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62. The world economic crisis as a changed circumstance
- Author:
- Hermann Ferré and Kabir Duggal
- Publication Date:
- 08-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In September 2008, the bankruptcy of Lehman Brothers sent financial markets in the United States into a spin. Credit markets froze as banks began to mistrust counterparties, not knowing the extent of toxic assets in loan portfolios that could lead to another major bank collapse. The crisis quickly spread around the world. Governments were urged to take drastic measures. Experts discussed the possible nationalization of portions of the U.S. banking industry and other sectors. Other countries also considered measures to save key industries.
- Topic:
- Economics, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States
63. From the FDI Triad to multiple FDI poles?
- Author:
- Karl P. Sauvant and Persephone Economou
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Twenty years ago, in the inaugural issue of the World Investment Report, the United Nations highlighted a shift in the global pattern of foreign direct investment (FDI) from bipolar, dominated by the United States and the European Community, to tri-polar (the FDI Triad), dominated by the European Community, the United States and Japan.
- Topic:
- Economics, International Trade and Finance, United Nations, and Foreign Direct Investment
- Political Geography:
- United States, Japan, and Europe
64. The times they are a-changin' -- again -- in the relationships between governments and multinational enterprises: From control, to liberalization to rebalancing
- Author:
- Karl P. Sauvant
- Publication Date:
- 05-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Governments seek to attract foreign direct investment (FDI) undertaken by multinational enterprises (MNEs) because it contributes to the growth of their economies; they seek to maximize the benefits of this investment in the framework of their national economies. Firms undertake FDI because it improves their access to markets and resources and hence increases their international competitiveness; they seek to maximize the benefits of this investment in the framework of their global corporate networks. This difference in objectives and frameworks gives rise to tensions that play themselves out in the approach governments take in national FDI policies and bilateral investment treaties (BITs). During the late 1960s and the 1970s, the dominant approach was to control MNEs. During the 1990s, it was liberalization -- and the approach is again changing.
- Topic:
- Development, Economics, Government, Monetary Policy, and Foreign Direct Investment
65. Shaping global business conduct: The 2011 update of the OECD Guidelines for Multinational Enterprises
- Author:
- Manfred Schekulin
- Publication Date:
- 09-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- On May 25, 2011, US Secretary of State Hillary Clinton joined ministers from members of the Organisation of Economic Co-operation and Development (OECD) and developing economies to celebrate the Organisation\'s 50th anniversary and agree on an update of the OECD Guidelines for Multinational Enterprises, the fifth revision since their adoption in 1976. This marked the culmination of an intense one-year negotiating process involving a large number of stakeholders, international organizations and emerging economies.
- Topic:
- Development, Economics, International Cooperation, and Foreign Direct Investment
- Political Geography:
- United States
66. Beyond treasuries: A foreign direct investment program for U.S. infrastructure
- Author:
- Geraldine McAllister and Joel H. Moser
- Publication Date:
- 09-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In his jobs address to a joint session of Congress last week, President Obama returned to a familiar theme: a call for nontraditional infrastructure investment as a generator of economic growth and, ultimately, jobs. The President's frequent references to “private investment” and “fully paid” infrastructure are encouraging, yet there is no assurance that domestic private capital investment alone is sufficient to reverse the degradation of the nation's infrastructure. As host to the largest flows of inward foreign direct investment (FDI), it is time that the United States employs this critical source of capital in tackling the nation's infrastructure deficit.
- Topic:
- Economics, Labor Issues, Infrastructure, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- United States
67. The new Dutch sandwich: The issue of treaty abuse
- Author:
- George Kahale, III
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Years ago, international tax lawyers introduced us to the term “Dutch sandwich.” The concept was to sandwich a Dutch company between an investor from country A and its investment in country B. The combination of the extensive network of Dutch tax treaties and investor-friendly domestic Dutch tax law meant that country A's investor could reduce withholding tax on dividends out of country B and perhaps eliminate capital gains tax altogether by structuring its investment through a Dutch company.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Europe
68. Chinese FDI in the United States is taking off: How to maximize its benefits?
- Author:
- Daniel H. Rosen and Thilo Hanemann
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- China's outward foreign direct investment (OFDI) grew rapidly in the past decade, but flows to developed economies have been limited. Now China's direct investment flows to the United States are poised to rise substantially. This new trend offers tremendous opportunities for the U. S., provided policymakers take steps to keep the investment environment open and utilize China's new interest productively.
- Topic:
- Climate Change and Economics
- Political Geography:
- United States and China
69. Knowledge, FDI and catching-up strategies
- Author:
- Francisco . Sercovich
- Publication Date:
- 12-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- A recent Perspective by Terutomo Ozawa singles out protectionism and foreign direct investment (FDI) as alternative drivers for the take-off phase of catching-up industrialization. This dichotomy neglects the rich and nuanced variety of strategic options revealed by recent successful industrialization experiences.
- Topic:
- Development, Economics, International Trade and Finance, Science and Technology, and Foreign Direct Investment
70. FDI in retailing and inflation: The case of India
- Author:
- Nandita Dasgupta
- Publication Date:
- 12-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- India's food price inflation is a major driving factor behind the country's overall accelerating inflation over the past few years. Agricultural food prices in particular have risen recently: over the past year vegetables have become costlier by 18%, pulses by 14%, milk by 10%, and eggs, meat and fish by 12%. The rise in fruit prices was, however, relatively smaller (5%), and the same happened for cereals (3%). This price escalation is largely due to an inefficient supply chain in agriculture. Some of the supply side constraints have been identified: poor agricultural productivity, lack of corporate involvement in agriculture, ceilings on landholding size, existence of middlemen, hoarding, and, more importantly, insufficient cold storage facilities and transportation infrastructure. Around 50% of fresh produce in India rots and goes to waste between the farm gate and the market because of inadequate cold storage facilities and a poor distribution network. These factors unfavorably affect agricultural supply, create a supplydemand gap and help raise food prices.
- Topic:
- Security, Agriculture, Development, Economics, Food, and Foreign Direct Investment
- Political Geography:
- South Asia and India
71. U.S. BITs and financial stability
- Author:
- Kevin P. Gallagher
- Publication Date:
- 02-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Almost immediately after taking office, the Obama administration charged the U.S. Department of State's Advisory Committee on International Economic Policy with reviewing the U.S. Model bilateral investment treaty (BIT). The group established a sub-committee of business groups, labor and environmental organizations, and a handful of academic experts and tasked it to make official recommendations for reforming U.S. investment treaties. When completed, the Obama Administration hopes to proceed with official negotiations with China, India, Vietnam, and possibly Brazil.
- Topic:
- Economics, Globalization, and Financial Crisis
- Political Geography:
- United States, China, India, Brazil, and Vietnam
72. President Obama's International Tax Proposals Could Go Further
- Author:
- Reuven S. Avi-Yonah
- Publication Date:
- 02-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The Obama Administration's 2011 budget proposals include revenues of $122 billion over ten years from “international tax reform.” This set of proposals is similar to but narrower than the ones advanced by the Administration in May 2009, which would have raised $210 billion.
- Topic:
- Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- United States
73. International investment law and media disputes: a complement to WTO law
- Author:
- Luke Eric Peterson
- Publication Date:
- 01-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The recent high-stakes dispute between Google and China over censorship and cyber-security has spawned renewed discussion of the international trade law protections that internet and media companies may enjoy. Less recognized, however, is a perhaps more powerful legal tool in the arsenal of internet and media companies engaging in cross-border investment s, namely international investment law.
- Topic:
- Economics, International Trade and Finance, Markets, Mass Media, and Law
- Political Geography:
- China
74. Is a model EU BIT possible—or even desirable?
- Author:
- Armand de Mestral
- Publication Date:
- 03-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The Treaty on the Functioning of the European Union (TFEU), which entered into force on December 1, 2009, extends the Common Commercial Policy (CCP) articles 206 and 207 to embrace “foreign direct investment.” This raises the question of whether the EU is now in a position to adopt a model BIT articulating a common policy on foreign direct investment (FDI). An EU policy on FDI could replace the disparate efforts of the 27 member states, complementing and reinforcing their efforts and presenting a stronger image to the world, especially at a time when the EU appears to have lost ground to other jurisdictions as a preferred destination for FDI.
- Topic:
- Economics, Treaties and Agreements, and Foreign Direct Investment
- Political Geography:
- Europe
75. It's time for an EU Investment Promotion Agency
- Author:
- José Guimón
- Publication Date:
- 03-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- One important novelty of the Lisbon Treaty, ratified by the EU in December 2009, is the inclusion of FDI within the scope of Common Commercial Policy, implying a transfer of certain FDI competences from the member states to the EU, which now has the ability to conclude international investment treaties. Until now, member states had full competence over FDI, and the role of EU institutions was very limited. It remains to be seen how the new Treaty will be interpreted and implemented in light of the difficult legal and political questions that this development raises.
- Topic:
- Economics, Treaties and Agreements, and Foreign Direct Investment
- Political Geography:
- Europe
76. Mining for facts: PacRim Cayman LLC v. El Salvador
- Author:
- Alexandre de Gramont
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In his recent article, “Thinking twice about a gold rush: Pacific Rim v. El Salvador” (Columbia FDI Perspectives, No. 23, May 24, 2010), Professor Gus Van Harten uses the PacRim v. El Salvador arbitration, pending at the International Centre for Settlement of Investment Disputes (ICSID), as the basis for asserting a number of criticisms against the overall system of arbitration under investment treaties.
- Topic:
- Economics, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- Latin America
77. Will China relocate its labor-intensive factories to Africa, flying-geese style?
- Author:
- Terutomo Ozawa and Christian Bellak
- Publication Date:
- 08-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- China has developed increasingly close economic relations with Africa in its quest for oil and minerals through investment and aid. The World Ban k recently called upon China to transplant labor-intensive factories onto the continent. A question arises as to whether such an industrial relocation will be done in such a fashion to jump-start local economic development—as previously seen across East Asia and as described in the flying-geese (FG) paradigm of FD.
- Topic:
- Development, Economics, and Industrial Policy
- Political Geography:
- Africa and China
78. Political risk insurance and bilateral investment treaties: a view from below
- Author:
- Lauge Skovgaard Poulsen
- Publication Date:
- 08-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Many of the risks covered by bilateral investment treaties (BITs) are also covered by political risk insurance (PRI). Although there are important differences between PRI and BITs, both in terms of coverage and underlying purpose, the considerable overlap between the two instruments suggest that PRI providers should take BITs into account when assessing the risk of investment projects. But while the relationship between BITs and PRI has often been alleged to be considerable, in practice there is practically no publicly available evidence to sustain this assumption. This Perspective reviews evidence from a recent survey of officials in private and public (or mixed private/public) PRI providers.
- Topic:
- Economics, International Political Economy, International Trade and Finance, Treaties and Agreements, and Bilateral Relations
79. FDI incentives pay — politically
- Author:
- Nathan M. Jensen and Edmund J. Malesky
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Despite broad skepticism about the benefits of globalization, the majority of U.S. states have offered lucrative tax incentives to attract investment. The size of these incentives is generally considered too large to be welfare enhancing, and many economists are skeptical of the effectiveness of these policies. Yet despite the mounting evidence to the contrary, the incentives offered by U.S. states (and foreign countries) continue and have actually increased in their generosity over time.
- Topic:
- Economics, Political Economy, Politics, and Foreign Direct Investment
- Political Geography:
- United States
80. The response to the global crisis and investment protection: evidence
- Author:
- Kathryn Gordon and Joachim Pohl
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In March 2009, Columbia FDI Perspectives carried an early analysis of investment policies in response to the financial crisis that began in early 2008. At that time, the authors, Anne van Aaken and Jürgen Kuntz, found “clear evidence of widespread discrimination directed at foreign actors” in the emergency response to the crisis.
- Topic:
- Economics, Global Recession, Monetary Policy, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Colombia