References
- Alon, I., Molodtsova, T., and Zhang, J. 2012. Economic Prospects for China’s Outward FDI. Transnational Corporations Review 4 (2): 16-40.
- Anderson, J.E. and Van Wincoop, E. 2003. Gravity with Gravitas: A Solution to the Border Puzzle. American Economic Review 93 (1): 170–192.
- Ascani, A. Balland, P.A., and Morrison, A. 2020. Heterogeneous foreign direct investment and local innovation in Italian Provinces. Structural Change and Economic Dynamics 53: 388-401.
- Bartlett, W., Krasniqi, B.A., and Ahmetbasic, J. 2019. Attracting FDI to the Western Balkans: special economic zones and smart specialization strategies. Croatian Economic Survey 21 (2): 5-35.
- Bergstrand, J.H., 1985. The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence. The Review of Economics and Statistics 67 (3): 474-481.
- Dauti, B. 2015. Determinants of foreign direct investment in transition economies, with special reference to Macedonia: evidence from gravity model. South East European Journal of Economics and Business 10 (2): 7-28.
- Dauti, B. 2020. Institutional determinants of foreign direct investment flows in transition economies. Vision: The Journal of Business Perspective 17 (13/14): 71-86.
- Deichmann, J.I., Grubaugh, S., and Scholten, P. 2022. FDI propensity and geo-cultural interaction in former Yugoslavia: pairwise analysis of origin and destination countries. Eurasian Economic Review 12 (2): 479-505.
- Di Mauro, F. 2000. The Impact of Economic Integration on FDI and Exports: a Gravity Approach. Centre for European Policy Studies Working Document No. 156/2000.
- Dorakh, A. 2020. A Gravity Model Analysis of FDI across EU Member States. Journal of Economic Integration 35 (3): 426-456.
- Dunning, J. 1979. Toward an eclectic theory of international production: some empirical tests. Journal of International Business Studies 11 (1): 9–31.
- Dunning, J. 1993. Multinational Enterprises and the Global Economy. Harlow: Addison-Wesley.
- Estrin, S., and Uvalic, M. 2016. Foreign direct investment in the Western Balkans: What role has it played during transition? Comparative Economic Studies 58 (3): 455-483.
- Franco, C., Rentocchini F., and Vittucci Marzetti, G. 2010. Why do firms invest abroad? An analysis of the motives underlying foreign direct investments. The IUP Journal of International Business Law 9 (1/2): 42-65.
- Frankel, J., Stein, E., Wei, S. J. 1995. Trading Blocs and the Americas: The Natural, the Unnatural, and the Supernatural. Journal of Development Economics 47 (1): 61–95.
- Frankel, M., Funke, K., Stadtmann, G. 2004. A panel analysis of bilateral FDI flows to emerging economies. Economic Systems 28 (3): 281-300.
- Garvalieva, G., Nikolov, M., and Andonov, V. 2016. Benefits and Costs from FDI in TIDZ. Centre for Economic Analysis Working Paper 2016.
- Gomez, D.M., Torgler, B., and Ortega, G.J. 2013. Measuring global economic interdependence: a hierarchical network approach. The World Economy 36 (12): 1632:1648.
- Guerin, S.S. and Mazocchi, S. 2006. When FDI Flows from Rich to Poor Countries: Does democracy matter? Luiss Lab on European Economics Working Document no. 38, Rome.
- Invest North Macedonia. 2025а. Technological Industrial Development Zones. https://investnorthmacedonia.gov.mk/tidz/ (accessed July 15, 2025).
- Invest North Macedonia. 2025b. Free Trade Agreements. https://investnorthmacedonia.gov.mk/ftas/ (accessed July 15, 2025).
- Jankuloska, V. 2016. Effects of the established Technological industrial development zones within the Republic of Macedonia. Paper presented at the International Conference Youth Dialogue – Capacity Building through International Customs Cooperation, Gabala, Azerbaijan, June.
- Johnson, A. 2006. FDI inflows to the Transition Economies of Eastern Europe: Magnitude and Determinants. The Royal Institute of Technology, Centre for Excellence for Studies in Science in Innovation, Paper No, 59.
- Kikerkova, I. 2017. Success or failure of the implemented strategy on attracting foreign capital in the form of FDI in the Republic of Macedonia. Ekonomska misao i praksa 26 (2): 939-954.
- Kox, H.L.M and Rojas Romasgosa, H. 2020. How trade and investment agreements affect bilateral foreign direct investment: Results from a structural gravity model. The World Economy 43 (12): 3203-3242.
- Kox, H.L.M. and Rojas Romasgosa, H. 2019. Gravity Estimations with FDI Bilateral Data: Potential FDI Effects of Deep Preferential Trade Agreements. Robert Schuman Centre for Advanced Studies Research Paper No. RSCAS 2019/70.
- Kuzmanoska Mirkovikj, B., Gkasis, P., and Golitsis, P. 2024. Regulatory quality and foreign direct investment: a case analysis of North Macedonia. Theoretical Economics Letters 14 (5): 1883-1913.
- Lee, J. 2012. Business cycle synchronization in Europe: evidence from a dynamic factor model. International Economic Journal 27 (3): 347-364.
- Leitão, N.C. 2023. A Gravity Model Analysis of Portuguese Foreign Direct Investment. Economies 11 (9): 237.
- Mazurek, J. 2012. The evaluation of an economic distance among countries: a novel approach. Prague Economic Papers 21 (3): 277-290.
- Melitz, J. 2007. North, South and distance in the gravity model. European Economic Review 51 (4): 971-991.
- Mishra, B.R. and Jena, P.K. 2019. Bilateral FDI flows in four major Asian economies: a gravity model analysis. Journal of Economic Studies 46 (1): 71-89.
- National Bank of North Macedonia. 2025a. Direct investments stock in the Republic of North Macedonia, by country. https://nbstat.nbrm.mk/pxweb/mk/Eksterni%20statistiki/(accessed May 03, 2025)
- National Bank of North Macedonia. 2025b. Direct investments stock in the Republic of North Macedonia abroad, by economic activity. https://nbstat.nbrm.mk/pxweb/mk/Eksterni%20statistiki/ (accessed May 03, 2025).
- Organization for Economic Co-operation and Development. 2017. Tracking special economic zones in the Western Balkans: objectives, features and challenges. Paris: Organization for Economic Cooperation and Development.
- Osmani, R. and Ahmeti, L. 2021. FDI in North Macedonia. In Foreign Direct Investment in the Successor States of Yugoslavia, edited by J.I. Deichmann, 141-166. New York: Springer International Publishing.
- Petreski, M. 2023. The Economic Transition of Macedonia. In Macedonia’s Long Transition, edited by R. Hudson and I. Dodovski, 77-94. London: Palgrave Macmillan, Cham.
- State Statistical Office of North Macedonia. 2025a. Foreign Trade by country, cumulative data https://makstat.stat.gov.mk/PXWeb/pxweb/mk/MakStat/MakStat__NadvoresnaTrgovija__KumulativniPod/125_zemji_kumulativ_ml.px/ (accessed May 03, 2025)
- State Statistical Office of North Macedonia. 2025b. Foreign Trade by economic sectors, cumulative data. https://makstat.stat.gov.mk/PXWeb/pxweb/mk/MakStat/MakStat_NadvoresnaTrgovija_KumulativniPod/160_SMTK_godisni_ml.px/ (accessed May 03, 2025).
- State Statistical Office of North Macedonia. 2025c. GDP components by sector. https://makstat.stat.gov.mk/PXWeb/pxweb/mk/MakStat/MakStat__BDP__BDPInvesGodisni__GodisniBDPsporedESS2010/375_NacSmA_Mk_09p2a_01ml.px/ (accessed May 03, 2025).
- Tu, N. A. 2024. Innovation and foreign direct investment attraction in developing countries. Cogent Economics & Finance, 12 (1).
- UNCTADstat. 2025a. Gross domestic product: Total and per capita, growth rates, annual. https://unctadstat.unctad.org/datacentre/dataviewer/US.GDPGR (accessed May 03, 2025).
- UNCTADstat. 2025b. Foreign direct investment: Inward and outward flows and stock, annual. https://unctadstat.unctad.org/datacentre/dataviewer/US.FDIFlowsStock (accessed May 03, 2025).
- World Bank. 2018. Seizing a brighter future for all: Former Yugoslav Republic of Macedonia, systematic country diagnosis. Washington, D.C: World Bank.
- World Trade Organization. 2019. Trade policy review: Republic of North Macedonia. Geneva: World Trade Organization.
- Yeyati, E., Panizza U., and Stein, E. 2003. The cyclical nature of North-South FDI flows, Inter-American Development Bank Working Paper No. 479, Washington, D.C.