Uticaj svetske ekonomske krize na investicione tokove i promenu njihove strukture
The Influence of the Global Economic Crisis on Investment Flows and on the Change of their Structure

Summary/Abstract: In this paper we have analyzed the influence of the global economic crisis on investment flows and on the change of their structure. The aim of this paper is to determine the influence of the global economic crisis on investment inflows in developed and developing countries, but also to determine, whether the crisis has affected the growth of cautiousness of investors in the years after the crisis, taking into account the change in the investment structure. After the introductory section, in which the growth of inflow of investments in the countries of South East Europe is explained as well as the emergence of the global crisis, we have analyzed the impact of the crisis on the total investment flows. Special attention is directed to the emerging markets countries, where also Serbia belongs, which with starting the process of transformation became more attractive for foreign investors. By analysing the statistical official data of the United Nations (UNACTAD), Multilateral Investment Guarantee Agency (MIGA), and the financial institution Morgan Stanley, we found that there was a decline in investment flows during periods of crisis, but in the years of recovery. In addition, by analysing the structure of investment we came to the conclusion that portfolio investments increased, while foreign direct investment (FDI) declined as a result of increased investors cautiousness. Finally, by comparing the data of the central banks of the countries of Western Balkan, we analyzed the change in the structure of the investments in these countries in the period before and after the crisis. Serbia achieved greatest inflow of portfolio investments, while Croatia and Bosnia and Herzegovina had the highest FDI inflows in the period after the global economic crisis.

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