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Author: Heather Mirsaidi Wickramarachi
Publisher:
ISBN: 9781369173970
Category :
Languages : en
Pages : 96
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Book Description
This dissertation seeks to highlight the relationship between foreign investment, financial development, and economic institutions in developing countries. The determinants and impact of foreign investment has been of particular scholarly interest over the past two decades, with only recent focus on developing countries. The first two chapters focus on the institutional determinants (domestic and international) of foreign direct investment (FDI) in developing countries. The third chapter accesses the domestic distributional consequences of foreign investment in developing countries.The first chapter focuses on the domestic institutional determinants of foreign direct investment and financial deepening. Specifically, I create an institutional quality index that addresses investors desire to know more about the institutional environment within developing countries. Building upon and expanding previous theoretical frameworks for determinants of foreign and domestic capital flows, I utilize cross-sectional empirical analysis to assess the role that institutions play in promoting financial development and foreign direct investment. I find that institutional quality has a positive and significant on both foreign direct investment and financial deepening.This second chapter examines the significance of bilateral investment treaties (BITs) in promoting FDI between developing (South-South) countries. Drawing on intra-regional investment data from MENA countries, this paper initiates the examination of South-South BITs, their impact on FDI, and the theoretical channels through which changes in FDI occur. The results of my time-series cross-sectional analysis suggest that the signing of South-South BITs have a positive impact on FDI flows, but under different circumstances than North-South agreements.The final chapter considers the distributional consequences of foreign direct investment in developing countries. Specifically, I access the impact of foreign investment on the level of democracy and the level of income inequality. Additionally, I estimate the intervening impact of domestic financial development and how this interacts with FDI and the dependent variables. I find that in a sample of developing countries, FDI increases levels of democracy, as well income inequality, and that domestic financial development has an interactive effect.
Author: Heather Mirsaidi Wickramarachi
Publisher:
ISBN: 9781369173970
Category :
Languages : en
Pages : 96
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Book Description
This dissertation seeks to highlight the relationship between foreign investment, financial development, and economic institutions in developing countries. The determinants and impact of foreign investment has been of particular scholarly interest over the past two decades, with only recent focus on developing countries. The first two chapters focus on the institutional determinants (domestic and international) of foreign direct investment (FDI) in developing countries. The third chapter accesses the domestic distributional consequences of foreign investment in developing countries.The first chapter focuses on the domestic institutional determinants of foreign direct investment and financial deepening. Specifically, I create an institutional quality index that addresses investors desire to know more about the institutional environment within developing countries. Building upon and expanding previous theoretical frameworks for determinants of foreign and domestic capital flows, I utilize cross-sectional empirical analysis to assess the role that institutions play in promoting financial development and foreign direct investment. I find that institutional quality has a positive and significant on both foreign direct investment and financial deepening.This second chapter examines the significance of bilateral investment treaties (BITs) in promoting FDI between developing (South-South) countries. Drawing on intra-regional investment data from MENA countries, this paper initiates the examination of South-South BITs, their impact on FDI, and the theoretical channels through which changes in FDI occur. The results of my time-series cross-sectional analysis suggest that the signing of South-South BITs have a positive impact on FDI flows, but under different circumstances than North-South agreements.The final chapter considers the distributional consequences of foreign direct investment in developing countries. Specifically, I access the impact of foreign investment on the level of democracy and the level of income inequality. Additionally, I estimate the intervening impact of domestic financial development and how this interacts with FDI and the dependent variables. I find that in a sample of developing countries, FDI increases levels of democracy, as well income inequality, and that domestic financial development has an interactive effect.
Author: Fathi A. Ahmed Ali
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The aim of this thesis is to explore and study various dimensions of the interaction between one of the most important institutional quality aspects, namely property rights, and one important aspect of integration into the world economy: foreign direct investment (FDI), and links them to economic growth. In particular, this thesis explores whether the interaction between institutions and FDI has any implication for economic growth and whether there is any complementarity between the role of institutions and the role of FDI in fostering economic growth. To achieve this aim, the thesis was designed to include four empirical chapters in addition to two chapters: one for the introduction and the other for the conclusion. The first two empirical chapters studied the interrelationship between FDI and institutions. And the other two empirical chapters studied the implication of the interrelationship and the complementarity between FDI and institutions for economic growth. Chapter one motivated the thesis and set its aim and structure. The second chapter studies the role of institutions in determining FDI inflows and shows that institutional quality is one of the most important determinants of FDI. Based on this result, chapter three introduces a hypothesis that foreign investors will create a demand for better institutions in host countries, and that governments competing to attract more FDI will be induced to provide such institutions, leading to improvements in institutional quality in host countries. The empirical evidence reported in this chapter supports this hypothesis and shows that FDI inflows have a positive impact on property rights in host countries. Chapter four explores whether institutions play a role in determining the contribution of FDI to economic growth. The results presented in this chapter show that a host country needs to achieve a minimum level of institutional quality in order to be able to benefit from the positive externalities offered by FDI. Based on the results of chapter three, chapter five investigates whether the positive impact of FDI in institutional quality on host countries can be considered as a new growth-enhancing role for FDI. The results reported in chapter five show that the impact of FDI on economic growth that works via institutions, is a significant one, and is generally greater and more robust than the direct impact. Over all, the major contribution of this thesis is that it shows that a better understanding of the contribution of FDI to economic growth requires taking into account the interrelationship and the complementarity between FDI and institutions.
Author: Jakob Schwab
Publisher: Springer
ISBN: 3658228113
Category : Business & Economics
Languages : en
Pages : 150
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Book Description
Jakob Schwab analyzes central mechanisms in the systematic economic interaction between rich and poor countries. He focuses on the drivers and effects of investment in developing countries and shows that predictions of standard economic analysis may turn around when accounting for peculiarities of North-South globalization. The author shows how endowments with educational skill levels may lead to complementarity between trade and capital inflows, how inflows of direct investment capital may hinder income growth in poor countries, and how the distributional effects of the presence of multinational enterprises are perceived differently in countries of different development structures.
Author: Tuan Viet Le
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages :
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Author: Yong Wang
Publisher:
ISBN:
Category : China
Languages : en
Pages : 376
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Author: Naoyuki Yoshino
Publisher: Springer Nature
ISBN: 9811670625
Category : Business & Economics
Languages : en
Pages : 671
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Book Description
This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
Author: Mumtaz Hussain Shah
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The first chapter assesses the relative importance of WTO accession in general and that of its three major components, that is, TRIMS, TRIPS and liberalisation in particular in increasing a developing country's attractiveness for overseas investors. Using annual data for a panel of 90 developing countries over the years 1980-2007, I found that trade and investment liberalization, removal of market distortions through TRIMS, strengthening and worldwide harmonisation of IPR standards through TRIPS adds to a developing country's ability to host additional FDI. Consistent with the prediction of the market size hypothesis, population is found to have a significant positive effect on inward FDI. WTO membership, agglomeration and sound macroeconomic management have plausible significant effects on FDI inflows. Traditional FDI factors such as infrastructure availability, financial development and education, though regarded as important location determinants, are not robust with respect to alternative proxies and specification of the estimating model. Language and geographic location dummies confirm that foreign firms prefer Anglophones, and are reluctant to invest in South Asia and Francophone countries. In the second chapter, I investigate the effects of linkage factors with OECD countries on FDI inflows into leading/emerging developing countries. I use the standard gravity model approach, utilising annual data for 12 developing host and 16 OECD source countries from 1990 to 2007, to demonstrate that the increased association between a developed and a developing country is associated with large positive foreign direct investment inflows to the developing country. I found that a bilateral investment treaty, trade agreement and adherence to intellectual property rights conventions/treaties, results in increased FDI inflows, and are increasing with market size of the partners and their geographical proximity to each other. Moreover, I have shown that this effect occurs not only in case of bilateral accords but also multilateral and global pacts involving other countries, signalling increased commitment of the host country to potential overseas investors. However, their effect is more profound when the source and host countries are both members of/adhere to the same pact. These findings are found to be robust across different estimation techniques, model specifications and alternate proxies for variables1 Finally, in the third chapter, I explore the effects of corruption and political and economic institutions on foreign direct investment inflows in five South Asian nations, that is, Bangladesh, India, Nepal, Pakistan and Sri Lanka. Owing to the long-term relationship with the host, strong institutions and absence of corruption and bureaucratic intervention are crucial location advantages of host countries, especially for those which lack abundant natural resources to attract foreign investors like the SAARC economies. For a thorough analysis, I exploited not only the aggregate measures of institutional strength from Fraser Institute, Polity IV and Freedom House from 1970-2009 but also the disaggregated clearly focused set of institutional measures from the Political Risk Services, that are, the sub-components of the International Country Risk Guide for 1984-2008. I found that changes in the institutional variables do not have an overall significant positive impact on FDI when aggregate measures of institutional efficiency are employed. However, when these collective measures are disaggregated to a more clearly focused set of factors, their increased effectiveness leads to additional FDI inflows at least for some indicators.
Author: Nitesh Saha
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 280
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Author: Edna Maeyen Solomon
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Gerald K. Helleiner
Publisher: Aldershot, Hants : E. Elgar
ISBN:
Category : Developing countries
Languages : en
Pages : 310
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Book Description
Comprises papers and articles originally published between 1981 and 1989.
