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The Western Balkan still lack export-oriented FDI and the external trade
imbalances are still significant. It is also yet not attracting sufficient greenfield
investment that remains in low labour-cost and low value-added industries. Since
the process of privatization in the region is nearly completed, except for Serbia
where this process began later than the other countries in the region, all economies
face the challenge to attract greenfield investment. Among other, a set of incentives
is required for attracting FDI in the sectors able to create high value added
products. That would enable creating strong production base comparable to the EU
countries that would provide sustainable growth rates and employment in the
region.
References:
1. Agosin, M. R. and R. Mayer. (February 2000). Foreign direct investment in
developing countries: does it crowd in domestic investment? UNCTAD Paper No.
146.
2. Baum, C., M. E. Schaffer and S. Stillman (February 2003). Instrumental variables
and GMM: Estimation and testing. Working Paper No. 545. Boston, MA: Boston
College, Department of Economics.
3. Borenzstein, E., J. De Gregorio and J.-W. Lee (1998). How does foreign direct
investment affect growth? Journal of International Economics, 45. pp. 115-135.
4. Bosworth, B. and S. Collins (1999). Capital flows to developing economies:
implications for saving and investment. Brookings Papers on Economic Activity,
1999/1. pp. 143-180.
5. Burgess, Robert, Stefania Fabrizio, and Yuan Xaio, 2004, “The Baltics.
Competitiveness on the Eve of EU Accession,” (Washington: International
Monetary Fund).
6. Calvo, G. A., L. Leiderman and C. M. Reinhart (August 1992). Capital inflows and
real exchange rate appreciation in Latin America: the role of external factors.
IMF
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8. Clark, Peter, and Ronald MacDonald, 1999, “Exchange Rates and Economic
Fundamentals: A Methodological Comparison of Beers and Feers,” in J. Stein
and R. MacDonald (eds.) Equilibrium Exchange Rates (Kluwer: Boston), pp. 285-
322.
9. Croatian National Bank. http://www.hnb.hr/eindex.htm
10. European Bank for Reconstruction and Development (2005). Transition report
2005: business in transition. London, UK: EBRD.
11. European Bank for Reconstruction and Development. Selected economic
indicators. Online at: http://www.ebrd.com/country/sector/econo/stats/index.htm
12. Eurostat.http://epp.eurostat.ec.europa.eu/portal/page?_pageid=1090,30070682,1
090_33076576&_dad=portal&_schema=PORTAL
13. Fernandez-Arias, E. and R. Hausmann (March 26, 2000). Foreign direct
investment: good cholesterol? Inter-American Development Bank, Research
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