slovenia. The authors present the first broader empirical evidence on transition economies' OFDI and internationalization, evaluate the role of transnational companies from transition economies and development implications of outward internationalization for home economies. They put the experience of firms from transition economies into the framework of existing theories, study to what extent are the experiences of Austria, Portugal and Finland applicable to transition economies, illustrate general macro economic trends of the international business practices of firms from transition economies by case studies, examine the main determinants and barriers to the outward internationalization process, offer a representative set of cases and best business/government practices relevant for other transition economies, identify specificity in internationalization by firms from transition economies due to transition processes and systemic background and apply network theory as a complementary explanation for such internationalization due to former historical ties and cultural vicinities. A pioneering work on outward investment by transition economies, this book is the first in the world to present a more systematic analysis of the internationalization of firms from transition economies, based on results of the two ACE projects: "Outward internationalization facilitating transformation and EU Accession; The case of Czech Republic, Hungary and Slovenia" and "Networking Through OFDI" including also Poland and Estonia.
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. Even though Macedonia has been introducing extensive fiscal and business sector reforms, so far it has been lagged in attracting foreign investment. Following the empirical approach used in previous studies and the theoretical discussion presented in Chapters 2 this study specifies both static and dynamic models. The static models, both fixed and random effects, do not give the best specification. The empirical work confirms the expectation of the positive feedback effect of past FDI onto current FDI. The negative and significant coefficient of distance indicates that FDI is determined by gravity factors. In addition, GDP of the host country, unit labour costs, trade openness, English language are also important determinants of FDI in transition economies. Our suggestion is that the econometric findings on the determinants of FDI in transition economies using small dataset and static models should be accepted only with caution.
Neo-transitional economics is a policy-oriented collection of contemporary theoretical and empirical research studies on transition countries in the post-crisis paradigm. Topics covered range from monetary and financial economics to international trade and formation of a welfare state.
This paper examines the importance of agglomeration economies and institutions vis-a-vis initial conditions and factor endowments in explaining the locational choice of foreign investors. Using a unique panel data set for 25 transition economies between 1990 and 1998, we find that the main determinants are institutions, agglomeration, and trade openness. We find important differences between the Eastern European and Baltic countries, on the one hand, and the CIS countries on the other: in the latter group, natural resources and infrastructure matter, while agglomeration matters only for the former group.