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302. Regional Development Banks (ABCs of the IFIs Brief)
- Author:
- Jenny Ottenhoff
- Publication Date:
- 09-2011
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development (CGD)
- Abstract:
- The regional development banks (RDBs) are multilateral financial institutions that provide financial and technical assistance for development in low- and middle-income countries within their regions. Finance is allocated through low-interest loans and grants for a range of development sectors such as health and education, infrastructure, public administration, financial and private-sector development, agriculture, and environmental and natural resource management. The term RDB usually refers to four institutions:
- Topic:
- Development, Economics, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- Africa, Europe, and Asia
303. International Finance Corporation (ABCs of the IFIs Brief)
- Author:
- Jenny Ottenhoff
- Publication Date:
- 09-2011
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development (CGD)
- Abstract:
- The International Finance Corporation (IFC) is a multilateral financial institution that provides financial and technical assistance to the private sector in middle- and low- income countries. Unlike other international financial institutions, the IFC operates on a commercial basis and invests exclusively in for-profit projects that promote poverty reduction and development. Increasingly, the IFC is investing in the world's poorest countries and fragile states that have few private investors. IFC investments support a range of activities including agribusiness, manufacturing, health and education, microfinance programs, and infrastructure development.
- Topic:
- Development, Markets, Poverty, Foreign Aid, and Foreign Direct Investment
304. 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
305. 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
306. Inward FDI in Egypt and its policy context
- Author:
- Ahmed Kamaly
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Egypt, starting from the second half of the first decade of the 21st century, has begun to realize its potential as an important recipient of foreign direct investment (FDI) among developing economies. Having received only US$ 500 million of inward FDI (IFDI), amounting to 0.5% of GDP in 2001, Egypt attracted US$ 9.4 billion (approximately 5.7% of GDP), in 2008. While investment in oil and gas accounted for a large share of IFDI (over half in 2006-2009), the remainder is fairly well diversified. Developed economies account for three-quarters of Egypt's IFDI, but the share of emerging markets has risen recently. Largely because of the global financial crisis, inflows dropped in 2009, by 30%. IFDI is likely to be adversely affected in 2011 following the political turbulence associated with the January 25 Revolution. However, this democratic transformation carries the seeds of genuine political stability based on effective institutions and the rule of law, which would encourage long-term domestic and foreign investment.
- Topic:
- Development, Economics, Markets, and Foreign Direct Investment
- Political Geography:
- Arabia, North Africa, and Egypt
307. Outward FDI from Colombia and its policy context
- Author:
- Ana-María Poveda Garcés
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Outward foreign direct investment (OFDI) from Colombia has increased considerably in the past decade, with its stock growing from US$ 3 billion in 2000 to US$ 23 billion in 2010. This growth reflects the internationalization of the Colombian economy following policy reforms and economic liberalization in the 1990s. The 2000s were characterized by enhanced national security and reforms to the investment framework that have attracted unprecedented levels of inward FDI and facilitated the growth of small and medium-sized enterprises (SMEs). A considerable rise in domestic mergers and acquisitions (M) in the past decade has contributed to the development of Colombian multinational enterprises (MNEs) and to increased OFDI from Colombia. In 2010, outflows showed a twenty-fold increase from their value in 2000, including an increase in OFDI to export markets, helped by greater government support for OFDI, for example by the conclusion of more international investment agreements. The rise of Colombian MNEs, or "translatinas" (i.e. Latin American MNEs whose OFDI is primarily within Latin America), reflects Colombia's nascent structural transformation into a knowledge-based economy. Together with Chile and Peru, Colombia has recently created the first regionallyintegrated stock exchange in the region, the Mercado Integrado Latinoamericano (MILA), which is likely to facilitate FDI flows.
- Topic:
- Development, Economics, Markets, and Foreign Direct Investment
- Political Geography:
- Colombia and Latin America
308. Outward FDI from Germany and its policy context: update 2011
- Author:
- Thomas Jost
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In 2010, German companies strongly increased their investments in foreign affiliates, with outward foreign direct investment (OFDI) flows having reached their third highest value on record (US$ 105 billion). Flows were driven by rising exports and growing profits of the German corporate sector. In 2010, the German economy made a robust recovery from the worldwide economic and financial crisis and became a growth engine among European Union (EU) countries. A further increase of OFDI is expected in 2011, as German companies are seeking to strengthen their strategic position in their main markets, although the pre-crisis level of OFDI flows of US$ 171 billion in 2007 will be hard to achieve. The German Government has continued to support the internationalization process of the German corporate sector by expanding its network of bilateral investment treaties and providing financial support and information services.
- Topic:
- International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Europe, Germany, and Ethiopia
309. 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
310. Aid Coordination and Alignment: Myth or reality? The case of the ECOWAS regional agriculture policy
- Author:
- Jean-Denis Crola and Saya Saulière
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Oxfam Publishing
- Abstract:
- Agriculture, along with livestock farming and fishing, is one of the fundamental components of West African economies. Together they constitute over 35% of the Gross National Product and contribute over 15% of export revenues. They provide income to more than 60% of the working population, over half of whom are women working in production, processing or trade.
- Topic:
- Agriculture, Development, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- Africa
311. Dial "A" for Agriculture: A Review of Information and Communication Technologies for Agricultural Extension in Developing Countries
- Author:
- Jenny C. Aker
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Center for Global Development (CGD)
- Abstract:
- Agriculture can serve as an important engine for economic growth in developing countries, yet yields in these countries have lagged far behind those in developed countries for decades. One potential mechanism for increasing yields is the use of improved agricultural technologies, such as fertilizers, seeds and cropping techniques. Public-sector programs have attempted to overcome information-related barriers to technological adoption by providing agricultural extension services. While such programs have been widely criticized for their limited scale, sustainability and impact, the rapid spread of mobile phone coverage in developing countries provides a unique opportunity to facilitate technological adoption via information and communication technology (ICT)-based extension programs. This article outlines the potential mechanisms through which ICT could facilitate agricultural adoption and the provision of extension services in developing countries. It then reviews existing programs using ICT for agriculture, categorized by the mechanism (voice, text, internet and mobile money transfers) and the type of services provided. Finally, we identify potential constraints to such programs in terms of design and implementation, and conclude with some recommendations for implementing field-based research on the impact of these programs on farmers' knowledge, technological adoption and welfare.
- Topic:
- Agriculture, Development, Poverty, Science and Technology, Foreign Aid, and Foreign Direct Investment
312. Fostering Growth and Development in Small States through Disruptive Change: A Case Study of the Caribbean
- Author:
- Avinash D. Persaud
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- The desks of civil servants in small states are stacked with yellowing consultancy reports from multilateral agencies on the need to generate sustainable jobs and growth, attract investment, bolster infrastructure and institutions, and improve the efficiency and reduce the expense of government. The real question is not what, but why? Why, in spite of everything we know, are many small states, especially those in the Caribbean, trapped in a zone of low growth, stagnation or relative decline? Policy makers face physical and financial constraints and implementation deficiencies, but the overriding constraint, even more so than in other countries, is political economy.
- Topic:
- Development, Economics, Globalization, and Foreign Direct Investment
- Political Geography:
- Caribbean
313. Rent(s) Asunder: Sectoral Rent Extraction Possibilities and Bribery by Multinational Corporations
- Author:
- Nathan Jensen, Edmund Malesky, and Dimitar Gueorgiev
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- We argue that openness to foreign investment can have differential effects on corruption, even within the same country and under the exact same domestic institutions over time. Our theoretical approach departs from standard political economy by attributing corruption motives to firms as well as officials. Rather than interpreting bribes solely as a coercive “tax” imposed on business activities, we allow for the possibility that firms may be complicit in using bribes to enter protected sectors. Thus, we expect variation in bribe propensity across sectors according to expected profitability which we proxy with investment restrictions. Specifically, we argue that foreign investment will not be associated with corruption in sectors with fewer restrictions and more competition, but will increase dramatically as firms seek to enter restricted and uncompetitive sectors that offer higher rents. We test this effect using a list experiment, a technique drawn from applied psychology, embedded in a nationally representative survey of 10,000 foreign and domestic businesses in Vietnam. Our findings show that the impact of domestic reforms and economic openness on corruption is conditional on polices that restrict competition by limiting entry into the sector.
- Topic:
- Development, Industrial Policy, International Trade and Finance, Political Economy, and Foreign Direct Investment
- Political Geography:
- Israel and Vietnam
314. Social Partnerships and Development: Implications for the Caribbean
- Author:
- Indianna D. Minto-Coy
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- The effects of the ongoing global financial crisis have intensified the existing economic issues facing the Commonwealth Caribbean, including declining investment, productivity levels and employment opportunities for its citizens. Although the current crisis presents challenges for governments in the region, it also offers an opportunity for these countries to implement innovative solutions to contend with the short-term effects of the financial crisis, while addressing long-standing problems. A solution that has been successful in Botswana, Ireland and Barbados, is the use of social partnerships. Undertaken while these countries were facing economic and social crises, social partnership as a specific governance model allowed them to achieve levels of development and stability that other states yearn to attain.
- Topic:
- Development, Economics, Labor Issues, Foreign Direct Investment, Financial Crisis, and Governance
- Political Geography:
- Caribbean
315. Constrained Autonomy and the Developmental State: From Successful Developmentalism to Catastrophic Failure
- Author:
- Jamee K. Moudud
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- The New School Graduate Program in International Affairs
- Abstract:
- As many authors have argued, the state has played a central role in capitalist development, both in developing and developed countries. The question is why have some states been more successful than others in promoting economic development? In this paper I propose a theoretical agenda to investigate the factors that have made some states more successful than others. I suggest that a complex set of historical, sociological, and political factors shape state formation and a country\'s international competitiveness; further international competitiveness itself shapes the ability to foster economic development. I argue that these factors determine the ways in which states and economies co - evolve. Additionally, since countries are embedded in a global system, an investigation of this co - evolution requires a very different theory of industrial organization and thus of international competition. Thus the state confronts a constrained autonomy in being able to obtain taxation revenue and foreign exchange so as to finance important developmental needs. Finally I conclude that the rationale for “bringing the state back in” has to not only critically examine the notion of “state failure” but also has to reject the notion of “market failure”.
- Topic:
- Development, Economics, Markets, and Foreign Direct Investment
316. Investment incentives and the global competition for capital
- Author:
- Kenneth P. Thomas
- Publication Date:
- 12-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Investment incentives (subsidies designed to affect the location of investment) are a pervasive feature of global competition for foreign direct investment (FDI). They are used by the vast majority of countries, at multiple levels of government, in a broad range of industries. They take a variety of forms, including tax holidays, grants and free land. Politicians, at least in the United States, may have good electoral incentives to use them.
- Topic:
- Development, Environment, Globalization, International Trade and Finance, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- United States and Europe
317. 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
318. 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
319. Greek FDI in the Balkans: How is it affected by the crisis in Greece?
- Author:
- Persephone Economou and Margo Thomas
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The current Greek crisis raises the question of its impact on foreign direct investment (FDI) by Greece on its neighbors in the Balkans. Greek multinational enterprises (MNEs) first began to establish a presence there in the 1990s, following the breakup of the former Yugoslavia. This trend accelerated during the past decade. As of 2009, Greece's outward FDI stock in the Balkans stood at US$ 10.5 billion or 26.5% of Greece's outward FDI stock worldwide.
- Topic:
- Foreign Policy, Global Recession, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Europe, Greece, Yugoslavia, and Balkans
320. Responsible business conduct: Re-shaping global business
- Author:
- John Evans
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The Guidelines for Multinational Enterprises of the Organisation for Economic Co-operation and Development (OECD) is the Organisation's flagship instrument for responsible business conduct. The Guidelines provide non-binding recommendations to multinational enterprises (MNEs), drawn up and implemented by governments. Updated in 2011, they consist of principles and standards in such areas as sustainable development, governance, disclosure, human rights, employment and industrial relations, the environment, anti-corruption, consumer interests, and taxation. The 42 adhering governments are required to promote the Guidelines and to contribute to the resolution of issues arising under the Guidelines, including by setting up a complaints mechanism -- “National Contact Points” (NCPs) -- to which trade unions and non-governmental organizations (NGOs) are able to submit specific instances concerning alleged breaches of the Guidelines.
- Topic:
- Globalization, International Organization, International Political Economy, Markets, Foreign Direct Investment, and Governance
321. Inward FDI in Finland and its policy context
- Author:
- Dan Steinbock
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- From independence to the collapse of the Soviet Union, inward foreign direct investment (IFDI) in Finland was either marginal (1917-1939) or insignificant (1945-early 1990s). Throughout this period, the success of Finland's core production clusters in forestry, metal engineering, chemicals, and plastics was based on exports, not IFDI (or outward FDI). However, with the end of the Cold War and the globalization of Finnish industries (especially the mobile communications cluster) in a period of strong export-led economic growth, IFDI in Finland took off rapidly from the mid-1990s. This period of growth came to an end with the global crisis of 2008-2009. In 2009, the Finnish economy shrank roughly by 8%, the sharpest plunge since the country's civil war in 1918. The recovery since 2010 has been relatively strong in comparison to that in most European Union (EU) economies, but Finland remains vulnerable to the Eurozone crisis. Today, IFDI is seen as an untapped resource, and the Finnish Government hopes to develop an IFDI promotion strategy in cooperation with the private sector and integrated with the national innovation system.
- Topic:
- Industrial Policy, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Europe and Finland
322. Outward FDI from Greece and its policy context
- Author:
- Aristidis P. Bitzenis and Vasileios A. Vlachos
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- With the fall of centrally planned economies in the Balkans, their liberalization and the opening of their borders to free trade and capital movements, Greece became more active in the generation of outward foreign direct investment (OFDI). Greece's OFDI stock increased from US$ 3 billion in 1990 to US$ 6 billion in 2000 and to US$ 38 billion in 2010. The Europeanization process of Turkey and the transition of the economies in the Balkans was accompanied by a gradual rise of FDI from Greece into those economies. More than half of Greece's OFDI stock – over US$ 20 billion in 2009 (67% of total) – is located in South-East Europe: in the Balkans, Cyprus and Turkey. While Greece's early OFDI flows were directed to the secondary sector to reduce costs, the bulk of later flows was directed to the services sector, as new markets were opened. This shift signifies the rise of major corporate players. The Greek Balkan policy, which commenced through the European Union, and the upgrading of the Athens Stock Exchange have positively affected Greece's position as a key regional investor. The expectations for sustaining this leading role, however, have been weakened recently since, due to the Greek sovereign debt crisis, Greek multinational enterprises (MNEs) disinvested US$ 1.6 billion from their FDI abroad in 2010.
- Topic:
- Debt, Economics, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Europe, Turkey, Greece, Balkans, and Cyprus
323. Inward FDI in Italy and its policy context
- Author:
- Marco Mutinelli and Lucia Piscitello
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The attractiveness of the Italian economy for inward foreign direct investment (IFDI) has been traditionally limited, despite the country's locational advantages such as a large domestic market and a skilled labor force. The recent global crisis worsened the country's IFDI position, with flows falling from US$ 40 billion in 2007 to -US$ 11 billion in 2008 before recovering to US$ 20 billion in 2009 but down again to US$ 9 billion in 2010. Although the country's IFDI stock had grown since 2000 at a rate similar to that of the European Union as a whole, in 2010 IFDI stock contracted vis-à-vis 2009, reflecting how Italy, compared to other key European countries and to its own potential, continues to underperform. The main obstacles to exploiting the country's potential for IFDI lie both in the largely insufficient actions undertaken to attract and promote IFDI, and especially in the lack of coordination with other relevant policy measures (e.g. infrastructure development) within a broader framework aimed at regional and national development.
- Topic:
- Development, Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Europe and Italy
324. Safeguarding Mitigation Efforts for Sustainability
- Publication Date:
- 04-2011
- Content Type:
- Policy Brief
- Institution:
- Transparency International
- Abstract:
- Developing countries are increasingly hosting climate change mitigation projects. They also often provide the natural resources necessary for low-carbon technologies.
- Topic:
- Climate Change, Corruption, Development, Foreign Direct Investment, and Governance
325. Rent(s) Asunder: Sectoral Rent Extraction Possibilities and Bribery by Multinational Corporations
- Author:
- Nathan Jensen, Edmund Malesky, and Dimitar Gueorguiev
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- We argue that openness to foreign investment can have differential effects on corruption, even within the same country and under the exact same domestic institutions over time. Our theoretical approach departs from standard political economy by attributing corruption motives to firms as well as officials. Rather than interpreting bribes solely as a coercive “tax” imposed on business activities, we allow for the possibility that firms may be complicit in using bribes to enter protected sectors. Thus, we expect variation in bribe propensity across sectors according to expected profitability which we proxy with investment restrictions. Specifically, we argue that foreign investment will not be associated with corruption in sectors with fewer restrictions and more competition, but will increase dramatically as firms seek to enter restricted and uncompetitive sectors that offer higher rents. We test this effect using a list experiment, a technique drawn from applied psychology, embedded in a nationally representative survey of 10,000 foreign and domestic businesses in Vietnam. Our findings show that the impact of domestic reforms and economic openness on corruption is conditional on polices that restrict competition by limiting entry into the sector.
- Topic:
- Corruption, Economics, and Foreign Direct Investment
326. Delivering on US Climate Finance Commitments
- Author:
- Trevor Houser and Jason Selfe
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- At the United Nations climate change conference in Copenhagen in 2009 and Cancun in 2010, the United States joined other developed countries in pledging to mobilize $100 billion in public and private sector funding to help developing countries reduce greenhouse gas emissions and adapt to a warmer world. With a challenging US fiscal outlook and the failure of cap-and-trade legislation in the US Congress, America's ability to meet this pledge is increasingly in doubt. This paper identifies, quantifies, and assesses the politics of a range of potential US sources of climate finance. It finds that raising new public funds for climate finance will be extremely challenging in the current fiscal environment and that many of the politically attractive alternatives are not realistically available absent a domestic cap-and-trade program or other regime for pricing carbon. Washington's best hope is to use limited public funds to leverage private sector investment through bilateral credit agencies and multilateral development banks.
- Topic:
- Climate Change, Development, Economics, Energy Policy, Politics, and Foreign Direct Investment
- Political Geography:
- United States, America, Washington, and United Nations
327. Making Rio 2012 work: Setting the stage for global economic, social and ecological renewal
- Author:
- Alex Evans and David Steven
- Publication Date:
- 06-2011
- Content Type:
- Working Paper
- Institution:
- Center on International Cooperation (CIC)
- Abstract:
- The Rio 2012 summit on sustainable development is now one year away. Over two decades since the 1992 'Earth Summit', sustainable development has not materialized: as global GDP has risen, so have greenhouse gas emissions, species loss and environmental degradation.
- Topic:
- Climate Change, Development, Economics, Environment, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- Latin America
328. Chile\'s outward FDI and its policy context
- Author:
- Carlos Razo and Álvaro Calderón
- Publication Date:
- 03-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Despite the recent financial and economic crisis, Chile\'s outward foreign direct investment (OFDI) in 2009 surpassed the record level of 2008, reflecting the strength of Chilean firms and the country\'s continuous commitment to integrate into the world economy. Two decades ago, Chile was an unlikely foreign direct investor. Today, even with no explicit policies to promote outward investment or the creation of national champions, Chile stands out as the third biggest investor of Latin America in absolute terms and as the first one in proportion to its GDP, even outperforming other emerging economies of similar size in other regions of the world.
- Topic:
- Foreign Direct Investment and Financial Crisis
- Political Geography:
- Latin America and Chile
329. Capital flows, the carry trade and 'sand in the wheels'
- Author:
- Stephen Grenville
- Publication Date:
- 02-2010
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- The 'carry trade', in which capital shifts from countries with low interest rates to countries with significantly higher rates, has become an important element of international capital flows over the past decade. With low interest rates in the United States, Japan, the UK and much of the rest of Europe expected to persist for some time, these flows seem likely to become larger in the aftermath of the Global Financial Crisis. Particularly for the emerging countries with shallow financial markets, interest-sensitive inflows have the potential to be disruptive. Exchange rates will tend to be overvalued for sustained periods, punctuated by sharp depreciations. These distorted and varying price signals will be unhelpful for good policy-making and steady economic growth.
- Topic:
- Emerging Markets, Globalization, International Trade and Finance, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- United States, Japan, United Kingdom, and Europe
330. 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
331. 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
332. Approaches to Fostering Productivity Growth in Brazil, China and India
- Author:
- John Whalley, Manmohan Agarwal, and Yao Li
- Publication Date:
- 04-2010
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- Productivity growth is a significant contributor to GDP growth, particularly to increases in per capita income. However, there is considerable ambiguity regarding how to measure the concept of technical progress, and consequently on policies that would foster productivity growth. Brazil, China and India, three important emerging economies, are seeking to foster productivity growth through encouraging innovation and technology transfers from the more developed economies. But given the ambiguities about how to encourage innovation and technology transfers, governments in these countries adopted a plethora of policies in the hope that the combination will be effective. This ambiguity can also be seen in the much slower growth of productivity in Brazil than China, even though Brazil has scored higher on the World Bank's Knowledge Assessment Methodology.
- Topic:
- Development, Emerging Markets, Markets, Science and Technology, and Foreign Direct Investment
- Political Geography:
- China, India, and Brazil
333. Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
- Author:
- Olivier Jeanne and Anton Korinek
- Publication Date:
- 05-2010
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. It presents a model in which restricting capital inflows during boom times reduces the potential outflows during busts. This mitigates the feedback effects of deleveraging episodes, when tightening financial constraints on borrowers and collapsing prices for collateral assets have mutually reinforcing effects. In our model, capital controls reduce macroeconomic volatility and increase standard measures of consumer welfare.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, Foreign Direct Investment, and Financial Crisis
334. Dealing with Volatile Capital Flows
- Author:
- Olivier Jeanne
- Publication Date:
- 07-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The set of tools and mechanisms with which emerging-market countries insure themselves against volatile capital flows is in a state of flux. Most emerging-market countries had accumulated an unprecedented level of international reserves before the global financial crisis that started in 2008. The crisis itself led to a large increase in International Monetary Fund (IMF) resources and the introduction of a new lending facility, the Flexible Credit Line (FCL). Meanwhile, some progress was made toward transforming the Chiang Mai Initiative into an Asian Monetary Fund, and the Greek debt crisis even prompted calls for the creation of a European Monetary Fund.
- Topic:
- Development, Economics, Emerging Markets, Markets, and Foreign Direct Investment
335. Can Economic Reform Open a Peaceful Path to Ending Burma's Isolation? (Burmese edition)
- Author:
- Raymond Gilpin and Lex Rieffel
- Publication Date:
- 07-2010
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- After decades of domestic conflict, military rule and authoritarian governance, Burma's economy could provide a viable entry point for effective international assistance to promote peace. Doing so would require a detailed understanding of the country's complex and evolving political economy.
- Topic:
- Development, Political Economy, and Foreign Direct Investment
- Political Geography:
- Asia
336. Twenty Concrete Steps to Improve the United States' Commitment to Development
- Author:
- David Roodman and Cindy Prieto
- Publication Date:
- 07-2010
- Content Type:
- Working Paper
- Institution:
- Center for Global Development (CGD)
- Abstract:
- The Commitment to Development Index (CDI) ranks 22 rich countries on their dedication to policies that benefit poor nations. Looking beyond standard comparisons of foreign aid flows, the CDI measures national policies on aid, trade, investment, migration, environment, security, and technology. The United States ranked 17th overall in 2009, strong in trade and security but less competitive in aid and environment. This memo describes how to boost the U.S. score and links to CGD materials with more detail.
- Topic:
- Development, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- United States
337. Prospects for Haiti's New Government
- Author:
- Robert Maguire
- Publication Date:
- 01-2010
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- Elevation of Haiti's planning minister to the post of prime minister offers the prospect for continuity in development policies and programs that were identified at the international donors conference held in April 2009. Greater attention to rural and community development and to police and judicial reform is essential in assisting Haiti to meet poverty alleviation and economic growth goals and to consolidate gains in security. The new prime minister will be challenged by Haiti's array of deeply-rooted problems and by the ticking clock of President Rene Preval's final year in office. The new government will have to move quickly to institute reforms before political maneuvering related to the presidential election takes over. Immediate, robust international engagement in Haiti's current electoral process is critically required following a decision by the provisional election commission to ban several political parties.
- Topic:
- Development, Politics, Foreign Direct Investment, and Governance
- Political Geography:
- Caribbean and Haiti
338. 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
339. 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
340. Foreign direct investment and U.S. national security: CFIUS under the Obama Administration
- Author:
- Mark E. Plotkin and David N. Fagan
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- There was considerable public scrutiny of the Obama Administration's performance in its inaugural year, but comparatively little focus on one of the Administration's key processes governing the flow of investment into the United States — namely, the Committee on Foreign Investment in the United States (CFIUS). Yet, this is a frequent question we receive from foreign investors -- has the change in the administration affected CFIUS?
- Topic:
- Economics, International Trade and Finance, Monetary Policy, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- United States
341. Thinking twice about a gold rush: Pacific Rim v El Salvador
- Author:
- Gus Van Harten
- Publication Date:
- 05-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Whether it concerns oil drilling or gold mining, sometimes a government, facing new circumstances, must change its mind.
- Topic:
- Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Latin America
342. How BRIC MNEs deal with international political risk
- Author:
- Premila Nazareth Satyanand
- Publication Date:
- 05-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Hitherto, political risk has worried developed country multinational enterprises (MNEs) investing in developing country markets. But as more emerging market firms invest overseas, they too must grapple with this subject. World Investment and Political Risk 2009 looks at this issue for the first time and finds that Brazilian, Russian, Indian, and Chinese (BRIC) firms appear to worry more about political risk than global counterparts. Though these results are based on as mall sample of 90 of the largest BRIC investors, they are thought-provoking nonetheless.
- Topic:
- International Political Economy, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Russia, China, India, and Latin America
343. Inward FDI in Colombia and its policy context
- Author:
- Miguel Posada Betancourt
- Publication Date:
- 09-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Colombia used to be a synonym for violence and drugs, but not anymore. Today, the country has one of the best performing economies in Latin America, and violence levels have been dramatically reduced. The outgoing administration made improving investor confidence and the business environment one of the pillars of its policy. As a result of important reforms and aggressive campaigns to promote the country as an attractive location, inward foreign direct investment (IFDI) has risen to unprecedented levels. Due to these positive changes, Colombia has been designated a “top reformer” for the past four years in the World Bank's Doing Business reports, and the new Government has promised to maintain and reinforce efforts to attract foreign investment. Even though IFDI flows decreased in the past two years as a consequence of the economic and financial crisis, many foreign affiliates in Colombia achieved positive profits. A country that a decade ago was avoided is now in many investors' plans.
- Topic:
- Development, Economics, War on Drugs, and Foreign Direct Investment
- Political Geography:
- Colombia and Latin America
344. Inward FDI in Peru and its policy context
- Author:
- Benjamin Chavez and Jaime Dupuy
- Publication Date:
- 08-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Peru has shifted from being a small FDI player in the Latin America and Caribbean region in the 1990s to being the sixth largest FDI host country in 2008. With inflows of US$ 6.9 and US$ 4.8 billions in 2008 and 2009, respectively, Peru has managed to contain the impact of the financial crisis on inward FDI (IFDI). The main determinants of the improved FDI performance were: a stable economic and FDI policy since 1992;) vast natural resources; strong gross domestic product (GDP) and market growth; and an export-oriented economy, especially during the past decade. In recent years, Peru has become one of the fastest growing economies in Latin America and a diversified commercial hub for IFDI in the region.
- Topic:
- Economics, Monetary Policy, and Foreign Direct Investment
- Political Geography:
- Latin America, Caribbean, and Peru
345. Catalyzing Support for Small Growing Businesses in Developing Countries: Mapping the Policies of International Development Donors Investors
- Author:
- Estera Barbarasa
- Publication Date:
- 06-2010
- Content Type:
- Working Paper
- Institution:
- Aspen Institute
- Abstract:
- This report depicts the landscape of development organizations that fund and support small and medium enterprises (SMEs) in developing countries: multilateral development banks, bilateral government donor agencies, and development finance institutions (DFIs). The report is a new contribution to both the development community, as well as the Aspen Network of Development Entrepreneurs (ANDE). Advocacy and policy work is a strategic priority for ANDE, and the report's findings will enable the Network to understand the international development community and to be more strategic in its approach as it seeks to influence and shape the international development SME agenda.
- Topic:
- Development, International Trade and Finance, Third World, Foreign Aid, and Foreign Direct Investment
346. Inward FDI in Russia and its policy context
- Author:
- Alexey Kuznetsov
- Publication Date:
- 11-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In the 2000s, Russia became a significant host for inward foreign direct investment (IFDI). But its investment climate problems, especially corruption, do not allow Russia to exploit its locational advantages to the full. Russia attracts mainly European investors in a rather narrow range of industries (although the share of mining is decreasing) and regions (mainly in Moscow, St. Petersburg and oil-rich Sakhalin). However, even during the crisis, a new industrial cluster has developed near Kaluga and some large mergers and acquisitions (M) and greenfield projects have been realized outside the Central and North-West federal districts. Russia is trying to diversify the structure and geography of IFDI using incentives (e.g. in special economic zones).
- Topic:
- Corruption, Economics, and Foreign Direct Investment
- Political Geography:
- Russia and Europe
347. How much do U.S. corporations know (and care) about bilateral investment treaties? Some hints from new survey evidence
- Author:
- Jason Webb Yackee
- Publication Date:
- 11-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- A remarkable number of countries have recently entered into bilateral investment treaties (BITs) as a means of protecting and promoting inward foreign direct investment (FDI). But do the treaties “work?” In exchange for giving up some mea sure of regulatory autonomy, host countries hope to receive increased flows of investment. Scholars have devoted substantial energy to examining whether this so-called “grand bargain” has in fact been realized. Most studies follow a common research design. The number of BITs that a state has signed are counted up, with the resulting independent variable regressed against country-level FDI flow data. Unfortunately, the results of these various and increasingly complex statistical exercises are inconsistent. 1 Some studies show that BITs can have massive positive impacts on foreign investment; others show modest positive impacts; others show no impact at all, or even a negative impact.
- Topic:
- International Trade and Finance, Bilateral Relations, and Foreign Direct Investment
- Political Geography:
- United States
348. What will an appreciation of China's currency do to inward and outward FDI?
- Author:
- Karl P. Sauvant and Ken Davies
- Publication Date:
- 10-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- What will an appreciation of the Chinese yuan do to China's inward and outward direct investment? The discussion so far has been almost exclusively about the impact on China's trade balance. But it is at least as important to see what effect it may have on the country's inward foreign direct investment (IFDI), which plays such a crucial role in China's economic development, and its outward FDI (OFDI), which is receiving increased attention worldwide.
- Topic:
- Economics, Foreign Exchange, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- China
349. Giving Money Away? The Politics of Direct Distribution in Resource Rich States
- Author:
- Alexandra Gillies
- Publication Date:
- 11-2010
- Content Type:
- Working Paper
- Institution:
- Center for Global Development (CGD)
- Abstract:
- The governments of resource rich states have several options for how to allocate oil and mineral revenues, including the direct distribution of revenues to their citizens. This paper discusses the political feasibility and political implications of such cash transfers in the specific context of resource-rich states. Identifying the contexts in which this policy is mostly likely to emerge, and understanding the potential governance risks and benefits, will help policymakers to consider the desirability of cash transfers as an allocation choice.
- Topic:
- Development, Humanitarian Aid, Poverty, Foreign Aid, and Foreign Direct Investment
350. Technological Readiness in the Middle East and North Africa – Implications for Egypt
- Author:
- Juliane Brach
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- Innovation is widely recognized as a key driver of sustainable economic development. Governments, international organizations, donors and investors are increasingly interested in evaluating the technological capabilities and innovative capacities in developing countries, but often lack appropriate approaches for such measurement. This paper focuses on innovation and technological progress in the MENA region and discusses the challenges of understanding, expanding and fostering innovative potential in Egypt.
- Topic:
- Development, Science and Technology, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- Middle East, Arabia, North Africa, and Egypt