Suchergebnisse

Many emerging economies seek multiple and diversified means of economic development, including openness to inward foreign direct investment. However, some scholars and protectionists claim this hosting of economic activity on the part of multinational corporations (MNCs) might in fact be detrimental to economic development. This paper seeks to address these concerns by using panel data from Argentina, Brazil, Colombia and South Africa to investigate a mediational relationship among inward foreign direct investment, skilled labor supply and entrepreneurial activity in the emerging economy context. Our results provide empirical evidence of later stage entrepreneurial activity as a spillover effect of inward foreign direct investment and that this indirect effect is fully mediated by the pool of factory workers.

Whereas foreign investment innovation (FII) has become increasingly common, after decades of debate it is still unclear whether it is desirable for the home country or for the company's host country. This paper reviews articles from three complementary economic and business traditions which investigate this phenomenon and propose policies based on facts: the economics of technological change tradition, the international business (IB) tradition, and the line of research on international technology transfers. Articles in line with these strands of theory complement each other because they approach different aspects of complex events while explaining FII and its effects on host and home countries. Host countries obtain maximum benefits from FII when affiliates import foreign technology, purchase their inputs in the host country and enjoy product and technological autonomy vis-à-vis the parent. Different types of MNEs, affiliates and foreign R&D units have different potentials for transferring technology to host countries and provide different scope for policies. The authors recommend that governments encourage direct vertical linkages between MNEs and domestic suppliers who could reap the benefits from foreign knowledge. However, some important success factors remain exogenous to governments. As for indigenous MNEs, it is a matter of controversy whether governments should always stimulate them to conduct research in foreign locations or, alternatively, incentive them to stay at home. The need for additional evidence is still considerable in many respects. ; The author is grateful to Jacob Edler for useful comments on an early draft. The paper was prepared in the framework of the PRIME Network of Excellence and the GLOBPOL project of the European Union. ; Peer reviewed

Foreign direct investment (FDI) flows in the world have increased rapidly during the last decade. Most of the FDI inflows are targeted to developed countries (78% in 1999, about fifth of the flows are going to developing countries and Central and Eastern European transition countries are the host countries for only 2% of the world FDI. The necessity of foreign investments in the transition countries is the result of industrial restructuring in post-socialist Eastern Europe and the Baltic countries. New markets, lower production costs and higher profit rates have been the main motivators in investing to the transition countries. Privatization programs of some of these countries have also facilitated foreign direct investments. Lankes and Venables (1996) and Lankes and Stern (1998) have noted that previous studies have shown predominance of market seeking investors in Central and Eastern European countries and factor cost considerations appeared to be of less importance for the majority of investments. A study by Meyer (1995) showed also that local market of Central and Eastern European countries is the primary motive in making foreign direct investments and factor costs played only a secondary role in investing to those markets at the beginning of the transition process. Several other studies (for example Barrell et al. 1999; Borsos-Torstila 1998; Éltetö 1999, Garibaldi et al. 1999; Guimaraes et al. 1997; Holland et al. 1998a, 1998b; Wang et al. 1995; Ziacik 2000 have also shown the significance of the determinants that are important for these types of investors in explaining the foreign investments' flows into the transition countries. Two other types of foreign investors are not so important due to the relative lack of natural resources and strategic assets in Central and Eastern European transition countries. However, it has to be considered that there are quite big differences in the shares of different types of foreign investors between countries and sectors. A number of Central and Eastern European transition countries are in the middle of process of integration to the European Union now. Economic integration has impact on the movement of the foreign direct investment. The main aim of this paper is to find out the possible changes in attractiveness of investment climate of the Central and Eastern European transition countries in the context of European integration. Taking into account this aim, paper is divided into four parts: * At first, theoretical foundations of foreign direct investments movements and results of the previous empirical research are presented. * Then, theoretical foundations of the impact of regional integration on foreign direct investment flows is discussed. * After this, determinants of FDI inflows in Central and Eastern European countries and in Estonia are analyzed by using generalized component, regression and multinominal logistic analysis, * Finally potential changes in attractiveness of the Central and Eastern European transition countries are discussed and some economic-political recommendations for the governments are presented. REFERENCES: 1. Barrell, R., Pain, N. Trade Restraints and Japanese Direct Investment Flows. - European Economic Review, 1999, Vol. 43, pp. 29-45. 2. Borsos-Torstila, J. Determinants of Foreign Direct Investment Operations of Finnish Multinational Companies in Transition Economies in 1990-1995. Helsinki, 1998, 180 p. 3. Ëltetö, A. The Impact of FDI on the Foreign Trade of Central European Countries. – Materials of the workshop "Impact of Foreign Direct Investment on the International Competitiveness of CEEC Manufacturing and EU Enlargement", Budapest, November 19-20, 1999, 23 p. 4. Garibaldi, P., Mora, N., Sahay, R., Zettelmeyer, J. What Moves Capital to Transition Economies? – Materials of the IMF Conference "A Decade of Transition: Achievements and Challenges", February, 1999, 49 p. 5. Guimaraes, P., Rolfe, R.J., Doupnik, T., Woodward, D.P. The Locational Determinants of Foreign Direct Investment in Central Europe. – SSRN Journal, 1997, July, 17 p. 6. Holland, D., Pain, N. The Determinants and Impact of Foreign Direct Investment in the Transition Economies: A Panel Data Analysis. – Materials of the conference "Convergence or Divergence: Aspirations and Reality in Central and Eastern Europe and Russia" Buckinghamshire, 1998a, pp. 300-325. 7. Holland D., Pain, N. The Diffusion of Innovations in Central and Eastern Europe: A Study of the Determinants and Impact of Foreign Direct Investment. – Materials of the conference "Convergence or Divergence: Aspirations and Reality in Central and Eastern Europe and Russia", Buckinghamshire, 1998b, 49 p. 8. Lankes, H.-P., Stern, N. Capital Flows to Eastern Europe and the Former Soviet Union. – EBRD Working Paper, 1998, No. 27, 31 p. 9. Lankes, H.-P., Venables, A.J. Foreign Direct Investment in Economic Transition: The Changing Pattern of Investments. – Economies of Transition, 1996, Vol. 4, No. 2 pp. 331-347. 10. Meyer, K. Direct Foreign Investment in Eastern Europe: The Role of Labor Costs. - Comparative Economic Studies, 1995, Vol. 37, No. 4, pp. 69-88 (cited by http://www.ebscohost.com pp. 1-16). 11. Wang, Z.Q., Swain, N.J. The Determinants of Foreign Direct Investment in Transforming Economies: Empirical Evidence from Hungary and China. – Weltwirtschaftlisches Archiv, 1995, Band 131, pp. 359-382. 12. Ziacik, T. An Assessment of the Estonian Investment Climate: Results of a Survey of Foreign Investors and Policy Implications. – BOFIT Discussion Papers, 2000, No. 3, 52 p.

1. China-Latin America economic cooperation : going beyond resource and manufacturing complementarity / Masahiro Kawai and Fan Zhai -- 2. Asian opportunities and diversification strategies : an outlook for Latin American trade / Rolando Avendano and Javier Santiso -- 3. Is India the next big thing for Latin America? : a comparative analysis of China and India's trade / Antoni Estevadeordal. [and others] -- 4. Production sharing in Latin America and East Asia / K.C. Fung, Alicia Garcia-Herrero, and Alan K.F. Siu -- 5. Financial access of SMEs in Latin America : lessons for China / Jing Gao -- 6. The Latin American experience in pension system reform : coverage, fiscal issues and possible implications for China / Daniel Titelman, Cecilia Vera and Esteban Perez Caldentey -- 7. A comparison of Chinese outward direct investment with its regional peers : Japan, South Korea and Taiwan / K.C. Fung, Alicia Garcia-Herrero, Ya-Lan Liu and Alan K.F. Siu -- 8. The impact of the emergence of China on Brazilian international trade / Enestor Dos Santos and Soledad Zignago -- 9. China and Mexico in the US market : challenges and opportunities / Cecilia Posadas Perez.

AbstractBackgroundRecent years have witnessed a growing interest among academics and policymakers in understanding the mechaninsms through which Chinese outward direct investment (OFDI) impact economic growth in Africa.MethodThis study utilzes a dataset spanning 41 African countries from 2005 to 2020,employing panel‐corrected standard error (PCSE) and quantile regression.ObjectiveThis study explore the mechanisms through which Chinese OFDI stock contributes to economic growth in Africa,with a particular focus on financial development and transport infrastructure.ResultsThe results indicate a significant and positive impact of the interaction between Chinese OFDI stock and both financial development and transport infrastructure on economic growth. The subregional analysis reveals varying correlations across regions, while the quantile regression analysis demonstrates a stronger effect on economic growth as we move to higher quantiles.ConclusionThe study underscores the importance of enhancing infrastructure and financial sector development to attract more Chinese OFDI and maximize its positive impact of economic growth in African nations. Hence, we recommend that African countries improve the infrastructure and financial sector of their country to attract more chinese OFDI and also enhance its effectiveness on their economic growth.

The foreign direct investments (FDI) spillovers are probably the most extensively analyzed channel of knowledge spillovers (the most important channel for the transfer of knowledge and technology to firms of the host country). Scholars as well as policy makers increasingly treat FDI spillovers as very or the most important development effect for host country. However, whether this knowledge and technology are hypothesized to spill over depends on the absorptive capacity of the host country which stems from well-equipped human resources such as scientists and cumulative expenditure in research and development (R&D). In this paper, we examine for the single time the extent of knowledge spillovers and the absorptive capacity of the Czech Republic regions. Our empirical analysis is based on two main sources. First, the confidential micro-data derived from an annual census of R&D collected by the Czech statistical office with the collaboration of the Czech industrial property office. The data measures inputs in R&D such as the financial means and human resources in the entire entities that carry out R&D and their primary and secondary activities. The mico-data includes also indicators about the R&D outputs in the form of new knowledge used in several practical applications such as patents and utility models. The second source of Data consists on the inflow of FDI at the regional level. The data is collected and published by the Czech National bank according to the international standards adopted by the Organization for Economic Cooperation and development (OECD), European commission and the International Monetary Fund (IMF) data compilation of balance of payments. The paper finds that there is a significant knowledge inflow from the FDI to local firms. Our results state that coefficient of FDI inflows is always positive for both models so that the empirical evidence supports that FDI generates spillover effects on the domestic regional innovation capability of the Czech Republic. As advised by the literature, the spillover effects occur through the absorptive capacity such as the skilled labor turnovers and the R&D expenditure in both entrepreneurial and public sector. In this context, our two models suggest a positive impact of labor in private sector and even significant in both models for the public sector which highlights the important role played by universities, scientific institutes and NGO´s. On the other hand, the correlation matrix of both patents application and utility models show a negative relation between two independent variables; FDI inflows and R&D government expenditure that fosters the assumption that the government expenditure in R&D crowds out the FDI inflow and hinder the beneficial effects of the latter.