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251. Inward FDI in Colombia and its policy context

Author:
Miguel Posada Betancourt
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Colombia used to be a synonym for violence and drugs, but not anymore. Today, the country has one of the best performing economies in Latin America, and violence levels have been dramatically reduced. The outgoing administration made improving investor confidence and the business environment one of the pillars of its policy. As a result of important reforms and aggressive campaigns to promote the country as an attractive location, inward foreign direct investment (IFDI) has risen to unprecedented levels. Due to these positive changes, Colombia has been designated a “top reformer” for the past four years in the World Bank's Doing Business reports, and the new Government has promised to maintain and reinforce efforts to attract foreign investment. Even though IFDI flows decreased in the past two years as a consequence of the economic and financial crisis, many foreign affiliates in Colombia achieved positive profits. A country that a decade ago was avoided is now in many investors' plans.
Topic:
Development, Economics, War on Drugs, and Foreign Direct Investment
Political Geography:
Colombia and Latin America

252. Inward FDI in Peru and its policy context

Author:
Benjamin Chavez and Jaime Dupuy
Publication Date:
08-2010
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Peru has shifted from being a small FDI player in the Latin America and Caribbean region in the 1990s to being the sixth largest FDI host country in 2008. With inflows of US$ 6.9 and US$ 4.8 billions in 2008 and 2009, respectively, Peru has managed to contain the impact of the financial crisis on inward FDI (IFDI). The main determinants of the improved FDI performance were: a stable economic and FDI policy since 1992;) vast natural resources; strong gross domestic product (GDP) and market growth; and an export-oriented economy, especially during the past decade. In recent years, Peru has become one of the fastest growing economies in Latin America and a diversified commercial hub for IFDI in the region.
Topic:
Economics, Monetary Policy, and Foreign Direct Investment
Political Geography:
Latin America, Caribbean, and Peru

253. Catalyzing Support for Small Growing Businesses in Developing Countries: Mapping the Policies of International Development Donors Investors

Author:
Estera Barbarasa
Publication Date:
06-2010
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
This report depicts the landscape of development organizations that fund and support small and medium enterprises (SMEs) in developing countries: multilateral development banks, bilateral government donor agencies, and development finance institutions (DFIs). The report is a new contribution to both the development community, as well as the Aspen Network of Development Entrepreneurs (ANDE). Advocacy and policy work is a strategic priority for ANDE, and the report's findings will enable the Network to understand the international development community and to be more strategic in its approach as it seeks to influence and shape the international development SME agenda.
Topic:
Development, International Trade and Finance, Third World, Foreign Aid, and Foreign Direct Investment

254. The pernicious institution of the party-appointed arbitrator

Author:
Hans Smit
Publication Date:
12-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
As arbitration has grown by leaps and bounds, so has the role of the party-appointed arbitrator. Surprisingly, this has not led to increased inquiry into the appropriateness of having arbitrators appointed by the parties in general, or in arbitrations against states in particular. In my judgment, party-appointed arbitrators should be banned unless their role as advocates for the party that appointed them is fully disclosed and accepted. Until this is done, arbitration can never meet its aspiration of providing dispassionate adjudication by those with special skills and experience in a process designed to combine efficiency with expertise.
Topic:
Development, Politics, Foreign Direct Investment, and Law
Political Geography:
Colombia

255. State-controlled entities as claimants in international investment arbitration: an early assessment

Author:
Michael D. Nolan and Frédéric Sourgens
Publication Date:
12-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
State-controlled entities (SCEs) are increasingly important participants in international investment flows and international trade. Cumulative FDI by sovereign wealth funds (SWFs) has reportedly reached US$100 billion. SWFs are significant equity investors in, and provide significant debt financing to, every kind of company, from professional sports franchises to container ports. In addition to the role of these funds, national oil companies are growing in regional and international importance. In many countries, other industries are also increasingly government-owned.
Topic:
Development, Government, Industrial Policy, International Trade and Finance, Political Economy, and Foreign Direct Investment
Political Geography:
United States

256. Chile\'s outward FDI and its policy context

Author:
Carlos Razo and Álvaro Calderón
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Despite the recent financial and economic crisis, Chile\'s outward foreign direct investment (OFDI) in 2009 surpassed the record level of 2008, reflecting the strength of Chilean firms and the country\'s continuous commitment to integrate into the world economy. Two decades ago, Chile was an unlikely foreign direct investor. Today, even with no explicit policies to promote outward investment or the creation of national champions, Chile stands out as the third biggest investor of Latin America in absolute terms and as the first one in proportion to its GDP, even outperforming other emerging economies of similar size in other regions of the world.
Topic:
Foreign Direct Investment and Financial Crisis
Political Geography:
Latin America and Chile

257. Capital flows, the carry trade and 'sand in the wheels'

Author:
Stephen Grenville
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
The 'carry trade', in which capital shifts from countries with low interest rates to countries with significantly higher rates, has become an important element of international capital flows over the past decade. With low interest rates in the United States, Japan, the UK and much of the rest of Europe expected to persist for some time, these flows seem likely to become larger in the aftermath of the Global Financial Crisis. Particularly for the emerging countries with shallow financial markets, interest-sensitive inflows have the potential to be disruptive. Exchange rates will tend to be overvalued for sustained periods, punctuated by sharp depreciations. These distorted and varying price signals will be unhelpful for good policy-making and steady economic growth.
Topic:
Emerging Markets, Globalization, International Trade and Finance, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, Japan, United Kingdom, and Europe

258. Is a model EU BIT possible—or even desirable?

Author:
Armand de Mestral
Publication Date:
03-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The Treaty on the Functioning of the European Union (TFEU), which entered into force on December 1, 2009, extends the Common Commercial Policy (CCP) articles 206 and 207 to embrace “foreign direct investment.” This raises the question of whether the EU is now in a position to adopt a model BIT articulating a common policy on foreign direct investment (FDI). An EU policy on FDI could replace the disparate efforts of the 27 member states, complementing and reinforcing their efforts and presenting a stronger image to the world, especially at a time when the EU appears to have lost ground to other jurisdictions as a preferred destination for FDI.
Topic:
Economics, Treaties and Agreements, and Foreign Direct Investment
Political Geography:
Europe

259. It's time for an EU Investment Promotion Agency

Author:
José Guimón
Publication Date:
03-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
One important novelty of the Lisbon Treaty, ratified by the EU in December 2009, is the inclusion of FDI within the scope of Common Commercial Policy, implying a transfer of certain FDI competences from the member states to the EU, which now has the ability to conclude international investment treaties. Until now, member states had full competence over FDI, and the role of EU institutions was very limited. It remains to be seen how the new Treaty will be interpreted and implemented in light of the difficult legal and political questions that this development raises.
Topic:
Economics, Treaties and Agreements, and Foreign Direct Investment
Political Geography:
Europe

260. Approaches to Fostering Productivity Growth in Brazil, China and India

Author:
John Whalley, Manmohan Agarwal, and Yao Li
Publication Date:
04-2010
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Productivity growth is a significant contributor to GDP growth, particularly to increases in per capita income. However, there is considerable ambiguity regarding how to measure the concept of technical progress, and consequently on policies that would foster productivity growth. Brazil, China and India, three important emerging economies, are seeking to foster productivity growth through encouraging innovation and technology transfers from the more developed economies. But given the ambiguities about how to encourage innovation and technology transfers, governments in these countries adopted a plethora of policies in the hope that the combination will be effective. This ambiguity can also be seen in the much slower growth of productivity in Brazil than China, even though Brazil has scored higher on the World Bank's Knowledge Assessment Methodology.
Topic:
Development, Emerging Markets, Markets, Science and Technology, and Foreign Direct Investment
Political Geography:
China, India, and Brazil