Foreign direct investment and technology transfer: unlocking Serbia’s growth potential
By:
References
- Acemoglu, D. (2014). Technological change. Lecture 2. Knowledge spillovers and diffusions. Retrieved from https://economics.mit.edu/files/9880
- Aitken, J. B., & Harrison, A. (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela, The American Economic Review, 89(3), 605-618.
- Akin, M. S., & Vlad, V. (2011). The relationship between education and foreign direct investment: testing the inverse u shape. European Journal of Economic and Political Studies, 4(1), 27-46.
- Annual Bulletin. (2023). Chamber of Commerce and Industry of Serbia. Retrieved from https://en.pks.rs/industry-associations/association-11
- Antevski, M. (2011). Foreign direct investments and the adoption of a new knowledge. In M. Antevski (Ed.), Development Potential of Foreign Direct Investments: International Experiences (pp. 123-139). Belgrade, Serbia: Institute of International Politics and Economic.
- Arrow, J. K. (1962). The economic implications of learning by doing. The Review of Economic Studies, 29(3), 155-173.
- Beugelsdijk, S., Smeets, R., & Zwinkels, R. (2008). The impact of horizontal and vertical FDI on host’s country economic growth. International Business Review, 17, 452-472.
- Carkovic, M., & Levine, R. (2005). Does foreign direct investment accelerate economic growth? In T. H Moran, T. H., Graham, E. M. & M. Blomstrom (Eds.), Does Foreign Direct Investment Promote Development? (pp. 195-220). Washington, USA: Institute for International Economics, Center for Global Development.
- Carta Informativa. (2003). Foreign direct investments and development: The case of Bolivia. Retrieved from https://www.odi.org/sites/odi.org.uk/files/odiassets/publications-opinion-files/5549.pdf
- Cincera, M. (1997). Patents, R&D, and technological spillovers at the firm level: some evidence from econometric count models for panel data. Journal of Applied Econometrics, 12(3), 265-280.
- Development Agency of Serbia. (2018). Zašto investirati u Srbiju [Why invest in Serbia?]. Retrieved from https://ras.gov.rs/uploads/2018/05/why-invest-april-188-sr-1.pdf
- Development Agency of Serbia. (2019). Uredba o određivanju kriterijuma za dodelu podsticaja radi privlačenja direktnih ulaganja [Regulation on determining criteria for granting incentives to attract direct investments]. Retrieved from https://ras.gov.rs/uploads/2019/01/uredba-o-odredjivanjukriterijuma-za-dodelu-podsticaja-radi-privlacenjadirektnih-ulaganja-1.pdf
- Dugalić, V. (2017). Strane direktne investicije - trendovi i očekivanja [Foreign direct investment - trends and expectations]. Bankarstvo, 46(3), 6-13.
- European Comission. (2023). ERA Country Report 2023: Serbia. Retrieved from https://europeanresearch-area.ec.europa.eu/sites/default/files/documents/202404/ERA%20Country%20Report%202023%20Serbia_FINAL.pdf
- European Patent Office. (2018). European patent applications 2009-2018 per country of residence of the applicant. Retrieved from https://www.epo.org/about-us/annual-reports-statistics/statistics.html
- European Patent Office. (2018). Top 100 applicants. Retrieved from https://www.epo.org/about-us/annual-reports-statistics/statistics.html
- Eurostat. (2016). Human resources in science and technology. Retrieved from https://ec.europa.eu/eurostat/statistics-explained/index.php?title=File:Human_resources_in_science_and_technology_2016_(%25_share_of_total_labour_force_aged_15-74)
- Eurostat. (2024). R&D Personnel. Retrieved from https://ec.europa.eu/eurostat/statistic-explained/index.php/R_%26_D_personnel
- Eurostat. (2024). R&D spending by country. Retrieved from uis.unesco.org/apps/visualisations/research-anddevelopment-spending/
- Farole, T., & Winkler, D. (2015). The role of foreign firm characteristics, absorptive capacity and the institutional framework for FDI spillovers. Journal of Banking and Financial Economics, 1(3), 77-112.
- Gerschenkron, A. (1962). Economic Backwardness in Historical Perspective. A Book of Essays. Cambridge, United Kingdom: Harvard University Press.
- Greenhalgh, C., & Rogers, M. (2010). Innovation, Intellectual Property and Economic Growth. New Jersey, USA: Princeton University Press.
- Gugler, P., & Vanoli, L. (2015). Technology-sourcing investment abroad as an enhancer of Chinese MNSs’ innovative capabilities. International Journal of Emerging Markets, 10(2), 243-271.
- Hadžić, M., & Pavlović, P. (2011). How to overcome (SME) crisis: Serbian case. Acta Polytechnica Hungarica, 8(1), 61-80.
- Herzer, D., Klasen, S., & Nowak-Lehmann, F. D. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793-810.
- Ignjatijević, S. (2015). Ekonomska analiza značaja direktnih stranih investicija [Economic analysis of the importance of foreign direct investment]. Oditor, 11, 4-16.
- Jaffe, B. A. (1986). Technological opportunity and spillovers of R&D: Evidence from firms’ patents, profit, and market value. American Economic Review, 76(5), 984-1000.
- Lehnert, K., Benmamoun, M., & Zhao, H. (2013). FDI inflow and human development: Analysis of FDI’s impact on host countries’ social welfare and infrastructure. Thunderbird International Business Review, 55(3). doi: 10.1002/tie.21544
- Leoncini, R., & Montresor, S. (2003). Technological Systems and Intersectoral Innovation Flows. London, United Kingdom: Edward Elgar Pub.
- Macrotrends. (2025). Serbia Foreign Direct Investment 2007-2025. Retrieved from https://www.macrotrends.net/global-metrics/countries/SRB/serbia/foreign-directinvestment
- Malebra, F., Macusi, M. L., & Montobbio, F. (2007). Innovation and knowledge spillover: Evidence from European data. Review of World Economics, 149(4), 1-35.
- Narula, K. (2012). ‘Sustainable Investing’ via the FDI route for sustainable development, Procedia - Social and Behavioral Sciences, 37, 5-30.
- National Bank of Serbia. (2024). Platni bilans Republike Srbije po mesecima [Balance of payments of the Republic of Serbia by months]. Retrieved from https://www.nbs.rs/internet/cirilica/80/platni_bilans.html
- National Bank of Serbia. (2024). Strana direktna ulaganja, neto obaveze, po delatnostima [Foreign direct investment, net liabilities, by activity]. Retrieved from www.nbs.rs/internet/cirilica/80/platni_bilans.html
- Nešić Tomašević, A., Sitarević, A., Marković, M., Ivetić, O., Meško, M., & Qureshi, F. (2025). Addressing Socio-Economic Drivers of Management Style Evolution: Embracing Complexity Leadership Solutions. Strategic Management. doi: 10.5937/StraMan2400016N
- Nikolić, I. (2021). Does foreign investment improve technical efficiency of manufacturing? Evidence from the Republic of Serbia. Индустрија, 49(2), 43-56.
- Pejić, S. (2012). Nezaposlenost mladih i odliv mozgova u Republici Srbiji: analiza socijalno sistemskih uslova [Youth unemployment and brain drain in the Republic of Serbia: analysis of social system conditions]. In A. Lošonc (Ed.), Socijalni identitet u uslovima krize: zaposlenost i nezaposlenost [Social identity in times of crisis: employment and unemployment] (pp. 68-79). Novi Sad, Serbia: Fakultet tehničkih nauka.
- Pejić, S., & Radivojević, R. (2018). Sociološki pogled na inženjersku profesiju u modernom društvu [A sociological view of the engineering profession in modern socjety]. In D. Đorđević & B. Ćurović (Eds.). Rad, inženjerstvo i profesionalna etika u doba globalizacije [Work, engineering and professional ethics in the era of globalization] (pp. 42-51). Novi Sad, Serbia: Prometej.
- Radivojević, R., & Pejić, S. (2018). Scientific and technical potential, digitalization and social change. In The 4th International Conference »Mechanical Engineering in XXI Century« Proceedings 19-20. 04. 2018 (pp. 489-493). Niš, Serbia: Mašinski fakultet.
- Republički zavod za statistiku u Beogradu [Statistical Office of the Republic of Serbia in Belgrade]. (2019). Anketa o radnoj snazi u Republici Srbiji [Labor Force Survey in the Republic of Serbia].
- Romer, M. P. (1986). Increasing returns and long-run growth, The Journal of Political Economy, 94(5), 1002-1037.
- Šabić, D., Vujadinović, S., Milinčić, M., Golić, R., Stojković, S., Joksimović, M., Filipović, D., & Šećerov, V. (2012). The impact of FDI on the transitional economy in Serbia - changes and challenges. Acta Polytechnica Hungarica, 9(3), 65-84.
- Solow, M. R. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.
- Solow, M. R. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312-320.
- Sredojević, D., Cvetanović, S., & Bošković, G. (2016). Technological changes in economic growth theory: Neoclassical, endogenous, and evolutionary-institutional approach. Economic Themes, 54(2), 177-194.
- Statistical Office of the Republic of Serbia. (2020). Government budget appropriations or outlays for R&D, 2019/2020. Retrieved from https://publikacije.stat.gov.rs/G2020/PdfE/G20201148.pdf
- Statistical Yearbook. (2008). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from pod2.stat.gov.rs/objavljenepunlikacije/g2008/pdf/g20082003.pdf
- Statistical Yearbook. (2009). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from publikacije.stat.gov.rs./G2009/pdfE/G20092003.pdf
- Statistical Yearbook. (2011). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://media.srbija.gov.rs/medsrp/dokumenti/SGS2011_cyr.pdf
- Statistical Yearbook. (2012). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from pod2.stat.gov.rs/ObjavljenePublikacije/G2012/pdf/G20122007.pdf
- Statistical Yearbook. (2013). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from pod2.stat.gov.rs/ObjavljenePublikacije/G2013/pdfE/G20132010.pdf
- Statistical Yearbook. (2014). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia] Retrieved from pod2stat.gov.rs/ObjavljenePublikacije/G2014/pdfE/G20142013.pdf
- Statistical Yearbook. (2015). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from pod2.stat.gov.rs/ObjavljenePublikacije/G2015/pdf/G20152016.pdf
- Statistical Yearbook. (2016). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from pod2.stat.gov.rs/ObjavljenePublikacije/G2016/pdf/G20162019.pdf
- Statistical Yearbook. (2017). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from http://pod2.stat.gov.rs/ObjavljenePublikacije/G2017/pdf/G20172022.pdf
- Statistical Yearbook. (2018). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from http://publikacije.stat.gov.rs/G2018/Pdf/G20182051.pdf
- Statistical Yearbook. (2019). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://www.stat.gov.rs/publikacije/publication/?p=12102
- Statistical Yearbook. (2020). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://www.stat.gov.rs/srlatn/publikacije/publication/?p=12694&tip=2
- Statistical Yearbook. (2021). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://publikacije.stat.gov.rs/G2021/pdfE/G20212054.pdf
- Statistical Yearbook. (2022). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://www.stat.gov.rs/srlatn/publikacije/publication/?p=14853&tip=2
- Statistical Yearbook. (2023). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://www.stat.gov.rs/srlatn/publikacije/publication/?p=15431&tip=2
- Statistical Yearbook. (2024). Beograd: Republički zavod za statistiku [Belgrade: Statistical Office of the Republic of Serbia]. Retrieved from https://www.stat.gov.rs/srlatn/publikacije/publication/?p=15984&tip=2
- Stiglitz, E. J., & Greenwald, B. C. (2014). Creating a Learning Society. A New Approach to Growth, Development and Social Progress. New York, USA: Columbia University Press.
- Stojanović, D. (2018). Strane direktne investicije, izvoz i ekonomski rast u Srbiji [Foreign direct investment, exports and economic growth in Serbia]. Poslovna ekonomija, 22(1), 54-72.
- Trading Economics. (2025). Serbia - Researchers In R&D. Retrieved from https://tradingeconomics.com/serbia/researchers-in-r-d-per-million-people-wbdata.html
- United Nations Publication. (2018). UNCTAD World Investment Report 2018. Retrieved from https://unctad.org/en/PublicationsLibrary/wir2018_en.pdf
- Verspagen, B. (1997). Measuring intersectoral technology spillovers: Estimates from the European and US Patent Office databases. Economic System Research, 9, 47-65.
- Voica, M. C., Panait, M., & Haralambie, A. G. (2015). The impact of foreign direct investment on sustainable development. Economic Insights - Trends and Challenges, 4(67), 89-103.
- Vujanović, N., Radošević, S., Stojčić, N., Hisarciklilar, M., & Hashi, I. (2022). FDI spillover effects on innovation activities of knowledge using and knowledge creating firms: Evidence from an emerging economy. Technovation, 118, 102512. doi: 10.1016/j.technovation.2022.102512
- Vukmirović, V., Kostić-Stanković, M., Pavlović, D., Ateljević, J., Bjelica, D., Radonić, M., & Sekulić, D. (2020). Foreign Direct Investments’ Impact on Economic Growth in Serbia. Journal of Balkan and Near Eastern Studies, 23(1), 122-143. doi: 10.1080/19448953.2020.1818028
- Wang, C., & Zhao, Z. (2008). Horizontal and vertical spillover effect of foreign direct investment in Chinese manufacturing. Journal of Chinese Economic and Foreign Trade Studies, 1(1), 8-20.
- World Intellectual Property Organization. (2018). Global Innovation Index. Retrieved from https://www.globalinnovationindex.org/gii-2018-report#
- World Intellectual Property Organization. (2023). Intellectual property statistics - Serbia. Retrieved from https://www.wipo.int/edocs/statistics-countryprofile/en/rs.pdf
- Yip, G., & McKern, B. (2014). Innovation in emerging markets - the case of China. International Journal of Emerging Markets, 9(1), 2-10.
- Zavod za intelektualnu svojinu [Intellectual Property Office]. (2025). Statistika-Patenti [Statistics-Patents]. Retrieved from https://www.zis.gov.rs/prava-is/patenti/statistika.7.html
- Zeng, K., & Eastin, J. (2012). Do Developing Countries Invest Up? The environmental effects of foreign direct investment from less-developed countries. World Development, 40(11), 2221-2233.
- Zildović, E., Borković, S., Tabak, P., & Nedeljković, M. 2016. Analiza produktivnosti domaćih i stranih firmi u Srbiji: Determinante i efekti prelivanja [Analysis of the productivity of domestic and foreign firms in Serbia: Determinants and spillover effects]. In R. Kovačević & M. Gligorić (Eds.), Strane direktne investicije i privredni rast u Srbiji [Foreign direct investment and economic growth in Serbia] (pp. 85-103). Beograd, Serbia: Ekonomski fakultet.
Language: English
Page range: 101 - 112
Submitted on: Mar 15, 2025
Accepted on: Aug 30, 2025
Published on: Oct 8, 2025
Published by: Bialystok University of Technology
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year
Keywords:
Related subjects:
© 2025 Sonja Pejić, Ana Nešić Tomašević, published by Bialystok University of Technology
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.