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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 1143:
Foreign Direct Investment in Central and Eastern European Countries: A Dynamic Panel Analysis

Kai Carstensen and Farid Toubal

Abstract: This paper uses dynamic panel data methods to examine the determinants of Foreign Direct Investment (FDI) into Central and Eastern European Countries (CEECs). Our empirical model shows that the traditional determinants, such as market potential, low relative unit labor costs, a skilled workforce and relative endowments have significant and plausible eŽects. In addition, transition-specific factors such as the level and method of privatisation, and the country risk, play an important role in determining the flows of FDI into the CEECs and help explain the diŽerent attractiveness for FDI of the individual countries.

Keywords: Transition economies, FDI, Panel estimation; (follow links to similar papers)

JEL-Codes: F21; F23; P33; (follow links to similar papers)

27 pages, January 2003

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