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Zysk Wojciech (Cracow University of Economics, Poland / Kolegium Ekonomii, Finansów i Prawa), Śmiech Sławomir (Cracow University of Economics, Poland / Kolegium Ekonomii, Finansów i Prawa)
The Influence of Foreign Direct Investment on Foreign Trade in the Visegrad Countries from 2001 to 2011
Entrepreneurial Business and Economics Review, 2014, vol. 2, nr 3, s. 7-18, rys., tab., bibliogr. 15 poz.
Tytuł własny numeru
FDI in Central Europe
Słowa kluczowe
Inwestycje bezpośrednie, Inwestycje zagraniczne, Wymiana międzynarodowa
Direct investments, Foreign investment, International trade
Grupa Wyszehradzka
Visegrad Group
Objective: This paper is an attempt to settle the controversy around the motives connected with investing in the Visegrad countries and the verification of the hypothesis that FDI makes a significant impact on V4's foreign trade.

Research Design & Methods: The relationship between the value of foreign direct investment in V4 countries in 2001-2011 and the geographic structure of trade in two directions: exports and imports, will be examined. The paper includes an analysis of the influence of FDI on foreign trade (the linear gravity model was used).

Findings: FDI strongly influences the volume of Polish, Slovak and Czech exports and imports; only in the case of Hungary does FDI not stimulate foreign trade, the value of imports and exports is correlated with value of FDI inflow, as far as statistics are concerned, there is a significant inter-dependence between the inflow of FDI to V4 countries and the geographical and commodity pattern of their foreign trade.

Implications & Recommendations: The scale and structure of FDI in the V4 requires further study. It is also important to examine the number and value of greenfield investment projects, as well as mergers and acquisitions (brownfield investment).

Contribution & Value Added: This article attempts a holistic approach to the relationship between capital inflows in the form of foreign direct investment (FDI) and foreign trade of the host country, both export and import. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
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  5. Hanousek, J., Kocenda, E., & Maurel, M. (2010). Direct and Indirect Effects of FDI in Emerging European Markets : A Survey and Meta-analysis. Documents de Travail du Centre d'Economie de la Sorbonne, 2010.24, Maison des Sciences Économiques, Paris.
  6. Hunya, G., & Richter, S. (2011). Mutual trade and investment of the Visegrad countries before and after their EU accession. Eastern Journal of European studies, 2(2), 77-91.
  7. Jayachandran, G., & Seilan, A. (2010). A causal relationship between trade, foreign direct investment and economic growth for India. International Research Journal of Finance and Economics, 42, 74-88.
  8. Kutan, A. & Vuksic, G. (2007). Foreign direct investment and export performance: empirical evidence. Comparative Economic Studies, 49, 430-445.
  9. Makki, S.S. & Agapi, S. (2004). Impact of foreign direct investment and trade on economic growth: evidence from developing countries. American Journal of Agricultural Economics, 86(3), 795- 801.
  10. Santos, S.J., & Tenreyro, S. (2006). The log of gravity. The Review of Economics and Statistics, 88, 641-658.
  11. Sridharan, P., Vijayakumar, N., & Sekhara C.R, K. (2009). Causal relationship between foreign direct investment and growth: evidence from BRICS countries. International Business Research, 2(4), 198-203.
  12. Tinbergen, J. (1962). Shaping the World Economy: Suggestions for an International Economic Policy. New York, NY: Twentieth Century Fund.
  13. Weresa, M. (2001). The impact of foreign direct investment on Poland's trade with European Union. Post-Communist Economies, 13(1), 71-83.
  14. Zysk, W. (2012). Foreign capital and foreign trade in Poland. Pre-accession period, Warsaw: CeDeWu.
  15. Zysk, W., & Śmiech, S. (2013). Influence of foreign direct investments on foreign trade restructuring in Poland from 2004 to 2011. Proceedings of 7th International Days of Statistics and Economics, Libuše Macáková. Prague: MELANDRIUM, pp.1616-1624, Retrieved on December 29, 2013 from
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