Suchergebnisse

The expediency of hosting large-scale sport events (LSE), such as the Summer and Winter Olympic Games, FIFA World Cup and EUFA European Championship, is a matter of public and scientific discussion. The main argument against hosting large-scale sport events is the substantial direct financial losses for an organizing country in most cases. Moreover, local residents often oppose hosting major sport events because of price increase and different inconveniences in their everyday life. At the same time the effects of hosting large-scale events have long-term nature and go beyond direct financial benefits. One of the difficulties in estimating the effects of LSE is that they are hard to measure.The literature review shows the deficit of research on how large-scale events influence the foreign direct investment inflows in the hosting country. In contrast to numerous papers on LSE influence on economic growth, foreign trade, international tourist flows, the authors found only one article devoted to LSE influence on FDI inflows. The present paper analyzes the influence of major sport events on foreign direct investment flows to the hosting country. The estimated database comprises data for 195 countries for the period of 1970–2018, 24 out of which hosted or will host 48 major sport events. The regression analysis indicates that LSE induce significant influence on foreign direct investment flows in the hosting economy. Comparing several models, we show that the most reliable is the model where hosting LSE positively influence on FDI inflows within the period starting 8 years before and ending 4 years after the event. We explain the result by the following. Firstly, fostering economic growth due to hosting LSE serves as a catalyst of foreign direct investment inflows. Secondly, LSE improves image of the hosting country abroad that positively affects the attractiveness of the country to foreign investors. Thirdly, the growing openness of the economy due to LSE (expressed for example in growth of international trade) positively affects the FDI inflows.The authors declare the absence of conflict of interests.

The paper is devoted to the foreign direct investment (FDI) spillovers in the Russian economy. Using the database on 29,817 Russian enterprises for the period of 2006—2014, we empirically estimate FDI spillovers on both intra-industry and inter-industry levels. We show that the intra-industry effects and upstream inter-industry effects have the non-linear U-shape dependence on the share of foreign companies in the industry, while downstream inter-industry effects are linear and negative. Analysing regional factors influencing FDI spillovers in the Russian economy, we find stronger effects in the regions with higher level of human capital and higher level of innovation activity. We do not find the proof for the hypothesis that FDI spillovers are stronger in the western part of Russia comparing to the eastern part.

The paper is devoted to the empirical estimation of the effects of foreign direct investment (FDI) on domestic investment in the Russian economy. The results suggest that there are crowding-out effects of FDI on the Russian economy. Using the firm-level database for 2008—2017, we analyze the presence of foreign companies in the Russian economy on the region, industry and industry in region levels. On the regional level the statistically significant effects of crowding out domestic investment are identified for state-owned, large as well as less effective companies. On the industry level the negative effects of crowding out are observed in case when FDI share in the industry exceeds 25. Estimating the effect of FDI presence on the industry in the region level, we reveal crowding out effects mainly for private and more effective national companies. Analyzing the effects in case of different levels of FDI in the economy, we do not find support for the hypothesis of adaptation of national companies for foreign companies' presence in the economy. The paper suggests that the government policy in FDI regulation should focus on mitigation of the effects of pushing national companies off the market, and also creating conditions for cooperation of foreign and domestic companies.

Permanent inflow of foreign direct investment is a powerful driver of economic development in developing countries. However, the country's underdeveloped institutional environment imposes additional costs on the investors. We identified the specificity of the institutional environment's impact on attracting foreign direct investment (FDI) in developing countries with different levels of economic development. Based on the heterogeneity of the studied countries, we hypothesised that in developing countries institutions become an active determinant of FDI after exceeding a certain threshold. In other words, institutional factors do not affect FDI inflows into relatively underdeveloped countries among a group of developing countries whose level of economic development does not exceed the threshold. To test this hypothesis, we simulated an intra-group economic modelling based on the data of the World Bank, the Heritage Foundation and the For Peace Foundation for the period from 2005 to 2015. The main tool of econometric analysis was a panel regression with fixed effects at the country level and a two-step least squares method with instrumental variables. We used indices of economic freedom and the state insolvency as aggregated indicators of the non-overlapping groups of institutional factors. The study's main results have confirmed the hypothesis that institutional factors affect FDI inflows only in the countries where gross national income per capita is higher than average. Moreover, we defined the threshold value of gross national income per capita that a country needs to achieve in order to make any institutional changes to enhance FDI inflows. Thus, government policies, aimed at increasing the developing countries' attractiveness for foreign investors, should firstly take into account the level of economic development of the recipient country. © 2019 Institute of Economics, Ural Branch of the Russian Academy of Sciences. All rights reserved.

Несмотря на то, что государства во всем мире стремятся к увеличению экспорта высокотехнологичных отраслей, в современной научной литературе немного работ, посвященных этой проблеме. Целью статьи является изучение развития экономики в странах Содружества Независимых Государств (СНГ) и Центральной и Восточной Европы (ЦВЕ) в переходный период. В исследовании используется индекс Баласса, основанный на концепции выявленного сравнительного преимущества. Объектом анализа являются 73 группы товаров автомобильной, химической, машиностроительной отраслей, а также электроники и электротехники в 27 странах за период 1995-2018 гг. При помощи метода главных компонент сформирован индекс сравнительного преимущества высокотехнологичных отраслей для каждой страны за каждый год. Показано, что страны Центральной и Восточной Европы и Балтии добились существенных успехов в развитии высокотехнологичных секторов экономики, в то время как в странах СНГ прогресс в этом направлении практически отсутствует. Для выявления статистических взаимосвязей использован регрессионно-корреляционный анализ, для оценки данных применен метод наименьших квадратов с фиксированными эффектами. Выявлены факторы, стимулирующие рост экспорта в высокотехнологичных отраслях исследуемых стран: внешнеторговая открытость экономики, заработная плата и цены на ресурсы, налоговая нагрузка, уровень безработицы и человеческий капитал. Авторам не удалось обнаружить подтверждений положительного влияния притоков прямых иностранных инвестиций, уровня затрат на НИОКР и также качества человеческого капитала на объем экспорта высокотехнологичных секторов в рассматриваемых странах. ; Any government strives to stimulate export activity in high-tech sectors of its economy. Surprisingly, there are few empirical papers on the determinants of high-tech export to date. This study analyses the economies of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS) due to the differences they experienced in the transition period. To this end, we used the Balassa ...

Permanent inflow of foreign direct investment is a powerful driver of economic development in developing countries. However, the country's underdeveloped institutional environment imposes additional costs on the investors. We identified the specificity of the institutional environment's impact on attracting foreign direct investment (FDI) in developing countries with different levels of economic development. Based on the heterogeneity of the studied countries, we hypothesised that in developing countries institutions become an active determinant of FDI after exceeding a certain threshold. In other words, institutional factors do not affect FDI inflows into relatively underdeveloped countries among a group of developing countries whose level of economic development does not exceed the threshold. To test this hypothesis, we simulated an intra-group economic modelling based on the data of the World Bank, the Heritage Foundation and the For Peace Foundation for the period from 2005 to 2015. The main tool of econometric analysis was a panel regression with fixed effects at the country level and a two-step least squares method with instrumental variables. We used indices of economic freedom and the state insolvency as aggregated indicators of the non-overlapping groups of institutional factors. The study's main results have confirmed the hypothesis that institutional factors affect FDI inflows only in the countries where gross national income per capita is higher than average. Moreover, we defined the threshold value of gross national income per capita that a country needs to achieve in order to make any institutional changes to enhance FDI inflows. Thus, government policies, aimed at increasing the developing countries' attractiveness for foreign investors, should firstly take into account the level of economic development of the recipient country. © 2019 Institute of Economics, Ural Branch of the Russian Academy of Sciences. All rights reserved. ; Представлен обзор исследований оценки влияния институциональных факторов на привлечение прямых иностранных инвестиций в зависимости от используемых ими показателей оценки институциональной среды. Проведено внутригрупповое моделирование влияния институциональных факторов на приток прямых иностранных инвестиций в развивающиеся страны. Разработана методика выявления порогового уровня развития страны. ; The article has been prepared with the support of the grant from the President of the Russian Federation No. MD-6402.2018.6 Institutional factors of attracting foreign direct investment: country and regional analysis.