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FDI has played a strong role in the export-led growth of eastern European countries that are now members of the European Union (EU). Largely sourced from advanced Europe, FDI inflows were motivated by the intention to pursue new markets and cost efficiency. Over time, foreign investment has restructured the exports sector in these countries in favor of products that are considered more technology-intensive. As these countries face skills shortage and rising wages, what is needed for FDI to continue playing a strong role? Can the Western Balkan countries, who are not yet EU members and have in recent years stepped up financial incentives and policy initiatives to court investors, emulate the experience? This paper takes stock of the FDI experience of both these groups and tries to estimate their potential gains from additional policy efforts.
This book studies the economic recovery of individual European Union member states more than ten years after the beginning of the global economic crisis. In light of austerity policies and conservative government investments in many EU countries, it explores how higher growth rates can be achieved by stimulating firms and economic sectors with a high accelerator potential. The contributing authors analyze the effects of EU policies on small and medium-sized enterprises (SMEs), while also studying EU policies with the potential to foster investments and economic growth. Furthermore the book assesses the EU policy on foreign direct investment (FDI) in the member states, in comparison with similar policies in Russia and the US. The authors demonstrate that FDI, besides providing financial resources, can facilitate modernization especially in the high technology sectors. Finally, the book provides a sector analysis and policy recommendations on tourism and immigration, as well as economic protectionism, since tourism has proved to be the most dynamic sector, especially in the European South, while immigration is one of the most serious issues the EU is currently facing. This book will appeal to scholars in economics and related fields, as well as decision-makers and professionals at governmental institutions looking for policy measures and tools to stimulate economic growth.
This atlas provides a macro-regional overview of the areas that surround the European Union, from the Sahara to the Middle East, Western Balkans to European Russia, Turkey to the Arctic. Detailing key socio-economic data as well as developmental trends, the maps provide a comprehensive territorial analysis at a local scale and explore the potential for regional integration and cooperation.These pioneering maps examine challenges that threaten this wide, yet inter-connected, region, including environmental concerns in the North, political unrest in the East, social factors in the Western Balkans, and the upheaval in the Mediterranean since the Arab spring. Coverage investigates such key countries and areas as Libya, Israel, Palestine, Syria, and the Ukraine as well as explores such essential issues as Europe’s energy procurement. In addition, it also presents a comparison with other world regions such as East Asia and North America.In the end, readers discover that territorial integration faces many shortcomings, but that deep regional cooperation would be a key driver for the EU’s sustainable future. This atlas features the main results of the “Integrated Territorial Analysis of the Neighbourhoods” research project undertaken by ESPON (The European Observation Network for Territorial Development and Cohesion). It provides scholars; local authorities and NGOs involved in cross-border cooperation; companies interested in energy, agriculture, water, transportation and communication; and interested readers with key insights into this important region.
Depending on one's point of view, multinational enterprises are either the heroes or the villains of the globalized economy. Governments compete fiercely for foreign direct investment by such companies, but complain when firms go global and move their activities elsewhere. Multinationals are seen by some as threats to national identities and wealth and are accused of riding roughshod over national laws and of exploiting cheap labor. However, the debate on these companies and foreign direct investment is rarely grounded on sound economic arguments. This book brings clarity to the debate. With the contribution of other leading experts, Giorgio Barba Navaretti and Anthony Venables assess the determinants of multinationals' actions, investigating why their activity has expanded so rapidly, and why some countries have seen more such activity than others. They analyze their effects on countries that are recipients of inward investments, and on those countries that see multinational firms moving jobs abroad. The arguments are made using modern advances in economic analysis, a case study, and by drawing on the extensive empirical literature that assesses the determinants and consequences of activity by multinationals. The treatment is rigorous, yet accessible to all readers with a background in economics, whether students or professionals. Drawing out policy implications, the authors conclude that multinational enterprises are generally a force for the promotion of prosperity in the world economy.
This timely book fills an important gap in the literature of international relations, providing a thorough, up-to-date, empirically supported, and theoretically grounded analysis of how and why Turkish foreign policy has changed in recent years vis-à-vis the West. Presenting one of the first balancing studies that employs elite interviews as data, Turkey–West Relations develops a framework of intra-alliance opposition, classifying the tools of statecraft into three categories - boundary testing, boundary challenging, and boundary breaking. Six case studies are examined regarding Turkish foreign policy over the past nine years, exploring an array of topics including Turkey's foreign policy in relation to various nations and organizations, the refugee crisis, defense procurement, energy policies, and more. Dursun-Özkanca demonstrates how international, regional, issue-specific, and domestic factors may serve to explain Turkey's increasing boundary-breaking behavior. This book is crucial for anyone who seeks to understand the recent growing rifts between Turkey and the US, the EU, and NATO.
Today, more than fifteen years after the end of the wars that accompanied Yugoslavia's dissolution, the "Balkan question" remains more than ever a "European question". In the eyes of many Europeans in the 1990s, Bosnia was the symbol of a collective failure, while Kosovo later became a catalyst for an emerging Common Foreign and Security Policy (CFSP). In the last decade, however, the overall thrust of the EU's Balkans policy has moved from an agenda dominated by security issues related to the war and its legacies to one focused on the perspective of the Western Balkan states' accession to the European Union. This Chaillot Paper, which features contributions from authors from various parts of the region, examines the current state of play in the countries of the Western Balkans with regard to EU accession. It brings together both views from the Balkans states themselves and overarching thematic perspectives. For the first time the European Union has become involved in the formation of new nation-states that also aspire to become members of the Union. The EU's transformative power has proved effective in integrating established states; now it is confronted with the challenge of integrating new and sometimes contested states. Against this background, this paper makes the case for a concerted regional approach to EU enlargement, and a renewed and sustained commitment to the European integration of the Western Balkans.
We test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Our results suggest that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. However, the higher productivity of FDI holds only when the host country has a minimum threshold stock of human capital. In addition, FDI has the effect of increasing total investment in the economy more than one for one, which suggests the predominance of complementarity effects with domestic firms.
This book provides a detailed understanding of how different types of engagements impact upon the reform and EU integration of the Western Balkan region. It examines the influence of Russia, China, Turkey and the UAE in the region and analyses the range of existing links. Contributors offer an academic and multifaceted perspective of the role of external and non-Western actors in the region that goes beyond, on the one hand, the tendency of some Western decision makers to perceive all engagement by third powers as a sinister threat and, on the other, the view of regional governments of all external involvement as a boon coming at a time of Western neglect and reduced foreign investments. By looking at the importance of Russia, Turkey, China and the UAE in the Western Balkans, the book sheds light on one key arena of global competition, offers new insights on the strengths and weaknesses of Euro–Atlantic integration and advances our knowledge of foreign policy and its economic, social and security dimensions for small and medium-sized countries. It will be of interest to academics, postgraduate and research students, and think-tankers with research interest in IR and Southeast European Studies. European decision makers will also gain an insight into the extent of non-Western influence in the region.
This report analyses the main economic developments and achievements in the Western Balkan countries, and lays out the key macroeconomic policy challenges for the future.