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- What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deepening
- The question this article tries to address is what macroeconomic and financial variables play key roles in the foreign direct investment decision FDI of firms? This question is addressed in this article using a large panel data set of cross-border Merger & Acquisition (M&A) deals for the period 1990-1999. Various...
- White papers 2002-01-01
- Foreign Direct Investment in the Financial Sector of Emerging Market Economies
- Foreign presence in the financial sector of emerging market economies EMEs increased dramatically over the course of the 1990s. In the second half of the decade, financial sector foreign direct investment FSFDI inflows were about eight times that of the preceding five years. While banks accounted for the lion's share...
- White papers 2004-03-01
- FDI Contribution to Capital Flows and Investment in Capacity
- The paper surveys a theory of FDI, which captures a unique feature: hands-on management standards that enable investors to react in real time to a changing economic environment. Equipped with superior managerial skills, foreign direct investors are able to outbid portfolio investors for the top productivity firms in a particular...
- White papers 2002-09-01
- Foreign Direct Investment in the Financial Sector - Experiences in Asia, Central and Eastern Europe and Latin America
- The report discusses how the surge in financial sector foreign direct investment FSFDI over the past decade has been instrumental in integrating emerging economies into the global financial system. The integration has brought substantial benefits to host countries' financial systems in terms of efficiency and stability. The report also looks...
- White papers 2005-06-01
- An Information-Based Trade Off Between Foreign Direct Investment and Foreign Portfolio Investment
- The paper develops a model of Foreign Direct Investments FDI and Foreign Portfolio Investments FPI.The model describes an information-based trade off between direct investments and portfolio investments. Direct investors are more informed about the fundamentals of their projects. This information enables them to manage their projects more efficiently. However, it...
- White papers 2005-11-01
- Do Institutions Affect Foreign Direct Investment?
- This paper argues that countries whose governments are highly ranked according to various indices of the quality of institutions tend to do better in attracting foreign direct investment. In an empirical analysis of cross-section data, the paper finds that different aspects of the quality of institutions from a country (corruption,...
- White papers 2005-10-01
- Balance Of Privatisation Policies Related To Foreign Direct Investment
- Foreign privatization is a special form of acquisition in which strategic investors assume control of part or all of the equity of a State-owned company in the host country. As a result of the mass privatization taking place in the Central and Eastern European countries CEECs, foreign privatization accounted for...
- White papers 2005-06-28
- Foreign Direct Investments In The Financial Sector
- This paper examines the impact of Financial-Sector Foreign Direct Investment FSFDI on economic growth by estimating a panel data model for 11 Central and Eastern European countries CEECs between 1994 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the efficiency channel linking FSFDI to economic growth....
- White papers 2005-10-15
- Estimating The Determinants Of Foreign Direct Investment Inflows
- This paper investigates the importance of factor endowment vis-a-vis institutions in explaining the locational choice of foreign investors during the 1990s. Using dynamic panel estimation on data for transition economies, the authors found that low labour costs, bureaucratic efficiency ("Institutions"), agglomeration economies and natural resource abundance are key factors explaining...
- White papers 2004-06-01
- Trends And Recent Developments In Foreign Direct Investment
- Foreign Direct Investment FDI in the OECD (Organisation for Economic Co-operation and Development) area has cooled considerably since the investment boom of the late 1990s. The continued sluggishness of the global economy in combination with weak equity prices has already weighed down on FDI flows for a couple of years....
- White papers 2003-06-01
- FDI And Economic Growth: The Role Of Local Financial Markets
- This paper examines the various links among Foreign Direct Investment FDI, financial markets, and economic growth. It explores whether countries with better financial systems can exploit FDI more efficiently. Empirical analysis, using cross-country data between 1975-1995, shows that FDI alone plays an ambiguous role in contributing to economic growth. However,...
- White papers 2003-02-01
- The Contribution Of FDI Flows To Domestic Investment In Capacity, And Vice Versa
- This paper provides an empirical analysis of interactions between FDI Foreign Direct Investment flows and domestic investment in capacity. As a motivation for the empirical analysis, the author provides highlights of a new theory of FDI. The theory captures unique feature: hands-on management standards that enable investors to react in...
- White papers 2003-04-01
- Foreign Direct Investment And The Environment: A Transaction Cost Perspective
- Traditionally, the extant literature on foreign direct investment and the natural environment has conceived the investment-environment nexus in terms of foreign investors exploiting weak environmental regulations and abundant natural resources in developing host countries. This paper provides a corrective to the literature's focus on locational factors as determinants of foreign...
- White papers 2003-06-12
- Why Does FDI Go Where It Goes?: New Evidence From The Transition Economies
- This paper examines the importance of agglomeration economies and institutions vis-a-vis initial conditions and factor endowments in explaining the locational choice of foreign investors. Using a unique panel data set for 25 transition economies between 1990 and 1998, it is found that the main determinants are institutions, agglomeration, and trade...
- White papers 2003-11-01
- Financial Sector FDI In Asian Economies: Some Stylized Facts And Observations
- The purpose of this paper is to have a look at emerging economies in Asia and summarize stylized facts and observations concerning international capital flow in general and Foreign Direct Investment FDI in the financial sector in particular, as well as foreign bank activities. The investment flow data from the...
- White papers 2004-03-24
- Multinational Firms, FDI Flows And Imperfect Capital Markets
- This paper examines how costly financial contracting and weak investor protection influence the cross-border operational, financing and investment decisions of firms. A model is developed in which product developers have a comparative advantage in monitoring the deployment of their technology abroad. The paper demonstrates that when firms want to exploit...
- White papers 2007-01-01
- Proactive Financial Strategies And The OLI Paradigm Of FDI
- This paper argues that the OLI paradigm underplays the financial aspects of international production. The authors claim that proactive financial strategies generate OLI advantages that can be exploited through such production. Based on a sample of 1379 non-financial European firms evidence is found that proactive financial strategies involving the undertaking...
- White papers 2004-05-21
- How Does Foreign Direct Investment Promote Economic Growth?: Exploring The Effects Of Financial Markets on Linkages
- The empirical literature finds mixed evidence on the existence of positive productivity externalities in the host country generated by foreign multinational companies. We propose a novel mechanism, which emphasizes the role of local financial markets in enabling Foreign Direct Investment FDI to promote growth through backward linkages, shedding light on...
- White papers 2006-06-01
- Foreign Direct Investment, Innovative Sources Of Development Finance And Domestic Resource Mobilization
- The Millennium Development Goals MDGs are now central to the work of the global development community. The MDGs represent ambitious but realizable goals, the achievement of which depends upon making rapid progress in the areas of trade, finance, and peace-building. This paper focuses on three important issues in financing development,...
- White papers 2004-08-10
- Global Versus Local: The Financing Of Foreign Direct Investment
- In this paper we analyze the conditions under which a Foreign Direct Investment FDI involves a net capital flow across countries. Frequently, foreign direct investment is financed in the host country without an international capital transfer. We develop a model in which the optimal choice of financing an international investment...
- White papers 2004-10-01
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