Effectiveness of FDI, technological gap and sectoral level productivity in the Visegrad Group
Abstract
The objective of this paper is to investigate the impact of foreign direct investment (FDI) on economic growth and productivity in sectors of the Visegrad Group one decade after their accession to the EU. In order to account for sample heterogeneity, as well as productivity differences, we construct a generalized true random-effects model with varying efficiency distribution. We find that FDI has a positive impact on the Visegrad Group’s sectors and that its effectiveness depends upon the technological gap between the host and home economy. There are three sources of this positive impact: (i) sectoral output and labour productivity growth, (ii) more effective use of input factors, and via (iii) higher efficiency component of the total factor productivity (TFP). These sources form a three-way transmission mechanism through which FDI can impact economic growth conditioned upon FDI effectiveness due to the technological gap.
First published online 21 December 2020
Keyword : FDI, productivity, TFP, Visegrad Group, GTRE, panel data
How to Cite
Makieła, K., Wojciechowski, L., & Wach, K. (2021). Effectiveness of FDI, technological gap and sectoral level productivity in the Visegrad Group. Technological and Economic Development of Economy, 27(1), 149-174. https://doi.org/10.3846/tede.2020.14017
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Hanafy, S., & Marktanner, M. (2019). Sectoral FDI, absorptive capacity and economic growth – empirical evidence from Egyptian governorates. The Journal of International Trade & Economic Development, 28(1), 57–81. https://doi.org/10.1080/09638199.2018.1489881
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Hirschman, A. (1958). The strategy of economic development. Yale University Press.
Hong, J., Zhou, C., Wu, Y., Wang, R., & Marinova, D. (2019). Technology gap, reverse technology spillover and domestic innovation performance in outward foreign direct investment: Evidence from China. China & World Economy, 27, 1–23. https://doi.org/10.1111/cwe.12272
Iamsiraroj, S., & Ulubasoglu, M. A. (2015). Foreign direct investment and economic growth: a real relationship or wishful thinking? Economic Modelling, 51, 200–213. https://doi.org/10.1016/j.econmod.2015.08.009
Javorcik, B. S. (2004). Does foreign direct investment increase the productivity of domestic firms? In search of spillovers through backward linkages. American Economic Review, 94(3), 605–627. https://doi.org/10.1257/0002828041464605
Javorcik, B. S. & Spatareanu, M. (2011). Does it matter where you come from? Vertical spillovers from foreign direct investment and the origin of investors. Journal of Development Economics, 96(1), 126–138. https://doi.org/10.1016/j.jdeveco.2010.05.008
Javorcik, B. S., Lo Turco, A., & Maggioni, D. (2018). New and improved: Does FDI boost production complexity in host countries? The Economic Journal, 128(614), 2507–2537. https://doi.org/10.1111/ecoj.12530
Jiang, W., Martek, I., Hosseini, M. R., Tamošaitienė, J., & Chen, C. (2019). Foreign infrastructure investment in developing countries: a dynamic panel data model of political risk impacts. Technological and Economic Development of Economy, 25(2), 134–167. https://doi.org/10.3846/tede.2019.7632
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Konings, J. (2001). The effects of foreign direct investment on domestic firms. Evidence from firm-level panel data in emerging economies. Economics of Transition, 9(3), 619–633. https://doi.org/10.1111/1468-0351.00091
Koop, G., Osiewalski, J., & Steel, M. F. (2000). Modelling the sources of output growth in a panel of countries. Journal of Business & Economic Statistics, 18, 284–299. https://doi.org/10.1080/07350015.2000.10524871
Koop, G., Osiewalski, J., & Steel, M. F. J. (1994). Hospital efficiency analysis through individual effects: a Bayesian approach (Discussion Paper No. 9447). Center for Economic Research.
Koop, G., Osiewalski, J., & Steel, M. F. J. (1997). Bayesian efficiency analysis through individual effects: Hospital cost frontiers. Journal of Econometrics, 76, 77–105. https://doi.org/10.1016/0304-4076(95)01783-6
Kosztowniak, A. (2013). Foreign direct investment as a factor of economic growth in Poland. Empirical analysis for the period 1995–2012. Advances in Economics and Business, 1(2), 203–212.
Li, C., & Tanna, S. (2019). The impact of foreign direct investment on productivity: New evidence for developing countries. Economic Modelling, 80, 453–466. https://doi.org/10.1016/j.econmod.2018.11.028
Lin, C., Lee, C., & Yang, C. (2011). Does foreign direct investment really enhance China’s regional productivity? The Journal of International Trade & Economic Development, 20(6), 741–768. https://doi.org/10.1080/09638190903294866
Liu, Z. (2008). Foreign direct investment and technology spillovers: Theory and evidence. Journal of Development Economics, 85(1), 176–193. https://doi.org/10.1016/j.jdeveco.2006.07.001
Liu, W. S., Agbola, F. W., & Dzator, J. A. (2016). The impact of FDI spillover effects on total factor productivity in the Chinese electronic industry: a panel data analysis. Journal of the Asia Pacific Economy, 21(2), 217–234. https://doi.org/10.1080/13547860.2015.1137473
MacDougall, G. D. A. (1960). The benefits and costs of private investment from abroad. Economic Record, 36, 13–35. https://doi.org/10.1111/j.1475-4932.1960.tb00491.x
Makieła, K. (2014). Bayesian stochastic frontier analysis of economic growth and productivity change in the EU, USA, Japan and Switzerland. Central European Journal of Economic Modelling and Econometrics, 6(3), 193–216.
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