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Autor
Torrisi Richard C. (Suffolk University, Boston, USA), Delaunay Christian J. (Suffolk University, Boston, USA), Kocia Agata (University of Warsaw, Poland), Lubieniecka Marta (Wyższa Szkoła Zarządzania / Polish Open University)
Tytuł
FDI in Poland: Determinants and Implications for Countries in Transition
Źródło
Ekonomia / Uniwersytet Warszawski, 2009, nr 23, s. 3-15, tab., rys., aneks, bibliogr. s. 13-14.
Słowa kluczowe
Inwestycje bezpośrednie, Model ARFIMA, Badanie zależności makroekonomicznych
Direct investments, Autoregressive fractionally integrated moving average model (ARFIMA), Research of macroeconomic relationships
Uwagi
summ.
Abstrakt
Author This paper examines the determinants of Foreign Direct Investment (FDI) in Poland and the Polish FDI experience since economic transition to a market economy began in late 1989 and some policy implications for similar economies. Using the ARIMA regression methodology, with a one year auto regressive lag for the independent variables, the model tested the dependency of FDI in Poland to a number of macroeconomic variables for the period 1991 to 2006. This paper validates the positive linkage between market size and FDI in Poland. In addition, other factors i.e. exchange rate, corporate taxes, and accession to the European Union were found to be significant determinants. However, both the variables associated with openness to trade and rising wages were not significant determinants. This paper suggests that macroeconomic performance, the relative strength of the US dollar and regional economic integration are important factors in attractiveness of FDI in host countries. Additionally, existing tax rates may impact FDI, but experience and data suggest that foreign investors with long term planning horizons are attracted by expected future profitability and future rate declines. From a firm's perspective, this paper suggests that the additional risks of market entry via FDI are acceptable to decision makers when the host economy is growing and committed to economic liberalization, market determined currency valuation and regional integration, while labour costs per se are not significant barriers to FDI. The successful economic transformation and the ensuing positive experience of foreign investors in Poland provide evidence and confirmation that significant FDI opportunities may be realized in similar transition economies. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
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Bibliografia
Pokaż
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  2. Barrell, R. and D. Holland, 1999, Foreign Direct Investment in Central European Manufacturing: Consequences for enterprise restructuring and labor productivity, NIESR, mimeo.
  3. Barrell, R. and N. Pain (1997a), "The Growth of Foreign Direct Investment in Europe", National Institute Economic Review, no. 160, pp. 63-75.
  4. Benacek, V. et al., 2000. "The Determinants and Impact of Foreign Direct Investment in Central and Eastern Europe: A comparison of survey and econometric evidence", Transnational Corporations, Journal of United Nations, vol. 9, no. 3, New York, December, p. 163-212.
  5. Buch, C., Kokta, R., Piazolo, D., 2003, "Does the East Get What Would Otherwise Flow to the South? FDI Diversion in Europe", Journal of Comparative Economics 31, pp. 94-109.
  6. Bevan, A. and Estrin, S., 2004, "The Determinants of Foreign Direct Investment into European Transition Economies", Journal of Comparative Economics 32 pp. 775-787.
  7. Carstensen, K. and Toubal F., 2004,"Foreign Direct Investment in Central and Eastern European Countries: a Dynamic Panel Analysis", Journal of Comparative Economics, Volume 32, Issue 1, pp. 3-22.
  8. Cieślik, A., 2006, Endogenous Agglomeration Externalities and the Location of Multinational Firms in Poland, Working Paper.
  9. Dunning, J., 1981,International Production and the Multinational Enterprise. Allen & Unwin, London.
  10. Dobrinsky, R., 2005, "Domestic Savings and the Driving Forces of Investment in the ECE Emerging Market Economies," Occasional Paper No. 4, United Nations Economic Commission for Europe.
  11. Gradzewicz, M., 2005, "Analysis of Investment Behavior in Industrial Processing Enterprises", NBP Working Paper
  12. Gronicki, M, (1999), "The Determinants of FDI in Poland (note)".
  13. Hejazi, W and Safarian, E., 1999, "Trade, Foreign Direct Investment, and R&D Spill-overs", Journal of International Business Studies30, pp. 491-511.
  14. Helpman, E., 1984, "A Simple Theory of International Trade with Multinational Corporations", Journal of Political Economy, 92, pp. 451-471.
  15. Holland, D. and N. Pain, 1998a, "The Diffusion of Innovations in Central and Eastern Europe: A Study of the Determinants and Impact of Foreign Direct Investment", NIESR Discussion Paper No. 137.
  16. Holland, D. and N. Pain, 1998b, "The determinants and impact of foreign direct investment in the transition economies: a panel data analysis", in V. Edwards(ed.), Convergence or Divergence: Aspirations and Reality in Central and Eastern Europe and Russia, Proceedings 4th Annual conference, Centre for Research into East European Business, University of Buckingham.
  17. INDICATOR, 1995, Inwestorzy zagraniczni w Polsce (Foreign Investors in Poland), for PAIZ, Warsaw.
  18. Jenkins, R., 1990, "Comparing Foreign Subsidiaries and Local Firms in LDCs: Theoretical Issues and Empirical Evidence", Journal of Development Studies, vol.26, pp. 205-28.
  19. Kinoshita, Y., and Campos N., 2003, "Why does FDI go where it goes? New Evidence from the Transition Countries", William Davidson Institute Working Paper No.573.
  20. Lansbury, M, Pain N., and Smidkova K., 1996, "Foreign direct investment in Central Europe since 1990: an econometric study", National Institute Economic Review, No. 156, pp. 104-113.
  21. Lankes, H. P. and A. J. Venables, 1997, "Foreign direct investment in Eastern Europe and the former Soviet Union: results from a survey of investors", in Zecchini S.(ed.) Lessons From the Economic Transition: Central and Eastern Europe In The1990s, OECD and Kluwer Academic Publishers.
  22. Merlevede, B., and Schoors, K., 2004, Determinants of Foreign Direct Investment in Transition Economies, Centre for Russian International Socio-Political and Economic Studies, Ghent University.
  23. Pye, R. B. K., 1998, "Foreign Direct Investment in Central Europe: The Experiences of Major Western Investors", European Management Journal, Special Issue, Russia and Central and Eastern Europe.
  24. Resmini, Laura, 2001, "The Determinants of Foreign Direct Investment into the CEECs: New Evidence from Sectoral Patterns", Economics of Transition 8, pp.665-689.
  25. Savary, J., 1997, "The French firms motivations for investing in Eastern Europe countries. A study of investors and potential investors", in: Witkowska, Janina and Wysokinska, Zofia (eds.), Motivations of Foreign Direct Investors and Their Propensity to Exports in the Context of European Integration Process, University of Lodz, pp. 43-76.
  26. Trndel L., 2001, "Foreign Direct Investment During Transition; Determinants and Patterns in Central and Eastern Europe and the former Soviet Union", Chr. Michelsen Institute Development Studies and Human Rights, WP 2001: 9.
  27. UNCTAD, 1998, World Investment Report 1998,United Nations, Geneva.
Cytowane przez
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ISSN
0137-3056
Język
eng
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