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Using a dataset which breaks down FDI flows into primary, secondary and tertiary sector investments and a GMM dynamic approach to address concerns about endogeneity, the paper analyzes various macroeconomic, developmental, and institutional/qualitative determinants of FDI in a sample of emerging market and developed economies. While FDI flows into the primary sector show little dependence on any of these variables, secondary and tertiary sector investments are affected in different ways by countries’ income levels and exchange rate valuation, as well as development indicators such as financial depth and school enrollment, and institutional factors such as judicial independence and labor market flexibility. Finally, we find that the effect of these factors often differs between advanced and emerging economies.
Emerging markets frequently feature strong economic growth but also unique risks - political instability, legal uncertainty and corruption - which constitute barriers to foreign direct investment (FDI). This study analyzes empirically whether superior investment profiles of recipient countries matter for German FDI in addition to typical determinants such as labor costs, level of income and market openness. The specifics of banking FDI are also examined, notably the impact of incipient banking crises abroad and the risk-mitigating property of multilateral development banks acting as stakeholders in individual FDI projects. The concluding part highlights recent initiatives of international organizations to lower investment barriers, fight corruption and strengthen financial system stability.
This volume addresses some of the critical issues now demanding the attention of International Business teachers and researchers. From several angles, the contributions analyze factors which may explain, and/or influence the relationship between the competitiveness of multinational enterprises (MNEs) and the countries in which they operate. More particularly, the four main issues address: the recent advances in the determinants and strategy of multinational business activity; the determinants of location competitiveness of countries; the competitiveness of emergent and developing countries and the locational responses of both indigenous and foreign-owned firms; and the policy challenges raised by the highly fragmented, and often uncoordinated international regulatory framework on government FDI. It is hoped the contents of the volume will be of interest to international business scholars, senior executives of multinational enterprises and national policy makers interested in advancing their competitiveness by engaging in outward, and encouraging inward foreign direct investment. This book addresses some of the critical issues now demanding the attention of International Business teachers and researchers. This book is published annually.
During the 1990s, the governments of South Asian countries acted as ‘facilitators’ to attract FDI. As a result, the inflow of FDI increased. However, to become an attractive FDI destination as China, Singapore, or Brazil, South Asia has to improve the local conditions of doing business. This book, based on research that blends theory, empirical evidence, and policy, asks and attempts to answer a few core questions relevant to FDI policy in South Asian countries: Which major reforms have succeeded? What are the factors that influence FDI inflows? What has been the impact of FDI on macroeconomic performance? Which policy priorities/reforms needed to boost FDI are pending? These questions and answers should interest policy makers, academics, and all those interested in FDI in the South Asian region and in India, Pakistan, Bangladesh, Sri Lanka and Pakistan.
This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.
This book presents the latest findings on the impact of capital flows and foreign direct investments (FDI) on macroeconomic variables and financial development of emerging markets. Each chapter concentrates on a different region and explores the significance of specific factors that can attract FDI to that region. They highlight the importance of political stability, as well as social and economic freedom in attracting FDIs. The studies also show the extent by which African and Middle Eastern countries have lagged behind other emerging markets and the need for urgent adjustment policies.
Emerging Markets and Financial Resilience presents a picture of finance research. The issue of financial resilience in emerging markets is apt and timely as emerging countries are faced with the challenge of finding ways of sustaining their current trajectory in shaping the global financial architecture to ensure sustainable growth.
The literature of international business agrees on the importance of global activities for corporations as well as developed and developing nations. Due to production and market advantages, a company can increase profits considerably whereas the new incoming knowledge triggers economic advancement in the affected country. As a consequence of higher involvement into international operations, the importance of the emerging markets Brazil, Russia, India and China has increased expressively in the last years that is why this paper puts its major focus on these nations. The purpose of this study is to identify the relationship between international foreign direct investment inflows into the countries Brazil, Russia, India and China and the variables economic policy uncertainty and effective annual taxation. These two variables recently showed a high importance regarding policy implications, but have only been covered to a limited extent in previous research studies. By taking into account the time period of 2004-2016 for a multiple regression analysis, the significance of the two independent variables regarding direct cross border inflows is identified. To give a comprehensive view of the mentioned determinants, various other variables are taken into account to ensure that the model represents an unbiased view of the international activities in the emerging markets. After conducting the empirical research, it can be seen that the previous years policy uncertainty defines the level of foreign direct investment in the current year. This lagging effect shows that a lower economic policy uncertainty of the previous period leads to higher cross border inflows in the next year. The effective annual taxation shows a significant negative correlation with foreign direct investment inflows in the four countries. This indicates that a lower corporate tax rate for international companies, caused by policy actions of the mentioned countries, leads to higher direct cross border inflows. As a consequence, policy makers decisions should be influenced by the two indicators economic policy uncertainty and effective annual tax rate, as they can certainly determine the level of foreign direct investment in the countries Brazil, Russia, India and China. Furthermore, there is clear potential for additional studies in the area of international cross border investments aiming to clarify the limitations of this study, such as the restricted available dataset for the dependent factor foreign direct investment inflows and the independent variable economic policy uncertainty, in order to receive a comprehensive understanding about determinants of foreign direct investment in emerging market economies. *****The literature of international business agrees on the importance of global activities for corporations as well as developed and developing nations. Due to production and market advantages, a company can increase profits considerably whereas the new incoming knowledge triggers economic advancement in the affected country. As a consequence of higher involvement into international operations, the importance of the emerging markets Brazil, Russia, India and China has increased expressively in the last years that is why this paper puts its major focus on these nations. The purpose of this study is to identify the relationship between international foreign direct investment inflows into the countries Brazil, Russia, India and China and the variables economic policy uncertainty and effective annual taxation. These two variables recently showed a high importance regarding policy implications, but have only been covered to a limited extent in previous research studies. By taking into account the time period of 2004-2016 for a multiple regression analysis, the significance of the two independent variables regarding direct cross border inflows is identified. To give a comprehensive view of the mentioned determinants, various other variables are taken into account to ensure that the model represents an unbiased view of the international activities in the emerging markets. After conducting the empirical research, it can be seen that the previous years policy uncertainty defines the level of foreign direct investment in the current year. This lagging effect shows that a lower economic policy uncertainty of the previous period leads to higher cross border inflows in the next year. The effective annual taxation shows a significant negative correlation with foreign direct investment inflows in the four countries. This indicates that a lower corporate tax rate for international companies, caused by policy actions of the mentioned countries, leads to higher direct cross border inflows. As a consequence, policy makers decisions should be influenced by the two indicators economic policy uncertainty and effective annual tax rate, as they can certainly determine the level of foreign direct investment in the countries Brazil, Russia, India and China. Furthermore, there is clear potential for additional studies in the area of international cross border investments aiming to clarify the limitations of this study, such as the restricted available dataset for the dependent factor foreign direct investment inflows and the independent variable economic policy uncertainty, in order to receive a comprehensive understanding about determinants of foreign direct investment in emerging market economies.