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  • Author: Greg Raymond
  • Publication Date: 06-2021
  • Content Type: Commentary and Analysis
  • Institution: Lowy Institute for International Policy
  • Abstract: China has land borders with mainland Southeast Asia and strong strategic imperatives to develop land routes to the sea. It has both potential and motivation to pursue an infrastructural sphere of influence in the Mekong subregion through Belt and Road Initiative (BRI) projects joining southern China and mainland Southeast Asia. The poorer states, especially Laos and Cambodia, have been receptive to the BRI and infrastructure investment, but Thailand and Vietnam, strong states and protective of sovereignty, have been more cautious. This means China’s impact is significantly varied across the subregion. China’s Special Economic Zones (SEZs) in Cambodia, Laos, and Myanmar are in some cases dissolving borders and in others carving out Chinese-controlled enclaves, all increasing the People’s Republic of China (PRC) presence and influence.
  • Topic: Infrastructure, Foreign Direct Investment, Regional Integration, Borders, Belt and Road Initiative (BRI)
  • Political Geography: China, Asia, Vietnam, Cambodia, Thailand, Southeast Asia, Laos, Myanmar
  • Author: Bayram Gungor
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Rest: Journal of Politics and Development
  • Institution: Centre for Strategic Research and Analysis (CESRAN)
  • Abstract: The relationship among the FDI, GDP and Export has gained vast attention among the researchers and policy-makers. There are many studies on the interaction of these variables using various econometric approaches in the literature. However, it has seen that the findings have been different from country by country. Therefore, this study's main problematic is to estimate the coefficients that show the interaction among the FDI, GDP and Export covering 1980-2019 in Turkey. The ARDL Bounds Model and Granger Causality approach were selected to measure the coefficients statistically. Three models were executed to calculate the short-run and long-run coefficients. While the Model 1 and Model 3 were found statistically significant to explain the dependent variables, the Model 2 was found statistically insignificant. Because of this, the Model 2 was excluded from the study. The short- run coefficients were also found statistically significant to explain the dependent variables of the Model 1 and Model 3. While GDP affects the FDI positively in Model 1, GDP affects the Export negatively in Model 2. The ECT was found statistically significant at 0.01. The speeds of adjustment of the Model 1 and Model 3 were calculated as approximately 93% and 16% levels, respectively. Unlike the ARDL Bounds Model, the Granger Causality test was implemented to measure the variables' causal relationship. It was seen that there is only a unidirectional Granger causal relationship running from GDP to FDI in the Model 1 and from GDP to Export in the Model 2.
  • Topic: Economics, Foreign Direct Investment, GDP, Exports
  • Political Geography: Europe, Turkey, Asia
  • Author: Pyoung Seob Yang, Cheol-Won Lee, Suyeob Na, Taehyn Oh, Young Sun Kim, Hyung Jun Yoon, Yoo-Duk Ga
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: China’s investment in the European Union (EU) increased significantly during the European financial crisis, but has been on the decline in recent years. The surge of Chinese investment has raised concerns and demands for analysis on the negative effects it could have on the EU companies and industries. In this context, the present study aims to analyze the main characteristics of Chinese investment and M&A in Europe, major policy issues between the two sides, the EU’s policy responses, and prospects of Chinese future investment in Eu-rope, going on to draw important lessons for Korea. To summarize the main characteristics of China's investment in Europe, the study found that the EU's share of China's overseas direct investment has continued to increase until recently. Second, investment in the Central and Eastern European Countries (CEECs) is gradually increasing, although it is still insignificant compared to the top five destinations in the EU: Netherlands, Sweden, Germany, Luxembourg and France. Third, China's investment in the EU is being made in pursuit of innovation in manufacturing and to acquire high-tech technologies. When it comes to China's M&A in Europe, the study found that the proportion of indirect China's M&As (via third countries (e.g. Hong Kong) or Chinese subsidiaries already established in Europe) was relatively higher than direct ones. Empirical factor analysis of investment also shows that China's investment in the EU is strongly motivated by the pursuit of strategic assets. Other factors such as institutional-level and regulatory variables are found to have no significant impact, or have an effect contrary to expectations. This suggests that China's investment in the EU is based on the Chinese government's growth strategy, and accompanies an element of national capitalism Today, It is highly expected that the COVID-19 pandemic will have a reorganizing effect on the global value chain (GVC) and Foreign investment regulation in the high-tech sector motivated by national security is emerging as a global issue as the US and the EU are tightening their control. As Korean companies are not free from the risk of falling under such regulations, a thorough and careful response is required. And for the Korean government, it is necessary to prepare legal and institutional measures regulating foreign investment in reference to the US and the EU.
  • Topic: Foreign Direct Investment, Financial Crisis, European Union, Economy, Economic Growth, Global Value Chains, COVID-19
  • Political Geography: China, Europe, Asia, Korea, United States of America
  • Author: Giorgio Romano Schutte
  • Publication Date: 04-2021
  • Content Type: Journal Article
  • Journal: Revista Brasileira de Política Internacional (RBPI)
  • Institution: Instituto Brasileiro de Relações Internacionais (IBRI)
  • Abstract: This article makes a comparison between the challenges faced by the US to maintain its hegemonic position at the end of the 1970s and in the 2010s. To do so we review Robert Gilpin’s writing during the first period. He suggested the US had three options: 1) a defensive protectionist reaction 2) fragmentation of the international system 3) a new wave of innovation, (“rejuvenation”). It is argued that the Reagan administration was able to establish support for the third option. We argue the US is now faced with the same dilemma again, but with a different kind of challenger: China.
  • Topic: Foreign Direct Investment, Hegemony, Conflict, Innovation
  • Political Geography: China, Asia, North America, United States of America
  • Author: Nicola Bilotta, Alissa Siara
  • Publication Date: 07-2020
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: The economic ramifications of COVID-19 will accentuate the technological innovation gap between Latin America and the rest of the world. In a region already suffering from chronic underinvestment in research and development, the strain placed on government budgets by the pandemic-induced economic crisis will push innovation further back down the agenda. The region has compensated for a lack of domestic resources with foreign capital and technology imports from China and the United States. As the US–China relationship becomes more adversarial in the face of COVID, however, Latin America will emerge as a geopolitical battleground whose countries may be forced to choose sides and potentially lose out on capital inflows or technology imports. Navigating this potential storm will involve the region in a search for other options. Public–private partnerships with European Union firms represent one valuable possibility, but Europe and Latin America should first align their innovation agendas.
  • Topic: International Relations, Science and Technology, Sovereignty, Foreign Direct Investment, European Union, Institutions, Coronavirus, Digital Policy
  • Political Geography: China, South America, Latin America, North America, United States of America
  • Author: Karen E. Young
  • Publication Date: 08-2020
  • Content Type: Special Report
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Much energy has focused on China’s Belt and Road Initiative and the debt-trap diplomacy it represents. But there is another set of players on the scene whose growth and influence in this sphere have been largely ignored. Gulf Arab states, particularly Saudi Arabia and the United Arab Emirates, have increasingly embraced an aggressive growth, investment, and development model for the broader Middle East. This report and the accompanying Gulf Financial Aid and Direct Investment Tracker are an effort to understand the breadth and scope of Gulf aid and financial intervention into a representative set of cases in the Middle East, the Horn of Africa, and West Asia. The objective is to demonstrate the competitive landscape for foreign investment in the receiving case countries and indicate the growing strength of Gulf capital investment, as it measures against a perception of Chinese capacity in the wider Middle East and emerging markets broadly. Most important, the comparative data here also demonstrate how private capital flows from the United States, United Kingdom, and European Union compete against flows of capital from state capitalism sources such as China and the Gulf.
  • Topic: Foreign Direct Investment, Belt and Road Initiative (BRI), Investment, Strategic Competition, State Capitalism
  • Political Geography: China, Middle East, Gulf Nations
  • Author: Riaz A. Khokhar
  • Publication Date: 01-2020
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: Within the Indo-Pacific region, the United States and Pakistan have sharply divergent strategic objectives. While American objectives have changed over time, focusing in recent years on rivalry with China, Pakistan’s strategic objective has remained constant—to maintain a balance of power with India. Yet Pakistan retains close strategic and economic ties with China, and the United States considers India an important strategic partner. Nevertheless, the two countries have worked together for nearly two decades toward two tactical goals—achieving a political settlement in Afghanistan and eliminating terrorism in South Asia. There is potential for them to cooperate more broadly, for example, increasing direct foreign investment to Pakistan and helping Islamabad balance its relations with the United States and China. Washington’s willingness to expand such cooperation will depend on Pakistan’s cooperation in fighting terrorism in the region.
  • Topic: International Cooperation, Terrorism, Power Politics, Foreign Direct Investment, Geopolitics
  • Political Geography: Pakistan, Afghanistan, China, South Asia, India, North America, United States of America, Indo-Pacific
  • Author: Zeynep Gülru Göker, Brooke Güven
  • Publication Date: 04-2020
  • Content Type: Journal Article
  • Journal: Journal of Academic Inquiries
  • Institution: Sakarya University (SAU)
  • Abstract: There are contradicting arguments in the literature examining the influence of foreign investment on economic growth in Sub Saharan Africa. Some researchers claim that high level of volatility, rising current account deficit, lack of developed financial markets and low quality of regulatory framework would generate economic losses for developing countries in Sub Saharan Africa when they liberalized their capital flows. However, some studies focus on growth enhancing effect of foreign investment to be a remedy for low capacity of accumulated savings in Sub Saharan Africa. The current study brings new evidence about the role of foreign portfolio investment and foreign direct investment on economic growth for countries in Sub Saharan Africa. Due to the endogenenity issue, we have used panel VAR methodology to estimate three simultaneous equations system. By analyzing 25 Sub Saharan African countries over the 1990-2016 period, we found that foreign direct investment and foreign portfolio investment are complements and they have positive significant impacts on economic growth.
  • Topic: Development, Foreign Direct Investment, Economic Growth
  • Political Geography: Africa, Turkey, Sub-Saharan Africa
  • Author: Wouter Zweers, Vladimir Shopov, Frans-Paul van der Putten, Mirela Petkova, Maarten Lemstra
  • Publication Date: 08-2020
  • Content Type: Special Report
  • Institution: Clingendael Netherlands Institute of International Relations
  • Abstract: This Clingendael Report explores whether and how China’s approach to the six non-European Union (EU) countries of the Western Balkans (the WB6) relates to EU interests. It focuses in particular on the question of whether China’s influence affects the behaviour of the WB6 governments in ways that run counter to the EU’s objectives in the region. China engages with the Western Balkans primarily as a financier of infrastructure and a source of direct investment. This is in line with China’s main strategic objective for the Western Balkans – that is, to develop the Land–Sea Express Corridor, a component of its Belt and Road Initiative, aimed at improving China–EU connectivity. This report proposes a number of actions based on recognising the developmental needs of countries in the Western Balkans, and accepting that China’s economic involvement is inevitable and potentially beneficial for such developmental needs. In particular, the EU should maximise accession conditionality as a tool to influence the conditions under which China is involved in the region.
  • Topic: International Relations, Foreign Direct Investment, European Union
  • Political Geography: China, Europe, Eastern Europe, Balkans
  • Author: Brigitte Dekker, Frans-Paul van der Putten, Xiaoxue Martin
  • Publication Date: 12-2020
  • Content Type: Policy Brief
  • Institution: Clingendael Netherlands Institute of International Relations
  • Abstract: This policy brief analyses whether there are grounds for the Dutch government to conduct critical assessments of direct investments, particularly from China, from a geopolitical perspective. The economic consequences of the COVID-19 pandemic warrant continued critical oversight of Chinese foreign investments and screening of such investments. Particularly during the current difficult times for the Dutch economy, there are new opportunities for Chinese investors as a result of increased needs for capital and/or new markets on the part of Dutch companies. This policy brief argues that from a geopolitical perspective there are two grounds for the Dutch government to screen investments: the Netherlands’ need to keep pace with changes in the geopolitical stance of the US and other Western countries towards China; and the risk that the Netherlands and the EU could lose a large part of their capacity for autonomous action in a geopolitical context. Hence there are two criteria that investment screening must fulfill. The first is that it must take account of the security and geopolitical implications of investments in high-tech companies. The second is that it must be aimed at preventing a high degree of strategic dependence on a single operator.
  • Topic: Foreign Direct Investment, Geopolitics, Economy, Investment, COVID-19
  • Political Geography: China, Asia
  • Author: Toshiyuki Matsuura, Hisamitsu Saito
  • Publication Date: 02-2020
  • Content Type: Working Paper
  • Institution: Economic Research Institute for ASEAN and East Asia (ERIA)
  • Abstract: This study examines the impact of inward foreign direct investment on the wages and employment of skilled and unskilled workers in Indonesian manufacturing plants. Entry of multinational enterprises affects local labour markets through spillovers as well as labour and product market competition. Our results show that spillovers increase the labour demand of local plants for unskilled workers, but increased wages due to severe labour market competition reduce the demand for skilled workers. We also find that product market competition causes resource reallocation from low- to high-productivity plants. Thus, attracting inward foreign direct investment effectively enhances aggregate productivity growth, but may retard the transition to skill-intensive production in Indonesian manufacturing.
  • Topic: Development, Foreign Direct Investment, Manufacturing, Labor Market
  • Political Geography: Indonesia, Asia
  • Author: Nguyen Quynh Huong
  • Publication Date: 06-2020
  • Content Type: Working Paper
  • Institution: Economic Research Institute for ASEAN and East Asia (ERIA)
  • Abstract: Special economic zones (SEZs) are considered as one of important regional industrial policies to attract foreign investment in developing countries such as Viet Nam. The review of SEZs development in Viet Nam including the comprehensive review of infrastructure and business environment in SEZs are presented in this paper for the first time. Moreover, the paper gives novel non-parametric evidence to indicate the positive causal linkage between the zoning policies and the attraction of foreign investment at district-level in the country during the period 2011–2015.
  • Topic: Industrial Policy, Regional Cooperation, Foreign Direct Investment, Industry
  • Political Geography: Asia, Vietnam
  • Author: Olaf Weber, Vasundhara Saravade
  • Publication Date: 07-2020
  • Content Type: Working Paper
  • Institution: Gateway House: Indian Council on Global Relations
  • Abstract: India’s energy future needs to be low-carbon, climate-resilient and protected against price fluctuation. It can meet these needs by investing in Canadian oil companies, given the country’s political stability and rule of law. India can also attract greater foreign direct investment at home through the issuance of green bonds, a climate finance debt instrument that addresses environmental and climate-related challenges. This paper explores the regulatory perspective of the green bond market.
  • Topic: Climate Change, Energy Policy, Foreign Direct Investment, Rule of Law, Renewable Energy
  • Political Geography: South Asia, Canada, India, North America
  • Author: Marta Dominguez-Jimenez, Niclas Poitiers
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: Most foreign direct investment into Russia originates in the European Union: European investors own between 55 percent and 75 percent of Russian FDI stock. This points to a Russian dependence on European investment, making the EU paramount for Russian medium-term growth. Even if we consider ‘phantom’ FDI that transits through Europe, the EU remains the primary investor in Russia. Most phantom FDI into Russia is believed to originate from Russia itself and thus is by construction not foreign.
  • Topic: Economics, Energy Policy, Foreign Direct Investment, Governance, Sanctions, European Union, Global Political Economy
  • Political Geography: Russia, Europe
  • Author: Anthony Dworkin
  • Publication Date: 07-2020
  • Content Type: Policy Brief
  • Institution: European Council On Foreign Relations
  • Abstract: North African countries, each for their own reasons, are increasingly turning their attention towards sub-Saharan Africa. Morocco is pursuing a comprehensive campaign to increase its influence and win support with regard to Western Sahara. Algeria may be showing new flexibility in its response to security threats to its south. Tunisia is beginning to look for new economic opportunities in Africa. Egypt is responding to a series of strategic concerns, particularly over the waters of the Nile. Morocco, Algeria, and Tunisia are also all dealing with increased migration flows, with migrants seeking to work on their territories or pass through it to reach Europe. This North African turn to sub-Saharan Africa offers opportunities for European cooperation. But the EU should be aware of the distinctive agendas of North African countries and the reservations that their initiatives engender in some countries.
  • Topic: International Relations, Migration, Regional Cooperation, Foreign Direct Investment
  • Political Geography: Africa, Algeria, North Africa, Egypt, Morocco, Tunisia
  • Author: Hanbyul Ryu, Young Sik Jeong
  • Publication Date: 09-2020
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: Low cost of labor has been one of the major incentives that foreign firms invest in many developing countries. Yet, many developing countries including China and ASEAN have recently experienced a rapid increase in labor costs. Using the wage information provided by JETRO, this study examines how Korean FDI outflow is affected by the increase in labor costs of the manufacturing industry in host countries. The results indicate that the worker’s and engineer’s wages in Asian developing countries, who accumulated at least 3 and 5 years of work experience, have generally a negative impact on Korean FDI outflow. However, there exist positive relationships between the wages and FDI when the wages stay at very low levels. We do not find evidence that labor costs make a significant impact on Korean FDI outflow to European or Developed countries.
  • Topic: Development, Foreign Direct Investment, Labor Market
  • Political Geography: China, Asia, Korea
  • Author: Sanghun Lee, Hongwon Kim, Joohye Kim, Jiwon Choi, Jaehee Choi
  • Publication Date: 10-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: As the Chinese economy becomes more advanced and the internal and external economic environment surrounding China changes, so too does China’s strategy for external openness and economic cooperation. Accordingly, specific policies are diversifying from the past focus on manufacturing and foreign direct investment to services, overseas investment, bilateral and multilateral FTAs, and bilateral investment treaties (BITs). As the central government’s policy stance changes, China’s local governments are also promoting external openness and cooperation based on regional development stages, industrial structure, and regional development policies, reflecting the central government’s strategy. In particular, after the 19th Party Congress, the central government showed a strategic stance expanding external openness. In response, local governments have moved away from the traditional method of cooperation in the manufacturing sector centered on industrial complexes, and in recent years various cooperative methods have been promoted, including regional economic integration, service and investment, the use of FTAs, and innovations in institutions to expand external openness. Along with the shift in China’s foreign economic strategy, the economic cooperation environment surrounding Korea and China is changing as well, including the strengthening of protectionism, structural changes in the Chinese economy, the Korea-China FTA coming into effect, and the launch of follow-up negotiations. Therefore Korea needs to find new strategies and measures for economic cooperation with China, making it time to find new ways to expand cooperation with China’s central and local governments. Against this backdrop, this study aims to analyze the strategies, detailed policies and major cases of China’s central and local governments’ external openness and economic cooperation, and to draw policy implications for strengthening economic cooperation between Korea and China in the future.
  • Topic: Government, Foreign Direct Investment, Economy, Economic Cooperation
  • Political Geography: China, Asia
  • Author: Cheol-won Lee, Hyung-gon Jeong, Min-suk Park
  • Publication Date: 11-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: North Korean authorities have been seeking changes in North Korea’s economic policy since the Kim Jong Un regime took power. Along with decentralization, the government is trying to increase efficiency and productivity within the socialist economic system, and as part of this policy it has designated 27 economic development zones to attract foreign investment. Foreign direct investment plays a crucial role in economic growth for low-income countries such as North Korea, which lacks capital and technology. This study discusses North Korea's foreign investment policy and tasks ahead of its government to revitalize the economy, based on the premise that nuclear negotiations between North Korea and the US proceed smoothly. First of all, in order to derive policy tasks, we compared and analyzed the achievements and policies of transition countries in Asia and Eastern Europe in terms of attracting FDI, also analyzing the determinants of FDI inflows, after which we present policy tasks for North Korean authorities. As South Korea may very well become the largest investor in North Korea, our study also discusses tasks for the Korean government to pursue in order for Korean companies to successfully invest in North Korea.
  • Topic: Foreign Direct Investment, Economy, Transition
  • Political Geography: Asia, North Korea
  • Author: Tilman Altenburg, Xiao Chen, Wilfried Lütkenhorst, Cornelia Staritz, Lindsay Whitfield
  • Publication Date: 01-2020
  • Content Type: Special Report
  • Institution: German Development Institute (DIE)
  • Abstract: The Discussion Paper examines the opportunities that the rising industrial wages in China will bring for Africa. China has been the industrial workbench of the global economy for decades. However, its competitive advantages are waning, particularly for labour-intensive assembly activities in the clothing, shoe, electronics and toy industries. The Chinese government estimates that up to 81 million low-cost industrial jobs are at risk of relocation to other countries - unless China can keep the companies in the country through automation. Against this background, three complementary studies were carried out. The first examines where the automation technology for clothing and footwear production stands today; the second, how clothing companies in China deal with the cost pressure: to what extent they automate, relocate within China or abroad and how great is the interest in Africa as a production location. The third part is devoted to Africa’s competitiveness in clothing assemly, with empirical findings from Ethiopia and Madagascar. The Discussion Paper shows that the manufacture of clothing can already be robotized today, but that for sewing, robotization will probably remain more expensive than manual labor in the next 15-20 years. China’s companies are investing heavily in the automation of all other production processes and at the same time shifting production to neighbouring Asian countries. In Africa, only Ethiopia is currently competitive in the manufacture of clothing, and here too there are significant institutional difficulties in absorbing large amounts of direct investment.
  • Topic: Industrial Policy, Labor Issues, Foreign Direct Investment, Exports, Automation
  • Political Geography: Africa, Europe, Germany, Ethiopia, Madagascar
  • Author: Sabine Laudage
  • Publication Date: 01-2020
  • Content Type: Working Paper
  • Institution: German Development Institute (DIE)
  • Abstract: Corporate tax revenue and Foreign Direct Investment (FDI) are two key development finance sources. This paper discusses potential trade-offs faced by developing countries, when mobilizing corporate tax revenue and FDI jointly, and provides policy recommendations how to address these trade-offs.
  • Topic: Development, Foreign Direct Investment, Finance, Corporate Tax
  • Political Geography: Global Focus
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 01-2020
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economy, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Jens Velten
  • Publication Date: 01-2020
  • Content Type: Working Paper
  • Institution: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
  • Abstract: The EU adopted Regulation 2019/452 (Regulation) as part of a more robust Common commercial policy to strengthen and defend its interests in a shifting global order. More concretely, the Regulation has two objectives: protecting domestic assets from harmful foreign investor interests, and equipping the EU with leverage to achieve more favourable treatment of EU investors abroad. Therefore, the Regulation provides Member States with an option to adopt foreign direct investment (FDI) screening mechanisms on the grounds of “security or public order”. However, the Regulation misses its objectives. The Regulation’s vague screening ground “security or public order” must be interpreted in accordance with WTO law. A detailed analysis finds that the relevant WTO notions of essential security interests and public order are rather narrow. The Regulation’s screening ground “security or public order” therefore only allows the screening of a few, high-profile cases of FDI. Such a narrow scope undermines the Regulation’s objectives.
  • Topic: International Political Economy, International Trade and Finance, Foreign Direct Investment, WTO
  • Political Geography: Europe, European Union
  • Author: Lewis Landry Gakpa
  • Publication Date: 01-2020
  • Content Type: Research Paper
  • Institution: African Economic Research Consortium (AERC)
  • Abstract: The aim of this study is to examine the consequences of interaction between political instability and foreign direct investment (FDI) on economic growth of 31 countries in Sub-Saharan Africa in order to analyse one of the channels through which political instability affects economic growth. To achieve this objective, the study relies on a dynamic panel procedure and the Three Stage Least Squares Method to estimate a model of simultaneous equations over the period 1984-2015. The empirical results indicate that political instability affects economic growth directly and indirectly through its impact on foreign direct investment. We also highlight the simultaneous character of the relationship between political instability and the level of economic development in Sub-Saharan African countries. The results of the study then corroborate the idea that political instability hinders growth and thus calls for measures to improve the quality of political climate, which is one of the conditions necessary for a country’s economy to benefit from foreign direct investment.
  • Topic: Economics, Foreign Direct Investment, Political stability, Economic Policy, Macroeconomics
  • Political Geography: Africa, South Africa, Angola, Namibia, Botswana
  • Author: Amat Adarov, Robert Stehrer
  • Publication Date: 04-2020
  • Content Type: Working Paper
  • Institution: The Vienna Institute for International Economic Studies (WIIW)
  • Abstract: The paper studies the drivers of productivity at country and sectoral levels over the period 2000-2017 with the focus on the impact of capital accumulation and structure. The analysis confirms an especially important role of ICT and intangible digital capital for productivity growth, particularly in the manufacturing sectors. While backward global value chain participation and EU integration are also found to be instrumental for accelerating productivity growth, the impact of inward foreign direct investment is not robustly detected when the data is purged from the effects of special purpose entities and outlier countries.
  • Topic: Economics, Foreign Direct Investment, European Union, Digital Economy, Capital Flows, Trade
  • Political Geography: Europe, Global Focus
  • Author: Marcelo Milan, Leandro Teixeira Santos
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Conjuntura Austral: Journal of the Global South
  • Institution: Conjuntura Austral: Journal of the Global South
  • Abstract: This article examines the geoeconomic challenges brought to China by the effects of trade and foreign direct investment (FDI) flows, and consequently by the nature and composition of international economic alliances, mainlycooperation among underdeveloped nations(Glosny, 2010), of rebalancing3of its drivers of growth4. It evaluates likely impacts on other BRICS countries, given the economic linkages developed during the past couple of decades, as an example of what may happen to broader geoeconomic arrangements as the process of rebalancing deepens
  • Topic: International Political Economy, Foreign Direct Investment, Geopolitics, Economic Cooperation
  • Political Geography: Russia, China, India, South Africa, Brazil
  • Author: Dragos Adascalitei, Cornel Ban
  • Publication Date: 06-2020
  • Content Type: Working Paper
  • Institution: Centre for Business and Development Studies (CBDS), Copenhagen Business School
  • Abstract: The East-Central European countries that joined the EU in the 2000s are the unsung success of economic development. This paper discusses the consolidation of an export-led growth model in this region by drawing on an alternative school of thought to Varieties of Capitalism: growth regimes. By focusing on three distinct time periods (2000-2008, 2008-2012 and 2012-2019), it shows that despite marginal shifts towards consumption-led growth through personal debt or wage increases, the core of the region’s economic model continues to be heavily dependent on exports. Combining IPE and CPE analytical frameworks, we show that the consolidation of the CEE export-led model has both systemic and national roots. Specifically, we argue that growing international competition from Asia in the beginning of 2000s has forced firms in Western economies to seek alternative sources of competitiveness that involved a mix of wage moderation at home and expansion towards the East. The internationalization of Western firms met capital hungry Eastern governments, which were all too happy to use FDI to restore the competitiveness of their outdated SOEs. Backed by a social bloc that involved domestic and foreign capital as well as workers in the tradeable sectors, the export-led growth model took off and generated growth rates well above those in core countries. The 2000s also saw an increase in debt fueled consumption, that partially compensated for the lack of wage growth in the region. The crisis provided an opportunity to put an end to hybridization and to reinforce the export-led component of growth through short-term austerity measures and deeper labor market reforms. These changes consolidated the export-led model that remained in place even amidst political reconfigurations that, at least rhetorically, aimed to fight the economic dependency of the region on FDI. After the crisis ended, however, the closing of the debt-finance consumption channel combined with the German export boom to the rest of the world and local demographic decline to put upwards pressure on wage-financed consumption increases without inflationary or external balance problems. Yet despite historically low spreads in the region’s bond markets, this did not count as a full Kaleckian turn, however, with the region’s contribution of consumption to GDP growth remaining far below both consumption-led growth regimes and balanced ones.
  • Topic: Economics, International Political Economy, Foreign Direct Investment, Economic Growth, Exports, State-Owned Enterprises, Consumerism
  • Political Geography: Eastern Europe, Central Europe
  • Author: Rafael Cezar, Timothée Gigout, Fabien Tripier
  • Publication Date: 03-2020
  • Content Type: Working Paper
  • Institution: Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
  • Abstract: This paper studies the impact of uncertainty on cross-border investments. We build a data-set of firm-level outward Foreign Direct Investments between 2000 and 2015. We create a time and country varying measure of uncertainty based on the dispersion of idiosyncratic investment returns. An increase in uncertainty delays cross-border flows to the affected country. Yet, this average effect hides strong heterogeneity. Firms with low ex-ante performance durably reduce their foreign investments. Meanwhile high-performing firms increase their investments after the initial shock. We interpret these results as the evidence of a cleansing effect of uncertainty shocks among multinational firms in the presence of financial frictions.
  • Topic: Economics, International Political Economy, Foreign Direct Investment, Borders, Investment
  • Political Geography: Global Focus
  • Author: Jacob Funk Kirkegaard
  • Publication Date: 09-2019
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: For years China has been one of the world’s most rapidly growing sources of outward foreign direct investment. Since peaking in 2016, however, Chinese outward investments, primarily to the United States but also the European Union, have declined dramatically, especially in response to changes in China’s domestic rules on capital outflows and in the face of rising nationalism in the United States. Concerns about growing Chinese influence in other economies, the ascendant role of an authoritarian government in Beijing, and the possible security implications of Chinese dominance in the high-technology sector have put Chinese outward investments under intense international scrutiny. This Policy Brief analyzes the most recent trends in Chinese investments in the United States and the European Union and reviews recent political and regulatory changes both have adopted toward Chinese inward investments. It also explores the emerging transatlantic difference in the regulatory response to the Chinese information technology firm Huawei. Concerned about national security and as part of the ongoing broader trade friction with China, the United States has cracked down far harder on the company than the European Union.
  • Topic: Economics, International Trade and Finance, National Security, Foreign Direct Investment, Investment
  • Political Geography: China, Europe, Asia, North America, United States of America
  • Author: Derek Scissors
  • Publication Date: 01-2019
  • Content Type: Special Report
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Chinese investment around the world fell sharply in 2018. The decline was most evident later in the year and among state-owned enterprises. These companies also engaged in fewer power construction projects. The number of countries in the Belt and Road Initiative keeps expanding, but activity levels per country are flat. One explanation for weakness in various Chinese efforts to “Go Out” is caution in drawing down foreign exchange reserves. The US has restricted Chinese investment, but it was already small in size in 2018. Serious problems remain—for example, theft and coercive transfer of technology. Firms violating American law should face sanctions, not just investment bans.
  • Topic: Globalization, Foreign Direct Investment, Sanctions, Business , Investment
  • Political Geography: China, Asia, North America, United States of America
  • Author: Javier Garcia-Bernardo, Arjan Reurink
  • Publication Date: 10-2019
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: International tax competition is generally framed as states competing for foreign direct invest- ment (FDI), and analyses of the phenomenon draw heavily on FDI statistics. In and of themselves, however, FDI statistics are merely a quantification of the value of investment projects and tell us little about the heterogeneity of these projects and the distinct patterns of competitive dynamics between countries they generate. In this paper, we create a more sophisticated understanding of international tax competition by pointing out its variegated nature. To do so, we introduce the notion of the “great fragmentation of the firm” to distinguish between five categories of FDI: manufacturing affiliates, shared service centers, research and development facilities, intermedi- ate holding companies, and top holding companies. Using a novel combination of firm-level and country-level data, we identify for each category of FDI which European Union member states are most successful in attracting it, what macro-institutional and tax arrangements they rely on for doing so, and what benefits they receive from it in terms of tax revenues and employment creation. In this way we were able to identify five distinct FDI attraction profiles and show that, rather than being a game of all against all, tax competition in the European Union increasingly takes place amongst subsets of countries that compete for similar categories of FDI.
  • Topic: Foreign Direct Investment, European Union, Tax Systems
  • Political Geography: Europe
  • Author: Enrique Dussel Peters
  • Publication Date: 06-2019
  • Content Type: Working Paper
  • Institution: The Carter Center
  • Abstract: Since the beginning of the 21st century, China’s presence in Latin America and the Caribbean (LAC) has been substantial in practically all socio-economic fields: cultural, bilateral and multilateral political issues, as well as trade, foreign direct investments, academic exchanges, and other areas. The main objective of this document is to analyze the effects of China’s presence in the region in terms of sustainable and long-term development, as well as its incidence in its relationship with the United States. Thus, the document will include a diagnostic to understand some of the specificities of the LAC-China socio-economic relationship, followed by the conclusion with a series of proposals. The first section of the paper will examine five issues that are relevant to understand general and specific topics about the China-LAC relationship: 1) general geostrategic and diplomatic topics to understand current tensions between the United States and China; 2) China’s proposal of a globalization process; 3) the concept of “new triangular relationships” and LAC’s challenges given increasing tensions between the United States and China; 4) particular developments and structures in trade, foreign direct investment, financing and infrastructure; and 5) the institutional framework between LAC and China. The second part of the paper focuses on a series of recommendations attempting to deepen and extend the China-LAC relationship and integrating the United States in it.
  • Topic: International Cooperation, Bilateral Relations, Foreign Direct Investment, Culture, Multilateral Relatons
  • Political Geography: China, Asia, Latin America, North America, United States of America
  • Author: Marsha Cadogan
  • Publication Date: 09-2019
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: IP rights are often presented as a contentious issue in the development discourse. Some view strong IP rights as an obstacle to domestic development by creating barriers to the use of intangible resources on favourable terms. Others view IP rights as a means to foster growth in domestic industries, encourage innovation and protect foreign firms in high-infringement jurisdictions. These differing global perspectives on whether and, if so, how, IP rights promote development in domestic and global economies often result in policies that are either conducive to development or are challenging as development aids. The SDGs make no explicit reference to IP. However, IP is implicit in either the achievement of the SDGs as a whole, or as an aspect of specific goals, such as innovation. This policy brief deals with the relevance of the SDGs to the creation, use, protection and management of IP in developed economies.
  • Topic: Development, Foreign Direct Investment, Sustainable Development Goals, Innovation, Industry
  • Political Geography: Global Focus
  • Author: Shujiro Urata, Youngmin Baek
  • Publication Date: 11-2019
  • Content Type: Working Paper
  • Institution: Economic Research Institute for ASEAN and East Asia (ERIA)
  • Abstract: This paper examines the impact of global value chain (GVC) participation on productivity by considering both backward and forward participation. Conducting a panel estimation covering 47 countries and 13 manufacturing sectors for 1995–2011, we found that both backward and forward GVC participation contributes to an increase in the productivity of the countries involved in GVCs. In particular, benefits in the form of improved productivity are larger in cases where developing countries procure intermediate goods from developed countries, or backward participation. Our analysis indicates the importance of GVC participation for improving productivity. We argue that, in order for a country to increase GVC participation, an open, free, and transparent trade and foreign direct investment environment (which is provided by regional trade agreements); well-developed soft infrastructure (e.g. educational and legal systems); hard infrastructure (e.g. transportation and communication systems); and the availability of capable human resources are important.
  • Topic: International Trade and Finance, Foreign Direct Investment, Global Value Chains
  • Political Geography: Global Focus
  • Author: Jongduk Kim, Moonhee Cho
  • Publication Date: 12-2019
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: In this study, we investigate the question whether importing countries’ implementation of protective trade measures, such as antidumping duties, leads to changes in foreign direct investment from trading partners. That is, we examine the prevalence of “ADP-jumping FDI” across countries. We use more recent and organized non-tariff measure data provided by the WTO I-TIP and Ghodsi et al. (2017), which can be matched with other trade-related variables. Using econometrically sensible identification strategies, the Tobit and the Heckman two-stage selection models, we find out that ADP-jumping FDI to importing countries prevails rather consistently around the world. These results are also consistent with those using Poisson and linear fixed effects models.
  • Topic: Foreign Direct Investment, Trade, Protectionism
  • Political Geography: Asia, Korea, Global Focus
  • Author: Paul Rivlin
  • Publication Date: 03-2019
  • Content Type: Commentary and Analysis
  • Institution: Moshe Dayan Center for Middle Eastern and African Studies
  • Abstract: Paul Rivlin analyzes the economic background of China's involvement in the Middle East. Several key questions arise with respect to China’s economic involvement in the Middle East: What are China’s interests in the Middle East? How far are they dominated by its energy needs? How are they affected by its relations with the United States?
  • Topic: Foreign Policy, Energy Policy, Foreign Direct Investment, Geopolitics, Economy
  • Political Geography: China, Middle East
  • Author: Kateryna Markevych
  • Publication Date: 01-2019
  • Content Type: Commentary and Analysis
  • Institution: Razumkov Centre
  • Abstract: The lack of national capital and the need for restructuring of companies on the one hand, and the need to reduce the technological gap on the other raise the issue of attracting foreign investments in Ukraine.
  • Topic: Foreign Direct Investment, Business , Investment, Capital
  • Political Geography: Ukraine, Eastern Europe
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 01-2019
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 04-2019
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 07-2019
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 10-2019
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Publication Date: 01-2019
  • Content Type: Policy Brief
  • Institution: Advocates Coalition for Development and Environment (ACODE)
  • Abstract: Chinese investment is flowing fast into Uganda, and spreading into the agriculture and forestry sectors. The government needs to keep pace with these developments so the benefits can be shared by Ugandans. A new analysis shows that, while the jobs and new businesses created are well received, the working conditions and environmental practices of Chinese companies are often poor. Many people evicted from their land to make way for new projects have not been compensated. To hold Chinese companies to account, government agencies, with support from NGOs, must share information about these investments and introduce stronger regulation — in particular to uphold community rights. In turn, Chinese companies must be more transparent, responsible and legally compliant. With a proactive and accountable strategy for Chinese investment management, Uganda could make major gains for sustainable development.
  • Topic: Development, Economics, International Trade and Finance, Foreign Direct Investment, Business , Accountability, Investment, NGOs
  • Political Geography: Uganda, Africa, China
  • Author: Eme Dada
  • Publication Date: 08-2019
  • Content Type: Policy Brief
  • Institution: African Economic Research Consortium (AERC)
  • Abstract: The objective of this policy brief is to inform the Ministers of Trade and Investment of Economic Community of West African State (ECOWAS) countries about the importance of the linkage between Foreign Direct Investment (FDI) and trade for developing countries. FDI is considered an important means of promoting export of the host countries. This is true of inward FDI, which comes for efficiency reasons. Conversely, there is concern that large flows of outward FDI results in a decline in the host country’s exports and loss of jobs. This in turn assumes that the exports of the source country will fall as FDI substitutes for trade.
  • Topic: Development, Economics, International Trade and Finance, Foreign Direct Investment, Economic Growth
  • Political Geography: Africa, Liberia, Sierra Leone, Senegal, Mali, Guinea, Guinea-Bissau, Cape Verde, Gambia
  • Author: Sovinda Po, Kimkong Heng
  • Publication Date: 05-2019
  • Content Type: Working Paper
  • Institution: Pacific Forum
  • Abstract: The past several years have seen an unprecedented inflow of Chinese investments to Cambodia, resulting in a huge increase in the number of Chinese people in this Asian country. Chinese investment projects have previously been concentrated in the Cambodian capital city, Phnom Penh, but the focus has recently been shifted to Sihanoukville, a coastal province of Cambodia. The growing presence of the Chinese, many of whom are business people and migrant workers in Sihanoukville, has brought concerns about potential impacts resulting from Chinese investment projects. Although positive impacts in terms of infrastructure development and job opportunities are apparent, Chinese investments have created numerous issues that have made headlines across various media outlets, both national and international. This analysis aims to assess the impacts of Chinese investment in Cambodia by drawing on data in the form of new reports, commentaries, analyses, and articles published on different media platforms and in academic journals. Taking Sihanoukville as a case study, the analysis shows that, despite economic benefits, Chinese investments have significant negative impacts on Cambodia as a host country of foreign direct investment. Four dimensions of the impact, including political, socio-cultural, environmental, and socio-economic are discussed. The analysis concludes with ways forward for Cambodia and China to ensure that positive rather than negative outcomes are the consequences of Chinese investments in Cambodia.
  • Topic: Foreign Direct Investment, Investment, Economic Cooperation
  • Political Geography: China, Asia, Cambodia
  • Author: Amat Adarov, Robert Stehrer
  • Publication Date: 11-2019
  • Content Type: Working Paper
  • Institution: The Vienna Institute for International Economic Studies (WIIW)
  • Abstract: In the age of globalisation, international trade and foreign direct investment (FDI) have become integral elements of cross-country production sharing. In this paper we empirically assess the impact of FDI, as well as capital dynamics and structure, on the formation of global value chains (GVC) and trade in value added at country and sectoral levels based on a database constructed for a sample of European countries over the period 2000-2014. The analysis reveals that inward FDI is especially conducive to the formation of backward linkages while outward FDI facilitates forward GVC participation, especially in high-tech manufacturing sectors. A particularly robust influence of FDI and capital accumulation on GVC integration is identified in the textile and clothing industry. While capital accumulation in general intensifies GVC linkages for most sectors, ICT capital appears to be especially instrumental for backward integration of electrical and transportation equipment sectors.
  • Topic: Globalization, International Trade and Finance, Foreign Direct Investment, Trade, Global Value Chains
  • Political Geography: United States, Japan, Europe
  • Author: Edward C. Chow, Andrew J. Stanley
  • Publication Date: 02-2018
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: After the Soviet Union collapsed and Russia was roiled by political and economic chaos, many state-owned assets were privatized based on political connections and corrupt practices. The oil sector was a particularly attractive, but by no means the only, target for these privatizations. By the end of the 1990s, almost all of Russia’s oil production was privately owned. In spite of continued nontransparency, the oil sector began to resemble a competitive market with private investors introducing Western technology, financial accounting, and operating and management practices. It also started to attract major foreign investments. The remaining state oil assets were managed by a sleepy state enterprise named Rosneft that, in spite of its name (Russian Oil), produced less than 5 percent of Russia’s oil. Today, majority state-owned Rosneft produces almost half of Russia’s oil. Its daily oil production of 4.6 million barrels, according to its last reported quarterly results, is double that of the world’s largest oil company by market capitalization, ExxonMobil, which last reported daily liquids production of 2.3 million barrels. Rosneft’s rapid rise coincided with the rule of Vladimir Putin, who first became president of Russia in 2000. Its production increases were built largely on the backs of controversial acquisitions of assets previously held by private companies such as Yukos, TNK-BP, and Bashneft. Rosneft’s acquisition spree accelerated after Putin’s close associate and Russia’s then-deputy prime minister Igor Sechin became chairman of its board of directors in 2004. Sechin left government in 2012 to take over as Rosneft’s chief executive officer. Rosneft’s board of directors is now chaired by former German chancellor Gerhard Schroeder. Rosneft’s transformation as Russia’s national oil champion is consistent with Putin’s policy of regaining state control over the commanding heights of the Russian economy, which is more reliant on oil income today than the Soviet Union ever was. Rosneft is Russia’s largest taxpayer and contributed a quarter of government revenue in 2014. Until recently, Rosneft concentrated mainly on consolidating its dominance over the domestic oil patch. It is also Russia’s leading refiner and is increasing natural gas production for direct sales to domestic gas users, producing 67 billion cubic meters in 2016. In 2014, Russia was hit by the twin shocks of a global oil price collapse and Western economic sanctions enacted after its aggression against Ukraine in the Donbas region and annexation of Crimea. These developments affected Rosneft severely since it involved the value of the commodity it produces and sells and restricted Rosneft’s access to international financing when it was heavily indebted from the aforementioned acquisitions. A normal company might hunker down, repair its balance sheet, and wait for external conditions to improve. Instead Rosneft has done the exact opposite and expanded its international business aggressively. As part of the 2014 U.S.-led sanction efforts, Igor Sechin, as the leading figure of Russia’s largest petroleum company and his having “shown utter loyalty to Vladimir Putin,” was directly sanctioned. Further Russian sanctions enacted by Congress in 2017 called on the U.S. Department of the Treasury to submit a detailed report on senior political figures, oligarchs, and parastatal entities as determined by their “closeness to the Russian regime and their net worth.” While the unclassified version of the report released to Congress on January 29 included Igor Sechin, the report was poorly received and largely regarded as nothing more than a “rich list” by Russian experts. However, the report also contains classified annexes, including a list of parastatal entities and supporting analysis, which by definition would have included Rosneft. Although Rosneft’s rapid international expansion is too recent to assess definitely, this paper describes some of Rosneft’s overseas ventures and explores possible motivations, economic and political, behind them.
  • Topic: Energy Policy, Oil, Foreign Direct Investment, Sanctions, Gas, Transparency, Private Sector
  • Political Geography: Russia, United States, Europe, Eastern Europe
  • Author: Nicola Bilotta, Lorenzo Colantoni
  • Publication Date: 12-2018
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: The electrification of Sub-Saharan Africa has traditionally suffered from a lack of adequate investments, given the scarcity of domestic funds and the higher regional risk perceived by foreign investors. And yet, electrification of the continent has accelerated lately, driven by innovative financing instruments that fit the African framework. Such tools as aggregation, securitization and guarantee instruments reduce risk premiums, thus increasing the attractiveness of the sector and making it easier for international institutions to provide back-up funding for private, local and decentralized projects. Critical in this regard has been Africa’s FinTech system, which enables forms of mobile payment and micro-credit access, resulting in innovative business models. Such sets of tools will be then fundamental to maintaining the current trends and, eventually, reach the long-awaited universal access to energy for those in Sub-Saharan Africa. Paper prepared in the framework of the IAI-Eni Strategic Partnership, December 2018.
  • Topic: Climate Change, Energy Policy, Natural Resources, Foreign Direct Investment, Sustainable Development Goals
  • Political Geography: Africa, Europe
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 04-2018
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 07-2018
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Merab Kakulia, Nodar Kapanadze, Lela Bakhtadze
  • Publication Date: 10-2018
  • Content Type: Special Report
  • Institution: Georgian Foundation for Strategic International Studies -GFSIS
  • Abstract: The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
  • Topic: Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic Growth, Banks, Inflation
  • Political Geography: Eurasia, Caucasus, Georgia
  • Author: Haluk Alkan
  • Publication Date: 06-2018
  • Content Type: Journal Article
  • Journal: Istanbul Journal of Economics
  • Institution: Istanbul University Faculty of Economics
  • Abstract: Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
  • Topic: Economics, International Political Economy, Foreign Direct Investment, Economic Growth, Political Science, Banking
  • Political Geography: Turkey, Global Focus