Determinants of foreign direct investment in Macedonia. Evidence from time series 1994 – 2008

Bardhyl Dauti

A chapter in Proceedings of FIKUSZ '09, 2009, pp 41-55 from Óbuda University, Keleti Faculty of Business and Management

Abstract: Foreign Direct Investment has been considered as one of the main factors underlying the relative growth rates experienced by the Macedonian Economy. The raising trend of FDI inflow made possible the deep liberalization and transformation of an economy, thus increasing the degree of openness and integration of Macedonian economy into the world markets. In addition, the Macedonian attitude toward European Union (EU) membership has involved a new boost in FDI that would reflect the favorable prospects for the country’s economic future faced with the challenges of the Single European Market. Despite the crucial role played by FDI in the Macedonian economy, the available empirical evidence is rather scant, being in general of a descriptive nature. The aim of this paper is to provide some more robust evidence on the tested hypothesis related allocation over time of gross aggregate FDI inflows in the Macedonian economy. For this purpose, using quarterly data for the period 1994 – 2008 we employed cointegration analysis. This paper applies dynamic econometric methodology empirically to investigate the determinants affecting foreign direct investment (FDI) inflow in Macedonia

Keywords: Foreign Direct Investment; Macedonia; Error Correction Model; Cointegration Analysis. (search for similar items in EconPapers)
JEL-codes: C3 F23 F41 (search for similar items in EconPapers)
Date: 2009
ISBN: 978-963-7154-93-5
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