MNE Research Paper - Eftichios Matathias Felice"The Effect...

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Eftichios Matathias Felice “The Effect of FDI Inflows & Outflows to the Greek Economy and its Neighbors” Tufts University Department of Economics December 2007 EC -176: Multinational Enterprises (MNEs) Professor: George Norman Research Paper: The Merits of Greek Foreign Direct Investment Flows: “The effect of Foreign Direct Investment inflows and outflows in the Greek Economy and its neighbors.” Matathias Efticios (Felice) 1
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Eftichios Matathias Felice “The Effect of FDI Inflows & Outflows to the Greek Economy and its Neighbors” The Effect of FDI Inflows & Outflows in the Greek Economy Eftichios Matathias (Felice) EC 176 – Multinational Enterprises Prof. George Norman Research Paper (December, 2007) Abstract: The aim of this paper is to analyze the effects of Foreign Direct Investment inflows and outflows on the Greek Economy and answer questions such as: How has the admission of Greece to the European Union (EU) and especially to the European Monetary Union (EMU) affected FDI inflows and outflows from and to the Greek Economy? Has Greece affected the development of its neighboring economies? What is the EU’s role in promoting FDI flows? Introduction: Economic growth and to a larger extend economic development around the world, and especially among European Nations, has been greatly fostered by domestic and foreign investment through enhanced trade and economic integration levels. This paper analyses the structure of the Greek economy and its transformation from a crumbled, old-fashioned, protectionist market to a liberalized, open to free trade, pioneering economy in southeastern Europe. To identify this economic transformation, the first section of the paper provides a brief history of the European Union, tracing back from the post-WWII period and the first steps of the formation of a common European market to the first decade of the 21 st century. The role of the EU has been vital for the promotion of international trade and economic liberalization throughout the continent, heavily extending its influence to the Hellenic Republic and the Balkan States. The second section is a theoretical analysis and approach to foreign direct investment. Pros and cons of FDI, along with the determinants driving its direction and choice of location will be identified and analyzed. The third section of the paper focuses on the analysis of the Greek economy and the role of FDI in economic development and growth levels. The European Union has proved to be critical and perhaps the only path for small economies like the Greek one, to expand, grow and develop to the economic standards of their industrialized European partners. Since the Greek accession to the EU, the structure of Hellenic economy has been transforming to what is known as a “western developed market,” embracing the ideals of trade liberalization and enhanced economic 2
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Eftichios Matathias Felice “The Effect of FDI Inflows & Outflows to the Greek Economy and its Neighbors” integration. FDI, mainly flowing from European countries, has been proven to be
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MNE Research Paper - Eftichios Matathias Felice"The Effect...

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