تاثیر اقتصاد کلان سرمایه گذاری مستقیم خارجی در رومانی

The paper analyses the impact of FDI in Romania on macroeconomic aggregates of GDP, exports, imports, trade balance, current account and, balance of external payments, focusing on the relationship between main determinants of FDI efficiency for host and origine countries. A special attention is paid to the role of reinvested and expatriated profits of spillovers, transfer, prices and structural patterns of Romania's FDI, under the circumstances of current economic and financial crisis, in an international comparative context.

This paper brings forward several aspects regarding the FDI impact in Romania through correlating the dynamic and structure of FDI and relevant macroeconomic indicators, regarding the RDI dynamics and structure, its share in the national economy, the FDI structure, its impact on exports and imports, the ratio between the reinvested andreturned profit as well as other cooperation patterns between mother companies and their branches in the hostcountries

Currently, the foreign capital of MTNs prevails in most of the economic sectors (the share of FDI in some sectors, calculated with proper indicators, reaches up to 70-80%), underlining its significance for the economic and financial performance of the country and their sustainability, as well as the economic and social responsibility of the mother companies towards Romania. Even if the FDI is considered less volatile than the foreign protfolio investment, it may leave the host-country whenever the foreign investor considers to, especially in the context of more attractive profit opportunities elsewhere. The relation between the FDI and local investment should be looked into taking into account their structural complementarity and the prevalent role of the internal factors of economic growth on the medium and long term. Increasing the FDI contribution to the betterment of the social and economic performance indicators in Romania depends directly upon appropriate measures and efficace policy mix pursuing: a) To stimulate FDI in high-tech industries, with high value-added; b) To increase the share of the reinvested profit of the FDI companies into the host economy; c)To improve the Romanian business environment and its absorption capacity of high-tech and of available post-accession European funds; d)To carry out a better and more rigorously monitoring and control over inadequate profit transfer practices, such as transfer prices, royalty, parallel lending, monetary market speculations, etc. Unfortunately, the FDI in Romania is currently contributing to the deterioration of the trade deficit, current account deficit and external payment balance deficit. Yet, there are some economic sectors and sub-sectors (such as some manufacturing industries and, more recently, agriculture) that ease the burden of external debt through positive trade balance sold. Moreover, the FDI may also become sustainable growth factors through their specific benefits on the national economy, through their positive spillovers associated to vertical foreign investments and intra-industry specialisation.