Determinants of Foreign Direct Ivestment inflow in South East European Countries - Panel Estimation

Abstract The first part of the paper examines the objective of the study. Following, in the second part we continuo with analyses of the importance of FDI to transition economies of (SEEC) South East European Countries. The study examines the trend and characteristics of FDI based on geographical distribution of FDI in the SEECs and compare its amount with Central East European Countries (CEECs). In the third part, following the theoretical approach of FDI and empirical evidence identified by literature review of FDI determinants, we tried to identify some of the main host country determinants of FDI inflow in SEECs. For this reason, we employed panel data estimation. Using a sample of SEECs and panel data technique under random effect specification the paper research the relationship between FDI, GDP growth, GDP per capita, number of inhabitants, trade openness, inflation, exchange rate, external debt and some technology development proxies.Foreign Direct Investment, SEECs, Panel Econometrics

Determinants of foreign direct investment in Macedonia. Evidence from time series 1994 – 2008

Foreign Direct Investment has been considered as one of the main factors underlying the relative growth rates experienced by the Macedonian Economy. The raising trend of FDI inflow made possible the deep liberalization and transformation of an economy, thus increasing the degree of openness and integration of Macedonian economy into the world markets. In addition, the Macedonian attitude toward European Union (EU) membership has involved a new boost in FDI that would reflect the favorable prospects for the country’s economic future faced with the challenges of the Single European Market. Despite the crucial role played by FDI in the Macedonian economy, the available empirical evidence is rather scant, being in general of a descriptive nature. The aim of this paper is to provide some more robust evidence on the tested hypothesis related allocation over time of gross aggregate FDI inflows in the Macedonian economy. For this purpose, using quarterly data for the period 1994 – 2008 we employed cointegration analysis. This paper applies dynamic econometric methodology empirically to investigate the determinants affecting foreign direct investment (FDI) inflow in MacedoniaForeign Direct Investment, Macedonia, Error Correction Model, Cointegration Analysis.

Trgovina i izravne strane investicije na primjeru zemalja Jugoistočne Europe i novih članica Europske unije

The goal of this research is to provide an empirical assessment of the complementarity or substituting relationship between Trade and FDI in a link to country characteristics, using bilateral level data between FDI and trade for the period 1994 – 2010. In the research, an augmented gravity model has been used to test the relationship between Trade (both export and import), FDI stock and country characteristics between OECD-20 countries and SEE-5 and EU-NMS-10 countries. The empirical model considers how the relationship between FDI and Trade determine whether type of FDI into SEE-5 and EU-NMS-10 from core OECD-20 countries, is vertical or horizontal. With regard to the relationship between exports and FDI, the findings of the research showed mixed evidence, thus supporting vertical FDI for EU-NMS-10 countries, and horizontal FDI for SEE-5 countries. On the other hand, based on the relationship between imports and FDI, the results of the research supported vertical FDI for both EU-NMS-10 and SEE-5 group of countries. The basic conclusion is that the research provides an empirical evidence on the mixed nature of FDI into the host SEE-5 and EU-NMS-10 countries, supporting both complementary and substituting relationship between trade and FDI in the host countries.Cilj ovog istraživanja je utvrditi postojanje komplementarne odnosno supstitucijske veze između međunarodne trgovine i izravnih stranih investicija (ISI) uzevši u obzir obilježja gospodarstva. Istraživanje se temelji na podacima o ISI i trgovini u razdoblju 1994. – 2010. U istraživanju je korišten prošireni gravitacijski model kako bi se testirala veza između međunarodnih trgovinskih tijekova (izvoz i uvoz), razine FDI i nacionalnih karakteristika OECD 20 zemalja, 5 zemalja Jugoistočne Europe (5-JIE) i 10 novih članica EU (10-NCEU). Empirijski model analizira na koji način veza između ISI i međunarodne trgovine određuje horizontalnu odnosno vertikalnu prirodu ISI iz OECD-20 zemalja prema 5-JIE i 10-NCEU zemljama. Rezultati veze između izvoza i ISI ukazuju na postojanje vertikalnog ISI u 10-NCEU zemljama i horizontalnog ISI u 5-JIE zemljama. S druge strane, temeljem veze između uvoza i ISI, rezultati upućuju na vertikalnu prirodu ISI u obje prethodno spomenute skupine zemalja. Osnovni zaključak istraživanja je da dokazi upućuju na miješanu prirodu ISI u 5-JIE i 10-NCEU zemljama te na postojanje i komplementarne i supstitucijske veze između trgovine i ISI u ovim zemljama

Legal Effects, Types and Revocation of the Deed of Gift under the Legislation of the Republic of Kosovo

The gift contract is a separate positive law contract in Kosovo, which is concluded between two entities, the donor and the recipient. Given the fact that gift contract falls in the group of unilateral binding contracts, it only creates obligations on the part of the donor. The principal duty of the donor is to transfer the subject of the gift into the ownership of the donor. The legal effects of the gift contract are reflected in the rights and obligations of the contracting parties. As the gift contract falls in the group of charitable contracts, there would be no guarantee of physical or legal deficiencies for the donor. In Kosovo positive law, the following types of gift contracts apply; reciprocal gift contract, mixed gift contract, rewarding gift, posthumous gift contract, gift order contract. In this paper we will examine the legal effects, rights and obligations of contracting parties to the gift, the specific types of gift contract applied in practice in Kosovo, the revocation and causes of the gift contract revocation, and ways of annulment of the gift contract, specifically the voluntary and non-voluntary ways of the contracting parties

PERSPECTIVES OF LEGAL ETHICS

Subject of knowledge of ethics and law are found in the concepts of good and evil.Ethics determines the way out between good and evil, while law protects good and forbids evilthrough its mechanisms. Both ethics and law are closely related to the culture of the societyin which they are applied. Knowing that the culture of a society is constantly developing andchanging depending on the needs and circumstances of the time, then both good and evil, rightand wrong change depending on these factors.Thus, the purpose of this paper is to consider the development of ethics and law,specifically the challenges that law and ethics have today and the challenges that await themin the future. Today society is directly dependent on many factors, such as technology, modern medicine, global warming and others, which affect the culture and behavior of society, butalso the legal norms of modern states

Palynological study of Scorzonera doria and Hieracium hoppeanum (Cichorieae - Asteraceae) in Albania

This paper presents the morphological features of the pollen grains of Scorzonera doria and Hieracium hoppeanum and the comparison of these features with other species of the genus Scorzonera L. and Hieracium L. The material for the study was taken from the National Herbarium in Tirana. Acetolysis and basic fuchsine methods were used to study the morphological features of Scorzonera doria and Hieracium hoppeanum pollen grains. The fixing of the pollen grains is made with glycerin gelatin. A light microscope was used to take photos and study the morphological features of the pollen grains. From the study of pollen grains of Scorzonera doria and Hieracium hoppeanum, results that they are tricolporate. The shape of pollen grains according to their outline is spheroidal and oblate-spheroidal. The exine appears thick, two-layered and its ornamentation is echinolophate

Emotional Intelligence and its Relation to Job Success

Until three decades ago the importance of Emotional Intelligence, now on referred as EI, was not very well known. Existing as a concept EI was not unanimously defined, not in its merited place in science and not well known in society opinion. The concept of EI for the first time arose in 1990 by Peter Salovey and John Mayer. It evolved later and achieved its peak with the work of Daniel Goldman in 1995, where his book on EI named: “EI, why it Matters” sold millions of copies. Nowadays after many researches done in EI field, EI with its main components has been rightly acknowledged as an engine of a human body toward achieving one’s self-satisfaction and success. However this still has not happened in Kosova. This is one of the first articles written in Kosova about EI, the new concept of Intelligence.The paper will try to give the contribution on the field of bringing EI in its merited place in Kosova society, and so will positively affect the investment of individuals into their EI, being one of the main factors that bring you towards success and overall wellbeing

Macroeconomic Challenges for Macedonia toward European Union and European Monetary Union membership - Copenhagen and Maastricht Criteria

In this paper we have analyzed the major macroeconomic challenges that Macedonia might face for becoming part of European Union countries, which are related to the capacity of Macedonian economy for meeting the prerequisites specified by European Commission in Copenhagen and Maastricht. In the context of Copenhagen criteria,using data from European Bank for Reconstruction and Development, we have analyzed the ability of Macedonian economy to cope with competitive pressures within EU structure. For this purpose, the main challenges of Macedonia toward EUmembership are: strengthening the competition, strengthening of suitable capacity ofhuman capital in the country, strengthening of non - bank financial institutions,reduce the shadow economy and built up a better infrastructure. The challenges that Macedonia has to solve will certainly result in progress related to market economy functionality and better prerequisites for strengthening private sector competitiveness. In the context of Maastricht criteria, using data from International Financial Statistics (IFS), National Bank of the Republic of Macedonia (NBRM) andState Statistical Office of RM, the study is focused on the Treaty provisions with regard to development in prices, fiscal balances and debt ratio, exchange rates and long terminterest rates. In this respect, economic developments in Macedonia are reviewed from a backward - looking perspective, covering in principle the past ten years.Economic convergence of Macedonia as a country under review in this paper is, also,examined in the context of the regular two - year cycle, which is in line with therequirements of article 122 (2), in conjunction with the article 121 (1) of the Treaty ofthe European Commission. In order to capture the convergence criteria, in the context of the influence of the real exchange rate, the study attempts to explore the pass through effect of exchange rate on inflation. We use quarterly data from 1998 to 2008 and employed Vector Autoregression and Granger Causality test of exchange rate on inflation. The results show that changes in exchange rate 'are causing' changes in the producer prices and retail prices, thus confirming the high import dependability of the domestic production