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  • 1
    Language: English
    Pages: 1 Online-Ressource (34 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Gomez-Mera, Laura A BIT Far? Geography, International Economic Agreements, and Foreign Direct Investment: Evidence from Emerging Markets
    Abstract: How do international economic agreements influence the investment patterns of firms from emerging economies? This paper studies the ways in which bilateral investment treaties and preferential trade agreements interact with geographic and cultural distance to influence firms' investment patterns. 〈italic〉How does geographic and cultural proximity affect the impact of international economic agreements on foreign direct investment flows?〈/italic〉 This question is answered using data from an original survey of 700 firms from four emerging (or newly-emerged) economies: Brazil, India, the Republic of Korea, and South Africa. The findings suggest that bilateral investment treaties and preferential trade agreements increase the likelihood of foreign direct investment. Yet, the effects of these agreements on foreign direct investment depend on the distance between the origin and potential destination countries. Moreover, trade and investment agreements appear to interact differently with distance. By providing guarantees to investors and signaling credible commitment from host governments, bilateral investment treaties mitigate the higher uncertainty and transaction costs associated with investing in faraway, unfamiliar markets. By contrast, the investment attraction effectiveness of preferential trade agreements fades with distance
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Language: English
    Pages: 1 Online-Ressource (1 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy Notes
    Abstract: As a small, landlocked economy, Nepal's development prospects are closely tied to its ability to increase integration in the regional and global marketplace. Despite significant changes in Nepal's trade sector over the past decade, the country's export performance has remained poor, with exports growing at a much slower pace than imports. Nepal's external vulnerability is deepened by its dependence on remittances to finance growing trade deficits.Achieving greater integration in the global economy and building a competitive export sector will require overcoming various economic and institutional challenges. This paper assesses the performance of these organizations in their role of promoting exports and investment. It has two main objectives. First, we describe the main export and investment promotion institutions in Nepal and examine their mandates, missions, and the services they offer.Second, we look at international best practices in export and investment promotion, to identify cost effective approaches appropriate for small developing countries. Based on this, we provide a number of recommendations for strengthening and improving the role of export and investment support organizations and initiatives in Nepal, as well as the level of coordination and cooperation among them. The report is organized as follows. In the next section, we briefly review the economic rationale for public intervention in the promotion of exports and investment and summarize the main findings of the literature regarding the most effective institutional designs and practices. We also discuss the arguments for and against a merger of the two activities within a single institution. Section three describes and assesses the institutional framework for export and investment promotion in Nepal. In Section four, we examine four case studies of "best practices" in the promotion of exports and export-oriented investment -Costa Rica, Jamaica, Colombia, and Latvia. We also discuss examples of successful promotion and development of the links between the tourism sector and exports, Mauritius, which offers some lessons for the case of Nepal. The final section contains the policy recommendations
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  • 3
    ISBN: 1464803714 , 9781464803710
    Language: English
    Pages: Online-Ressource (1 online resource (xxi, 89 pages)) , illustrations , 26 cm
    Edition: Online-Ausg.
    DDC: 332.6
    Keywords: Investments Developing countries ; Direktinvestition ; Motivation ; Wirtschaftliches Verhalten ; Strategie ; Entwicklung ; Tendenz ; BRICS-Staaten ; Schwellenländer
    Abstract: One out of every three dollars invested abroad in 2012 was originated in multinationals from developing countries. This study sheds light on the characteristics, motivations, strategies, and needs of emerging market investors. By including information on investors, potential investors, and non-investors, the study identifies differentiating factors among them that are associated with investment decisions. Results show that emerging market investors are active players in international trade markets; they operate predominantly in manufacturing, and are publicly listed and larger than non-investors. They exhibit a strong regional bias: they invest more heavily in neighbors and in other countries in their own regions. Outward FDI from emerging markets is primarily market-seeking. Expanding regional and host markets emerged as the most important factor influencing the location of investments. However, emerging markets' firms face binding costs of investing in distant, culturally dissimilar markets, resulting, in practice in a trade-off between market size and market familiarity. Transaction costs associated with geographical and cultural differences have a greater impact on services sector firms that exhibit a stronger regional bias. Bilateral investment treaties (BITs) partly offset these costs associated with investing in faraway and/or unfamiliar markets. In addition, international trade agreements increase the perceived attractiveness of a host country to potential investors. Political factors constitute binding constraints that deter emerging markets' firms from investing in developing markets. Yet, investors value political stability and transparency more than corruption control, fair and regular elections, and risk of expropriation in the host country. IPAs play only a marginal role in raising awareness of investment opportunities in developing countries, and may be particularly ineffective in many African countries. Nevertheless, IPAs appear to be a widely used and useful resource for investors once they have made the decision to enter a specific market. IPA services tend to be more valuable for smaller and less productive firms. Overall, the new TNCs from emerging economies do not appear to differ dramatically from their predecessors from developed and developing countries in previous waves of OFDI. Results suggest that to attract FDI from emerging economies, countries need to maintain market-friendly, liberal trade and investment policies. In additio ...
    Note: Includes bibliographical references (pages 87-89) and index. - Description based on print version record
    URL: Volltext  (Deutschlandweit zugänglich)
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