Determinants Of Foreign Direct Investment In Transition Economies, With Special Reference To Macedonia: Evidence From Gravity Model¹

Agarwal, S., Ramaswami, S. N. 1992. Choice of foreign market entry mode: impact of ownership, location and internationalization factors. Journal of International Business Studies 23(1): 1-27.10.1057/palgrave.jibs.8490257Search in Google Scholar

Arellano, M., Bond, S. 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies 58 (2): 277-29710.2307/2297968Search in Google Scholar

Arellano, M., Bover, O. 1995. Another Look at the Instrumental Variable Estimation of Error-Components Models. Journal of Econometrics 68 (1): 29–51.10.1016/0304-4076(94)01642-DSearch in Google Scholar

Baldwin, R., Taglioni, D. 2006. Gravity for dummies and dummies for gravity equations. National Bureau of Economic Research. Working Paper 12516, NBER10.3386/w12516Search in Google Scholar

Bevan, A., Estrin, S. 2000. The Determinants of Foreign Direct Investment in Transition Economies. William Davidson Institute. Working Paper 342.Search in Google Scholar

Bevan, A., Estrin, S. 2004. The determinants of foreign direct investment into European transition economies. Journal of Comparative Economics 32 (4): 775-787.10.1016/j.jce.2004.08.006Search in Google Scholar

Bergstrand, J. H. 1989. The Generalized Gravity Equation, Monopolistic Competition and the Factor-Proportions Theory in International Trade. The Review of Economics and Statistics 71(1): 141-153.10.2307/1928061Search in Google Scholar

Borensztein, E., De Gregorio, J-W. L. 1998. How does foreign direct investment affect economic growth? Journal of International Economics 45(1): 115-135.10.1016/S0022-1996(97)00033-0Search in Google Scholar

Botrić, V., Škuflić, L. 2006. Main Determinants of Foreign Direct Investment in the Southeast European Countries. Transition Studies Review 13(2): 359-377.10.1007/s11300-006-0110-3Search in Google Scholar

Bowsher, C. G. 2002. On Testing Over identifying Restrictions in Dynamic Panel Data Models. In: Economics Letters 77(2): 211-220.Search in Google Scholar

Blundell, R., Bond, S. 1998. Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics 87(1): 115-143.10.1016/S0304-4076(98)00009-8Search in Google Scholar

Dauti, B. 2015. Determinants of Foreign Direct Investment in South East European Countries and New Member States of European Union Countries. Economic and Business Review 17 (1): 93-11510.15458/2335-4216.1166Search in Google Scholar

Derado, D. 2013. Determinants of FDI in transition countries and estimation of the potential level of Croatian FDI. Financial Theory and Practice 37(3): 227-258.10.3326/fintp.37.3.1Search in Google Scholar

Demekas, D. G., Horváth, B., Ribakova, E., Wu, Y. 2005. Foreign Direct Investment in Southeastern Europe: How (and How Much) Can Policies Help. IMF Working Paper.05/110.10.5089/9781451861297.001Search in Google Scholar

Estrin, S., Uvalic, M. 2013. Foreign direct investment into transition economies: Are the Balkans different? LSE ‹Europe in Question› Discussion Paper Series. LEQS Paper, (64).10.2139/ssrn.2293100Search in Google Scholar

Feenstra, Robert. C. 2004. Advanced International Trade: Theory and Evidence, Princeton, NJ: Princeton University Press.Search in Google Scholar

Fidrmuc, J., Fidrmuc, J. 2003. Disintegration and Trade. Review of International Economics 11(5): 811-829.10.1046/j.1467-9396.2003.00419.xSearch in Google Scholar

Frankel, J., Stein, E., Wei, S. J. 1995. Trading Blocs and the Americas: The Natural, the Unnatural, and the Supernatural. Journal of Development Economics 47 (1): 61–95.10.1016/0304-3878(95)00005-4Search in Google Scholar

Globerman, S., Shapiro, D. 2002. Global Foreign Direct Investment Flows: The Role of Governance Infrastructure. World Development 30(11): 1899-1919.10.1016/S0305-750X(02)00110-9Search in Google Scholar

Gorbunova, Y., Infante, D., Smirnova, J. 2012. New Evidence on FDI Determinants: An appraisal over the transition period. Prague Economic Papers 31(1): 65-76.10.18267/j.pep.415Search in Google Scholar

Guerin, S. 2006. The Role of Geography in Financial and Economic Integration: A Comparative Analysis of Foreign Direct Investment, Trade and Portfolio Investment Flows. The World Economy 29(2): 189-209.10.1111/j.1467-9701.2006.00777.xSearch in Google Scholar

Greene, W. H. 2013. Econometric Analysis (5th ed). Upper Saddle River, N.J.: Prentice Hall.Search in Google Scholar

Hill, C., Hwang, P., Kim, W.C. 1990. An Eclectic Theory of the Choice of International Entry Mode. Strategic Management Journal 11(2): 117-128.10.1002/smj.4250110204Search in Google Scholar

Holland, D., Pain, N. 1998. 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 of 4th Annual conference, Centre for Research into East European Business.Search in Google Scholar

Henderson, D., Daniel, M. 2008. Is gravity linear? Journal of Applied Economics 23(2): 137-17210.1002/jae.974Search in Google Scholar

Itaki, M. 1991. A Critical Assessment of the Eclectic Theory of the Multinational Enterprise. Journal of International Business Studies 22(3): 445-460.10.1057/palgrave.jibs.8490310Search in Google Scholar

Johnson, A. 2006. FDI inflows to the Transition Economies of Eastern Europe: Magnitude and Determinants. The Royal Institute of Technology, CESIS (Centre for Excellence for Studies in Science in Innovation), Paper No, 59.Search in Google Scholar

Kinoshita, Y., Campos, N. F. 2004. Estimating the determinants of foreign direct investment inflows: how important are sampling and omitted variable biases? BOFIT Discussion Paper No.10, Bank of Finland, Institute for Economies in Transition, Helsinki, Finland.10.2139/ssrn.1015209Search in Google Scholar

Mateev, M. 2008. Determinants of Foreign Direct Investment in Central and Southeastern Europe: New Empirical Tests. Oxford Journal 8(1): 133-149.Search in Google Scholar

Mora, M. N., Sahay, M. R., Zettelmeyer, M. J., Garibaldi, M. P. 2002. What Moves Capital to Transition Economies? (No. 2-64). International Monetary Fund.10.5089/9781451848571.001Search in Google Scholar

Mrak, M., Rojec, M. 2013. EU Accession as an instrument of Speeding up Transition; in Routledge Handbook on The Economics and Political Economy of Transition, edited by Gerard Turley and Paul Hare.Search in Google Scholar

Nilsson, L. 2000. Trade integration and the EU economic membership criteria. European Journal of Political Economy 16 (4): 807-827.10.1016/S0176-2680(99)00060-9Search in Google Scholar

Peracchi, F., Viviano, E. 2004. An Empirical Micro Matching Model with an Application to Italy and Spain. Temi di discussione (Economic working papers) 538, Bank of Italy, Economic Research and International Relations Area.Search in Google Scholar

Razin, A. 2001. FDI flows: a critical look. Pinhas Sapir Center for Development, Tel-Aviv University.Search in Google Scholar

Resmini, 2000. The Determinants of Foreign Direct Investment in the CEECs: New evidence from sectoral patterns. Economics of Transition 8(3): 665-689.10.1111/1468-0351.00060Search in Google Scholar

Roodman, D. 2006. How to Do Xtabond2: An Introduction to “Difference” and “System” GMM in Stata. Center for Global Development Working Paper, (103).10.2139/ssrn.982943Search in Google Scholar

Roodman, D. 2008. A Note on the Theme of Too Many Instruments. Oxford Bulletin of Economics and Statistics 71(1): 135-158.10.1111/j.1468-0084.2008.00542.xSearch in Google Scholar

Rose, A. K., Van Wincoop, E. 2001. National money as a barrier to international trade: the real case for currency union. American Economic Review 91(2): 386–39010.1257/aer.91.2.386Search in Google Scholar

Seric, A. 2011. Determinants of FDI location in Central and Eastern Europe (CEE). OECD Journal: General Papers 2010 (2): 77-90.10.1787/gen_papers-2010-5kg9zc1841vgSearch in Google Scholar

Silva, J. S., Tenreyro, S. 2006. The Log of Gravity. The Review of Economics and Statistics 88(4): 641-658.10.1162/rest.88.4.641Search in Google Scholar

Silva, J. S., Tenreyro, S. 2008. Trading Partners and Trading Volumes: Implementing the Helpman-Melitz-Rubinstein Model Empirically. Discussion Paper 662, University of Essex.Search in Google Scholar

Westerlund, J., Wilhelmsson, F. 2009. Estimating the gravity model without gravity using panel data. Applied Economics 43(6): 641-649.10.1080/00036840802599784Search in Google Scholar

Windmeijer, F. 2005. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 126 (1): 25-51.10.1016/j.jeconom.2004.02.005Search in Google Scholar

Zulfiu, M. 2008. Determinants of Foreign Direct Investment in Transition Economies: With Particular Reference to Macedonia’s Performance, FIW Working Paper, No. 19.Search in Google Scholar