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FDI in Greece & Greek FDI. Chair: Professor Kevin Featherstone Fragkiskos Filippaios, MEF Fellow Kostas Tzioumis, NBG Fellow Hellenic Observatory Seminar Series. February 12 th , 2008. Outline. General (definition, trends, determinants) FDI Inflow in Greece FDI Outflow from Greece - PowerPoint PPT Presentation
FDI in Greece & Greek FDIChair: Professor Kevin Featherstone
Fragkiskos Filippaios, MEF Fellow Kostas Tzioumis, NBG Fellow
Hellenic Observatory Seminar Series
February 12th, 2008
OutlineGeneral (definition, trends, determinants)
FDI Inflow in Greece
FDI Outflow from Greece
Assessment & policy recommendations
DefinitionAn investment made to acquire lasting interest in enterprises operating outside of the economy of the investor.
Threshold of 10 per cent of equity ownership to qualify an investor as a foreign direct investor (OECD)
Forms of investment classified as FDI are equity capital, the reinvestment of earnings and the provision of long-term and short-term intra-company loans (between parent and affiliate enterprises).
Global trends
Improvements in crucial determinants of FDI: Institutions, taxation, liquidity, FX, etc.
Greek FDI inflows (1): A politicians view
Chart1
0.672
0.52
0.436
0.439
0.485
0.447
0.471
0.683
0.907
0.752
1.005
1.135
1.144
0.977
0.981
1.053
1.058
0.984
0.0712
0.5619
1.1081
1.5894
0.0503
1.2752332303
2.1014074364
0.6065015172
5.3634415755
Inward FDI in Greece, 1980-2006 Flows- Billion USD (current)
Greece ($current)
Page2_b
time_codecountry_codeoverall_earnmanag_rankingrankR2
YR2003Norway16
YR2003Sweden22
YR2003Denmark311
YR2003Austrial41
YR2003Switzerland513
YR2003Poland68
YR2003Italy715
YR2003Ireland83
YR2003Finland912
YR2003Belgium104
YR2003Netherlands1114
YR2003Germany125
YR2003Portugal137
YR2003Spain1416
YR2003UK159
YR2003France1610
YR2003Greece1717
PortugalYEARSpain
1.6919802.8
1.7919813.69
1.5419824.03
1.8619834.32
3.3119845.12
4.6919855.27
2.8119866.47
3.9919876.39
6.3419887.69
11.4319897.91
13.4219909.56
11.6719918
7.79199210.22
7.719938.55
6.0719948.26
2.6919956.28
4.9619967.24
8.3619977.15
9.56199810.24
3.55199912.35
21.76200026.38
20.35200117.94
5.65200221.81
24.6200310.83
5.8720048.53
10.0320057.58
17.2420065.4
Page2_b
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Accounting practices and stock markets, 2004 Stock market synchronicity, annual ranking [1=best]
Earnings management, annual ranking [1=best]
Sample: 17 countries
rankR2
Norway
Sweden
Denmark
Austrial
Switzerland
Poland
Italy
Ireland
Finland
Belgium
Netherlands
Germany
Portugal
Spain
UK
France
Greece
R2 = 18%
FDI inward flows
YEARGreece ($current)Greece ($current 000)YEARGreece (constant)Greece ($constant 000)Greece deflator
19800.67267219800.67267210.00
19810.5252019810.4762666143476.26661429591.0918254289.18
19820.43643619820.3912823015391.28230148791.114285001811.43
19830.43943919830.3856993587385.6993586711.138192195913.82
19840.48548519840.4158932255415.89322554421.166164703416.62
19850.44744719850.3734896551373.48965507221.196820297219.68
19860.47147119860.3814346734381.43467340351.234811706523.48
19870.68368319870.5299224646529.92246461471.288867797928.89
19880.90790719880.6787912645678.79126451171.336198692333.62
19890.75275219890.5442667288544.266728851.381675491338.17
19901.005100519900.7008539278700.85392779221.433964996343.40
19911.135113519910.7454776951745.47769514581.522513694852.25
19921.144114419920.7043198658704.31986581951.624262008762.43
19930.97797719930.5669332908566.93329080881.723306808572.33
19940.98198119940.5367789837536.77898374561.827567825382.76
19951.053105319950.5490204702549.02047018231.917961273291.80
19961.058105819960.5295292100.00
19970.98498419970.4726311104472.63111035152.0819619751108.20
19980.071271.219980.033241638533.24163849042.1418920135114.19
19990.5619561.919990.2558442575255.8442574692.1962580109119.63
20001.10811108.120000.497402789497.40278897982.2277719879122.78
20011.58941589.420010.7012896164701.28961635032.2663960266126.6396026611
20020.050350.320020.021969180421.9691804172.2895710739128.95710738981.0183200120022003200420052006
20031.27523323031275.233230327520030.5452434611545.24346113692.3388326889133.88326889211.0382Inflation, GDP deflator (annual %)1.833.823.493.443.733.38
20042.10140743642101.407436379820040.8808871889880.88718892252.3855579498138.55579497651.0349
20050.6065015172606.501517186520050.249258691249.25869104512.4332211432143.32211432361.0344
20065.36344157555363.44157551820062.1568681722156.86817200972.4866802919148.66802918791.03730.01830.03820.03490.03440.0373
1.01831.03821.03491.03441.0373
FDI inward flows
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inward FDI in Greece, 1980-2006 Flows- Billion USD (current)
Greece ($current)
FDI % of capital formation
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inward FDI in Greece, 1980-2006 Flows- Billion USD (constant 1980 prices)
YEAR
YEARGreece ($current)Greece (inward FDI as % of gross fixed capital formation)YEARPortugalSpain
19800.048448419800.01690.028
19810.044444419810.01790.0369
19820.039439419820.01540.0403
19830.040940919830.01860.0432
19840.057557519840.03310.0512
19850.049649619850.04690.0527
19860.042642619860.02810.0647
19870.056156119870.03990.0639
19880.064364319880.06340.0769
19890.049149119890.11430.0791
19900.051751719900.13420.0956
19910.055755719910.11670.08
19920.053853819920.07790.1022
19930.051651619930.0770.0855
19940.052552519940.06070.0826
19950.048248219950.02690.0628
19960.043743719960.04960.0724
19970.04141019970.08360.0715
19980.00282819980.09560.1024
19990.019719719990.03550.1235
20000.041441420000.21760.2638
20010.056856820010.20350.1794
20020.00161620020.05650.2181
20030.028828820030.2460.1083
20040.039939920040.05870.0853
20050.011411420050.10030.0758
20060.090390320060.17240.054
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inward FDI in Greece, 1980-2006 % of gross capital formation
Greece ($current)
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Inward FDI: Greece,Portugal & Spain, 1980-2006 % of gross capital formation
Greece ($current)
Portugal
Spain
MBD00000514.unknown
MBD000008AE.unknown
MBD000AC3E8.unknown
MBD000AC3EC.unknown
MBD000AC3F0.unknown
MBD000B717B.unknown
MBD000AC3F1.unknown
MBD000AC3EE.unknown
MBD000AC3EF.unknown
MBD000AC3ED.unknown
MBD000AC3EA.unknown
MBD000AC3EB.unknown
MBD000AC3E9.unknown
MBD00000A80.unknown
MBD000AC3E6.unknown
MBD000AC3E7.unknown
MBD000AC3E5.unknown
MBD000009A6.unknown
MBD00000A24.unknown
MBD0000092A.unknown
MBD000006C2.unknown
MBD000007C2.unknown
MBD00000838.unknown
MBD00000748.unknown
MBD000005EC.unknown
MBD00000650.unknown
MBD0000056C.unknown
MBD00000156.unknown
MBD00000342.unknown
MBD0000043A.unknown
MBD000004B8.unknown
MBD000003BE.unknown
MBD00000256.unknown
MBD000002CC.unknown
MBD000001DC.unknown
MBD00000080.unknown
MBD000000E4.unknown
Greek FDI inflows (2): A clearer view
Sources of Inward FDI in Greece (2001):European Union: 70% [~50% from Luxembourg and Holland]Other European countries: 16%United States: 7%
Chart2
0.672
0.4762666143
0.3912823015
0.3856993587
0.4158932255
0.3734896551
0.3814346734
0.5299224646
0.6787912645
0.5442667288
0.7008539278
0.7454776951
0.7043198658
0.5669332908
0.5367789837
0.5490204702
0.529
0.4726311104
0.0332416385
0.2558442575
0.497402789
0.7012896164
0.0219691804
0.5452434611
0.8808871889
0.249258691
2.156868172
Inward FDI in Greece, 1980-2006 Flows- Billion USD (constant 1980 prices)
YEAR
Page2_b
time_codecountry_codeoverall_earnmanag_rankingrankR2
YR2003Norway16
YR2003Sweden22
YR2003Denmark311
YR2003Austrial41
YR2003Switzerland513
YR2003Poland68
YR2003Italy715
YR2003Ireland83
YR2003Finland912
YR2003Belgium104
YR2003Netherlands1114
YR2003Germany125
YR2003Portugal137
YR2003Spain1416
YR2003UK159
YR2003France1610
YR2003Greece1717