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The Impact of FDI Flows on Economic Convergence in Central and Eastern Europe (CROSBI ID 49346)

Prilog u knjizi | izvorni znanstveni rad

Jovančević, Radmila ; Globan, Tomislav The Impact of FDI Flows on Economic Convergence in Central and Eastern Europe // Economic Integrations, Competition and Cooperation / Kandžija, Vinko ; Kumar, Andrej (ur.). Rijeka: Ekonomski fakultet Sveučilišta u Rijeci, 2014. str. 66-80

Podaci o odgovornosti

Jovančević, Radmila ; Globan, Tomislav

engleski

The Impact of FDI Flows on Economic Convergence in Central and Eastern Europe

During the transition process, due to low levels of domestic savings, countries of Central and Eastern Europe (CEE) have used foreign capital flows to finance economic restructuring, intensify investment projects, finance increasing domestic demand in order to obtain high economic growth rates. By doing so, CEE countries experienced a process of quick economic convergence with EU-15 countries. However, the global financial crisis brought an abrupt end of these trends by triggering a severe economic crisis in Europe, with CEE countries taking a strong hit. An economic divergence started to take place in most CEE countries, with a sharp decline of foreign capital flows to these countries. The aim of this paper is to explore the role of foreign direct investment flows in economic convergence of European post-transitional countries with EU-15 countries. The main hypothesis is that the countries which received highest amounts of greenfield investments, achieved higher convergence rates and managed to catch-up with Western European countries faster. The paper also hypothesizes that the crisis-induced economic divergence was most evident in countries with pronounced sudden stops of foreign investment flows.

foreign direct investment, catching-up, transition, convergence

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Podaci o prilogu

66-80.

objavljeno

Podaci o knjizi

Economic Integrations, Competition and Cooperation

Kandžija, Vinko ; Kumar, Andrej

Rijeka: Ekonomski fakultet Sveučilišta u Rijeci

2014.

978-953-7813-19-2

Povezanost rada

Ekonomija