By Bartłomiej Kamiński, Michelle Riboud
Even if the legitimate rhetoric in such a lot transition economies has been in want of international direct funding (FDI), few international locations have succeeded in attracting large inflows. Hungary sticks out between these international locations that experience performed so successfully. numerous elements helped Hungary to get sooner than different transition economies when it comes to attracting FDI. This quantity analyzes Hungary's success, the scope and intensity of FDI and the influence of FDI on Hungary's economic climate and international exchange. This record will curiosity eu Union member and candidate nations, international ministries, imagine tanks, and libraries.
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Additional resources for Foreign investment and restructuring: the evidence from Hungary, Volumes 23-453
Second, indirect benefits may be weakened, if not entirely erased, by the inability of domestic firms to take advantage of new opportunities. Since spillovers to other firms are crucial for economic growth, foreign investment does little to spur economic growth. The evidence on spillover effects remains ambiguous. On the one hand, a number of case studies pointed to significant positive spillovers but only if local skills and the technological progress to adopt techniques used elsewhere are available (Lall 1992).
Another is the high degree of complementarity that exists between skills and physical capital. Among skilled workers, younger employees are in particularly high demand because of their greater capacity to absorb new knowledge and adjust to new technologies. Available evidence does confirm that foreign firms create jobs requiring higher skills than locally owned firms. Source: Authors calculation using CSO data. Page 15 a higher proportion of workers with higher education (about 12 percent in 1996 compared to 7 percent in other types of firms).
Employment in wholly or partially foreign-owned enterprises increased by 67 percent over the period. By 1997, it represented 55 percent of total employment in the manufacturing sector. Labor productivity also increased dramatically from 1992 to 1997 (table 9). As indicated earlier, productivity measured in terms of real value added per employee more than doubled in the Page 14 Table 8 Job Losses and Job Gains in the Manufacturing Sector 199297 (in Thousands)SectorEmployment in 1992 (in thousand)Change in employment 199297Job losses due to merger, liquidation or downsizingJob gains due to establishment of new enterprisesTotal Manufacturing577-213-344+131 Foreign-owned enterprises (more than 10 percent equity) 119+80-18+98Source: See tables 5 and 6.