With the transition of planned economies to market-oriented economies, the countries of Central and Southeast Europe began a gradual opening to trade and capital flows, including foreign direct investment. The process of opening a capital account of the balance of payments was part of a broader process of integration into world trade and capital flows, taking into account the specifics of each of the national economies. Following the prevailing neoclassical paradigm, which mainly, from the macroeconomic point of view, assumes the positive effects of foreign direct investment inflows on economic growth, employment and the current account balance in the dissertation, a basic research question on the empirical and theoretically grounded justification of such a claim arises. Furthermore, the author raises the question of the role of exchange rate policy and its identified elements on the total inflows and sectoral structure of foreign direct investment in a sample of 15 countries in Central and (South) Eastern Europe for the period 1995-2016. Through three research hypotheses on the impact of individual elements of exchange rate policy and selected control variables on total inflows and sectoral structure of foreign direct investment, the author rejects the claim of oneway impact of foreign direct investment on economic growth, i.e. empirically confirms the impact of economic growth on total FDI inflows and its sectoral structure. Among the identified elements of exchange rate policy, the author emphasizes the importance of the real effective exchange rate as a reallocative factor within the national economy, while for de facto exchange rate regimes he finds limited influence on the inflow and sectoral structure of foreign direct investment.