FDI and Macroeconomic Policies in Central and Eastern European Countries

Charles L. Vehorn Arthur Vasarevic
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Charles L. Vehorn Arthur Vasarevic: Economics Department, Radford University, USA

Zagreb International Review of Economics and Business, 2011, vol. 14, issue 1, 123-34

Abstract: Central and Eastern European countries have turned to external sources, foreign direct investment (FDI), in the hope of enhancing their economic growth. Has it worked? The purpose of this paper is to estimate the effects of FDI and domestic investment on economic growth, along with the effects of fiscal and monetary policy. A production function approach is employed with panel data over the 1992-2007 period, which extends the time period relative to other studies. The results, using various estimating techniques, indicate that both FDI and domestic investment are statistically significant determinants of economic growth; as well as prudent fiscal and monetary policy.

Date: 2011
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