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St Antony’s College Central Bank of

St Antony’s College Central Bank of University Of Oxford Bosnia and Herzegovina. “South East Europe in an Environment of Volatile Capital Flows” Slavica Penev , IEN , Belgrade Sarajevo , June 5 and 6, 2014 Central Bank of Bosnia and Herzegovina.

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St Antony’s College Central Bank of

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  1. St Antony’s College Central Bank of University Of Oxford Bosnia and Herzegovina “South East Europe in an Environment of VolatileCapital Flows”Slavica Penev, IEN, BelgradeSarajevo, June 5 and 6, 2014Central Bank of Bosnia and Herzegovina

  2. Figure 1. FDI inflows in SEE-6 and NMS-10 , 2005-2012

  3. Figure 2. FDI inflows in SEE-6, 2005-2012

  4. Figure 3:Inward FDI stock in SEE-6 and NMS-10 as a share of GDP (in %)

  5. Figure 4. FDI inward stock as a share of GDP, 2005-2012 (in %)

  6. Figure 5:FDI inflows as a share of Gross Fixed Capital Formation (in %)

  7. Figure 6. FDI inflows as a share of gross fixed capital formation, 2007-2012 (in %)

  8. Figure 7: Gross fixed capital formation, 2000-2012, in % of GDP

  9. Figure 8: Inward FDI stock by economic activity, SEE, 2010 Inward FDI stock in services (banking, telecommunications, real estate and retail trade) in Serbia and Croatia was over 75%, while in BiH and Macedonia around 60%; FDIstock in manufacturing sector in BiH was 31%, in Macedonia 31%.

  10. LEGAL AND REGULATORY ENVIRONMENT IN SEE-6 COUNTRIES

  11. Figure 9: World Bank Worldwide Governance Indicators*, 2012

  12. TABLE 1: World Bank Worldwide Governance Indicators*, 2012

  13. Figure 10: World Bank Ease of Doing Business Rankings, 2009-2013

  14. Figure 11: World Bank Doing Business Rankings per dimension, 2013

  15. Concluding remarks • Due to a decreasing access to foreign loans, FDI will be even more important potential source of capital • Attractiveness of SEE-6 for FDI depend on the speed and scope of their: (i) transition process and (ii) EU accession process • The largest gap in all the countries of the region is the rule of law, • In terms of the quality of regulatory environment, the most considerable lags are in dealing with construction permits, enforcing contracts and registering property, which are linked to regulatory quality and rule of law. • Progress in narrowing down these gaps would mean a step forward in the transition process as well as in their EU accession process.

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