Перспективы и проблемы привлечения китайских инвестиций в экономику Сербии

Nearly all developing countries actively seek capital and technology from the advanced countries. Although private direct foreign investment (mainly in the form of multinational enterprise) is viewed with ambivalence by many developing countries, it is nonetheless true that direct investment remains a substantial source of capital and is sometimes the only source of specific technologies. Indeed, given the slow growth in official external assistance, developing countries are becoming more, not less, dependent on direct foreign investment. While disbursements of official development assistance by the OECD countries rose 43% from 1961 through 1970, direct investment flows rose almost 90% over the same period. In the later year, the flow of direct investment was more than two-fifths of all official assistance, $3.2 billion compared to $7.8 billion.1 Furthermore, the United States and other major capital exporting countries would prefer, for economic as well as ideological reasons, to channel more of their capital outflows to developing countries through private investment. It is highly probable, therefore, that developing countries will continue to rely on direct foreign investment in the foreseeable future to carry out their development programs. It is against this background that the present study seeks to identify the empirical determinants of direct foreign-investment flows in the manufacturing sectors of developing countries. Our purpose is to select from the many economic, social, and political features of a developing country those features that are critical to making that country attractive or unattractive to private foreign investors. Available empirical studies are limited

The last decade of the twentieth century was very successful for a number of ex socialist countries of Central Europe. That was the decade of prosperity, progress, and getting closer to the modern and developed European countries. This region (Slovenia, Poland, Czech Republic, Hungary, and Slovakia) comprises group of countries in transition, which are in the front line in the process oh transformation of their economic systems, implementation of economic reforms and attracting private foreign investments, first of all, foreign direct investment. In contrast to these countries, in the area of former Yugoslavia, the early 1990s were the years of complete disintegration, marked by economic sanctions, huge human causalities, and vast destructions. The dramatic political situation Serbia was in, caused heavy consequences on its social-economic development. The result is that Serbia today is one of the least developed countries in Europe. Position of Serbian economy drastically aggravated in the area of international capital flow. In this paper we analyze one form of international capital flow that can start up the Serbian economy – foreign direct investment. In the period to come, the development of our country will mostly depend on the value of foreign investments. Without direct foreign investments and conditions of low domestic savings, limited opportunities for crediting, lack of management knowledge, modern technology and export routes, there is not going to be any economic development in Serbia. In that sense, the most prominent is the need to affirm our competitory advantages and to remove the existing limitations for foreign investments so that conditions for foreign investors to realize in the fastest way their ideas for investments are created.

The role of state policy in the industrialization of Third World nations has become the subject of increasing interest in recent years. In the past, the debate over economic development has either focused on the traditional modernization approach' or the dependency theory of underdevelopment.2 Dependency theorists base their model of development on the belief that foreign investment from core countries is harmful to developing nations' long-term economic growth. Economic relationships between the core and the periphery are structurally detrimental for the latter because of the inherent dynamics of international capitalism. Yet, despite the claims of dependency theory, the recent experience of the East Asian newly industrialized countries suggests a wider range of development possibilities which include government policies specifically designed to attract foreign investment. These countries appear to have structured their domestic economies in order to mitigate the pernicious effects of dependent relationships with core countries. This raises new questions about the development process and the role of policy and foreign investment in the economic transactions between core and peripheral countries. Dependency theory, a neo-Marxist predecessor of world-systems research, claims that First World nations become wealthy by extracting surplus labor and resources from the Third World. Capitalism perpetuates a global division of labor which causes the distortion of developing countries' domestic economies, declining growth, and increased income inequality.3 Those countries on the periphery cannot become fully modernized as long as they remain in the capitalist world

Foreign investment refers to investments made by the residents of a country in the financial assets and production processes of another country. The effect of foreign investment, however, varies from country to country. It can affect the factor productivity of the recipient country and can also affect the balance of payments. Foreign investment provides a channel through which countries can gain access to foreign capital. It can come in two forms: foreign direct investment (FDI) and foreign institutional investment (FII). Foreign direct investment involves in direct production activities and is also of a medium- to long-term nature. But foreign institutional investment is a short-term investment, mostly in the financial markets. FII, given its short-term nature, can have bidirectional causation with the returns of other domestic financial markets such as money markets, stock markets, and foreign exchange markets. Hence, understanding the determinants of FII is very important for any emerging economy as FII exerts a larger impact on the domestic financial markets in the short run and a real impact in the long run. India, being a capital scarce country, has taken many measures to attract foreign investment since the beginning of reforms in 1991. India is the second largest country in the world, with a population of over 1 billion people. As a developing country, India's economy is characterized by wage rates that are significantly lower than those in most developed countries. These two traits combine to make India a natural destination for foreign direct investment (FDI) and foreign institutional investment (FII). Until recently, however, India has attracted only a small share of global foreign direct investment (FDI) and foreign institutional investment (FII), primarily due to government restrictions on foreign involvement in the economy. But beginning in 1991 and accelerating rapidly since 2000, India has liberalized its investment regulations and actively encouraged new foreign investment, a sharp reversal from decades of discouraging economic integration with the global economy.

L'A. s'efforce de mesurer l'impact economique de la penetration du capital et de l'investissement etranger sur l'economie des pays en voie de developpement. Il examine et critique le mode d'evaluation de la production propose par W. J. Dixon et T. Boswell. Il estime qu'il convient de distinguer investissement local et investissement etranger. Il presente les differents types d'interpretation et etudie un certain nombre de donnees collectees concernant le Panama, la Jamaique, le Liberia, la Guinee et enfin Trinidad et Tobago. Il se demande, d'une part, si l'investissement local et preferable a l'investissement etranger et, d'autre part, si ce dernier appauvrit les pays en voie de developpement. Il s'interroge sur le bien-fonde de la theorie de la dependance

Purpose: The TBA in the primary industry sector is to organize the efficiency and sustainability of agricultural extraction activities. The primary sector is heavily reliant on natural resources and environmental conditions, and TBA can help businesses in this sector make data-driven decisions to optimize their operations and reduce their environmental impact. For example, TBA can help agricultural businesses optimize their crop yields by analysing data from weather sensors, soil sensors, and other sources. By using predictive analytics, businesses can anticipate weather patterns and adjust their planting schedules and crop management practices accordingly. This can lead to higher crop yields, improved resource utilization, and reduced environmental impact. Similarly, TBA can help natural resource extraction businesses optimize their operations by analysing data from sensors, drones, and other sources. By using advanced analytics techniques, businesses can identify opportunities to improve resource utilization, reduce waste, and minimize the impact of their activities on the environment. Hence, the primary industry sector faces many challenges, including climate change, resource depletion, and environmental degradation. By using TBA, businesses in this sector can make data-driven decisions to improve their operations, reduce their environmental impact, and ensure the long-term sustainability of their activities. Design/Methodology/Approach: The TBA in primary industry sector involves a combination of data collection, analysis, and interpretation techniques. The specific methodology used will depend on the industry and the specific business objectives. Hence, the TBA methodology for the primary industry sector is focused on using data-driven insights to improve efficiency, productivity, and sustainability. By collecting and analysing data from various sources, businesses in this sector can make informed decisions that lead to improved outcomes for both the business and the environment. Findings/Result: It is discussed in the paper how Tech Business Analytics in the Primary industry sector will have managed the growth itself from its evolution to till date. Originality/Value: An explanation of how Tech Business Analytics in the Primary industry sector differs from business analytics. A generic architecture is also available, which looks at 30 recently presented TBA in Primary industry sector research proposals and is useful for technical purposes. Paper Type: Exploratory research.

(ProQuest: ... denotes formulae omitted.)IntroductionEconomic development of a country depends on utilization of resources for increasing productive capacity. In many developing countries, utilization of resources is rendered impossible by the scarcity of domestic capital. One of these economic problems of developing countries is that they do not have enough national savings to finance their investments. They are in constant need of foreign capital in forms of both direct and indirect investments. Foreign direct investment (FDI) is a process whereby the residents of the source country attain ownership of assets with the intention to control the production, distribution and other activities of a firm in the host country (Khachoo and Khan,2012). Foreign direct investment (FDI) is a way of international loan, by which those countries that have better investment opportunities at the present borrow from those that have capital surplus.FDI can be a crucial instrument to foster economic growth. FDI provides developing countries with the much needed capital for investments and enhances job creation, managerial skills and transfer of technology for less developed countries. Furthermore, FDI encourages technological development and also support the accumulation of physical capital.FDI plays a significant role in the development of international trade, and it helps to establish direct, stable, and long-lasting links between economies. The Organization for Economic Co-operation and Development (OECD) states that; FDI can serve as an important vehicle for local enterprise development, strengthening the competitiveness of both the recipient and investor (Groh and Wich, 2012). For example, Turkey in particular is pursuing further political and monetary integration with Europe. In that case maintaining a government effectiveness that is conducive to foreign investment and increases comparative advantage is integral to its integrationist aspirations.The significance of foreign direct investment (FDI) flows is well documented in literature for both the developing and developed countries. Foreign Direct Investment (FDI) inflows to developing countries have been substantially increasing and, compared to other capital flows, have remained the largest component of net resource flows to developing countries. FDI is a key element in international economic integration. FDI creates direct, stable and long-lasting links between economies. As a definition FDI is a direct investment into production or business in a country by an individual or company of another country, either by buying a company in the target country or by expanding operations of an existing business in that country. It encourages the transfer of technology and know-how between countries, and allows the host economy to promote its products more widely in international markets (Todaro, 1994).The role of foreign direct investment in the development of Turkish economy cannot be over emphasized. Foreign direct investment provides capital for investment; it enhances job creation and managerial skills, and possibly technology transfer.We shall present our analysis with a brief history of the Turkish economy. Today, Turkey is one of the most attractive investment destinations for foreign investors. It benefits from a unique strategic location; a young, dynamic and skilled workforce, and a stable political and economic environment. Turkey received foreign investment inflows of only US$18m 33 years ago when it started to host foreign investors. Now, the cumulative value of foreign investments has surged to US$138.3b. While the aggregate volume of foreign investment inflows totalled only US$14.6b during the 80-year period from the establishment of the Turkish Republic to 2003, this figure rose to US$123.7b during the last decade. In other words, Turkey attracted 8.5 times more foreign inward investment over the last decade than it did in the previous 80 years. …

Following the political changes in 2000, Serbia has rapidly started to catch up with the countries of Central and Eastern Europe in various aspects of the transition process. One of these very important aspects were foreign investments, both ‘direct’ and ‘portfolio’ ones, that had a significant impact on the development of Serbian economy by recovering economic structure and raising competitiveness in world markets, followed by improving the balance of payments and technological, scientific and managerial base. Foreign investments as an “economic engine” enable accelerated realization of national economic goals which include re-industrialization and renewal of industrial capacity. The openness of the Serbian market and the lack of financial resources allow China and other states concerned under favourable conditions invest in the development of Serbian economy. In this way, Chinese investments have become a driving force for the promotion of economic and other relations between the two countries. On the other hand, however, Chinese investments have proven to be an ideal test for the realization of the objectives of the development strategy of the ‘New Silk Road’ which among other things include the improvement of China’s position on world markets, including the EU market. For the proper understanding of Sino-Serbian relations, this study first gives a short explanation of the Chinese strategy of the New Silk Road. Then, it includes an analysis of Serbia’s position towards China. Analysis of the development of Serbian-Chinese economic relations, especially in the field of foreign investment and within the framework of multilateral cooperation mechanism ‘16+1’, occupies the central part of the study. The study concludes with an evaluation of comparative advantages and certain disadvantages for the Chinese foreign investment in Serbian economy, which in itself has certain significance for the realization of the New Silk Road strategy.

Empirical relationship between Foreign Direct Investment and Economic Variables of Pakistan

International Economic Integration plays an integrative role in Economic Development of any country. Foreign Direct Investment (FDI) is one and only major instrument of attracting International Economic Integration in an economy. It serves as a liaison between investment and saving. Many developing countries like India are facing the deficit of savings. This problem can be solved with the help of Foreign Direct Investment. Foreign investment helps in reducing the defect of BOP. The flow of foreign investment is a profit making industry like insurance, real estate and business services and serving as a catalyst for the growth of economy in India. With the journey of borderless economy and open competition on 24th July, 1991, the Indian production economy witnessed an unprecedented threats and challenges in the form of inward and outward capital infusion. Capital infusion have been realised with the influx of inward foreign direct investment. The FDI can affect directly the growth process and economic output of a nation. The most popular measure of economic output is GDP (Gross Domestic Product). The objective of this paper is to investigate and made an in-depth study the interactions and economic agglomeration between the economic growth, Capital infusion and economic stability of Indian economy in the period following the first generation financial sector reforms. Furthermore, the research study tries to estimates the relative roles of FDI, Exports and social well-being in the economic growth intermediation process. The study tries to tests for characteristics of movement of FDI and whether they have any assignable cause or bears any random shocks. The investigation also observes a relative responsibility and interactive long run relationship between a GDP, FDI, Economic stability and cultural agglomeration. The results indicate the importance of FDI on general, social, and economic growth and the relative roles of the internal economic environment in augmenting the growth process during this study period of 1980--2013. After analyzing all the facts it may be concluded that maximum global foreign investment's flows were went to developed countries rather than developing and under developing countries. Foreign investment flows are supplementing the scare domestic investments in developing countries particularly in India. Further this paper recommends that we should welcome the inflow of foreign investment because it enable us to achieve our cherished goal like making favourable the balance of payment, rapid economic development, removal of poverty, and internal personal disparity in developmental process and also it is very much convenient and favourable for Indian economy. During pre liberalization period of 1980–91 Inward FDI increased at CAGR of 10.39% while during first generation post liberalization period 1991–2000 it has grown 53.57% and second phase of post-liberalization period 2001–13 recorded a CAGR of 18.01%. This indicates that liberalization has had a positive impact on FDI inflows in India. Since 1991 FDI inflows in India has increased approximately by more than 191.85 times.

Does foreign investment crowd in domestic investment? Evidence from Vietnam

Under current globalization and financial integration conditions, international capital is increasingly exported and imported in the form of foreign investments. In most cases foreign investments from one country to another are transferred by foreign direct investments. Besides foreign direct investments, there are foreign portfolio investments, which include buying stock through local stock market exchange, but not controlling business. Often these investments are determined not only by the attractiveness of a country in terms investment possibilities, but also by country’s stock market activity and perspective. The aim of the article is to assess the influence of Lithuania’s economic expectations on foreign investments. Research object – foreign investments and economic assessment indicator dependence. Research methods - logical comparative analysis and synthesis of scientific articles, statistical analysis and summary, graphic analysis, correlation - regression analysis. Research results showed that Lithuania’s economic expectations have greater influence on foreign portfolio investments, thus foreign direct investments are mostly influenced by other factors, which form the environment for investments. DOI: http://dx.doi.org/10.5755/j01.em.17.4.3005

Many developing and developed countries alike are striving to attract foreign direct investment because of its impact on economic development, transferring expertise, and development of mechanisms for the business models of the host economy. This research drives at studying foreign investments by analyzing their inflows and their relative importance to Egypt; identifying as well, the reasons that prevent outmost and optimal benefit by drawing on the experiments of some countries. The research also aims to examine foreign direct investment in the field of clean energy in Egypt, to study the patterns of joint cooperation between foreign investments and the various ministries and agencies in the energy field; studying as well, the obstacles that prevent some of the memorandums of understanding signed with foreign companies from being implemented. The practical side of the study is explained through the applied study by analyzing the data issued by the Ministry of Planning and Economic Development using descriptive statistical and inductive measures to test the relationship between the study variables. The results of the study showed through statistical analysis when testing the hypotheses that there is a positive significant effect between foreign direct investment and the real economic growth rate, and that it contributes to development but in a small amount due to the nature of these investments and their sectoral distribution. There is a positive non-significant impact between foreign direct investment and total exports and imports as a percentage of the gross domestic product. Its impact is negligible and poor, given that the majority of it flows into the petroleum sector. There is also a positive significant impact between foreign direct investment and total human capital as a percentage of the gross domestic product in a small percentage given that the majority of foreign investments do not require large labor. There is a negative significant effect between foreign direct investment of the inflation rate due to its sector distribution which is mostly focused in the petroleum sector and between tourism and real estate.

Foreign direct investment had a greater positive impact on total factor productivity in firms in the Czech Republic over a four - year period than joint ventures did, suggesting that parent firms transferred more know-how to affiliates than joint venture firms got from their partners. Firms without foreign partners experienced negative spillover effects, possibly because fewer training efforts made them less able to absorb and benefit from the diffusion of know-how. Firm-level data for the Czech Republic (1992-96) suggest that foreign investment had a positive impact on recipient firms' total factor productivity (TFP) growth. This result is robust to corrections for the sample-selection bias that prevails because foreign investment tends to go to firms with above-average productivity performance. This result is not surprising, given the presumption that foreign investors transfer new technologies and knowledge to partner firms. With some lag, this is likely to be reflected in greater TFP growth. Foreign direct investment appears to have a greater impact on TFP growth than joint ventures, suggesting that parent firms are transferring more know-how (soft or hard) to affiliates than joint venture firms get from their partners. Joint ventures and foreign direct investment together appear to have a negative spillover effect on firms that do not have foreign partnerships. This effect is relatively large and statistically significant. But if the focus is restricted to the impact of foreign-owned affiliates (foreign direct investment) on all other firms in an industry, the magnitude of the negative effect becomes much smaller and loses statistical significance. This result, together with the fact that joint ventures and foreign direct investment together account for significant shares of total output in many industries, suggests that more research is needed to determine how much knowledge diffuses from firms with strong links to foreign firms to firms that do not have such links. Especially important is the extent of spillovers among joint venture firms and between foreign affiliates and firms with joint ventures. Insofar as joint venture firms invest more in technological capacity (as suggested by their training efforts), those firms could be expected to be better able to absorb and benefit from the diffusion of know-how. The absence of such capacity may underlie the observed negative spillover effect on other firms in the industry. Longer time series and collection of data on variables that measure firms' in-house technological effort would help identify the magnitude and determinants of technological spillovers. This paper - a product of the Financial Economics Group - is part of a larger effort in the group to understand the transition process in the Czech Republic.

Parliament has passed Insurance Laws (Amendment) Bill, 2015. It was first passed in Lok Sabha on 4 March 2015 and later in Rajya Sabha on 12 March 2015, which will become an Act when the President signs it. The amendment bill aims to bring improvements and revisions in the existing laws relating to insurance business in India. The bill also seeks to remove archaic provisions in previous laws and incorporate modern day practices of insurance business that are emerging in a changing dynamic environment, which also includes private participation. It is expected that the foreign investment would bring about `20,000-`25,000 crore in short funds. The amendment bill hikes Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from present 26 percent. The foreign investment in insurance would be routed under foreign direct investment,foreign portfolio investment,foreign venture capital investment,depository receipts,and non resident indians. Insurance companies are permitted to raise capital through instruments other than equity shares. Instruments would be specified through separate regulations by the Insurance Regulatory and Development Authority of India (IRDA). However, the voting rights of shareholders are restricted only to equity shares. Sale of shares over 1% of the total equity share capital and purchase of shares resulting in total equity share capital of more than 5%, requires the prior approval of the IRDA. It also adds provision for the establishment of Life Insurance Council and the General Insurance Council. These councils will act as self-regulating bodies for the insurance sector. The bill also grants permission to PSU general insurers to raise funds from the capital market and increases the penalty to deter multilevel marketing of insurance products. There is a strong relationship between foreign investment and economic growth. Larger inflows of foreign investments are needed for the country to achieve a sustainable high trajectory of economic growth. A major role played by the insurance sector is to mobilize national savings and channelize them into investments in different sectors of the economy. FDI in insurance would increase the penetration of insurance in India; FDI can meet India’s long term capital requirements to fund the building of infrastructures. The present paper focuses on the overview of the Indian insurance sector along with the opportunities due to expansion of FDI in insurance in India and the major challenges that it faces.