| Abstract | Globalizacija, kao ključna komponenta suvremenog svjetskog gospodarstva, usko je povezana s međunarodnim tokovima kapitala. Rastom značaja i stupnja globalizacije svijeta međunarodni tokovi kapitala postajali su sve bitniji dio svjetskog gospodarstva. Predstavljaju kretanje financijskih sredstava, poput gotovine, dionica ili obveznica preko međunarodnih granica zemalja. Neizostavan dio međunarodnih tokova kapitala predstavljaju izravna strana ulaganja. Reprezentiraju ulaganja prilikom kojih investitor stječe određenu kontrolu nad poslovanjem stranog poduzeća. Da bi ulaganje bilo izravno, investitor mora posjedovati 10% ili više vlasničkog udjela stranog poduzeća. Ključna je njihova uloga na gospodarski rast i razvoj koja se primarno očituje preko direktnih učinaka poput povećanja zaposlenosti i transfera tehnologije, ali i indirektnih učinaka koji se odnose na povećanje performansi domaćih poduzeća zbog povezivanja sa stranim poduzećima. Prvi dio rada definira osnovne pojmove poput izravnog ulagača i poduzeća za izravno ulaganje. Potom se objašnjavaju odnosi unutar samih izravnih ulaganja i podjele izravnih stranih ulaganja, kao što je podjela na greenfield i brownfield investicije. Definiraju se i dodatno pojašnjavaju teorije izravnih stranih ulaganja. Dijele se na teorije koje pretpostavljaju savršena tržišta, teorije koje pretpostavljaju nesavršena tržišta i ostale teorije. Drugi dio rada nastoji prikazati i pojasniti kretanja izravnih stranih ulaganja neposredno prije globalne financijske krize i krize uzrokovane pandemijom COVID-19, za vrijeme navedenih kriza, te u godini, odnosno godinama oporavka nakon krize. Ocjenjuju se intenzitet promjena tokova izravnih stranih ulaganja prema određenim podjelama, prvenstveno stavljajući u fokus dva krizna razdoblja. Tijekove izravnih stranih ulaganja reprezentiraju priljevi u zemlje i odljevi iz zemalja. Prva podjela dijeli zemlje prema ekonomskom razvoju, odnosno na razvijene zemlje i zemlje u razvoju. Druga podjela predstavlja zemlje prema geografskom položaju. Dijele se na Europu, Sjevernu Ameriku, Afriku, Aziju, Latinsku Ameriku i Karibe te Australiju i Oceaniju. Zatim, rad se osvrće na tijekove greenfield investicija koje predstavljaju ključnu komponentu izravnih stranih ulaganja. Na kraju, zaključak sumira sva saznanja koja smo otkrili istraživanjem i analizom sekundarnih podataka. Drugim riječima, sažimaju se zaključci proizašli iz ustanovljene činjenice da obje krize imaju izrazito negativan učinak na globalne tijekove izravnih stranih ulaganja. |
| Abstract (english) | Globalization, as a key component of the modern global economy, is closely connected to international capital flows. With the increasing significance and level of globalization worldwide, international capital flows have become an essential part of the global economy. They represent the movement of financial resources, such as cash, stocks, or bonds, across international borders of countries. A crucial part of international capital flows is foreign direct investment (FDI), which involves investments where the investor gains a certain level of control over a foreign company. For an investment to be considered direct, the investor must own 10% or more of the foreign company's equity. Their role in economic growth and development is significant, primarily manifested through direct effects like increased employment and technology transfer, as well as indirect effects related to improved performance of domestic companies due to connections with foreign firms. The first part of the paper defines fundamental concepts such as direct investor and direct investment enterprise. It then explains direct investments relationships and the division of foreign direct investments, such as greenfield and brownfield investments. The paper defines and further elaborates on theories of foreign direct investments, categorizing them into theories assuming perfect markets, theories assuming imperfect markets, and other theories. The second part of the paper aims to present and explain the movements of foreign direct investments just before the global financial crisis and the crisis caused by the COVID-19 pandemic, during these crises, and during the recovery period in the following year or years. The intensity of changes in foreign direct investment flows is assessed according to specific divisions, primarily focusing on the two crisis periods. Foreign direct investment flows are represented by inflows to countries and outflows from countries. The first division classifies countries according to economic development, distinguishing between developed and developing countries. The second division categorizes countries based on their geographical location, including Europe, North America, Africa, Asia, Latin America and the Caribbean, and Australia and Oceania. Additionally, the paper reviews the flows of greenfield investments, a crucial component of foreign direct investments. In conclusion, the paper summarizes all findings resulting from research and analysis of secondary data. In other words, it summarizes the conclusions drawn from the established fact that both crises have an extremely negative impact on global foreign direct investment flows. |
