{"title":"The Importance of Banking in Gulf Cooperating Economies","authors":"J. Simpson, John P. Evans","doi":"10.2139/ssrn.578742","DOIUrl":"https://doi.org/10.2139/ssrn.578742","url":null,"abstract":"Gulf Cooperating Countries (GCC) are in the process of strengthening and expanding financial markets in relation to listing, regulatory, trading and settlement procedures. Along with the opening up of markets to international investment, innovations that should enhance overseas investor interest include the development of meaningful GCC share returns and banking share returns indices. It is clear from almost four years of daily data, that unlagged GCC banking returns and GCC stock market returns are significantly and positively related. Over the longer term, they are also significantly cointegrated. The GCC banking industry is a major component of the GCC share market. Causality tests demonstrate that dual causality exists but stronger causality runs positively from GCC banking returns to GCC stock market returns. GCC banking stock returns are exogenous. The evidence supports the notion that, because of such interdependence it is vital for the economic health of the GCC, that their banking systems remain financially sound. However in order to relieve the mounting pressure on bank debt as oil revenues and repatriated funds dwindle, it is important that the stock markets be opened in due course to outside or non Arab international equity investment.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133930780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investment Protection in the Americas: The Legal, Economic and Policy Implications of the Investment Chapter in the Ftaa","authors":"Laura Páez","doi":"10.2139/ssrn.877067","DOIUrl":"https://doi.org/10.2139/ssrn.877067","url":null,"abstract":"The following paper analyses possible legal and economic arguments supporting the inclusion of an investment chapter in the Free Trade Area of the Americas (FTAA), which is currently on the negotiating agenda. In particular, by looking at some of the former integration efforts and their contribution to investment protection, it draw lessons from these previous experiences, in an attempt to determine what could realistically be expected from the FTAA. Further, provisions in existing FTAs are compared with the FTAA proposal on investment, in order to determine if the latter will either congest or genuinely enhance investment protection. From a legal perspective, the cross-comparison of existing agreements reveals that the FTAA investment chapter could have the positive effect of raising protection and harmonizing treatment in the region. However, the economic rationale for the FTAA fostering investments is not so strong. Existing FTAs with investment provisions have promoted trade rather than investments, as the empirical analysis reveals. In the particular case of Andean countries, evidence on substitution is found, where sourcing countries prefer to trade rather than invest. This means that the FTAA is likely to promote trade rather than investments in that region, as the previous experiences with the Andean Community of Nations (CAN), NAFTA and the Group of 3 suggests. Therefore, despite the inclusion of an investment chapter in the FTAA and its positive effect of raising legal certainty, FDI is not expected to increase as a result of higher protection. Therefore, if countries are to benefit from the spillovers of greater capital flows they must focus on economic policy design in the FTAA context. In the light of the unsatisfactory reforms in South America, the negotiation outcome of the investment chapter will greatly determine the extent to which members may define their policy and development strategies.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130882872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Coe, A. Subramanian, Natalia T. Tamirisa, Rikhil R Bhavnani
{"title":"The Missing Globalization Puzzle","authors":"D. Coe, A. Subramanian, Natalia T. Tamirisa, Rikhil R Bhavnani","doi":"10.5089/9781451858518.001.A001","DOIUrl":"https://doi.org/10.5089/9781451858518.001.A001","url":null,"abstract":"The failure of declining trade-related costs to be reflected in estimates of the standard gravity model of bilateral trade might be called the \"missing globalization puzzle.\" This puzzle is most apparent in the estimated distance coefficients found in the literature, which show no evidence of declining in absolute value over time. In contrast, we find evidence of globalization, on both cross-section and panel data, reflected in a variety of measures of geography. Our estimation procedure is consistent with recent theoretical developments that emphasize the importance of relative costs for determining bilateral trade patterns. But the main reason our findings differ from previous studies is our nonlinear specification, which has a number of advantages over the standard log-linear specification.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127954011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"'The End of the Beginning?': A Comprehensive Look at the U.N.’s Business and Human Rights Agenda from a Bystander Perspective","authors":"Jena Martin","doi":"10.2139/ssrn.2487348","DOIUrl":"https://doi.org/10.2139/ssrn.2487348","url":null,"abstract":"With the endorsement of the Guiding Principles regarding the issue of business and human rights, an important chapter has come to a close. Beginning with the then U.N. Secretary General’s \"global compact\" speech in 1999, the international legal framework for business and human rights has undergone tremendous change and progress. Yet, for all these developments, there has been no exhaustive examination in the legal academy of all of these events; certainly there is no one piece that discusses or analyzes all the major instruments that have been proposed and endorsed by the U.N. and human rights with respect to businesses. This article attempts to fill that gap. By documenting the rise and development of transnational corporations as potential subjects under international law, the article will help to provide a comprehensive overview of the issues with Transnational Corporations (TNCs) and businesses for the last twelve years. In addition, by examining the Guiding Principles through the lens of bystander rhetoric, the article hopes to point the way forward to the next phase in developing a meaningful accountability structure for TNCs under international law.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121039258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What Can ESL Offer to the Data Collector? Describing, Defining, Designing and Deploying an Alternative ESL Approach","authors":"Clare Williams","doi":"10.53386/nilq.v65i3.220","DOIUrl":"https://doi.org/10.53386/nilq.v65i3.220","url":null,"abstract":"For the World Bank, the importance of the legal climate for attracting foreign investment is axiomatic and the legal and political aspects of an investment climate are measured in the World Bank’s ‘good governance’ programme. However, the assumptions underlying this rely on quantitative research setting out correlation and highlighting a narrow range of voices. An ESL-inspired approach to empirical work can question what investors want from a host state legal system while also addressing criticisms of existing literature. As a case study, Sri Lanka is set out as a country actively engaged in attracting foreign investment through the creation of an ideal investment climate. \u0000The discussion first describes the empirical by setting out the role of World Bank rationalities in shaping Sri Lanka’s investment climate. It then defines the analytical, locating ESL in the social sciences and outlining the debates surrounding the central concept of embeddedness. It goes on to design an alternative approach by combining elements of three frames, both addressing existing criticisms and avoiding embeddedness. This is then deployed and the applications and implications for framing relations of foreign investors in Sri Lanka are set out.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130384411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Designing a Governance System for Cybersecurity of Foreign Investment in Europe","authors":"Federica Cristani","doi":"10.2139/ssrn.3776292","DOIUrl":"https://doi.org/10.2139/ssrn.3776292","url":null,"abstract":"The increased promotion of foreign investment in the digital economy - especially in countries that are actively pushing digitalization in their economy, like in the European region - , has brought questions on cybersecurity of foreign investment to the attention of (international) legal scholars and policy-makers. However, a comprehensive study on cybersecurity of foreign investment has not yet been undertaken and also at the EU level the regulation still appears quite fragmented.<br> <br>This paper investigates whether – and to what extent – it is possible to frame a governance system for cybersecurity of foreign investment in Europe, with a special focus on the European Union (EU) institutional and regulatory framework. <br><br>The first part of the paper offers an introduction to the cybersecurity challenges of foreign investment at both the international and European level; then, it offers an overview of the (international, European and national) actors involved in the relevant governance system. The last part of the paper proposes some (preliminary) recommendations on how the EU foreign policy can (efficiently) handle the issues at hand. <br>","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125316042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"China Moves the G20 Toward an International Investment Framework and Investment Facilitation","authors":"K. Sauvant","doi":"10.1093/oso/9780198827450.003.0017","DOIUrl":"https://doi.org/10.1093/oso/9780198827450.003.0017","url":null,"abstract":"China, as the President of the G20 in 2016, has had an opportunity to advance the discussion of these issues. The country has taken a special interest in international investment, judging from the decision to create the G20’s Trade and Investment Working Group. This reflects both the role of FDI in China’s own development and especially its recent rise as an important outward investor. This chapter discusses the emergence of China as an outward investor, embedded in the rise of emerging markets as home countries of multinational enterprises (MNEs). The chapter also contains an analysis of some policy issues related to the rise of FDI from emerging markets. A brief discussion of issues central to the future of the international investment law and policy regime follows, including the adoption of non-binding principles outlining the architecture of a comprehensive framework on international investment. The chapter finally focuses on a concrete proposal for a sustainable investment facilitation programme that could be launched as a follow-up of the discussions initiated under China’s leadership.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124852576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Use of Alternative (Non-Judicial Means) to Enforce Investment Awards Against States","authors":"J. Viñuales, Dolores Bentolila","doi":"10.1163/9789004209985_014","DOIUrl":"https://doi.org/10.1163/9789004209985_014","url":null,"abstract":"As a rule States comply with investment awards. Yet, in some cases, the enforcement of such awards has proved to be difficult. This chapter focuses on the interaction between judicial and non-judicial means of enforcing investment awards. Specifically, it analyses a variety of “alternative” or “non-judicial” means that can be used either as a supplement to the judicial framework for enforcement or on a stand-alone basis, when judicial enforcement has been pursued unsuccessfully.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116269777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}