LSN: Investment (Topic)最新文献

{"title":"Do International Investment Agreements Attract Foreign Direct Investment into Developing Countries?","authors":"Z. Zimny","doi":"10.2139/ssrn.2435666","DOIUrl":"https://doi.org/10.2139/ssrn.2435666","url":null,"abstract":"The study is concerned with answering a question: what is the role of international investment agreements (IIAs) in attracting foreign direct investment (FDI) into developing countries? It reviews the literature on the impact of IIAs on the size of FDI into developing countries to the extent, to which such literature exists. This is the case for bilateral investment treaties (BITs) and regional integration agreements, but less so for bilateral free trade agreements (FTAs), nowadays including also investment provisions. In the absence of the literature the study relies on the conceptual discussion of possible impacts. Needless to say the literature, especially that on the impact of BITs on FDI, is not only far from reaching definite conclusions but also has come to conflicting findings. The study offers an own assessment of these findings and of the likely impact of IIAs on FDI. As regards the impact of BITs, the study concludes that there is evidence that BITs have played a role in a number of individual FDI projects, thus increasing FDI, but apparently these increases have not been large enough to be captured in aggregated flows of FDI used in most econometric studies. But in their rather narrow responsibilities, BITs constitute one of the most solid, although quite small, components of a coherent, transparent, predictable and stable investment framework of developing countries. Other agreements, and notably regional integration agreements, including investment and trade provisions, lead to new FDI. The impact is more evident in the case of FDI from outside of the economic grouping. EIIAs can also stimulate some intra-regional FDI. The latter impact can be strong when EIIA membership includes both developed and developing or transition countries.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127814944","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":"State of Necessity: Effect on Compensation","authors":"S. Ripinsky","doi":"10.2139/SSRN.1546991","DOIUrl":"https://doi.org/10.2139/SSRN.1546991","url":null,"abstract":"This paper discusses the effect on compensation of the state of necessity, one of the so-called “circumstances precluding wrongfulness”. For some, it would seem obvious that if wrongfulness of an act is excluded, an obligation to pay compensation for the losses caused by this act is also excluded. However, perhaps counter-intuitively, this is not necessarily the case under international law. The issue is relatively novel and there is little clarity as to what exactly the law requires and how it should be applied in the investment context.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128943325","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 Role of Transnational Corporations in Infrastructure in Developing Countries. Background Paper and Liiterature Survey","authors":"Z. Zimny","doi":"10.2139/ssrn.2433922","DOIUrl":"https://doi.org/10.2139/ssrn.2433922","url":null,"abstract":"During the 1980s and 1990s, given an increasingly disappointing performance of many state-owned monopolies, an old paradigm of the provision of infrastructural services by state-owned enterprises (SOEs) had been replaced by a new one, that is, the private provision of infrastructure services. The new paradigm was manifested by the deregulation of service markets and massive privatization (or so called commercialization) of SOEs in developed in and many developing and transition countries. In privatizing infrastructure, many countries turned to foreign investors for participation in sales of SOEs (especially countries in Latin America and Africa as well as transition countries) or for undertaking greenfield investment (Asia). FDI in infrastructure, especially in telecommunication and electricity, surged during the 1990s, fuelling FDI in general and further increasing the role of services in worldwide FDI. Foreign involvement in some infrastructure industries (roads, railways, airports and airport management, water and waste management) has taken the form of non-equity arrangements (such as concessions, leases or BOT arrangements) that go unrecorded by FDI statistics. Ten years after the infrastructure FDI peak, reports on disillusionment and disappointment with many projects on the part of all stakeholders ― foreign investors, governments and the public ― multiplied. The period of cooling of and perhaps reflection followed. FDI subsided, partly because many countries completed privatization programmes and there were few new candidates to initiate new privatizations and, partly, because of greater caution of stakeholders. Investors (both TNCs and financiers ― large projects are often financed by consortia) lost some appetite for investment in infrastructure. Governments were caught between huge investment needs, far exceeding the capacity of the public purse, and disappointment of parts of populations with expensive and often unaffordable (though in most cases better than before) services, especially for the poor. The paper examines various forms of TNC involvement in infrastructure in host countries, including non-equity forms, and documents the growth and decline of FDI in infrastructure. It then discusses positive and negative consequences of FDI for developing and transition countries, offering an explanation for discontent surrounding FDI in infrastructure services. Noting that TNCs participated in over 85% of private infrastructure projects in the developing world, the paper concludes by reviewing policies to benefit from FDI in infrastructure and to address concerns related to this FDI.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128338704","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":"Neer-Ly Misled?","authors":"Jan Paulsson, Georgios Petrochilos","doi":"10.1093/ICSIDREVIEW/22.2.242","DOIUrl":"https://doi.org/10.1093/ICSIDREVIEW/22.2.242","url":null,"abstract":"One of the most heated debates concerning the standards of protection for foreign investment seems to have taken the wrong track and never looked back. The lapse relates to the question whether the concepts of “fair [or ‘just’] and equitable” treatment and “full protection and security” are synonymous with, or part of, the customary-law “minimum standard for the treatment of aliens.” This issue has given rise to now-familiar sub-questions: (i) whether treatment compliant with the customary-law minimum standard is by definition fair and equitable (and consistent with the duty to ensure protection and security); and (ii) whether the customary-law standard of treatment is frozen in time. But a more basic matter seems to have been eluded by a hasty assumption, namely that the minimum standard of treatment looks to a single, generally applicable standard of review with respect to all types of state conduct, and that the test was set forth in the 1926 Neer decision of the United States– Mexico General Claims Commission.The record shows that this assumption is unsustainable. The Neer criterion of “outrage, … bad faith, … willful neglect of duty” and glaring “insufficiency of governmental action” applied only to what the Commission regarded as denial of justice claims. In all other cases, and in particular with respect to “direct responsibility for acts of executive officials,” the elements of the Neer formulation were “aggravating circumstances,” and not necessary to constitute an international wrong.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126280958","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":"FDI Role in Promoting the Economic Growth - A Problem Still Ambiguous","authors":"Simona-Gabriela Masca","doi":"10.2139/ssrn.962346","DOIUrl":"https://doi.org/10.2139/ssrn.962346","url":null,"abstract":"Even promoted in a systematic manner, the policy of FDI attraction in order to generate economic growth in the Central and Eastern European countries is not totally justified. There are numerous theoretical fundaments but also the empirical evidences that contradict the catalytic role or condition it of some factors (qualification of labor force for example). Our analysis joins to these studies through the results obtained on a sample of Romanian companies, with or without foreign participation. So we have real doubts in pronouncing in favor of an attractive policy in front of foreign capital.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114336615","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":"Technological Improvements and Comparative Advantage Reconsidered","authors":"Yochanan Shachmurove, U. Spiegel","doi":"10.2139/ssrn.933647","DOIUrl":"https://doi.org/10.2139/ssrn.933647","url":null,"abstract":"Given a world consisting of two countries, two commodities, and two consumers, this paper analyzes the potential effects of the current global trend of shifting world productions with regards to consumer goods. When technological improvements occur in a developing country, would terms of trade remain favorable for a developed country? Would both countries benefit? Instances where one or both countries benefit are feasible. However the developed country may lose as a result of an improvement in the production of the good that previously had been exported by the developed country.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130806187","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":"Ip Rights Under Investment Agreements: The Trips-Plus Implications for Enforcement and Protection of Public Interest","authors":"E. T. Biadgleng","doi":"10.2139/SSRN.943013","DOIUrl":"https://doi.org/10.2139/SSRN.943013","url":null,"abstract":"The proliferation of investment and intellectual property (IP) agreements recently has been accompanied by an increasing number and expanded scope of investment disputes. The agreements give rise to various issues that particularly affect developing countries. One of the issues that has recently started to influence the negotiations for new investment agreements involves the question of the status of IP rights and the impact of investment agreements on the rights, obligations and regulatory discretions of countries under the Agreement on Trade-Related Aspect of Intellectual Property Rights (TRIPS) of the World Trade Organization (WTO). IP rights validly acquired in accordance with the domestic law can constitute investment. Domestic law determines the scope, content and form of IP rights that have the characteristics of investment. However, the protection of IP rights under investment agreements gives rise to a TRIPS-plus impact on developing countries in the determination of the scope, the availability and validity of IP rights that constitute investment assets. The investment standards also protect for the activities associated of investment including the acquisition, protection and enforcement of IP rights. The extent of the impact of investment agreements on the flexibilities and obligations of developing countries under the TRIPS Agreement varies depending on the language of each agreement. However, one general observation of investment agreements is that they leave government measures open for challenge by utilising the mechanisms for the settlement of investment disputes. In the absence of a clear exclusion of IP disputes from the scope of an investment dispute settlement, arbitration tribunals should give considerable weight to the existence of effective settlement mechanisms, with specialized expertise, and legal procedures for IP rights. IP issues have their own dimension, jurisprudence and political economy completely different from investments. Finally, the developing countries should adequately consider the provisions of investment agreements during negotiation and renewal of existing agreements in order to limit the protection of IP rights to the TRIPS and other agreements and their respective domestic laws.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127676724","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":"Challenges from Nigeria's Economic Recovery","authors":"Ayo Teriba","doi":"10.2139/ssrn.873044","DOIUrl":"https://doi.org/10.2139/ssrn.873044","url":null,"abstract":"This piece documents the facts of the supply-side recovery in Nigeria in the last few years and identifies the triggers. It then discusses the challenges the new turn of events pose to policy makers, who are only just responding to the previous downturn. Data that have become available since reforms were announced mid 2004 are presented here to show that the economy had indeed entered a recovery phase since 1999, long before the economic team was assembled. Stagnation has finally given way to strong broad-based economic growth. The large fiscal deficits, the financing of which inflicted inflation, devaluation, and high interest rates, have also now given way to fiscal surpluses. Thus, the economy has changed dramatically, but the policy documents are not yet acknowledging the changes, much less reflect them. The growing disconnect between economic facts and government reforms portend grave risks for the sustainability of the recovery. Unanticipated positive external shocks have stimulated supply-side recovery and provided unexpected funds abroad. Nigeria now has abundant resources that can be used to translate the current windfall to improved living standards and additional capacity for economic growth. It is hoped that this piece will stimulate the necessary debate to ensure that the boom is not left unmanaged.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128844030","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's Role in the Revived Bretton Woods System: A Case of Mistaken Identity","authors":"M. Goldstein, N. Lardy","doi":"10.2139/ssrn.715562","DOIUrl":"https://doi.org/10.2139/ssrn.715562","url":null,"abstract":"This paper argues that the way in which China is portrayed in the revived Bretton Woods thesis (BW2) is not consistent with several important trends in, and features of, the Chinese economy; nor does the strategy in the BW2 seem sensible for China's long-term economic development. Whether it is the behavior of China's real exchange rate, the costs of sterilizing large reserve inflows, the role that FDI plays in financing China's fixed asset investment, the participation of foreign firms in China's exports and in the ownership of export industries, or the political economy of trade protectionism in the United States, the BW2 does not provide a good explanation either for how China has behaved in the past or how it should behave in the future. We conclude that the BW2 does not provide a persuasive story for why large US current account deficits and undervalued Asian exchange rates can or should continue for the next decade or longer.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130501389","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":"Risks, Ratings and Regulation: Toward a Reorganization of Credit Via Basel Ii?","authors":"Vanessa Redak","doi":"10.2139/ssrn.833088","DOIUrl":"https://doi.org/10.2139/ssrn.833088","url":null,"abstract":"This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116565874","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}