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Geographic Factors As Determinants of Foreign Direct Investment in Eastern Europe's Transitioning Economies Jovana Trkulja Macalester College

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Geographic Factors As Determinants of Foreign Direct Investment in Eastern Europe's Transitioning Economies Jovana Trkulja Macalester College Macalester College DigitalCommons@Macalester College Geography Honors Projects Geography Department 5-2-2005 Geographic Factors as Determinants of Foreign Direct Investment in Eastern Europe's Transitioning Economies Jovana Trkulja Macalester College Follow this and additional works at: http://digitalcommons.macalester.edu/geography_honors Part of the Geography Commons Recommended Citation Trkulja, Jovana, "Geographic Factors as Determinants of Foreign Direct Investment in Eastern Europe's Transitioning Economies" (2005). Geography Honors Projects. Paper 4. http://digitalcommons.macalester.edu/geography_honors/4 This Honors Project - Open Access is brought to you for free and open access by the Geography Department at DigitalCommons@Macalester College. It has been accepted for inclusion in Geography Honors Projects by an authorized administrator of DigitalCommons@Macalester College. For more information, please contact [email protected]. GeographicFactors as Determinants of Foreign Direct Investmentin EasternEurope's TransitioningEconomies SeniorHonors Thesis JovanaTrkulja Advisor: David Lanegran GeographyDepartment MacalesterCollege May2,2005 GeographicFactors as Determinants of ForeignDirect Investmentin Eastern Europe'sTransitioning Economies Absffact The removalof the "Iron Curtain"epitomizedthe shed of EastemEurope's central planning andthe region's adoptionof the Westemmarket system.To establisha comparativeadvantage in today'smarkets, the transitioningnations need financial assistancethrough Foreign Direct Investment(FDI). While mostresearch focuses on economicand political factorsas determinants of FDI this paperadditionally examinesthe regionsgeography. Results indicate that urbanconcentration, road networksand proximity to surroundingmarkets significantly attract foreign investors. The implicationsof capitalinflows aregeographically altering as the urbanand rural landscapesare modified to reflectthe new marketsystem. Advisor:David Lanegran GeographyDepartment MacalesterCollege Acknowledgements I would like to thank all thosewho supportedme and advisedme on completingmy honorsthesis. Special thanks are further extendedto Dr. David l,anegranfor sparkingthe interestin me to becomea geographerand Dr. Laura Smith, Dr. William Moseley,Carol Gersmehland Laura Kigin for kindling the fire throughmy collegecareer. I would also like to extendmy thanksto Brent Hecht, for his computerprogramming skills that savedme preciousdays in finishing this project. Tableof Contents ChaDterI Inhoductionto EastemEurope's Transitioning Economies ..... ... ...1 Chapter ? TheTheoryBehindForeipDirectInvestrnent...............................7 Chaoter3 PreviousResearch and Findings.. .. .. .. 1 3 Chaoter4 Methodology... Chapter5 ModelOutline, Data Sources and Expected Relationsfups....... ........23 Chapter 6 AnalysisofObtainedResults................. ............32 Chaoter Z The Effects of ForeignInvestrnent of Urban and Rural Landscapes. ..40 ChapterE Conclusion...... .........................60 ChapterI Introductionto EasternEurope' s TransitioningEconomies The removalof the "hon Curtain"in the 1990sepitomized the desireof economicallyand politically distressedEastern European nations to shedtheir central planningand adopt the Westernfree market system.l Prior to decentralizationthese nationsboasted some of the richestagricultural regions and heavy manufacturing plants.The U.S.S.R., with its formulizedproduction plans and long-term goals, was settingthe exampleas'ho othernation of comparablesize has ever experienced such a rapidpace of industrialization"(Alexander,1963;446). The yearsof centralized 'cry' governance,however, left deepscars on the countries'landscapes. The painful of the environment- eventhough heard by some2- remainedsuppressed through strict government"censorship of information,about environmental quality, unresponsiveness to local environmentalhazards and restrictions on formation of independent environmentalgroups" (DeBardeleben and Hannigan, 1995). This degreeof negligence andexpurgation was alsopracticed on issuesconcerning industry, education, and political relations.As a result,Eastern Europe was in dire needof a political and economicreform. Today,these economies look at the incorporationof an efficient market system as the ticket for entry into the EuropeanUnion, and ultimately to an improvementin the living standardsof the local population.Though the notionof decentralizationis viewedpositively, the costsof undertakingthe necessaryreforms have been t The removalof the "Iron Curtain" symbolizesgovernment and economicdecenhalization of Eastern Europeanblock. 2French (1990) mentions a publicationby a governmentofficial, Boris Komarov,titled The Destruction of Nature in the Soviet Union. As a result of this publication Boris Komarov had to leavethe country. underestimatedby a numberof nations.The yearsof absenceof meaningfulmarket pricing andthe existenceof considerablegovernment subsidies created little incentive for centrally plannedindustries to conserveand adoptprofit maximizing production schemes.The workforcein the heavymanufacturing industries felt the biggestimpacts of the reforms,since "labor-hoarding had been encouraged under socialism...and had beenestimated in Poland,for example,to makeup almost25 percent of the industrial workforce"(Hamilton,1999;136). Labor-hoarding refers to the over-employmentin the numberof workersrequired to efficientlyoperate of an industry.While this system ensuredlow levelsof regionalunemployment it causeda declinein the marginal productivityof labor.In otherwords having more workers than necessary to operatea productionsystem may causelower outputlevels since the workersare hindering, ratherthan aiding, each other in theproduction process. Consequently the de- industrializationof theseindustries left hundredsunemployed, causing production declinesand shortages. Accordingly, the governmentswere faced with the extreme burdensof budgetdeficits, hyperinflation, and lack of exposureto the competitive world markets.To climb out of the chokingdebt pressures and to establisha comparativeadvantage in today'smarkets, Eastern European nations are in needof financialassistance through Foreign Direct Investment(FDD. ForeignDirect lnvestment(FDD entailsthe acquisitionof the homecountry's assetsfor the purposeof control.3Ownership can take a numberof forms.Investment cancome inas greenfieldinvestment, where the foreignfirm providesthe necessary capital to establisha new asset,such as an industrial plant. Foreign investmentcan comein is asmerger and/or acquisition of thehome firm. This is a popularform of 3For future referencethe foreign country refersto the countryproviding the FDI while the homecountry is the country acquiringFDI. investmentin countriesundergoing privatization of previouspublicly held entities. Jointventureso on the otherhand, constitute a partnershipbetween foreign and home companiesfor reciprocalbenefits. Subcontracting and licenses are additional measures foreignfirms canuse to investcapital into the homecountry. In all cases,the home countryobtains the financialresources that act as"an engineof development,a vehicle of economicmodernization and a driving force of productivity development" (Pavlinek,2004;1). While westerneconomists and multinational institutions advocate "that successfultransition from centrallyplanned economy to a market-basedsystem could only be achievedwith largeinflows of foreigndirect investment" (Pavlinek,2004;3), theymostly focuson economicand political factorsas determinants of FDI flows. Concentrationof FDI literatureon the abovestated incentives has createda theoretical frameworkof foreigninvestment called Factor Endowments-Basedtrade theory. Grantedthat low wages,tax redemptionsand retained eamings are significant aspects in determiningFDI, thereare calls for otherfactors to be takeninto consideration. Camposand Kinoshita (2003) encourage future research to follow their stepsin establishinga new tradeFDI model.The economistsincorporate institutions in their predictivemultivariable models, but acknowledgethe importanceand lack of inclusion of countries'physicalfactors. Coughlin and Segev (1997) inspect some of China's geographicfeatures in attractingFDI, but call for futureresearch to examinethe effects of transportationand proximity of the economiesto otherworld marketsin determining FDI flows. This papertakes up thesecalls by statingthe following question:do geographicfactors have a significant effect in determiningFDI flows into Eastem Europe'shansitioning economies,and can hansportationact as an aid to athact filture FDI? Map 1. The paperwill addressthe questionby using panel data for fifteen Eastem Europeannations, illustrated in the map above,for the years 1995througb 2000.Most of the datahas been extracted and aggregatedfrom the World DevelopmentIndicators Online (WDI), a data sourceof the World Bank. Furthermorg the definitions of the variablesused in the study are in line with the WDI datadefinitions, usedto construct the explanatoryvariables. In someinstances these definitions were limited and unclear. The limitations will be addressedfurther in ChapterVI. Additional data sourcesare outlined in ChapterV. Furthermore,the studyrecognizes that that proxies usedto conductthe analysis arenot idealrepresentatives of foreigninvestment determinants. Their shortcomings will be tackledin ChapterVI wherefuture research proposals will be outlined. As indicatedby themap above,the studysample excludes certain Eastern Europeannations. The paperrecognizes
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