DETERMINANTS OF FOREIGN DIRECT INVESTMENT: GLOBALIZATION INDUCED CHANGES AND THE ROLE OF FDI POLICIES *
|
|
- Gloria Riley
- 5 years ago
- Views:
Transcription
1 DETERMINANTS OF FOREIGN DIRECT INVESTMENT: GLOBALIZATION INDUCED CHANGES AND THE ROLE OF FDI POLICIES * 1. Introduction John H. Dunning Emeritus Professor of International Business Rutgers and Reading Universities One of the most remarkable features of the last decade has been the rapidly growing transnationalisation of most economies in the world. As set out in Exhibit 1, and expressed as a percentage of the global gross domestic product (gdp), the share of the combined inward and outward foreign direct investment (fdi) stocks rose from 19.2% in 1990 to 34.0% in 1999 and an estimated 38.2% in However in 2001, mainly due to an (estimated) fall of world fdi flows by 40%, this ratio is likely only to have increased marginally - to around 39.0%. Yet even from these figures, it can be seen that fdi flows still remain one of the most dynamic constituents of the global economy; and it is expected that, in 2002, as in 2001, they will considerably outpace the growth of both trade and world gdp. In this paper, we shall be primarily concerned with the impact of recent economic and political events, and the likely course of future events, on the geography of fdi; and in particular, on the role of fdi policies in influencing the location of the value added activities of multinational enterprises (MNEs). To what extent is the current slow down in economic growth, the realignment of some exchange rates, and the aftermath of September 11th, 2001, causing international firms to retrench, or geographically realign, their foreign production; or to service their global markets by way of exports, or by engaging in more sub-contracting with foreign suppliers? Or will the burgeoning of regional integration schemes; the cautious optimism arising from the WTO discussions in Doya; the impact of e-commerce; the need to continue to * Part of this paper was originally published as an article by the present author in the Economist Intelligence Unit's World Investment Prospects, 2002, London 2002.
2 tap into foreign sources of knowledge and other created assets; and the promising opportunities for foreign investors now being opened up by the larger developing countries - notably China and India, - counteract any short-term cross-border risk averse strategies. EXHIBIT 1 COMBINED INWARD AND OUTWARD FDI STOCKS AS A PERCENTAGE OF GROSS DOMESTIC PRODUCT (%) World Developed Countries Developing Countries Central and Eastern Europe neg Source: (i) (ii) UNCTAD World Investment Report (various issues) 2000 and 2001 Author's estimates. Factors influencing recent trends in FDI The data in Exhibit 2 suggest that the later 1990s saw a redirection in global fdi inflows to the developed regions of the world - and especially Western Europe. There were three main reasons for this. First, there was a huge cross-border merger and acquisition (M&A) boom, which overwhelmingly involved MNEs from one part of the Triad buying firms in another part of the Triad. Something approaching 70% of all new fdi was accounted for by M&As between 1995 and Most of these were geared towards augmenting the technological, managerial or entrepreneurial assets of the acquiring firms or accessing new markets. In 2000, no less than 73% of all cross-border sales and mergers were within the services sectors (and four fifths of 2
3 these were in transport and communications, finance and business services). In manufacturing, deals in the electrical and electronic equipment and food, drink and tobacco sectors headed the list. The slow down in economic growth, particularly among the Triad countries, dramatically reduced the number of cross-border M&As in Even so, in the first nine months of that year, although only about one-half of the value of the same period of the previous year (at $400 billion), the cross border M&A sales were still higher than those for the average of the preceding six years. Again, most of these involved European or trans-atlantic corporations. Second, the growth of regional integration schemes, especially the completion of the internal market in Europe and the maturation of NAFTA has also had an important effect on the geography of MNE activity. Exhibit 3 shows a steadily rising share of fdi inflows, accounted for these two latter regions in the latter half of the 1990s. Preliminary data for 2001 suggest a considerable decline of that share to around 63%. Nevertheless, research, both in the UK and the US, clearly shows that as a direct result of reduced trade and investment barriers in the 1980s and early 1990s, both intra- and extra-eu and NAFTA cross border merger activity increased; and in the latter part of 2002 and 2003 one might reasonably expect these shares to gain ground again. Third, the slow down in the economic growth of mainland China, and the Eastern Asian economic crises of the mid-1990s, considerably reduced the earlier attractiveness of the region to foreign investors: indeed, between 1996 and 1999, its share of new South and East Asian fdi inflows, as a percentage of world inflows, fell from 23.2% to 9.0%. Since then, mainly due to the restructuring of Korean economic policy, and the depreciation of the won, together with the renewed optimism by foreign investors in the Chinese (and particularly the Hong Kong) 1 We accept, of course, that there is no automatic one-to-one coincidence between fdi flows and cross-border M&A deals. For further details see UNCTAD (2000). 3
4 EXHIBIT 2 SHARE OF FDI INFLOWS ACCOUNTED FOR BY MAJOR REGIONS OF THE WORLD 1995/2001 (%) (est) 1 DEVELOPED COUNTRIES (of which North America, Western Europe, Japan) (20.5) (35.4) (0.1) 69.3 (28.4) (39.5) (0.5) 77.2 (29.8) (45.1) (1.2) 79.1 (27.1) (49.8) (0.6) 67.1 (22.0) (44.6) (0.5) 2. DEVELOPING COUNTRIES (of which Africa Latin America and the Caribbean Asia and the Pacific) (1.4) (9.8) (22.9) 27.1 (1.2) (12.0) (13.8) 20.7 (0.8) (10.2) (9.3) 18.9 (0.6) (6.8) (11.3) 29.6 (1.3) (10.5) (16.4) 3. CENTRAL AND EASTERN EUROPE WORLD Of which China, including Hong Kong (12.7) (8.5) (6.4) (8.3) (12.5) 2. Including countries in former Yugoslavia. Source: 1995/2000 UNCTAD World Investment Report (various issues) UNCTAD and Author's estimates. 4
5 EXHIBIT 3: SHARES OF INWARD FDI DIRECTED TO TWO AREAS OF REGIONAL ECONOMIC INTEGRATION (%). 1989/ (est) European Union NAFTA Source: UNCTAD World Investment Report (various issues) 2001 Author's estimate. economy, it recovered to 10.8% in In 2001, it is estimated to have risen even more sharply to 15.2%. What, however, of the specific affect of September 11th? Most certainly the immediate impact has been to accentuate the economic downturn of the previous nine months, and to create a higher level of corporate uncertainty. In the medium term, the new global economic environment is likely to have two major affects on the geography of fdi. First, by placing a higher premium on environmental risk, it is likely to steer MNE activity towards locations perceived to be friendly towards their home country regimes; and be least subject to terrorist attacks or political instability. Second, it may well add to the competitive pressures in many industries forcing companies to enhance their cost efficiency. Faced by more price driven competition, some MNEs may choose to relocate some of their production facilities in low (real) cost developing countries. At the same time, due to enhanced economic vulnerability, other MNEs may choose to reduce their foreign equity stakes, particularly in advanced technology 2 The dramatic increase in fdi flows into Hong Kong is put down to (a) a general improvement in the local business environment (b) China's imminent succession to the WTO (c) a $23 billion merger deal involving China M obile, but financed from new shares issued in the British Virgin Islands and (d) the emergence of Hong Kong as a funding hub for new business in the region (UNCTAD) 2001, p.25.) 5
6 sectors, - and conclude more strategic alliances and sub-contracting arrangements with foreign firms.. The changing locational determinants of fdi. Most empirical studies on the locational determinants of fdi recognise that these are strongly dependent on (a) the motivation for the fdi (cf. natural resource seeking with market seeking, efficiency seeking and asset augmenting objectives.) (b) the economic and business environment of host, or potential host, countries, and the fdirelated policies pursued by their governments. (c) the mode of entry or expansion of the fdi (cf. greenfield fdi with mergers and acquisitions (M&As)). A scheme identifying these locational determinants is set out in Exhibit 4. Over recent years much of scholarly research and a plethora of business surveys on the host country determinants of fdi has been concerned with evaluating the significance of such variables set out in this exhibit; 3 and most noticeably that of policy, tax and investment incentives, labor costs, market size and the policy framework for fdi. 4 However, our focus in this paper is on the changes in the significance of some of these variables over the last decade or so. To do this, we think it useful to look at the four types of FDI set out in Exhibit 5; and of how both the principal economic determinants and the response of host country governments to these determinants, have affected, and are affecting the locational 3 The more important of these are identified, and in some cases, reviewed in UNCTAD (1998). 4 In this connection see a thoughtful paper on locational competition and the appropriate policy instruments to attract the appropriate fdi - or least (real) cost (Siebert 2000). 6
7 strategies of mobile investors. 5 While the contents of the Exhibit are largely self-explanatory, we would emphasise a couple of points related to the first two kinds of MNE activity. (1) Developed - developing country fdi. Besides the traditional market resource seeking fdi, recent intra-developed country MNE activity has been dominated by two kinds, each of which responds differently to host country determinants. The first, as we have already mentioned, is by way of the M&As which, in 2000, accounted for 95% of all cross border M&A purchases and 92.4% of all such sales. These are essentially motivated by the expectation that the acquired firms help the acquiring firms (a) to upgrade their competitive advantage and/or (b) gain access to new markets or supply capabilities. In this respect, the host country's business environment, and government regulations with respect to competition policy innovatory and cross-border M&As, is proving to be an increasingly influential locational determinant (in Europe, cf the attitude of the German authorities towards cross-border M&As compared with those of the UK). The second kind of intra-developed country fdi is horizontal efficiency-seeking fdi, which is being encouraged inter alia by market liberalization and regional integration schemes. Here the critical locational determinants are increasingly comprising those identified under C and III rather than A,B and D and I in Exhibit 4. (2) Developed - developing country (FDI). Again, it is worth identifying two main forms of fdi. The first is the traditional market seeking or resource seeking fdi, which, excluding taxhaven related fdi, still accounts for the majority of North and South fdi (probably around 70%) - and particularly for that in the larger countries like China, India and Brazil. 6 Here the critical variables are those identified by A B and 1 and 2 in Exhibit 4. Such fdi tends to be fairly location bound - though the policy and business facilitating framework may be critical in determining whether an fdi takes place at all. 5 Mobile investors may include both foreign owned and domestic owned MNEs. 6 This figure depends on whether or not (for statistical purposes) one treats Hong Kong as part of China. If one does not, then the 70% figure drops to around 50%. 7
8 The second type of fdi is vertical efficiency seeking fdi in which foreign companies seek to produce intermediate and/or final products in the cheapest (real) cost locations primarily for exports to third markets. Here the variables identified by C and II III in Exhibit 1 are the critical ones - given a satisfactory (general) policy framework for fdi (and indeed domestic investment). Currently, such investment is largely concentrated in South, East and South-Asia, and Mexico. Impact of the value chain on the geography of FDI So far in this paper, we have been considering the geography of all foreign activities of MNEs financed by fdi. However, it is well known that not only is this geography of such activities and the policies of host governments towards them, likely to vary between industrial sectors, but also, according to the raison d'etre for those activities, and the particular parts of the value chain which MNEs choose to locate outside their home countries. The fact that a good deal of intra-triad fdi is now being made to protect or augment the existing competitive advantages of the investing firms rather than exploiting such advantages, suggests a very different geography of MNE activity, both between developed countries and within them. By contrast, by far the greater part of fdi in developing countries (notably in the larger and faster growing economies) is directed to accessing local natural resources and/or national (or regional) markets. The future locational strategy of MNEs and the impact of the fdi related policies of host governments is then likely to rest on the relative significance and growth of the two types of fdi. This, in turn, will reflect the opportunities offered by local markets and supply capabilities on the one hand, and the need to tap into the global panorama of resources and capabilities - particularly that of all kinds of knowledge - on the other. On the question of which functions MNEs are most likely to locate outside their home countries, the literature is fairly clear. In a survey conducted by the present author at Rutgers University five years ago, it was found that, although 40% of the global assets of 150 of the world's leading industrial companies were located outside their home countries, only 23.3% of 8
9 their research and development (R&D) activities was so sited. The tendency of MNEs to concentrate their innovatory activities in their home countries - usually for good economic reasons - is also confirmed by data on the extent to which the proportion of patents registered by the world's largest firms are attributable to research undertaken by their foreign affiliates. However, as John Cantwell of Reading University has shown, this proportion has gradually risen over the years to an average of around 11.5% in the mid 1990s; and is highest in the case of European and lowest in the case of US and Japanese firms (Cantwell and Janne, (2000)).. Furthermore, in 2000, whereas 68.5% of the stock of fdi by MNEs was located in developed countries, (the proportion for 2001 was nearer 65%), between 80 and 85% of their innovatory activities were so located. Though there is an increasing tendency for MNEs to site some of their research and development (mostly development) activities in the larger or higher income developing countries (notably Korea, India, China, Singapore and Brazil), the great bulk continue to be performed within the Triad; and, it is a fact that a growing number of the more knowledge or information intensive MNEs are desiring, and obtaining, an active R & D presence in each of the main Triad regions (Kuemmerle 1999). Research has also shown that such a presence is offering handsome benefits to the investing companies, both in the access it allows to new sources of technological, organisational and marketing expertise, and to foreign innovatory systems, and by the R & D actually undertaken by the local affiliates of the MNEs. It is also causing host governments to reappraise their technology policies in the light of the increasing presence of innovatory activities by MNEs. 7 Other factors affecting the location of FDI We would make three other brief observations about the recent and likely future locational pattern of MNE activity. The first concerns the likely impact of the internet - and 9
10 more particularly business to business (B to B) electronic commerce. While there are a few examples of tangible goods (which need to be produced in a particular location), being replaced by services downloaded on the computer, the major effect of the internet is currently on the mode of delivery of the goods and services in question (Dunning and Wymbs, 2001). For if nothing else, the internet is a market facilitating instrument, as it reduces intra-firm information asymmetries and spatial transaction costs, both along and across value chains. In so doing, it has enormously widened the locational options open to firms in seeking out their suppliers, customers and possible collaborators. This is particularly so where reasonably standardised commodities are being produced and sold; and where the necessary information and knowledge, e.g. in the form of designs, blueprints and specifications, can be transferred and utilised across national boundaries without difficulty. Supply chains in such sectors as autos, garments, and electronic goods are not only becoming dis-internalised by firms, but are becoming more spatially dispersed. The internet is, indeed, a major force for globalisation and widening the locational choice of MNEs (Zaheer and Manrakhan 2001). Moreover, in the case of the more labour intensive activities, it has considerably favored the economies of lower and middle income developing countries that pursue the right policies towards, or in the light of, inbound fdi. At the same time, the advent of E-commerce is having much less impact on the geography of the higher value and more idiosyncratic activities of firms. As these tend to involve market failures or distortions which the internet is unable to correct. This being so, we foresee only a modest geographical dispersion of the innovatory activities of MNEs in the years to come. We believe these are likely to remain concentrated in a relatively few locations where the resource capabilities and infrastructure are congenial to such activity. 7 These issues are explored by various authors in Archibugi, Howells and Michie (1999). 10
11 The second (and related) new element affecting the location of international business is the trend towards a sub-national agglomeration of related activities by firms. 8 Sometimes this clustering is among firms producing similar products; sometimes between firms and their suppliers and customers. While the principle of comparative advantage has long since helped explain the composition of production between countries, it is now recognised that, in the larger economies of the world at least, the principle is no less relevant in explaining the spatial distribution of some kinds of activities within countries. Moreover, the advantages of spatial agglomeration (e.g. access to common learning facilities, information, infrastructure, factor and product markets) are no less applicable to services as to manufacturing activities; and can be gained in both developing and developed countries. And it seems likely that MNEs will be increasingly drawn to such sub-national groupings in the next decade or more. Finally, we would mention the growing trend towards the setting up, diversification and expansion of the regional headquarters (RHQs) of MNEs. This trend is again evident both in the case of developed and developing countries; and is lending support to Alan Rugman's assertion that MNE activity is becoming increasingly regionalised rather than globalised (Rugman (2000)). 9 Certainly, it is being encouraged by the growing number of regional integration schemes; and the extent to which MNEs engage in intra-regional cf inter-regional trade. 10 Such RHQs are, by no means, confined to the advanced industrialised countries or to firms engaged in manufacturing industry. Both Hong Kong and Singapore house the RHQs of Asian based trade, shipping and financial and business service firms, most of the value added activities of which are conducted within the region (Enright, 2000). Once again, we see, in the RHQ phenomena, a tendency both towards more geographical diversification, but also to an increased specialisation 8 There is a large literature developing on this subject. For a recent review of this literature see Dunning (2000). 9 Alan Rugman The End of Globalisation, London, Random House Business Books. 10 For example, in the late 1990s some 75% of the exports of US subsidiaries in EC countries are intra-ec; and 80% of those in Mexico and Canada are intra NAFTA (US Department of Commerce data). 11
12 within regions to take advantage of the economies of scale, access to high quality skills and services, and a strategic location. Conclusions To conclude: the evidence strongly suggests that there are both short and long term forces compelling MNEs to rethink their locational strategies, and for national and sub-national governments to reappraise their micro-management policies designed to attract and retain the 'right' kind of fdi to their borders. As to the former, it is becoming increasingly evident that spatially related decisions, notably in respect of what and how much to sub-contract, what and how much to produce, and to whom and where to sell end products, is becoming a more important component of competitive advantage. While it remains important that corporations internally generate their core competences, it is also essential that they efficiently use these - many of which are geographically mobile - jointly with other resources and capabilities in different parts of the world which are spatially less mobile. However, as we showed earlier, the locational strategies actually chosen by firms are likely to be highly contextual; and to vary according to industry specific characteristics, the motives for fdi, and the functions being performed by MNE subsidiaries. In this paper, we have also suggested that, quite apart from the impact of the current economic slow down and the events of September 11th, the internet, the widening scope of the knowledge based economy, and regional integration schemes are also affecting the geography of fdi. As to the role of governments as they seek to attract MNE activity, we believe they need to recognise that the location specific advantages sought by mobile investors are changing. While in some countries, e.g. the larger developing countries, such traditional economic variables, e.g. the availability of cheap labour, natural resources and market size, remain important, in others, e.g. the more advanced industrialised countries, MNEs are increasingly seeking complementary knowledge 12
13 intensive resources and capabilities, a supportive and transparent commercial, legal communications infrastructure, and a gamut of government policies favourable to globalisation, innovation and entrepreneurship. Field surveys of the rankings of various countries by business executives compiled and published by the EIU in the 2000 and 2001 editions of the World Investment Prospects (E.I.U. 2002) show that business executives are increasingly ranking the political stability, quality of infrastructure and government policies towards private enterprise and competition, along with the macro economic environment, as the critical variables likely to affect the future geography of fdi in the early years of the 21st century. To these, the propensity to terrorist attacks or other destabilizing events might be added. These results, which are broadly confirmed by other studies on the investment intentions of firms, are useful pointers to governments wishing to attract such investment. They also suggest that these same governments need to give constant attention to the upgrading and reconfiguring of their own unique location bound advantages; (both actual and potential); and to target the kind of fdi which might help them best accomplish this objective. Rutgers and Reading Universities 13
14 REFERENCES Archibugi, D. Howells, J. and Michie J.(1999), Innovation Policy on a Global Economy Cambridge University Press. Cantwell, J. and Janne, O. (2000) The role of multinational corporations and national states in the globalization of innovatory capacity: the European perspective. Technology Analysis and Strategic Management, 12(2), Dunning, J.H. and Wymbs, C. (2001) The challenge of electronic commerce for international business theory, International Journal of the Economics of Business, 8(2), Dunning, J.H. (ed.) (2000), Regions, Globalization and the Knowledge Based Economy, Oxford, Oxford University Press. Economist Intelligence Unit (2001) World Investment Prospects, London E.I.U. Economist Intelligence Unit (2002) World Investment Prospects, London, E.I.U. Enright, M.J. (2000) Globalization, regionalization and the knowledge based economy in Hong Kong in Dunning, J.H. (ed.) (2000), Regions, Globalization and the Knowledge based Economy, Oxford, Oxford University Press, Kuemmerle, W. (1999) The drivers of foreign direct investment into research and development: an empirical investigation, Journal of International Business Studies, 30(1), Rugman, A.M. (2000) The End of Globalization, London, Random House Books. Siebert, H. (2000) The Paradigm of Locational Competition. Kiel: Institut fur weltwirtschaft Kiel Discussion Papers, No.367, August. UNCTAD (2001) World Investment Report: Promoting Linkages, New York and Geneva, U.N. UNCTAD (2000) World Investment Report: Cross Border Mergers and Acquisitions and Development. New York and Geneva. UNCTAD (1998) World Investment Report: Trends and Determinants, New York, and Geneva, U.N. Zaheer, S. and Manrakhan, S. (2001) Concentration and dispersion in global industries: remote electronic access and the location of economic activities, Journal of International Business Studies, 32(4),
15 15
16 EXHIBIT 4 HOST COUNTRY DETERMINANTS OF FDI HOST COUNTRY DETERMINANTS I. Policy framework for FDI economic, political and social stability rules regarding entry and operations standards of treatment of foreign affiliates policies on functioning and structure of markets (especially competition and M&A policies). international agreements on FDI privatization policy trade policy (tariffs and NTBs) and coherence of FDI and trade policies tax policy industrial/regional policy II Economic determinants III Business facilitation investment promotion schemes including image-building and investment-generating activities and investment-facilitation services) investment incentives reduced hassle costs related to corruption, bureaucratic inefficiency. social amenities (bilingual schools, quality of life, etc.) pre- and post-investment services (e.g. one stop shopping. protection of property rights good infrastructure and support services e.g. banking, legal, accountancy services economic morality. Types of FDI classified* Principal Economic determinants in host by motives of TNCs countries A.Market-seeking market size and per capita income market growth access to regional and global markets country specific consumer preference structure of markets B. Resource seeking land and building costs/rents and rates raw materials, components, parts. low-cost unskilled labour skilled labour C. Efficiency-seeking cost of resources and assets listed under B adjusted for productivity for labour inputs. other input costs, e.g. transport and communication costs to/from and within host economy and costs of other intermediate products. membership of a regional integration agreement conducive to promoting a more cost-effective and product upgrading inter-country division of labour. D. Asset seeking technological, managerial relational and other created assets be they those embodied in individuals, firms or clusters of firms. physical infrastructure (ports, roads, power, telecommunication) macro-innovatory, entrepreneurial educational capacity/environment. *Each of these in turn may be classified by entry mode (e.g. greenfield c.f. M&A), by degree of foreign ownership (100% or joint venture); and by those parts of the value chain of a foreign investor s operations being considered. Source: Author s adaptation of Table IV.1 (p.91) of UNCTAD 2001.
17 EXHIBIT 5 CHANGING LOCATIONAL VARIABLES AFFECTING FDI 1970/ /2000 (a) Motives/Strategies of Firms 1970/ /2000 (1) Developed-developed?? Mainly market/horizontal efficiency seeking fdi?? More assets augmenting and (horizontal) efficiency seeking fdi?? Mixture of greenfield fdi (or expansion of same) and M&As?? More M&As/strategic Alliances?? Integrated MNE operations (b) Host Country Determinants?? Multi-domestic MNE operations?? Emphasis on business facilitating variables?? Predominantly FDI policy and economic?? Availability of creative assets determinants affecting market -efficiency seeking fdi?? Agglomerative economies (a) Motives/Strategies of Firms 1970/ /2000???? (2) Developed-Developing?? Mainly market resource seeking?? More (vertical) efficiency seeking fdi and subcontracting?? Greenfield/joint ventures?? Multi domestic MNE operations?? Predominants fdi policy and economic determinants; especially regulation of incentives towards fdi. (b) Host Country Determinants?? Emphasis switched to using fdi to upgrade competitive advantage?? More attention given to economic policies and business facilitation (a) Motives/Strategies of Firms (3) Developing-developed 1970/ /2000?? Very little fdi?? As for (1) above. (b) Host Country determinants (a) Motives/Strategies of Firms (4) Developing/Developing 1970/ /2000?? Almost entirely market/resource seeking?? As for 1970s/1980s, but an increasing amount of efficiency seeking and some asset augmenting fdi.?? Multidomestic MNE operations (b) Host Country Determinants?? As for (2) above.?? As for (2) above
HIGHLIGHTS. There is a clear trend in the OECD area towards. which is reflected in the economic and innovative performance of certain OECD countries.
HIGHLIGHTS The ability to create, distribute and exploit knowledge is increasingly central to competitive advantage, wealth creation and better standards of living. The STI Scoreboard 2001 presents the
More informationExplaining Asian Outward FDI
Explaining Asian Outward FDI Rashmi Banga UNCTAD-India ARTNeT Consultative Meeting on Trade and Investment Policy Coordination 16 17 July 2007, Bangkok SOME FACTS Outward FDI -phenomenon of the developed
More informationTrade Costs and Export Decisions
Chapter 8 Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises Trade Costs and Export Decisions Most U.S. firms do not report any exporting activity at all sell only
More informationEconomic Globalization and Its Consequences
Economic Globalization and Its Consequences PROF. WERNER ANTWEILER Faculty of Commerce and Business Administration http://pacific.commerce.ubc.ca/antweiler/apsc450/ 1. Definition: What is Globalization?
More informationRegional Integration. Ajitava Raychaudhuri Department of Economics Jadavpur University Kolkata. 9 May, 2016 Yangon
Regional Integration Ajitava Raychaudhuri Department of Economics Jadavpur University Kolkata 9 May, 2016 Yangon Trade Creation Through common external tariff but zero internal tariff trade is created
More informationTRADE IN THE GLOBAL ECONOMY
TRADE IN THE GLOBAL ECONOMY Learning Objectives Understand basic terms and concepts as applied to international trade. Understand basic ideas of why countries trade. Understand basic facts for trade Understand
More informationPalgrave Macmillan Journals is collaborating with JSTOR to digitize, preserve and extend access to Journal of International Business Studies.
Some Macro-Data on the Regionalisation/Globalisation Debate: A Comment on the Rugman/Verbeke Analysis Author(s): John H. Dunning, Masataka Fujita and Nevena Yakova Source:, Vol. 38, No. 1 (Jan., 2007),
More informationAmerica in the Global Economy
America in the Global Economy By Steven L. Rosen What Is Globalization? Definition: Globalization is a process of interaction and integration 統合 It includes: people, companies, and governments It is historically
More informationSECTION THREE BENEFITS OF THE JSEPA
SECTION THREE BENEFITS OF THE JSEPA 1. Section Two described the possible scope of the JSEPA and elaborated on the benefits that could be derived from the proposed initiatives under the JSEPA. This section
More informationFDI Motivations and their Impacts in Former Soviet Republics. Shorena Kurdadze, Caucasus International University, Georgia
FDI Motivations and their Impacts in Former Soviet Republics Shorena Kurdadze, Caucasus International University, Georgia The European Business & Management Conference 2016 Official Conference Proceedings
More informationChapter 11. Trade Policy in Developing Countries
Chapter 11 Trade Policy in Developing Countries Preview Import-substituting industrialization Trade liberalization since 1985 Trade and growth: Takeoff in Asia Copyright 2015 Pearson Education, Inc. All
More informationDirk Pilat:
Note: This presentation reflects my personal views and not necessarily those of the OECD or its member countries. Research Institute for Economy Trade and Industry, 28 March 2006 The Globalisation of Value
More informationReserve Bank of India Occasional Papers Vol. 32. No. 1, Summer 2011
Reserve Bank of India Occasional Papers Vol. 32. No. 1, Summer 2011 The Rise of Indian multinationals: Perspective of Indian Outward Foreign Direct Investment, edited by Karl P. Sauvant and Jaya Prakash
More informationDELOCALISATION OF PRODUCTION: THREATS AND OPPORTUNITIES FOR ESTONIA Abstract
DELOCALISATION OF PRODUCTION: THREATS AND OPPORTUNITIES FOR ESTONIA Abstract Prof. Dr. Kaarel Kilvits Professor and Director of School of Economics and Business, Department of Public Economy, Tallinn University
More informationSingapore : 1960s. Overdependence Hostile on entrepot trade environment. Small nation. High Withdrawal of British base Low industrial base
Presentation by Civil Service College to INFRASTRUCTURE AND ECONOMIC DEVELOPMENT SINGAPORE CASE 26 JUN 2009 1 Singapore : 1960s Small nation Overdependence Hostile on entrepot trade environment High unemployment
More informationSurvey on International Operations of Japanese Firms (FY2007)
on International Operations of Japanese Firms () March 26 (JETRO) Contents I. outline; profile of respondent firms 3 China now the top site for overseas R&D bases 4 5 (1) More plan overseas than domestic
More informationTIGER Territorial Impact of Globalization for Europe and its Regions
TIGER Territorial Impact of Globalization for Europe and its Regions Final Report Applied Research 2013/1/1 Executive summary Version 29 June 2012 Table of contents Introduction... 1 1. The macro-regional
More informationGlobalisation and Open Markets
Wolfgang LEHMACHER Globalisation and Open Markets July 2009 What is Globalisation? Globalisation is a process of increasing global integration, which has had a large number of positive effects for nations
More informationHOW ECONOMIES GROW AND DEVELOP Macroeconomics In Context (Goodwin, et al.)
Chapter 17 HOW ECONOMIES GROW AND DEVELOP Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter presents material on economic growth, such as the theory behind it, how it is calculated,
More informationThe (Spatial) Division of Labour
38: 280 Economic Geography Unit III The (Spatial) Division of Labour Outline Divisions of Labour Economies (internal and external; scale and scope, and agglomeration) Globalization and the Spatial Division
More informationGDP Per Capita. Constant 2000 US$
GDP Per Capita Constant 2000 US$ Country US$ Japan 38,609 United States 36,655 United Kingdom 26,363 Canada 24,688 Germany 23,705 France 23,432 Mexico 5,968 Russian Federation 2,286 China 1,323 India 538
More informationGlobalisation of Markets
Globalisation of Markets Definition of globalisation (1) The geographic dispersion of industrial and service activities, for example research and development, sourcing of inputs, production and distribution,
More informationINTERNATIONAL ECONOMICS, FINANCE AND TRADE Vol. II - Globalization and the Evolution of Trade - Pasquale M. Sgro
GLOBALIZATION AND THE EVOLUTION OF TRADE Pasquale M. School of Economics, Deakin University, Melbourne, Australia Keywords: Accountability, capital flow, certification, competition policy, core regions,
More informationTHE AEC PROGRESS, CHALLENGES AND PROSPECTS
THE AEC PROGRESS, CHALLENGES AND PROSPECTS Siow Yue CHIA Singapore Institute of International Affairs Conference on Future of World Trading System: Asian Perspective ADBI-WTO, Geneva 11-12 March 2013 Drivers
More informationTrans-Pacific Trade and Investment Relations Region Is Key Driver of Global Economic Growth
Trans-Pacific Trade and Investment Relations Region Is Key Driver of Global Economic Growth Background The Asia-Pacific region is a key driver of global economic growth, representing nearly half of the
More informationIntervista a Piyanuj Ratprasatporn,
Intervista a Piyanuj Ratprasatporn, Partner and Director of the Corporate and Commercial Department of Tilleke & Gibbins Contributors: Anake Rattanajitbanjong, Attorney-at-Law and Michael C. Yukubousky,
More informationExcerpt of THE TRANSATLANTIC ECONOMY Annual Survey of Jobs, Trade and Investment between the United States and Europe. March
Excerpt of THE TRANSATLANTIC ECONOMY 2011 Annual Survey of Jobs, Trade and Investment between the United States and Europe March 2011 www.amcham.ch The Transatlantic Economy 2011 On the following pages,
More informationPOLICY BRIEF. Going Global: Can the People s Republic of china. Flows? Introduction. 2. The PRC s Rise as an Emerging Global Investor APRIL 2014
NO. 13 APRIL 2014 POLICY BRIEF KEY Points In 2012, the People s Republic of China (PRC) emerged as the third largest foreign direct investor in the world. This represented a continuation of the recent
More informationStrengthening Integration of the Economies in Transition into the World Economy through Economic Diversification
UN-DESA and UN-ECE International Conference Strengthening Integration of the Economies in Transition into the World Economy through Economic Diversification Welcoming remarks by Rob Vos Director Development
More informationVIETNAM FOCUS. The Next Growth Story In Asia?
The Next Growth Story In Asia? Vietnam s economic policy has dramatically transformed the nation since 9, spurring fast economic and social development. Consequently, Vietnam s economy took off booming
More informationJournal of International Business and Economy Vol. 7, No.1, Fall 2006, 1-19
Journal of International Business and Economy Vol. 7, No.1, Fall 2006, 1-19 JIBE FDI, GLOBALISATION AND DEVELOPMENT: SOME IMPLICATIONS FOR KOREAN ECONOMY AND KOREAN FIRMS John H. Dunning Reading and Rutgers
More informationChapter Ten Growth, Immigration, and Multinationals
Chapter Ten Growth, Immigration, and Multinationals 2003 South-Western/Thomson Learning Chapter Ten Outline 1. What if Factors Can Move? 2 What if Factors Can Move? Welfare analysis of factor movements
More informationThe role of the private sector in generating new investments, employment and financing for development
The role of the private sector in generating new investments, employment and financing for development Matt Liu, Deputy Investment Promotion Director Made in Africa Initiative Every developing country
More informationDeterminants of Outward FDI for Thai Firms
Southeast Asian Journal of Economics 3(2), December 2015: 43-59 Determinants of Outward FDI for Thai Firms Tanapong Potipiti Assistant professor, Faculty of Economics, Chulalongkorn University, Bangkok,
More informationAn Overview of the Chinese Economy Foundation Part: Macro-economy of the Mainland
Core Module 15 An Overview of the Chinese Economy Foundation Part: Macro-economy of the Mainland The Chinese economy has been growing rapidly for years. Has it reached the level of the developed countries?
More informationThe Development of FTA Rules of Origin Functions
The Development of FTA Rules of Origin Functions Xinxuan Cheng School of Management, Hebei University Baoding 071002, Hebei, China E-mail: cheng_xinxuan@126.com Abstract The rules of origin derived from
More informationThe Comparative Advantage of Nations: Shifting Trends and Policy Implications
The Comparative Advantage of Nations: Shifting Trends and Policy Implications The Nobel Prize-winning economist Paul Samuelson once famously argued that comparative advantage was the clearest example of
More informationRE-SHORING IN EUROPE: TRENDS AND POLICY ISSUES
23/09/2015 RE-SHORING IN EUROPE: TRENDS AND POLICY ISSUES ILO, Research Department Briefing Re-shoring is currently a highly debated issue in many European economies, (e.g. Germany and the United Kingdom).
More informationLocational Determinants of Inward and Outward FDI Activity. Rajneesh Narula
1 Locational Determinants of Inward and Outward FDI Activity Rajneesh Narula Abstract. This article analyses the relationship between country-specific characteristics and inward and outward FDI activity.
More informationPRIVATE CAPITAL FLOWS RETURN TO A FEW DEVELOPING COUNTRIES AS AID FLOWS TO POOREST RISE ONLY SLIGHTLY
The World Bank News Release No. 2004/284/S Contacts: Christopher Neal (202) 473-7229 Cneal1@worldbank.org Karina Manaseh (202) 473-1729 Kmanasseh@worldbank.org TV/Radio: Cynthia Case (202) 473-2243 Ccase@worldbank.org
More informationAsia-Pacific to comprise two-thirds of global middle class by 2030, Report says
Strictly embargoed until 14 March 2013, 12:00 PM EDT (New York), 4:00 PM GMT (London) Asia-Pacific to comprise two-thirds of global middle class by 2030, Report says 2013 Human Development Report says
More informationInvestment Climate Survey in Cambodia
Chapter 6 Investment Climate Survey in Cambodia Sau Sisovanna Cambodian Institute for Cooperation and Peace March 2009 This chapter should be cited as Sisovanna, S. (2009), Investment Climate Survey in
More informationIntroduction to World Trade. Economia Internacional I International Trade theory August 15 th, Lecture 1
Introduction to World Trade Economia Internacional I International Trade theory August 15 th, 2012 Lecture 1 Free Trade Free Trade occurs when a government does not attempt to influence, through quotas
More informationDeepening Economic Integration
Deepening Economic Integration 21st Century Regionalism, Mega FTAs, and Asian Regional Integration Status: Completed by April 2017 Geographic scope: Indonesia, Japan, Philippines, Thailand, Viet Nam This
More informationHas Globalization Helped or Hindered Economic Development? (EA)
Has Globalization Helped or Hindered Economic Development? (EA) Most economists believe that globalization contributes to economic development by increasing trade and investment across borders. Economic
More informationMonica s Garden: R&D in the Biotech Cluster in Vancouver
Monica s Garden: R&D in the Biotech Cluster in Vancouver J. Adam Holbrook, P.Eng.,, Simon Fraser University Vancouver, BC 1 Why Biotech and not Health Industries? Al large proportion of fhealth lhsciences
More informationChapter 01 Globalization
Chapter 01 Globalization True / False Questions 1. The notion that national economies are relatively self-contained entities is on the rise. 2. The shift toward a more integrated and interdependent world
More informationASEAN Economic Community (AEC): Can ASEAN learn from the EU?
ASEAN Economic Community (AEC): Can ASEAN learn from the EU? Dr Patrick Ziegenhain Visiting Professor Dept of Business Administration Atma Jaya Catholic University Jakarta 23 February 2016 ASEAN ASEAN
More informationtitle, Routledge, September 2008: 234x156:
Trade Policy, Inequality and Performance in Indian Manufacturing Kunal Sen IDPM, University of Manchester Presentation based on my book of the same title, Routledge, September 2008: 234x156: 198pp, Hb:
More informationGlobalization GLOBALIZATION REGIONAL TABLES. Introduction. Key Trends. Key Indicators for Asia and the Pacific 2009
GLOBALIZATION 217 Globalization The People s Republic of China (PRC) has by far the biggest share of merchandise exports in the region and has replaced Japan as the top exporter. The largest part of Asia
More informationFOREIGN TRADE DEPENDENCE AND INTERDEPENDENCE: AN INFLUENCE ON THE RESILIENCE OF THE NATIONAL ECONOMY
FOREIGN TRADE DEPENDENCE AND INTERDEPENDENCE: AN INFLUENCE ON THE RESILIENCE OF THE NATIONAL ECONOMY Alina BOYKO ABSTRACT Globalization leads to a convergence of the regulation mechanisms of economic relations
More informationMONOPOLY REGULATION AND FAIR TRADE ACT
MONOPOLY REGULATION AND FAIR TRADE ACT MONOPOLY REGULATION AND FAIR TRADE ACT 3 MONOPOLY REGULATION AND FAIR TRADE ACT Enacted by Law No. 3320, December 31, 1980 Amended by Law No. 3875, December 31,
More informationIKMAS WORKING PAPER SERIES
Institute of Malaysian & International Studies Universiti Kebangsaan Malaysia IKMAS WORKING PAPER SERIES NO. 3 THE DEVELOPMENT OF MEASURES AND INSTITUTIONAL OPERATIONS TO SUPPORT DIRECT INVESTMENT IN ASEAN
More informationInternational Business. Globalization. Chapter 1. Introduction 20/09/2011. By Charles W.L. Hill (adapted for LIUC11 by R.
International Business 8e By Charles W.L. Hill (adapted for LIUC11 by R.Helg) Chapter 1 Globalization McGraw-Hill/Irwin Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Introduction
More informationParliamentary Research Branch FREE TRADE IN NORTH AMERICA: THE MAQUILADORA FACTOR. Guy Beaumier Economics Division. December 1990
Background Paper BP-247E FREE TRADE IN NORTH AMERICA: THE MAQUILADORA FACTOR Guy Beaumier Economics Division December 1990 Library of Parliament Bibliothèque du Parlement Parliamentary Research Branch
More informationHigher education global trends and emerging opportunities to Kevin Van-Cauter Higher Education Adviser The British Council
Higher education global trends and emerging opportunities to 2020 Kevin Van-Cauter Higher Education Adviser The British Council Outline Where are international students coming from? Trends in Engineering
More informationFuture EU Trade Policy: Achieving Europe's Strategic Goals
European Commission Speech [Check against delivery] Future EU Trade Policy: Achieving Europe's Strategic Goals 4 May 2015 Cecilia Malmström, Commissioner for Trade Washington DC Centre for Strategic and
More informationFOREIGN FIRMS AND INDONESIAN MANUFACTURING WAGES: AN ANALYSIS WITH PANEL DATA
FOREIGN FIRMS AND INDONESIAN MANUFACTURING WAGES: AN ANALYSIS WITH PANEL DATA by Robert E. Lipsey & Fredrik Sjöholm Working Paper 166 December 2002 Postal address: P.O. Box 6501, S-113 83 Stockholm, Sweden.
More informationPOS 335 Andreas Syz February 17, 2004
Multinational Corporations (MNCs), International Investment and Trade POS 335 Andreas Syz February 17, 2004 Multinational Corporations MNCs are networks of firms, linked together by ties of ownership and
More informationHUMAN RESOURCE COMPETITIVENESS AND INFLOW OF FOREIGN DIRECT INVESTMENT TO THE ASEAN REGION
HUMAN RESOURCE COMPETITIVENESS AND INFLOW OF FOREIGN DIRECT INVESTMENT TO THE ASEAN REGION Ishak Yussof and Rahmah Ismail* Theoretically, foreign investors are likely to invest in countries where competitiveness
More informationTHE GLOBAL ECONOMIC CRISIS DEVELOPING ECONOMIES AND THE ROLE OF MULTILATERAL DEVELOPMENT BANKS
THE GLOBAL ECONOMIC CRISIS DEVELOPING ECONOMIES AND THE ROLE OF MULTILATERAL DEVELOPMENT BANKS ADDRESS by PROFESSOR COMPTON BOURNE, PH.D, O.E. PRESIDENT CARIBBEAN DEVELOPMENT BANK TO THE INTERNATIONAL
More informationThe single European Market, the European Monetary Union and United States and Japanese FDI flows to the EU
The single European Market, the European Monetary Union and United States and Japanese FDI flows to the EU Irini Smaragdi, Constantinos Katrakilidis and Nikos C. Varsakelis 1 * Key words: foreign direct
More informationJens Thomsen: The global economy in the years ahead
Jens Thomsen: The global economy in the years ahead Statement by Mr Jens Thomsen, Governor of the National Bank of Denmark, at the Indo- Danish Business Association, Delhi, 9 October 2007. Introduction
More informationCommittee: G13 Summit. Issue title: Reducing trade inequality. Submitted by: Tamás Kocsis, President of G13 Summit
Committee: G13 Summit Issue title: Reducing trade inequality Submitted by: Tamás Kocsis, President of G13 Summit Edited by: Kamilla Tóth, President of the General Assembly Introduction Trade: The phenomenon
More informationSpain Your base for European expansion.
Spain Your base for European expansion. Mario Buisán Trade Commissioner of Spain Texas EU Summit April 2013, Austin, Texas 1 2 3 4 5 Spain Today Economic Situation Investing in Spain Success Stories Conclusion
More informationChina: The Dragon's Effect on Southeast Asia
Research Brief China: The Dragon's Effect on Southeast Asia Abstract: The rise of China as a manufacturing giant is claiming some victims, particularly among Southeast Asian markets, which are scrambling
More informationEffects of globalization - economic growth. Giovanni Marin Department of Economics, Society, Politics Università degli Studi di Urbino Carlo Bo
Effects of globalization - economic growth Giovanni Marin Department of Economics, Society, Politics Università degli Studi di Urbino Carlo Bo References for this lecture BBGV Chapter 13 All paragraphs
More informationThe internationalisation of R&D before, during and after the crisis. Bernhard Dachs, Georg Zahradnik AIT Austrian Institute of Technology, Vienna
The internationalisation of R&D before, during and after the crisis Bernhard Dachs, Georg Zahradnik AIT Austrian Institute of Technology, Vienna R&D internationalisation: before the crisis The share of
More informationEMERGING PARTNERS AND THE SCRAMBLE FOR AFRICA. Ian Taylor University of St Andrews
EMERGING PARTNERS AND THE SCRAMBLE FOR AFRICA Ian Taylor University of St Andrews Currently, an exciting and interesting time for Africa The growth rates and economic and political interest in Africa is
More informationV. MIGRATION V.1. SPATIAL DISTRIBUTION AND INTERNAL MIGRATION
V. MIGRATION Migration has occurred throughout human history, but it has been increasing over the past decades, with changes in its size, direction and complexity both within and between countries. When
More informationThe Internationalisation of Business R&D
ESEARCH DEVELOPMENT INTERNATIONALISATION BUSINESS EVELOPMENT INTERNATIONALISATION BUSINESS RESEARCH NTERNATIONALISATION BUSINESS RESEARCH DEVELOPMENT USINESS RESEARCH DEVELOPMENT INTERNATIONALISATION BUSINESS
More informationThe term developing countries does not have a precise definition, but it is a name given to many low and middle income countries.
Trade Policy in Developing Countries KOM, Chap 11 Introduction Import substituting industrialization Trade liberalization since 1985 Export oriented industrialization Industrial policies in East Asia The
More informationInfrastructure Economics Department of Social Sciences Prof. Nalin Bharti Indian Institute of Technology Madras
Infrastructure Economics Department of Social Sciences Prof. Nalin Bharti Indian Institute of Technology Madras Module 02 Lecture - 08 Experiences of Infrastructure Development in NICs Experiences of Infrastructure
More informationChapter 5: Internationalization & Industrialization
Chapter 5: Internationalization & Industrialization Chapter 5: Internationalization & Industrialization... 1 5.1 THEORY OF INVESTMENT... 4 5.2 AN OPEN ECONOMY: IMPORT-EXPORT-LED GROWTH MODEL... 6 5.3 FOREIGN
More informationInternational Business 8e. Globalization. Chapter 1. Introduction. By Charles W.L. Hill (adapted for LIUC10 by R.Helg) Agenda:
International Business 8e By Charles W.L. Hill (adapted for LIUC10 by R.Helg) Chapter 1 Globalization McGraw-Hill/Irwin Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Introduction
More informationChina s Rise and Leaving the Middle- Income Trap in Latin America A New Structural Economics Approach
China s Rise and Leaving the Middle- Income Trap in Latin America A New Structural Economics Approach Justin Yifu Lin National School of Development Peking University China s Growth Performance China started
More informationMobilizing Aid for Trade: Focus Latin America and the Caribbean
INTER-AMERICAN DEVELOPMENT BANK Mobilizing Aid for Trade: Focus Latin America and the Caribbean Report and Recommendations Prepared by the Inter-American Development Bank (IDB) and the World Trade Organization
More informationvi. rising InequalIty with high growth and falling Poverty
43 vi. rising InequalIty with high growth and falling Poverty Inequality is on the rise in several countries in East Asia, most notably in China. The good news is that poverty declined rapidly at the same
More informationEmerging Market Consumers: A comparative study of Latin America and Asia-Pacific
Emerging Market Consumers: A comparative study of Latin America and Asia-Pacific Euromonitor International ESOMAR Latin America 2010 Table of Contents Emerging markets and the global recession Demographic
More informationA2 Development & Globalisation Question spotting
A2 Development & Globalisation Question spotting Development I can define. I can explain the ways in which can be measured using GDP/GNP and comment on the classifications such as first world, LDC, NICs
More informationRecent trends in the internationalisation of R&D in the enterprise sector. Thomas Hatzichronoglou
Recent trends in the internationalisation of R&D in the enterprise sector Thomas Hatzichronoglou 1 Introduction 1. Main Forms of internationalisation of industrial R&D 2. Trends in R&D activities by multinationals
More informationMEGA-REGIONAL FTAS AND CHINA
Multi-year Expert Meeting on Enhancing the Enabling Economic Environment at All Levels in Support of Inclusive and Sustainable Development (2nd session) Towards an enabling multilateral trading system
More informationTurning Trade Opportunities and Challenges into Trade: Implications for ASEAN Countries
Turning Trade Opportunities and Challenges into Trade: Implications for ASEAN Countries Dr. Ponciano Intal, Jr The OECD-WB Global Forum on Globalization, Comparative Advantage and Trade Policy Chengdu,
More informationCreating an enabling business environment in Asia: To what extent is public support warranted?
Creating an enabling business environment in Asia: To what extent is public support warranted? Tilman Altenburg, Christian von Drachenfels German Development Institute, Bonn Bangkok, 28 December 2006 1
More informationP r e s e n t e t h e D B S A T r a n s p o r t R o u n d t a b l e. 30 th October 2012 Sipho G. Khumalo
P r e s e n t e d @ t h e D B S A T r a n s p o r t R o u n d t a b l e 30 th October 2012 Sipho G. Khumalo Presentation Outline 1. Introduction: Global developments on trade 2. Africa s Economic Landscape
More informationTrends in inequality worldwide (Gini coefficients)
Section 2 Impact of trade on income inequality As described above, it has been theoretically and empirically proved that the progress of globalization as represented by trade brings benefits in the form
More informationHow Can Globalization Become More Pro-Poor?
How Can Globalization Become More Pro-Poor? Presentation Based on UNU-WIDER Program of Research on The Impact of Globalization on the World s Poor Machiko Nissanke and Erik Thorbecke Prepared for the Brookings
More informationThe End of the Multi-fiber Arrangement on January 1, 2005
On January 1 2005, the World Trade Organization agreement on textiles and clothing expired. All WTO members have unrestricted access to the American and European markets for their textiles exports. The
More information3) The European Union is an example of integration. A) regional B) relative C) global D) bilateral
1 International Business: Environments and Operations Chapter 7 Economic Integration and Cooperation Multiple Choice: Circle the one best choice according to the textbook. 1) integration is the political
More informationEconomics of the Trans- Pacific Partnership (TPP)
Economics of the Trans- Pacific Partnership (TPP) AED/IS 4540 International Commerce and the World Economy Professor Sheldon sheldon.1@osu.edu What is TPP? Trans-Pacific Trade Partnership (TPP), signed
More informationThe Quest for Prosperity
The Quest for Prosperity How Developing Economies Can Take Off Justin Yifu Lin National School of Development Peking University Overview of Presentation The needs for rethinking development economics The
More informationEXECUTIVE SUMMARY. Shuji Uchikawa
EXECUTIVE SUMMARY Shuji Uchikawa ASEAN member countries agreed to establish the ASEAN Economic Community by 2015 and transform ASEAN into a region with free movement of goods, services, investment, skilled
More informationWhat are the implications of the SADC Protocol for the Automotive Industry in Southern Africa?
Implications of the SADC Trade Protocol Automotive Industry Development Policy Research Unit University of Cape Town What are the implications of the SADC Protocol for the Automotive Industry in Southern
More informationAKHILESH TRIVEDI PREPAREDNESS OF SMES TOWARDS AEC : A CASE STUDY OF TRAVEL AGENTS IN BANGKOK
AKHILESH TRIVEDI Faculty of Hospitality Industry, Dusit Thani College, Thailand PREPAREDNESS OF SMES TOWARDS AEC : A CASE STUDY OF TRAVEL AGENTS IN BANGKOK Abstract: This paper is a survey research conducted
More informationEFFECTS OF REMITTANCES AND MARKET SIZE ON FOREIGN DIRECT INVESTMENT TO AFRICA
EFFECTS OF REMITTANCES AND MARKET SIZE ON FOREIGN DIRECT INVESTMENT TO AFRICA BY WILLIAM A. AMPONSAH SCHOOL OF ECONOMIC DEVELOPMENT GEORGIA SOUTHERN UNIVERSITY STATESBORO, GA 30460 Email: waamponsah@georgiasouthern.edu
More informationIntroduction. sc=true. 1
Taking Advantage of China s Rebalancing Josef T. Yap 2017 PECC Singapore Conference on APEC s Post 2020 Agenda: Rising Protectionism, Economic Rebalancing and Diversified Growth Panel 1: Session 1: Asia-Pacific
More informationA Regional Manufacturing Platform
Growing Together: Economic Ties between the United States and Mexico A Regional Manufacturing Platform By Christopher Wilson #USMXEcon October 2016 Growing Together: Economic Ties between the United States
More informationHazel Gray Industrial policy and the political settlement in Tanzania
Hazel Gray Industrial policy and the political settlement in Tanzania Conference Item [eg. keynote lecture, etc.] Original citation: Originally presented at Tanzania Research Network meeting, 24 October
More informationNewsletter. The Outlook for the Tri-polar World and the Japan-China Relationship 1
Newsletter 2004. 8.1(No.4, 2004,) The Outlook for the Tri-polar World and the Japan-China Relationship 1 Toyoo Gyohten President Institute for International Monetary Affairs With the coming of the 21 st
More informationChapter 4 Specific Factors and Income Distribution
Chapter 4 Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from
More information