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Foreign Direct Investment in Europe

A Changing Landscape Edited by Klaus Liebscher, Governor, Oesterreichische Nationalbank, Josef Christl, Managing Director, Macro-Consult e. U., Peter Mooslechner, formerly Oesterreichische Nationalbank and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria
This book provides authoritative academic and professional insights into the effects of FDI on home and host countries. It highlights global trends and patterns, and explores related policy challenges all with a special focus on the countries in Central, Eastern and South-Eastern Europe.

The book cuts through the existing data fog by offering a wide range of up-to-date academic findings and institutional expertise. Those findings are rounded off with lessons to be learned from historical developments (Ireland’s success story), an evaluation of current trends (role of China) and an investment promotion agency policy for attracting sustainable investment (CzechInvest).
Published in Association with Oesterreichische Nationalbank, Austria
Extent: 288 pp
Hardback Price: $136.00 Web: $122.40
Publication Date: 2007
ISBN: 978 1 84720 487 5
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  • Business and Management
  • International Business
This book provides authoritative academic and professional insights into the effects of foreign direct investment (FDI) on home and host countries. It highlights global trends and patterns, and explores related policy challenges all with a special focus on the countries in Central, Eastern and South-Eastern Europe.

The book cuts through the existing data fog by offering a wide range of up-to-date academic findings and institutional expertise. Those findings are rounded off with lessons to be learned from historical developments (Ireland’s success story), an evaluation of current trends (the role of China) and an investment promotion agency policy for attracting sustainable investment (CzechInvest). Contributions made by central bank officials, institutional representatives, members of academia and professionals provide for a uniquely complementary view on FDI developments and their implications.

At a time of big changes in the FDI landscape, this book offers both empirical and econometric evidence on foreign direct investment and will be of great interest to economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The special focus on FDI will attract those interested in, or directly involved in tackling the challenges of attracting sustainable investment or investing successfully abroad.
Contributors: F. Barry, C. Bellak, E. Berglöf, J. Christl, J. Crespo Cuaresma, R. Dell’mour, B. Eichengreen, S. Fankhauser, C. Fillat Castejón, Y. Gorodnichenko, A. Jaklič, B. Kalinova, M. Kolasa, L. Kovács, M. Leibrecht, A. Lejour, K. Liebscher, R.E. Lipsey, J. Masso, J. Mikulasek, P. Mooslechner, T.H. Moran, I. Pilip, L. Resmini, M. Schepers, D. Ritzberger-Grünwald, M.A. Silgoner, J. Stark, J. Svejnar, M. Svetličič, H. Tong, K. Terrell, I. Tytell, P. Vahter, J. Woerz, K. Yudaeva, K. Zajc Kejžar
Contents:

Preface

Policy Challenges of FDI

The Changing Landscape of FDI in Europe
Klaus Liebscher

FDI: A Driver for and a Result of Private Sector Development
Manfred Schepers

The Contribution of Taxation to European Competitiveness, Growth and Employment
László Kovács

Who Bears the Risk of FDI Financing? Selected Views of the EIB
Ivan Pilip

Finance in Transition: Banks at the Vanguard of Foreign Direct Investors
Erik Berglöf and Samuel Fankhauser

Economic and Monetary Challenges of Euro Area Enlargement
Jürgen Stark

A Special Academic Perspective on FDI

Measuring the Impacts of FDI in Central and Eastern Europe
Robert E. Lipsey

PART I: HOME AND HOST COUNTRY EFFECTS OF FDI
1. The Role of FDI in Transition
Josef Christl

2. Foreign Direct Investment Spillovers in Emerging Market Economies
Yuriy Gorodnichenko, Jan Svejnar and Katherine Terrell

3. The Role of FDI in Eastern Europe and New Independent States: New Channels for the Spillover Effect
Irina Tytell and Ksenia Yudaeva

4. Blessing or Curse? An Industry-level Analysis of FDI Effects on Productivity and Wages in CEECs
Jesús Crespo Cuaresma, Carmen Fillat Castejón, Maria Antoinette Silgoner and Julia Woerz

5. How do FDI Inflows Affect the Productivity of Domestic Firms? The Role of Horizontal and Vertical Spillovers, Absorptive Capacity and Competition
Marcin Kolasa

6. Home Country Spillovers of FDI: Some Results and Discussion of Estimation Issues
Priit Vahter and Jaan Masso

7. Effects of FDI on Industry Structure: A Host Country Perspective
Katja Zajc Kejžar

PART II: WHERE IS FDI GOING? GLOBAL TRENDS AND PATTERNS
8. Why FDI? Re-inventing Economic Geography in Times of Globalization
Peter Mooslechner

9. Recent FDI Trends: Implications for Investment Policy
Blanka Kalinova

10. Trends in FDI: The Austrian Perspective
René Dell’mour

11. Is China’s FDI Coming at the Expense of Other Countries?
Barry Eichengreen and Hui Tong

12. FDI in Services: Recent Developments and Prospects in Europe
Arjan Lejour

13. Outward FDI from New European Union Member States
Marjan Svetličič and Andreja Jaklič

PART III: HOW TO ATTRACT SUSTAINABLE INVESTMENT: THEORY AND PRACTICE
14. The Determinants of FDI in Central, Eastern and South-Eastern Europe: Lessons from the Past and Prospects for the Future
Laura Resmini

15. How to Make FDI in Central and Eastern European Countries Sustainable
Christian Bellak and Markus Leibrecht

16. Does FDI Help Development? The Good, the Bad, the Surprising and the Mistaken. Policy Issues for Developed Countries, Developing Countries and Multilateral Lending Institutions
Theodore H. Moran

17. The Most FDI-intensive Economy in Europe: Analysis of the Irish Experience and Current Policy Issues
Frank Barry

18. Attracting Sustainable FDI and Building a Knowledge-based Economy: The Case of CzechInvest
Jakub Mikulasek

Index