체제전환국의 외국인직접투자 결정요인 분석: 카자흐스탄, 우즈베키스탄 및 몽골을 중심으로

Determinants of Foreign Direct Investment in Transition Economies: Focusing on Kazakhstan, Uzbekistan and Mongolia

This paper attempts to investigate determinants of foreign direct investment in transition countries of Mongolia and Central Asia representative countries of Kazakhstan and Uzbekistan. FDI inflows in this transition economies have been far increasing due to their rapid growth, GDP, gross capital formation, wage, labor force, open trading, infrastructure and natural resources as well as the factors demonstrating the economic variables and political variables of these countries by using panel data period of 1993-2013. To do this task, important econometric methods are fulfilled to test the model adequately, such as panel unit root and panel co-integration test. In addition, the study incorporated the Vector Error Correction Model methods. The results of empirical analysis confirmed that FDI and infrastructure and labor wage and open trade and political than GDP, gross capital formation, labor force and natural resources had a significant impact on Kazakhstan, Uzbekistan and Mongolia. In addition, if Kazakhstan, Uzbekistan and Mongolian countries can maintain the country`s economic growth, reduce unemployment level, achieve certain improvements in domesticating new technologies and improving skills and knowledge sphere as well as promoting stable domestic price increase, attracting and improving the FDI by paying more attention to the indicators focusing on country`s GDP, gross capital formation, labor force and natural resources.