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  • Author: Francisco . Sercovich
  • Publication Date: 12-2011
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: A recent Perspective by Terutomo Ozawa singles out protectionism and foreign direct investment (FDI) as alternative drivers for the take-off phase of catching-up industrialization. This dichotomy neglects the rich and nuanced variety of strategic options revealed by recent successful industrialization experiences.
  • Topic: Development, Economics, International Trade and Finance, Science and Technology, Foreign Direct Investment
  • Author: Nandita Dasgupta
  • Publication Date: 12-2011
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: India's food price inflation is a major driving factor behind the country's overall accelerating inflation over the past few years. Agricultural food prices in particular have risen recently: over the past year vegetables have become costlier by 18%, pulses by 14%, milk by 10%, and eggs, meat and fish by 12%. The rise in fruit prices was, however, relatively smaller (5%), and the same happened for cereals (3%). This price escalation is largely due to an inefficient supply chain in agriculture. Some of the supply side constraints have been identified: poor agricultural productivity, lack of corporate involvement in agriculture, ceilings on landholding size, existence of middlemen, hoarding, and, more importantly, insufficient cold storage facilities and transportation infrastructure. Around 50% of fresh produce in India rots and goes to waste between the farm gate and the market because of inadequate cold storage facilities and a poor distribution network. These factors unfavorably affect agricultural supply, create a supplydemand gap and help raise food prices.
  • Topic: Security, Agriculture, Development, Economics, Food, Foreign Direct Investment
  • Political Geography: South Asia, India
  • Author: Persephone Economou, Margo Thomas
  • Publication Date: 11-2011
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The current Greek crisis raises the question of its impact on foreign direct investment (FDI) by Greece on its neighbors in the Balkans. Greek multinational enterprises (MNEs) first began to establish a presence there in the 1990s, following the breakup of the former Yugoslavia. This trend accelerated during the past decade. As of 2009, Greece's outward FDI stock in the Balkans stood at US$ 10.5 billion or 26.5% of Greece's outward FDI stock worldwide.
  • Topic: Foreign Policy, Global Recession, Foreign Direct Investment, Financial Crisis
  • Political Geography: Europe, Greece, Yugoslavia, Balkans
  • Author: John Evans
  • Publication Date: 11-2011
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The Guidelines for Multinational Enterprises of the Organisation for Economic Co-operation and Development (OECD) is the Organisation's flagship instrument for responsible business conduct. The Guidelines provide non-binding recommendations to multinational enterprises (MNEs), drawn up and implemented by governments. Updated in 2011, they consist of principles and standards in such areas as sustainable development, governance, disclosure, human rights, employment and industrial relations, the environment, anti-corruption, consumer interests, and taxation. The 42 adhering governments are required to promote the Guidelines and to contribute to the resolution of issues arising under the Guidelines, including by setting up a complaints mechanism -- “National Contact Points” (NCPs) -- to which trade unions and non-governmental organizations (NGOs) are able to submit specific instances concerning alleged breaches of the Guidelines.
  • Topic: Globalization, International Organization, International Political Economy, Markets, Foreign Direct Investment, Governance
  • Author: Karl P. Sauvant
  • Publication Date: 05-2011
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Governments seek to attract foreign direct investment (FDI) undertaken by multinational enterprises (MNEs) because it contributes to the growth of their economies; they seek to maximize the benefits of this investment in the framework of their national economies. Firms undertake FDI because it improves their access to markets and resources and hence increases their international competitiveness; they seek to maximize the benefits of this investment in the framework of their global corporate networks. This difference in objectives and frameworks gives rise to tensions that play themselves out in the approach governments take in national FDI policies and bilateral investment treaties (BITs). During the late 1960s and the 1970s, the dominant approach was to control MNEs. During the 1990s, it was liberalization -- and the approach is again changing.
  • Topic: Development, Economics, Government, Monetary Policy, Foreign Direct Investment
  • Author: Kevin P. Gallagher
  • Publication Date: 02-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Almost immediately after taking office, the Obama administration charged the U.S. Department of State's Advisory Committee on International Economic Policy with reviewing the U.S. Model bilateral investment treaty (BIT). The group established a sub-committee of business groups, labor and environmental organizations, and a handful of academic experts and tasked it to make official recommendations for reforming U.S. investment treaties. When completed, the Obama Administration hopes to proceed with official negotiations with China, India, Vietnam, and possibly Brazil.
  • Topic: Economics, Globalization, Financial Crisis
  • Political Geography: United States, China, India, Brazil, Vietnam
  • Author: Reuven S. Avi-Yonah
  • Publication Date: 02-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The Obama Administration's 2011 budget proposals include revenues of $122 billion over ten years from “international tax reform.” This set of proposals is similar to but narrower than the ones advanced by the Administration in May 2009, which would have raised $210 billion.
  • Topic: Economics, International Trade and Finance, Financial Crisis
  • Political Geography: United States
  • Author: Luke Eric Peterson
  • Publication Date: 01-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The recent high-stakes dispute between Google and China over censorship and cyber-security has spawned renewed discussion of the international trade law protections that internet and media companies may enjoy. Less recognized, however, is a perhaps more powerful legal tool in the arsenal of internet and media companies engaging in cross-border investment s, namely international investment law.
  • Topic: Economics, International Trade and Finance, Markets, Mass Media, Law
  • Political Geography: China
  • 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, Foreign Direct Investment
  • Political Geography: Europe
  • 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, Foreign Direct Investment
  • Political Geography: Europe
  • Author: Alexandre de Gramont
  • Publication Date: 09-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: In his recent article, “Thinking twice about a gold rush: Pacific Rim v. El Salvador” (Columbia FDI Perspectives, No. 23, May 24, 2010), Professor Gus Van Harten uses the PacRim v. El Salvador arbitration, pending at the International Centre for Settlement of Investment Disputes (ICSID), as the basis for asserting a number of criticisms against the overall system of arbitration under investment treaties.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements
  • Political Geography: Latin America
  • Author: Terutomo Ozawa, Christian Bellak
  • Publication Date: 08-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: China has developed increasingly close economic relations with Africa in its quest for oil and minerals through investment and aid. The World Ban k recently called upon China to transplant labor-intensive factories onto the continent. A question arises as to whether such an industrial relocation will be done in such a fashion to jump-start local economic development—as previously seen across East Asia and as described in the flying-geese (FG) paradigm of FD.
  • Topic: Development, Economics, Industrial Policy
  • Political Geography: Africa, China
  • Author: Lauge Skovgaard Poulsen
  • Publication Date: 08-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Many of the risks covered by bilateral investment treaties (BITs) are also covered by political risk insurance (PRI). Although there are important differences between PRI and BITs, both in terms of coverage and underlying purpose, the considerable overlap between the two instruments suggest that PRI providers should take BITs into account when assessing the risk of investment projects. But while the relationship between BITs and PRI has often been alleged to be considerable, in practice there is practically no publicly available evidence to sustain this assumption. This Perspective reviews evidence from a recent survey of officials in private and public (or mixed private/public) PRI providers.
  • Topic: Economics, International Political Economy, International Trade and Finance, Treaties and Agreements, Bilateral Relations
  • Author: Nathan M. Jensen, Edmund J. Malesky
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Despite broad skepticism about the benefits of globalization, the majority of U.S. states have offered lucrative tax incentives to attract investment. The size of these incentives is generally considered too large to be welfare enhancing, and many economists are skeptical of the effectiveness of these policies. Yet despite the mounting evidence to the contrary, the incentives offered by U.S. states (and foreign countries) continue and have actually increased in their generosity over time.
  • Topic: Economics, Political Economy, Politics, Foreign Direct Investment
  • Political Geography: United States
  • Author: Kathryn Gordon, Joachim Pohl
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: In March 2009, Columbia FDI Perspectives carried an early analysis of investment policies in response to the financial crisis that began in early 2008. At that time, the authors, Anne van Aaken and Jürgen Kuntz, found “clear evidence of widespread discrimination directed at foreign actors” in the emergency response to the crisis.
  • Topic: Economics, Global Recession, Monetary Policy, Foreign Direct Investment, Financial Crisis
  • Political Geography: Colombia
  • Author: Mark E. Plotkin, David N. Fagan
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: There was considerable public scrutiny of the Obama Administration's performance in its inaugural year, but comparatively little focus on one of the Administration's key processes governing the flow of investment into the United States — namely, the Committee on Foreign Investment in the United States (CFIUS). Yet, this is a frequent question we receive from foreign investors -- has the change in the administration affected CFIUS?
  • Topic: Economics, International Trade and Finance, Monetary Policy, Foreign Direct Investment, Financial Crisis
  • Political Geography: United States
  • Author: Gus Van Harten
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Whether it concerns oil drilling or gold mining, sometimes a government, facing new circumstances, must change its mind.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Latin America
  • Author: Premila Nazareth Satyanand
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Hitherto, political risk has worried developed country multinational enterprises (MNEs) investing in developing country markets. But as more emerging market firms invest overseas, they too must grapple with this subject. World Investment and Political Risk 2009 looks at this issue for the first time and finds that Brazilian, Russian, Indian, and Chinese (BRIC) firms appear to worry more about political risk than global counterparts. Though these results are based on as mall sample of 90 of the largest BRIC investors, they are thought-provoking nonetheless.
  • Topic: International Political Economy, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Russia, China, India, Latin America
  • Author: Jason Webb Yackee
  • Publication Date: 11-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: A remarkable number of countries have recently entered into bilateral investment treaties (BITs) as a means of protecting and promoting inward foreign direct investment (FDI). But do the treaties “work?” In exchange for giving up some mea sure of regulatory autonomy, host countries hope to receive increased flows of investment. Scholars have devoted substantial energy to examining whether this so-called “grand bargain” has in fact been realized. Most studies follow a common research design. The number of BITs that a state has signed are counted up, with the resulting independent variable regressed against country-level FDI flow data. Unfortunately, the results of these various and increasingly complex statistical exercises are inconsistent. 1 Some studies show that BITs can have massive positive impacts on foreign investment; others show modest positive impacts; others show no impact at all, or even a negative impact.
  • Topic: International Trade and Finance, Bilateral Relations, Foreign Direct Investment
  • Political Geography: United States
  • Author: Karl P. Sauvant, Ken Davies
  • Publication Date: 10-2010
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: What will an appreciation of the Chinese yuan do to China's inward and outward direct investment? The discussion so far has been almost exclusively about the impact on China's trade balance. But it is at least as important to see what effect it may have on the country's inward foreign direct investment (IFDI), which plays such a crucial role in China's economic development, and its outward FDI (OFDI), which is receiving increased attention worldwide.
  • Topic: Economics, Foreign Exchange, International Trade and Finance, Foreign Direct Investment
  • Political Geography: China
  • 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, Law
  • Political Geography: Colombia
  • Author: Michael D. Nolan, 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, Foreign Direct Investment
  • Political Geography: United States
  • Author: Terutomo Ozawa
  • Publication Date: 10-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: President Obama has been supporting a new bill, the Employee Free Choice Act, designed to promote the labor unions' drive for unionization. This bill, if enacted, will surely be a big boon for unions as it helps enlarge their membership, enhance their bargaining power vis-à-vis businesses, and enrich their coffers to wield political clout. An important issue here, however, is how such reinforced unionism contributes to the U.S.'s much needed industrial competitiveness and employment—and, more specifically, how this new policy will affect the U.S. as a host to FDI in the auto industry.
  • Topic: Economics, Industrial Policy, International Trade and Finance, Foreign Direct Investment
  • Political Geography: United States
  • Author: Laza Kekic
  • Publication Date: 10-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The global economic and financial crisis has had a major impact on foreign direct investment (FDI) flows. After declining in 2008 by 17% to US$1.73trn from US$2.09trn in 2007—the high point of a four- year long boom in cross-border mergers and acquisitions (M) and FDI—global FDI inflows are forecast to plunge by 44% to less than US$1trn in 2009. The big drop in 2009 is occurring despite the improvements in the global economy in recent months. A notable feature of trends in 2009 is that, for the first time ever, emerging markets are set to attract more FDI inflows than the developed world.
  • Topic: Development, Economics, Foreign Direct Investment, Financial Crisis
  • Political Geography: United States
  • Author: Charles Kovacs
  • Publication Date: 10-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The first sovereign wealth fund (SWF) was established by Kuwait in 1953, and was followed by many others from 1973-4, after the first oil crisis. Since then, each major jump in oil and gas prices increased the number and size of SWFs; after 2000, countries with large trade surpluses also began to establish SWFs. By April 2009, SWFs had grown to $3-5 trillion of assets under management, invested mostly in high quality bonds. Equity investments have been a much smaller part of their portfolio and began to grow only in the 1990s. This trend has since accelerated with at least 698 documented equity investments between June 2005 and March 2009.
  • Topic: Security, Economics, International Trade and Finance, Sovereign Wealth Funds
  • Political Geography: Kuwait
  • Author: Luís Afonso Lima, Octavio de Barros
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • 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: Economics, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: Brazil, Latin America
  • Author: Michael Mortimore, Carlos Razo
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Despite the global crisis, outward FDI by Latin American firms grew by more than 40% in 2008. The picture for 2009 is less clear, due to the expected regional GDP contraction, falling commodity prices, and tightening credit markets. Nonetheless, the authors argue that many countervailing factors make Latin American investment more resilient in the crisis than other regions may be.
  • Political Geography: Latin America
  • Author: Michael Mortimore, Carlos Razo
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Despite the global crisis, outward FDI by Latin American firms grew by more than 40% in 2008. The picture for 2009 is less clear, due to the expected regional GDP contraction, falling commodity prices, and tightening credit markets. Nonetheless, the authors argue that many countervailing factors make Latin American investment more resilient in the crisis than other regions may be.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Latin America
  • Author: Jaya Prakash Pradhan
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Just over a year ago, outward foreign direct investment (OFDI) from India seemed to be on a path of rapid and sustained growth. Its annual average growth of 98% during 2004–07 had been unprecedented , much ahead of OFDI growth from other emerging markets like China (74%), Malaysia (70%), Russia (53%), and the Republic of Korea (51%), although from a much lower base. Much of this recent growth had been fuelled by large-scale overseas acquisitions, however, and it faltered when the global financial crisis that started in late 2007 made financing acquisitions harder.
  • Topic: Development, Economics, Foreign Direct Investment, Financial Crisis
  • Political Geography: Russia, China, Malaysia, India, Korea
  • Author: Subrata Bhattacharjee
  • Publication Date: 07-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: On March 12, 2009, the Canadian federal government passed significant amendments to the Investment Canada Act (ICA), Canada's foreign investment law of general application. Though the amendments generally liberalize important aspects of the Canadian foreign investment review regime, they also include a broadly worded national security test that now allows the responsible Minister to review proposed investments in Canada on national security grounds. On July 11, 2009, the government published draft regulations that provide the details of the new national security review process. A detailed summary of the amendments and regulations is included in an extended note available at www.vcc.columbia.edu.
  • Topic: Economics, Foreign Direct Investment
  • Political Geography: Canada
  • Author: Veljko Fotak, William Megginson
  • Publication Date: 07-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Until the end of 2007, western media, governments and regulators often seemed more concerned about protecting domestic firms from investments by sovereign wealth funds (SWFs) than about attracting capital inflows. Politicians in many countries called for the regulation of sovereign foreign investments at that time, when SWF investments were growing rapidly. In fact, during 2006 and 2007, countries that introduced at least one regulatory change (many of them related to such investments) making the investment climate less welcoming for multinational enterprises accounted for 40% of all FDI inflows.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment, Sovereign Wealth Funds
  • Author: Lorenzo Cotula
  • Publication Date: 06-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Over the past 12 months, large-scale acquisitions of farmland in Africa, Latin America, Central Asia and Southeast Asia have made headlines in a flurry of media reports across the world. Lands that only a short time ago seemed of little outside interest are now being sought by international investors to the tune of hundreds of thousands of hectares.
  • Topic: Agriculture, International Trade and Finance, Foreign Direct Investment
  • Political Geography: Africa, Latin America
  • Author: Susan D. Franck
  • Publication Date: 06-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: We know several things about foreign investment. First, foreign investment matters, reaching US$1.7 trillion in 2008. Second, we know that foreign investors have new international law rights to protect their economic interests. Third, we know that those rights are now being used.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: United States
  • Author: Christian Bellak, Markus Leibrecht
  • Publication Date: 06-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: A crucial challenge to all countries in the current economic crisis is to stimulate investment, including foreign direct investment (FDI). Countries striving to attract FDI often resort to two types of policies: improving infrastructure or lowering taxes, as a means of attracting new FDI, or keeping existing FDI. Indeed, recent empirical studies (e.g. Bénassy-Quéré et al. 2007; Bellak et al. 2009) confirmed that both lower taxes and improved infrastructure exert a considerable influence upon multinational enterprises' decision to invest in a particular country, when controlling for other important location factors (like market size, labor costs etc.).
  • Topic: Economics, Infrastructure, Foreign Direct Investment
  • Author: Ken Davies
  • Publication Date: 05-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: In 2008 global FDI fell by around 20%, while outward FDI from China nearly doubled. This disparity is likely to continue in 2009 and 2010 as China invests even more overseas. What is driving this continuing surge in China's outward FDI?
  • Topic: International Trade and Finance, Foreign Direct Investment, Financial Crisis
  • Political Geography: China, Asia
  • Author: Gert Bruche
  • Publication Date: 04-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: With some delay, the internationalization of business R is following the globalization of production. Starting on a small scale during the 1970s and 1980s, the emergence of globally distributed R networks of multinational enterprises (MNEs) accelerated rapidly in the 1990s. The “globalization of innovation” was facilitated and driven by a complex set of factors, including changes in trade and investment governance, improved intellectual property rights through TRIPS, the growing ease and falling cost of communicating and traveling around the globe, and the concomitant vertical industry specialization and unbundling of value chains. The growing and sustained level of cross-border M was one major direct driver, often having the effect that merged firms inherited multiple R sites in a number of countries.
  • Topic: Development, Economics, Foreign Direct Investment
  • Political Geography: China, India, Asia
  • Author: Anne Van Aaken, Jürgen Kurtz
  • Publication Date: 03-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Several developed countries have introduced emergency measures to mitigate the effects of the Global Financial Crisis, including Australia, Germany, Ireland, the United Kingdom, and the United States. Although the measures taken are still undergoing changes by the executive branch and are thus a “moving target”, our survey reveals early evidence of differentiation between foreign and domestic actors in the emergency plans adopted by this sample grouping. It is this differentiation that may give rise to liability as breaching guarantees against discrimination of foreign investors under international investment law.
  • Topic: Economics, International Trade and Finance, Markets, International Affairs, Foreign Direct Investment, Financial Crisis
  • Political Geography: United States, United Kingdom, Germany, Australia, Ireland
  • Author: Mark E. Plotkin, David N. Fagan
  • Publication Date: 01-2009
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: On December 22, 2008, new regulations setting forth the U.S. government's national security review process for foreign mergers and acquisitions of U.S. businesses became effective. They are the ultimate step in a lengthy effort to revise and strengthen the reviews undertaken by the Committee on Foreign Investment in the United States (“CFIUS”).
  • Topic: Economics, National Security, Foreign Direct Investment
  • Political Geography: United States