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2891. Outward investment by Trans-Latin enterprises: reasons for optimism

Author:
Michael Mortimore and Carlos Razo
Publication Date:
08-2009
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Despite the current economic crisis, outward foreign direct investment (OFDI) by Latin American and Caribbean enterprises continued its upward trend in 2008 (annex figure 1). OFDI by firms in the region reached nearly USD 35 billion in 2008, an increase of 42% with respect to 2007 (ECLAC, 2009a). However, several of the factors that fostered such growth have recently changed, possibly affecting OF DI prospects for 2009. This Perspective briefly explores these changes and their potential effects on firms' investing behavior, as well as some important countervailing factors that may cushion the effects of the economic crisis on Latin American firms' investment plan.
Topic:
Development, Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:
Latin America and Mexico

2892. The growth of Brazil's direct investment abroad and the challenges it faces

Author:
Luís Afonso Lima and Octavio de Barros
Publication Date:
08-2009
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
The internationalization of Brazilian companies is a relatively recent phenomenon. From 2000 to 2003, outward foreign direct investment (OFDI) averaged USD 0.7 billion a year. Over the four-year period 2004−2008, this average jumped to nearly USD 14 billion. In 2008, when global FDI inflows were estimated to have fallen by 15%, OFDI from Brazil almost tripled, increasing from just over USD 7 billion in 2007 to nearly USD 21 billion in 2008 (annex figure 1 below). Central Bank data put the current stock of Brazilian OFDI at USD 104 billion, an increase of 89% over 2003. Caution is in order about these figures, however, as in Brazilian outflows it is difficult to separate authentic FDI from purely financial investment under the guise of FDI. According to the most recent data, 887 Brazilian companies have invested abroad
Topic:
Development, Economics, International Political Economy, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:
Brazil and Latin America

2893. To Formalize or Not to Formalize? Comparisons of Microenterprise Data from Southern and East Africa

Author:
Vijaya Ramachandran, Manju Kedia Shah, Alan Gelb, and Taye Mengistae
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
Why do firms choose to locate in the informal sector? Researchers often argue that the high cost of regulation prevents informal firms from becoming formal and productive. Our results point to a more nuanced story.
Topic:
Development, Economics, Markets, and Labor Issues
Political Geography:
Africa

2894. Criss-Crossing Globalization: Uphill Flows of Skill-Intensive Goods and Foreign Direct Investment

Author:
Arvind Subramanian and Aaditya Mattoo
Publication Date:
08-2009
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
This paper documents an unusual and possibly significant phenomenon: the export of skills, embodied in goods, services or capital from poorer to richer countries. We first present a set of stylized facts. Using a measure which combines the sophistication of a country's exports with the average income level of destination countries, we show that the performance of a number of developing countries, notably China, Mexico and South Africa, matches that of much more advanced countries, such as Japan, Spain and USA. Creating a new combined dataset on FDI (covering greenfield investment as well as mergers and acquisitions) we show that flows of FDI to OECD countries from developing countries like Brazil, India, Malaysia and South Africa as a share of their GDP, are as large as flows from countries like Japan, Korea and the US. Then, taking the work of Hausmann et al (2007) as a point of departure, we suggest that it is not just the composition of exports but their destination that matters. In both cross-sectional and panel regressions, with a range of controls, we find that a measure of uphill flows of sophisticated goods is significantly associated with better growth performance. These results suggest the need for a deeper analysis of whether development benefits might derive not from deifying comparative advantage but from defying it.
Topic:
Development, Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:
United States, Japan, Malaysia, India, South Africa, Brazil, Spain, and Korea

2895. Climate Change Negotiating Positions of Major Developing Country Emitters

Author:
Jan von der Goltz
Publication Date:
08-2009
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
Developing countries with large greenhouse gas emissions play a decisive role in negotiating a post-Kyoto climate agreement. No effective program to reduce global emissions is possible without their support. At the same time, developing countries face a delicate task in balancing their growing responsibility for a livable climate with the pursuit of continued economic development. This article discusses the negotiating positions major developing country emitters are taking on core issues. Among the most vital unsettled questions are burden sharing between developed and developing countries, the role of the market in the international climate architecture, as well as implementation arrangements. An annex discusses current mitigation policies of major developing country emitters, and argues that developing countries are already taking meaningful action to limit the growth of their greenhouse gas emissions.
Topic:
Climate Change, Development, Environment, Treaties and Agreements, and Third World

2896. Editor's Note

Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Insight Turkey
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
The Turkish political scene did not witness a profound change with the local elections of March 2009. The ruling Justice and Development Party (AK Party) continued its strong electoral performance and maintained its status as the most popular political force. One change following the election was the cabinet reshuffle in May in which Professor Ahmet Davutoğlu was appointed as Turkey's minister of foreign affairs. Such an appointment was hardly a surprise, since it is no secret that he had been the architect of Turkey's foreign policy under the AK Party government as the chief foreign policy advisor to the prime minister.
Topic:
Foreign Policy and Development
Political Geography:
Turkey and Middle East

2897. Black Turks, White Turks: On the Three Requirements of Turkish Citizenship

Author:
Mücahit Bilici
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Insight Turkey
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
Turkish media frequently employ the term "White Turks" to describe the Turkish cultural elite. Although Turks are unfamiliar with American-style racial divides, the terms "black" and "white" are widely used to colorcode inequalities in Turkey. The common tendency to distinguish White Turks from Black Turks on the basis of wealth, however, fails to uncover the historical and cultural dynamics that gave rise to these two groups. This essay not only offers a necessary clarification of this popular heuristic device but also proposes a perspective for understanding the current standoff in Turkish politics between the governing Justice and Development Party (AKP, Adalet ve Kalkınma Partisi) and the secular establishment, with their distinct value systems and competing claims to modernity.
Topic:
Development and Politics
Political Geography:
America and Turkey

2898. Turkey and the Alliance of Civilizations: Norm Adoption as a Survival Strategy

Author:
Ramazan Kılınç
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Insight Turkey
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
His article asks why Turkey recently adopted the emerging international norm of inter-civilizational dialogue as one of its foreign policy priorities. In addressing this question, we turn first to an assessment of the limitations of normative and realist arguments, then suggest that the Justice and Development Party's (AK Party) considerations of domestic political survival were necessary factors in the adoption of intercivilizational dialogue, even though in and of themselves, they were not sufficient. The AK Party government, circumscribed by the secularist establishment, strategically adopted the norm of inter-civilizational dialogue to create a legitimate space for its survival in Turkey's domestic political sphere. This conclusion stems from the theoretical finding that in those states in which political power is not concentrated in the government, the domestic political considerations of the government gain priority in foreign policymaking.
Topic:
Foreign Policy, Development, and Government
Political Geography:
Turkey

2899. Financing Environmental Improvements: A Literature Review of the Constraints on Financing Environmental Innovation

Author:
Daniel K. N. Johnson and Kristina M. Lybecker
Publication Date:
08-2009
Content Type:
Working Paper
Institution:
Department of Economics and Business, Colorado College
Abstract:
In an effort to explore the potential for financing environmental innovation, this paper examines different forms of financing and attempts to evaluate their effectiveness. The study considers both public and private forms of funding as well as providing policy suggestions for the support of appropriate financing for eco-innovation.
Topic:
Climate Change, Development, Economics, Energy Policy, Environment, and Globalization

2900. Challenges to Technology Transfer: A Literature Review of the Constraints on Environmental Technology Dissemination

Author:
Daniel K. N. Johnson and Kristina M. Lybecker
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Department of Economics and Business, Colorado College
Abstract:
This paper considers the challenges to the dissemination of environmental innovation. Following a brief exploration of the legal and regulatory regimes surrounding environmental technologies, the paper examines diffusion mechanisms, market factors, social characteristics and political elements that facilitate and complicate dissemination. Given the importance of innovation to economic development and growth, the diffusion of innovation is of great interest to economists and policymakers alike.
Topic:
Development, Environment, Markets, and Science and Technology