| Περίληψη : | East and Southeast Asia have long been the center of attraction for foreign investors including, for a big part, not only American or European firms but Asian as well. Generally the region, except for Japan that has long been considered an advanced economy, is still classified as “developing” despite the existence of the NIEs (Newly Industrialized Economies) which include Korea, Indonesia, Malaysia & Singapore. Most of the countries in the area have had high rates of growth (an average growth rate of 8.19% for 1990-2011; source: World Data Bank) and even escaped the crisis of 2007 relatively unscathed (the average growth rate for 2008-2011 was 8.44%; source: World Data Bank). This, in addition with the opening up of many of these countries to international trade, made East Asian countries and ASEAN (Association of South East Asian Nations), very attractive recipients of FDI (Foreign Direct Investment) since the 90s. FDI is in general affected by various factors that determine if a country is a desirable destination for a foreign firm to invest. Many studies in the past have been dedicated to determining these very factors. Market size, distance from home country, governmental policies, openness, workforce skills etc. are some of the factors most usually considered to affect the levels of FDI a country receives. As far as East Asian countries and the ASEAN are concerned however, there have been some interesting observations.Most of the FDI in the region is Asian-driven. Asian countries tend to invest in their neighbors. According to various databases, like UNCTAD, the majority of FDI in the area came from Hong Kong, Singapore, Malaysia, Korea, Taiwan and Thailand while the major recipient of FDI is China followed by Hong Kong. A possible reason for this is the existence of the well-established intra-Asian manufacturing networks that facilitate the circulation of goods manufactured vertically across different countries. Common language and culture may also play a role as Chinese ethnic groups can be found living in almost every country of the Eastern and Southeastern Asia region.At the same time, the existence of China, which has already been recognized as the second most powerful economy in the world, may very well be affecting the flows in the region. There have been concerns that directing large FDI flows to the country has taken away potential FDI from its neighbors, particularly the ASEAN or so it is being debated. In fact, different studies on this subject have yielded different results and opinions are divided. What are the determinants and characteristics that drive FDI in East and Southeast Asia and, what are the reasons most of it comes from within the area? This dissertation attempts to identify possible factors that have been suggested in various studies done in the past ten years, examine and draw conclusions. The second chapter introduces the concept of FDI according to the official definition given by the OECD, the way it is measured in literature and the databases that usually provide data mostly used in relevant research. Furthermore, evidence of FDI as a form of investment, is presented. In addition, some data on the FDI flows Worldwide for the past few years is provided and briefly analyzed. In the third chapter, the focus shifts to the FDI flows in the dissertation’s particular area of interest. Using data compiled by studies on the subject, the state of FDI in select Asian countries is presented. There is a special focus on intra-Asian flows.The fourth chapter contains a brief theoretical presentation of the most important determinants of FDI in a country as well as a presentation some of the studies conducted on the subject. The determinants are categorized according to the theory they are based on. In the fifth chapter several studies dedicated to determinants shaping FDI in East and Southeast Asia as a region, are presented. Additionally, some studies about on FDI determinants for individual countries such as China and Malaysia are presented in the same manner.In the sixth chapter, two studies on the subject of “FDI determinants in Asia” are taken and presented thoroughly. A comparison follows, based on their statistics, data, empirical model used, their final results and how each study’s author interpreted them. The dissertation comments on them and makes further suggestions. The seventh and final chapter is the conclusion, where all the findings are summed up and final remarks are added.
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