REGIONAL INVESTMENT ANALYSIS: A PANEL DATA EVIDENCE FROM UZBEKISTAN
Main Article Content
Аннотация:
This article study applies benchmarking methods introduced by UNCTAD to analyze the investment potential of Uzbekistan`s regions. The study categorizes regions into four groups based on the FDI Performance and Potential Index values, indicating their performance relative to others. The qualitative analysis reveals front-runner regions with high FDI performance and potential, such as Bukhara and Tashkent city, as well as under performers like Khorezm and Namangan. Additionnaly, the study investigates the correlation between FDI and various independent variables using panel data models, such as fixed effect (FE) and random effect (RE), considering factors such as market size, labor costs and internet access. The results provide valuable insights into the factors influencing FDI variations across different regions in Uzbekistan. The regression output, including coefficients, t-statistics and significance levels, helps policymakers, investors, and steakholders identify key areas for development and attract foreign direct investment.
Article Details
Как цитировать:
Библиографические ссылки:
Al-kasasbeh, O., Alzghoul, A. and Alghraibeh, K. (2022). Global FDI inflows and outflows in emerging economies Post-COVID-19 era. Future Business Journal, 8, 53. https://doi.org/10.1186/s43093-022-00167-z
Bajo-Rubio, O., Diaz-Mora, C., and Diza-Roldan, C. (2010). Foreign direct investment and regional growth: An analysis of the Spanish case. Regional Studies, 44(3), 373-382.
Baltagi, B. (1995). Econometric analysis of panel data, Chichester, UK:Wiley
Billington, N. (1999). The location of Foreign Direct Investment: An empirical analysis. Applied Economics, 31, 65-76. https://doi.org/10.1080/000368499324561
Boudier-Bensebaa, F. (2005). Agglomeration economies and location choice: Foreign direct investment in Hungary. The Economics of Transition, The European Bank for Reconstruction and Development. vol. 13(4), pages 605-628, October.
Fallon, G., and Cook, M. (2010). Exploring the regional distribution of inbound foreign direct investment in the UK in theory and practice: Evidence from a five-region study. Regional Studies, 44(3), 337-353.
Guimaraes, P., Figueiredo, O., and Woodward, D. (2000). Agglomeration and the location of foreign direct investment in Portugal. Journal of Urban Economics, 47, 115-135.
Head, K. C., and Mayer, T. (2004). Market potential and the location of Japanese investment in the European Union. Review of Economics and Statistics, 86, 959-972.
Hilber, C. A. L., and Voicu, I. (2010). Agglomeration economies and the location of foreign direct investment: Empirical evidence from Romania. Regional Studies, 44(3), 355¬371.
Hong, H. H. and Goujon, M. (2014). Determinants of foreign direct investment in Vietnamese provinces: a spatial econometric analysis. Post-Communist Economies, 26(1), 103-121. https://doi.org/10.1080/14631377.2014.874658
Hornberger, K., Battat, J. and Kusek, P. (2011). Attractive FDI: How much does investment climate matter?, No 11060, World Bank Publications - Reports, The World Bank Group. https://EconPapers.repec.org/RePEc:spt:fininv:v:6:y:2017:i:4:f:6 4 2
Huynh, T. N. (2022). Dynamic spatial effects of determinants of foreign direct investment: A case of the southern key economic region of Vietnam. Australian Economic Papers, 61(3), 436-454.
Kandogan, Y (2012). Regional foreign direct investment potential of the states within the US. Journal of Economics and Business, 64(4), 306-322. https://doi.org/10.1016/j.jeconbus.2012.03.004
Kechagia, P., and Metaxas, T. (2016). FDI in Central Asia: Uzbekistan. MPRA Paper No. 71326. URL: https://www.usc.es/economet/reviews/aeid1616.pdf
Kharlamova, G. (2014). Investment attractiveness of Ukrainian regions: Rating assessment and marketing promotion. Journal of International Studies, 7(1), 9-26. https://doi.org/10.14254/2071-8330.2014/7-V1
Ledyaeva, S. (2009). Spatial economic analysis of foreign direct investment determinants in Russian regions. World Econ. 32, 643-666, https:ZZdoi.orgZ10.1111Zj.1467- 9701.2008.01145.x
Mariotti, S., and Piscitello, L. (1995). Information costs and location of FDIs within the host country: Empirical evidence from Italy. Journal of International Business Studies, 26, 815-841.
OECD (2002). International Investment Perspectives. OECD Publications Service, France, 206. https:ZZdoi.orgZ10.1787Ziip-2002-en
Park, J. (2018). The effects of foreign direct investment on regional growth and productivity1 (No. 2018-11). Asian Growth Research Institute. https:ZZeconpapers.repec.orgZRePEc:agi:wpaper:00000149
Pernia, E. M., and Salas, M. I. S. (2005). Investment climate and regional development in the Philippines. http:ZZhdl.handle.net/10419Z46632
Raluca, D. A., and Alecsandru, S. V. (2012). Main determinants of Foreign Direct Investments in Romania-A quantitative view of the regional characteristics involved in the investment strategies of foreign companies. Procedia-Social and Behavioral Sciences, 58, 1193-1203.
Rene Belderbos and Martin Carree, (2002). The Location of Japanese Investments in China: Agglomeration Effects, Keiretsu, and Firm Heterogeneity, Journal of the Japanese and International Economies, 16, (2), 194-211
Smith, W., and Hallward-Driemeier, M. (2005). Understanding the investment climate-new data sources about firms provide insights into helping economies grow, 42(1), 40-43. https://www.imf.org/external/pubs/ft/fandd/2005/03/pdf/smith.pdf
Stern, N. (2002). Keynote address: A strategy for development. In Annual World Bank Conference on Development Economics. World Bank Publications, pp. 11-38.
Stecher, B. (2005). An Investor’s Perspective on the Investment Climate in Developing Countries. Investment Climate, Growth, and Poverty, 21.
The World Bank (2022). Recommendations for a national FDI strategy and roadmap for Uzbekistan: New sources of growth. World Bank, Washington, D.C. URL: http://hdl.handle.net/10986/37882
World Bank. (2021). World Development Indicators [Database]. Retrieved from https://databank.worldbank.org/source/world-development-indicators
World Bank. (2015). Investment Climate Reforms: An Independent Evaluation of World Bank Group Support to Reforms of Business Regulations. The World Bank. Publishing and Knowledge Division, 253p. https://doi.org/10.1596/978-1-4648-0628-5
Wheeler, D., and Mody, A. (1992). International investment location decisions: The case of U.S. firms. Journal of International Economics, 33, 57-76. https://doi.org/10.1016/0022-1996(92)90050-T
Wooldridge, J. M., (2021)-. Introductory Econometrics: A Modern Approach. Mason, Ohio: South-Western Cengage Learning.
UNCTAD, 2007. World Investment Report 2007: Transnational Corporations, Extractive Industries and Development. United Nations Publication. No. E.07. II. D9.URL: https://unctad.org/system/files/official-document/wir2007 en.pdf
Yeung, H. W. (2005). Rethinking Relational Economic Geography. Transactions of the Institute of British Geographers, 30(1), 37-51. http://www.jstor.org/stable/3804528