By Balázs Szent-Iványi
This ebook examines how overseas direct funding (FDI) inflows to vital and japanese Europe have replaced after the good Recession. It argues that past their cyclical results, the commercial difficulty and the altering competitiveness of primary and jap ecu international locations have had structural affects on FDI within the quarter. FDI has generally been considered because the key motive force of nationwide improvement, however the obvious structural shift signifies that concentrating on affordable labour as a aggressive virtue isn't any longer a plausible procedure for the nations within the sector. The authors argue that those international locations have to circulate past the narrative of upgrading (attracting FDI inflows with more and more better worth added), and concentrate on making sure higher worth seize as an alternative. a possible approach for doing this can be through constructing the stipulations during which cutting edge nationwide businesses can emerge, thrive and finally turn into lead companies of world price chains. The booklet offers readers with a hugely informative account of the explanations why this shift is important, in addition to varied views and vast discussions at the dynamics and structural affects of FDI in post-crisis significant and jap Europe.
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Additional info for Foreign Direct Investment in Central and Eastern Europe: Post-crisis Perspectives
42 K. Kalotay revenues and more control over infrastructure projects as a result. However, this theoretical relationship works well only in societies in which there is widespread social and political participation, ensuring strong democratic control over the revenues and resources gained. If one accepts the judgment of international expert analyses (Tavares 2013; Venice Commission 2012, 2013), this is exactly the area in which Hungary has a serious deﬁcit. This implies that the gains from the policy change do not beneﬁt the majority of society and, as shown in below, do not translate into development gains.
The conventional evolution of afﬁliates in new EU member states via the expansion of functional scope and competence has only moderately been hampered by the crisis (Filippov and Kalotay 2011). Moreover, the Great Recession also opened new investment opportunities in the new EU member states. A case of conventional organic growth, for example, is that of the Czech afﬁliate of Honeywell. In December 2008 it announced the creation of a research centre for aircraft engines within three years. At the same time, the company expanded the production of aircraft engine components in the city of Olomouc and started to hire engineers for its R&D laboratory in Brno (Filippov and Kalotay 2011).
The chapter argues that FDI upgrading has become a key narrative among CEE policymakers and academics, but it suffers from a number of shortcomings. Instead, policymakers should concentrate on increasing domestic value capture by promoting innovative, locally based companies, which have the potential to become lead ﬁrms in global value chains. Without this, FDI upgrading, while necessary, is unlikely to provide the impetus for the CEE region to catch up with the advanced countries in terms of development levels.
Foreign Direct Investment in Central and Eastern Europe: Post-crisis Perspectives by Balázs Szent-Iványi