Vol.4, No 2, 2007 pp. 183 - 190
UDC 339.727.22
FOREIGN DIRECT INVESTMENT AND SUSTAINABLE
DEVELOPMENT: AN ANALYSIS OF THE IMPACT
OF ENVIRONMENTAL REGULATIONS ON INVESTMENT
LOCATION DECISIONS
Marija Petrović-Randjelović
Faculty of Economics, University of Niš, 18000 Niš, Serbia
In the conditions of increasing integration among countries, growing international
mobility of capital flows, particularly foreign direct investment flows,
and decreasing of trade barriers are gradually increasing the role of environmental
regulations in shaping the host country's comparative advantages. This
issue has lead to raising the awareness about the need to examine the consequences
of reallocation of pollution intensive industries through foreign direct
investment to those developing countries where environmental regulations
are less stringent or where they are not properly enforced. The aim of
this paper is to analyze the impact of environmental regulations on investment
location decisions based on empirical verification of some theoretical
predictions for the pollution havens hypothesis in order to demonstrate
that environmental costs are not a decisive factor in investment location
decisions.
Key words:foreign direct investment, reallocation of pollution
intensive industries, environmental regulations.
STRANE DIREKTNE INVESTICIJE I ODRŽIV
RAZVOJ: ANALIZA UTICAJA EKOLOŠKIH PROPISA
NA ODLUKE O LOKACIJI INVESTICIJA
U uslovima rastuće integracije zemalja, veća međunarodna mobilnost tokova
kapitala, naročito tokova stranih direktnih investicija, i smanjenje trgovinskih
barijera postepeno povećavaju ulogu ekoloških propisa u oblikovanju komparativnih
prednosti zemlje domaćina. Ovo pitanje je povećalo svest o potrebi razmatranja
posledica realokacije prljavih industrija preko stranih direktnih investicija
ka onim zemljama u kojima su ekološki propisi slabiji ili se ne sprovode
kako treba. Cilj ovog rada je da analizira uticaj ekoloških propisa na
odluke o lokaciji investicija na bazi empirijske verifikacije nekih teorijskih
pretpostavki o hipotezi o "lukama zagađenja", kako bi se dokazalo da se
ekološki troškovi ne javljaju kao odlučujući u odlukama o lokaciji
investicija.
Ključne reči: strane direktne investicije, realokacija prljavih
industrija, ekološki propisi
