FDI FLOWS IN SOUTH EASTERN EUROPE Appendix B: Non-statonarity analysis – ADF (Augmented Dickey Fuller test) Second No transf. First difference difference Variable 2 2 2 χ - P-value χ - P-value χ - P-value Independent variable stat. stat. stat. Exports of goods/serv. 31,298 0,000 Imports of goods/serv. 31,359 0,000 Merchandise exports 0,080 1,000 13,683 0,622 60,215 0,000 Cons. prices (end-year) 71,623 0,000 Current account/GDP 24,244 0,084 61,089 0,000 Employment 38,434 0,001 31,298 0,000 Exchange rate 14,929 0,245 20,464 0,059 61,299 0,000 Fixed-line penetration 36,584 0,002 24,795 0,037 50,939 0,000 GDP 72,641 0,000 GDP per capita 0,016 1,000 11,312 0,789 58,562 0,000 General gov. bal. 25,094 0,068 55,804 0,000 General gov. debt 12,283 0,267 47,482 0,000 General gov. exp. 33,224 0,007 Industrial gross output 45,565 0,000 Internet users 0,628 1,000 15,521 0,214 24,234 0,019 Labour force 53,996 0,000 Population 16,558 0,167 51,476 0,000 Unemployment 18,341 0,304 46,303 0,000 Index of econ. freed. 6,449 0,892 38,078 0,000 Business freedom index 21,497 0,002 33,234 0,000 Trade freedom index 5,897 0,921 40,232 0,000 Fiscal freedom index 14,322 0,281 39,908 0,000 Government size index 48,204 0,000 Mon. freedom index 14,114 0,294 58,581 0,000 Invest. freedom index 6,094 0,413 18,350 0,005 Finan. freedom index 6,854 0,739 31,186 0,002 Property rights 3,059 0,548 14,076 0,007 Freedom from corr. 12,921 0,375 39,740 0,000 External dept/GDP 20,717 0,189 51,510 0,000 Monthly earnings 62,356 0,000 Large scale privat. 39,449 0,003 Overall infr. reform 31,550 0,011 Dependent variable Foreign direct invest. 5,088 0,995 44,904 0,000 299
PART V: REFERENCES Liebscher, K. (2007), The changing landscape of FDI in Europe, Foreign Direct Investment in Europe: a changing landscape, Edward Elgar Publishing Ltd. Bevan, A. A. and Estrin S. (2000), The determinants of foreign direct investment in transition economies, William Davidson Institute Working Paper 342 Botric, V. and Skuflic L. (2005), Main determinants of foreign direct investment in the south east European countries, Second Euro frame Conference on Economic Policy Issues in the European Union “Trade, FDI and Relocation: Challenges for Employment and Growth in the European Union”, June, 2005, Vienna, Austria Brada, J.C. et al. (2004), The effects of transition and political instability on foreign direct investment inflows: Central Europe and the Balkans, William Davidson Institute Working Paper Number 729 Demekas, D.G., Horváth, B., Ribakova, E. and Wu, Y. (2005), Foreign Direct Investment in Southeastern Europe: How (and How Much) Can Policies Help, IMF Working Paper 05/110 (Washington: International Monetary Fund) Economic statistics and forecasts of European Bank for Reconstruction and Development (EBRD) (www.ebrd.com), Gujarati, D. (2003), Basic Econometrics, McGraw-Hill, New York, Index of economic freedom published by The Heritage foundation and Wall Street Journal (www.heritage.org), Kikerkova, I. (2003), International Economics, Faculty of Economics, Skopje Resmini, L. (2007), The determinants of FDI in Central, Eastern and South-Eastern Europe: lessons from the past and prospects for the future, in Liebscher et al., Foreign Direct Investment in Europe: a changing landscape UNCTAD (2008), World Investment Report 2008, UN, New York and Geneva 300
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Proceedings from the Third Internat
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© All rights reserved. No part of
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Skopje, 15.10.2009 Dear Colleagues,
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CONTENTS: PART I: REGIONAL TRADE AG
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Ph.D. Sanja Đurđić THE RULE OF L
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PART I: Greater openness means fier
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PART I: the past never experienced
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PART I: Nowadays such actions will
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PART I: ratio could ultimately rais
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PART I: 3. CEFTA regional cooperati
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PART I: any other type of economic
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PART I: including Kosovo, who is de
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PART I: Rodrik, Dani. (1999), The N
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PART I: The paper examines how West
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PART I: What are the main reasons f
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PART I: EU growth rates and a sign
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PART I: only a limited portion of t
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PART I: on a larger trade deficit;
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PART I: and world trade in goods an
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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PART I: was developed especially fo
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PART I: 2. Theoretical background,
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PART I: focus on the way in which t
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PART I: of private incomes by addin
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PART I: the GDP per capita: the 53.
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PART I: received EU-transfers, but
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Dr Márta Zádor, PhD Deputy Genera
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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Macedonia REGIONAL TRADE AGREEMENTS
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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Goran Buturac, Ph.D., Research Fell
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REGIONAL TRADE AGREEMENTS AND REGIO
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c in total exports of country a in
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2.3. Comparative advantages REGIONA
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REGIONAL TRADE AGREEMENTS AND REGIO
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REGIONAL TRADE AGREEMENTS AND REGIO
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2.6. Export similarities The paper
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REGIONAL TRADE AGREEMENTS AND REGIO
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PART II: INTRODUCTION CEFTA-2006 is
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PART II: Agreement for Modification
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PART II: only provide temporary rep
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PART II: The Leaders of the Group o
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PART II: messages over the past yea
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PART II: INTRODUCTION Central Europ
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PART II: Table 1: Gross domestic pr
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PART II: Figure 3: Distribution of
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PART II: Table 6: Countries of West
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PART II: Adriatic gas pipeline is c
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PART II: Total Croatian export to t
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PART II: CIA - The World Bank Factb
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CEFTA-2006 TRADE COOPERATION Sanja
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the implementation of the protocol
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CEFTA-2006 TRADE COOPERATION in the
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The major foreign trade partners in
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Integration, Vol. 26, No. 3, 309-33
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PART II: divisive, as well as mainl
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PART II: of time. During the transi
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PART II: been recovered from 2004 o
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PART II: diversified structure as c
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PART II: VAR and to test if one may
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PART II: VAR since the test for coi
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PART II: coefficient sign) but mode
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PART II: elasticity. The seasonal f
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PART II: GDP” that has been runni
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PART II: Faini, R., Pritchett, L. a
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PART II: pleasant. The expectations
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PART II: Table 3: Regional trade ex
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PART II: In order to bring to an en
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PART II: stimulated the growth rate
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CEFTA-2006 TRADE COOPERATION Irena
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CEFTA-2006 TRADE COOPERATION within
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Table 2: Data on exports of agricul
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CEFTA-2006 TRADE COOPERATION 3.1. T
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Macedonian export of non-agricultur
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is 37.1% of the total Serbian trade
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CEFTA-2006 TRADE COOPERATION na CEF
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PART II: countries in the Region, a
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PART II: becoming wealthier consume
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PART II: versa for Croatia; for Mac
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PART II: Table 5: Exports of the Re
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PART II: Commission of the European
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PART III: Serbia, Macedonia and man
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PART III: of TNCs have changed the
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PART III: 3. Foundations of the new
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PART III: modes of supply, FATS cor
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PART III: enterprise (affiliate). U
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PART III: REFERENCES Bjelić, Predr
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PART III: requirement for compulsor
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PART III: Companies prepare and pre
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PART III: it refers to adjusting of
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PART III: presentation of assets, l
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SOME ASPECTS OF TRADE STATISTICS AN
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their mass and inversely proportion
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Peri specifications in log-log spac
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orn population, is less reliable an
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SOME ASPECTS OF TRADE STATISTICS AN
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Weltwirtschaftliches Archiv, 90(01)
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PART IV: INTRODUCTION The manufactu
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PART IV: 12 Figure 2: Main developm
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PART IV: Firms’ characteristics F
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PART IV: 3.2. Measurement and data
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PART IV: high and high technologica
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PART IV: study. Firstly, companies
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PART IV: and Consumption Studies, U
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PART IV: medium-sized enterprises,
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PART IV: Balkan transition economie
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PART IV: evidence that human capita
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PART IV: of involving Serbia in a u
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PART IV: REFERENCES Arandarenko, M.
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CEFTA-2006 AND ANHANCING COMPETITIV
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CEFTA-2006 AND ANHANCING COMPETITIV
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CEFTA-2006 AND ANHANCING COMPETITIV
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CEFTA-2006 AND ANHANCING COMPETITIV
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