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Chart 2: FDI and merchandise exports in the Republic of Macedonia
3000,00
2500,00
2000,00
1500,00
1000,00
500,00
0,00
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
4. FDI and employment
Macedonia
Merchandise exports
Macedonia Foreign
direct investment, net
Portfolio investments are mainly short term flows and they are not necessarily
connected to the economic fundamentals. They can increase capital in the economy
by providing financial resources for financing economic activities, but FDI that are
directly related to the productive activities are the ones that can increase
employment in an economy. Therefore, we investigated the impact of FDI on
employment in the Western Balkan economies.
FDI has slightly, but positively influenced the percentage increase of
employment in the Western Balkan Economies for the period 2000-2007. The
coefficient in front of FDI is statistically significant (t-test AT 0,01 level of
significance), but the regression as a whole is not statistically significant (F-test).
The regression is well adjusted to data - R square is 0,51 so that 51% of the
variation in the regression can be explained by the variations in the data.
Country regression estimation states that only Bosnia and Herzegovina is an
exemption where the influence of FDI on employment is negative, but not
statistically significant.
E = −9
, 692 + 0,
003FDI
(6,559) (0,001)
E - Employment (in % change)
69