| Abstract | Pristupanjem Europskoj uniji, intenzivirao se priljev kapitala u post-tranzicijske zemlje
kao poluga bržeg postizanja realne konvergencije. Za razliku od ostalih oblika kapitala
(posebice kratkoročnog karaktera), strane direktne investicije (FDI) smatrane su
generalno pozitivnim izvorom stranog kapitala u poticanju gospodarskog rasta i razvitka.
Istraživanja su, međutim, pokazala da svi oblici FDI-a (obzirom na sektorsku strukturu)
podjednako ne doprinose razvitku te da u nekim slučajevima utjecaj može biti i negativan.
S druge strane, Europska unija u svojim dokumentima potiče održivi gospodarski razvoj
te je cilj rada kreiranje empirijskog modela utjecaja sektorske strukture FDI-a na održivi
razvitak spomenutih zemalja svrhom reformiranja politika privlačenja FDI-a. Kritičkom
analizom literature izvršen je odabir varijabli modela pri čemu je zavisna varijabla održivi
razvitak, a glavne nezavisne varijable su priljevi FDI-a u industriju i turizam, stupanj
gospodarskog razvitka, trgovinska otvorenost i indeks vladavine prava. Istraživanje se
provelo panel metodom za razdoblje od 2000-2020. godine, dok se istraživanje na
primjeru Republike Hrvatske (utjecaj FDI-a u sektoru turizma na održivi razvitak)
provelo ARDL modelom. Dobiveni rezultati upućuju da ulaganja u različite sektore imaju
različit utjecaj na ekonomski razvoj ovih zemalja te je važno razmotriti specifičnosti
svakog sektora prilikom planiranja investicija radi postizanja održivog razvitka.
Potvrđuje se valjanost Kuznetsove krivulje za okoliš na primjeru post-tranzicijskih
zemalja Europske unije te se ukazuje da priljev FDI-a u sektor turizma pozitivno utječe
na održivi razvitak u Republici Hrvatskoj. Dobiveni rezultati pružaju uvid u kompleksnu
prirodu odnosa između FDI-a i održivog razvitka i specifičnosti sektora u posttranzicijskim
zemljama Europske unije. |
| Abstract (english) | Accession to the European Union has intensified the influx of capital into post-transition
countries as a lever for faster achievement of real convergence. Unlike other forms of
capital (especially of a short-term nature), foreign direct investment (FDI) has generally
been considered a positive source of foreign capital in promoting economic growth and
development. However, research has shown that not all forms of FDI (given their sectoral
structure) equally contribute to development, and in some cases, their impact can even be
negative. On the other hand, the European Union, in its documents, promotes sustainable
economic development, and the aim of this study is to create an empirical model of the
impact of FDI sectoral structure on the sustainable development of these countries in
order to reform FDI attraction policies. Through critical analysis of the literature,
variables for the model were selected, with sustainable development as the dependent
variable, and the main independent variables being FDI inflows into industry and tourism,
the level of economic development, trade openness, and the rule of law index. The study
was conducted using panel data for the period 2000-2020, while research on the example
of the Republic of Croatia (the impact of FDI in the tourism sector on sustainable
development) was conducted using the ARDL model. The obtained results confirm the
hypotheses examined in the study, namely that investments in different sectors have
different impacts on the economic development of these countries, and it is important to
consider the specificities of each sector when planning investments to achieve sustainable
development. The validity of the Environmental Kuznets Curve is confirmed using the
example of post-transition countries in the European Union, and it is confirmed that FDI
inflows into the tourism sector positively affect sustainable development in the Republic
of Croatia. The obtained results provide insight into the complex nature of the relationship
between FDI and sustainable development and the specificities of sectors in posttransition
countries in the European Union. |
