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41. Starting anew in international investment law

Author:
M Sornarajah
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The legitimacy of investment arbitration becomes increasingly questioned, with liberal states like Australia moving away from the regime. Defenders seek to ensure the survival of this regime of asymmetric investment protection, using a variety of techniques. The conservation of the gains of property protection has resulted in novel arguments relating to the existence of a global administrative law and standards of global governance. These arguments seek to preserve an approach associated with the failure of market fundamentalism and global economic crises. As long as the inequity contained in regulatory restraints of the system affected only the powerless states, it operated with vigor; but with powerful states feeling the effects of regulatory restraints of investment treaties, there has been movement away from the earlier premises of the established regime.
Topic:
Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
China, India, and Australia

42. Law at two speeds: Legal frameworks regulating foreign investment in the global South

Author:
Lorenzo Cotula
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Foreign investment in developing countries' natural resources brings into contact competing interests characterized by an unequal balance of negotiating power -- from multinational enterprises and host governments to people affected by the implementation of investment projects. Economic globalization has been accompanied by extensive developments in national and international norms regulating investment and its impact -- including investment law, natural resource law and human rights law. These norms affect the way the costs, risks and benefits of investments are shared among the multiple parties involved.
Topic:
Development, Economics, Emerging Markets, International Law, Foreign Direct Investment, and Law

43. Roll out the red carpet and they will come: Investment promotion and FDI inflows

Author:
Torfinn Harding and Beata Javorcik
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Foreign direct investment flows to developing countries are hindered by many factors. Two of these factors -- the mere lack of information and red tape -- could be easily remedied through investment promotion efforts.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, Markets, and Foreign Direct Investment

44. Much ado about nothing? State-controlled entities and the change in German investment law

Author:
Thomas Jost
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The rise of sovereign wealth funds (SWFs) and state-owned enterprises (SOEs) -- together state-controlled entities (SCEs) -- has led to concerns that SCEs could threaten national security by following political rather than mere commercial goals with respect to their foreign direct investment (FDI). While developed countries acknowledged that the rise of SCEs should not lead to new barriers to FDI, several have changed their legislation to expand government oversight of FDI flows. In 2009, Germany also tightened its foreign investment regime. What are the first experiences with this change in German investment law?
Topic:
Economics, Markets, Foreign Direct Investment, and Law
Political Geography:
Europe and Germany

45. A China – US bilateral investment treaty: A template for a multilateral framework for investment?

Author:
Karl P. Sauvant and Huiping Chen
Publication Date:
12-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
China is the largest foreign direct investment (FDI) host and home country among emerging markets, the United States among developed countries. As host countries, both seek to maintain policy space to pursue their own legitimate public policy objectives; as home countries, both seek to protect their investors' outward FDI. The development of their bilateral investment treaties (BITs) over the past decade reflects this: Chinese BITs have become more protective of investors, US ones more respectful of host country interests. If agreement is reached between both, it would provide a template for future investment agreements.
Topic:
Economics, Emerging Markets, Treaties and Agreements, and Foreign Direct Investment
Political Geography:
United States and China

46. Inward foreign direct investment: Does it enable or constrain domestic technology entrepreneurship?

Author:
Saurav Pathak, André Laplume, and Emanuel Xavier-Oliveira
Publication Date:
12-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Whether or not foreign direct investment (FDI) is essential for domestic technological and economic development remains a contentious question. The controversy is illustrated by comparing the Celtic and Asian Tigers experiences from 1995 to 2000. Based on IMF and World Bank data in constant prices, Ireland and China averaged an annual growth rate of 8% in GDP per capita. However, FDI per capita grew at an average pace of 98% per year in Ireland, while in China it decreased by 1% -- absolute values averaged US$ 3,397 versus US$ 144, respectively. This suggests that, rather than a one-policy-fits-all approach, customized policies are more appropriate; and, if any generalization can be made, it should be based on a country's stage of economic development.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
Political Geography:
Israel and Asia

47. Untying the land knot: Turning investment challenges into opportunities for all citizens

Author:
Xiaofang Shen
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
China, 1980s. Newly embarked on its economic transformation, China opened to foreign direct investment (FDI) to obtain capital, technology and access to world markets. Investors hesitated, however, since national law prohibited access to state-owned land. In reaction, the government introduced a long-term lease system, first tested in special economic zones and later applied across the country. This approach enabled China's phenomenal success in attracting FDI in the years to come; it also paved the way for 500 million urban citizens to gain property rights, which in turn inspired the rural population to ask for the same rights today.
Topic:
Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
China

48. Evaluate Sustainable FDI to Promote Sustainable Development

Author:
John M. Kline
Publication Date:
11-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Prescriptions to increase the role of FDI in promoting sustainable development generally focus on the macro level -- getting policies right and otherwise improving the investment climate. These steps are necessary but not sufficient. Effective implementation processes, especially at the micro project level, are also essential to encourage FDI that matches host country development needs and priorities.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment

49. Nation states and nationality of MNEs

Author:
Seev Hirsch
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The purpose of this Perspective is to explore the relationship between multinational enterprises (MNEs) and their home countries. I use the term “nationality” when discussing a home country, to stress the contrast with “multinationality” which refers to business enterprises. The question I seek to address is whether, ceteris paribus, nation states have an economic interest in becoming home countries to MNEs. This is not a trivial question, bearing in mind that in many countries -- especially those with emerging markets -- outward foreign direct investment (FDI) has been frowned upon long after incoming FDI was generally welcome by local governments and academic scholars.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, Political Economy, and Foreign Direct Investment

50. Towards the successful implementation of the updated OECD Guidelines for Multinational Enterprises

Author:
Tadahiro Asami
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The Business and Industry Advisory Committee to the OECD (BIAC) has accepted the updated OECD Guidelines for Multinational Enterprises (Guidelines), adopted on May 25, 2011 after a series of negotiations and consultations among members of the Organisation for Economic Cooperation and Development (OECD), adhering governments, BIAC, the Trade Union Advisory Committee to the OECD, and OECD Watch, an international network of civil society organizations. The Guidelines are the most comprehensive government-endorsed code of responsible business conduct. The Update upheld the voluntary and non-legally binding character of the Guidelines, and while the new text introduces important new elements, the Update is very carefully formulated and its changes are accompanied by extensive conditionalities.
Topic:
Development, Economics, International Cooperation, International Trade and Finance, Markets, and Foreign Direct Investment