REGIONAL COOPERATION AND ECONOMIC INTEGRATION

PART V:
FDIPC- logarithm value of the EU-27 FDI outward stocks held in the EU candidate countries
measured in million Euros per capita. Data on this variable in Euros were collected from
Eurostat (for Croatia and Turkey) and from the National Bank of the Republic of Macedonia
(for Macedonia);
lnGDPPC - logarithm value of the gross domestic product of the EU candidate countries
per capita measured in million Euros. Data on GDP per capita in Euros were collected from
Eurostat;
WAGEDIF- absolute value of the difference between the average gross monthly wage in
Belgium and the average gross monthly wages in the EU candidate countries expressed in
US dollars. We have used the difference between the wages in order to produce a bigger
contrast between the labour costs of EU (Belgium) and the labour costs of the host countries
(EU accession countries). Data on average gross monthly wages in US Dollars were taken
from the statistical division of the United Nations Economic Commission for Europe;
SECONDARY- total gross secondary school enrolment rate. It is the number of pupils
enrolled in secondary, regardless of age, expressed as a percentage of the total population in
the theoretical age group for secondary education. Data for this variable were obtained from
UNESCO Institute for Statistics;
MOBILE- number of mobile cellular subscriptions per 100 people in the EU candidate countries.
Data for mobile subscriptions were obtained from the World Development Indicators Database
2008 of the World Bank;
DIST- airline distance in kilometers between Brussels and the capital cities of Macedonia,
Croatia and Turkey (Skopje, Zagreb and Ankara). Data for the distance between the capital
cities was obtained from www.indo.com/distance;
CPI-consumer price index where base year is 2005. Data are obtained from the Statistical
Division of the United Nations Economic Commission for Europe;
lnTROPEN- logarithm value of openness of the economy defined as a share of trade (import
and export) in GDP. Data for calculation of this variable were obtained from UNCTAD
Handbook of Statistics;
RANKING- this variable denotes the ranking of the country according to the Euromoney
country risk ranking. Data were obtained from the September issues of Euromoney
magazine for the period 1999-2007;
- logarithm value of the EU-27 FDI outward stocks held in EU candidate
countries measured in million Euros per capita in the previous year.
NEG - denotes the dummy variable EU formal negotiations. It takes value 1 for the period
from the formal beginning of the accession negotiations onwards and value 0 otherwise.
Data for this variable were obtained from the web site of European Commission Enlargement
(http://ec.europa.eu/enlargement/candidate-countries/index_en.htm).
It is worth mentioning that the dataset represents a huge progress over the datasets used in
the earlier econometric studies on this topic. The data is balanced i.e. there are no missing
observations.
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