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FOREIGN DIRECT INVESTMENT, INVESTMENT AGREEMENTS, AND ECONOMIC DEVELOPMENT: MYTHS AND REALITIES

Yıl 2015, Cilt: 4 Sayı: 1, 1 - 47, 01.01.2015

Öz

Foreign direct investment (FDI) is one of the most ambiguous and least understood concepts in international economics. Common debate over FDI is confounded by several myths regarding its nature and impact on capital accumulation, technological progress, industrialization, and growth. It is often portrayed as a long-term, stable, cross-border flow of capital that adds to productive capacity, helps meet balance-of-payments shortfalls, transfers technology and management skills, and links domestic firms with wider global markets. However, none of these are intrinsic qualities of FDI. First, FDI is more about the transfer and exercise of control than movement of capital. It does not always involve flows of financial capital (movements of funds through foreign-exchange markets) or real capital (imports of machinery and equipment for the installation of productive capacity). Second, only the so-called greenfield investment makes a direct contribution to productive capacity and involves cross-border movement of capital goods, but it is not easy to identify from reported statistics what proportion of FDI consists of such investment as opposed to transfer of ownership of existing assets. Third, what is commonly reported as FDI contains speculative and volatile components. Fourth, the longer-term impact of FDI on the balance of payments is often negative, even in countries highly successful in attracting export-oriented FDI. Finally, positive technological spillovers from FDI are not automatic but call for targeted policies of the kind that most investment agreements prohibit.

Kaynakça

  • Agosin, M. R. and R. Machado, (2005), “Foreign Investment in Developing Countries: Does It Crowd In Domestic Investment?” Oxford Development Studies, 33 (2), pp. 149-162.
  • Akyüz, Y., (2006), “From Liberalization to Investment and Jobs: Lost in Translation,” Working Paper 74, Policy Integration Department, ILO. Also reprinted as TWN Global Economy Series 8, Penang, Malaysia.
  • Akyüz, Y., (2011a), “Export Dependence and Sustainability of Growth in China and the East Asian Production Network,” China and World Economy, 19 (1) January.
  • Akyüz, Y., (2011b), “The Global Economic Crisis and Asian Developing Countries: Impact, Policy Response, and Medium-Term Prospects,” in Akyüz, Y. (Ed) The Financial Crisis and Asian Developing Countries. Third World Network, Penang.
  • Akyüz Y.,(2012), “The Staggering Rise of the South?,” Research Paper 44, South Center, Geneva, March. Reprinted in Akyüz, Y. (2014) Liberalization, Financial Instability, and Economic Development. London, Anthem Press.
  • Akyüz Y., (2014), “Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies,” UNCTAD Discussion Paper 217, November.
  • Alquist, R., R. Mukherjee, and L. Tesar, (2013), “Fire-Sale FDI or Business as Usual?” NBER Working Paper 18837, February.
  • Al-Sadig, A. J., (2013), “Outward Foreign Direct Investment and Domestic Investment: The Case of Developing Countries,” IMF Working Paper 13/52, February.
  • Badarinza, C. and T. Ramadorai, (2014), “Home Away From Home? Foreign Demand and London House Prices,” Working Paper Series, Social Science Research Network.
  • Bernasconi-Osterwalder, N., A. Cosbey, L. Johnson, and D. Vis-Dunbar, (2012), Investment Treaties & Why They Matter to Sustainable Development: Questions and Answers. International Institute for Sustainable Development, Winnipeg, Canada.
  • BIS, (1998), 68th Annual Report. Basle, 8 June.
  • BOEA (Bureau of Economic Analysis), (2008), “US Direct Investment Abroad (USDIA): Operations of US Parent Companies and Their Foreign Affiliates, Revised 2008 Statistics,” US Department of Commerce. http://www.bea.gov/international/usdia2008r.htm.
  • Bonanomi, E. B. and S. Meyer-Nandi,(2013), Swiss Double-Taxation Agreements: Current Policy and Relevance for Development. University of Bern, World Trade Institute. https://www.eda.admin.ch/content/dam/deza/en/documents/Effectiveness/resource_en_228687.pdf.
  • Bora, B., (2002), “Trade-Related Investment Measures,” In Hoekman, B, A. Mattoo and P. English, (Eds), Development, Trade, and the WTO: A Handbook. Washington, DC: World Bank.
  • Campa, D. and R. Cull, (2013), “Ireland’s Foreign Direct Investment Sector: The Impact of a Hypothetical Irish Euro Zone Exit,” Business and Economics Journal 4(2), pp. 1-6.
  • Caves, R. E., (1996), Multinational Enterprise and Economic Analysis. Cambridge and New York: Cambridge University Press.
  • Cho, A. H. and N. K. Dubash, (2005), “Will Investment Rules Shrink Policy Space for Sustainable Development? Evidence from the Electricity Sector,” In K. Gallagher, (Ed), Putting Development First. The Importance of Policy Space in the WTO and International Financial Institutions. London: Zed Books.
  • Claessens, S., M. Dooley, and A. Warner, (1993), “Portfolio Capital Flows: Hot or Cool?” World Bank Discussion Paper, No. 228: 22. Washington, DC.
  • Claessens, S. and N. van Horen, (2012), “Foreign Banks: Trends, Impact, and Financial Stability,” Working Paper No. 12/10, International Monetary Fund, Washington, DC, January.
  • Constantinescu, C., A. Mattoo, and M. Ruta, (2014), “Slow Trade,” Finance and Development, 51 (4), December, IMF, Washington DC.
  • Correa, C. M., (2013), “Investment Agreements: A New Threat to the TRIPS Flexibilities?,” South Bulletin, 72. 13 May, pp. 23-25.
  • Danakol, S. H., S. Estrin, P. Reynolds, and U. Weitzel, (2014), „Foreign Direct Investment and Domestic Entrepreneurship: Blessing or Curse?,” CEPR Discussion Paper 9793, January.
  • Das, B. L., (1999), The World Trade Organization. A Guide to the Framework for International Trade. Penang: Third World Network.
  • Desai, M.A., C. F. Foley, J. R. Hines, (2005), “Foreign Direct Investment and the Domestic Capital Stock,” NBER Working Paper 11075, January.
  • Dhanani, S. and S. A. Hasnain, (2002), “The Impact of Foreign Direct Investment on Indonesia’s Manufacturing Sector,” Journal of the Asian Pacific Economy, 7 (1), pp. 61-94.
  • Eberhardt, P. and C. Olivet, (2012), “Profiting from Injustice. How Law Firms, Arbitrators, and Financiers are Fueling an Investment Arbitration Boom,” Corporate Europe Observatory and the Transnational Institute, Brussels, November.
  • Eng, P. H., (1998), Foreign Direct Investment. A Study of Malaysia’s Balance- of- Payments Position. Pelanduk Publications, Malaysia.
  • Ernst, C., (2005), “The FDI-Employment Link in a Globalizing World: The case of Argentina, Brazil, and Mexico,” Employment Strategy Paper 17. Employment Strategy Department, ILO.
  • Ernst, D., (2004), “Global Production Networks in East Asian Electronics Industry and Upgrading Perspectives in Malaysia,” in S. Yusuf, M. A. Altaf, and K. Nabeshima (Eds), Global Production Networking and Technological Change in East Asia. Pp. 89-158. World Bank and Oxford University Press.
  • Farla, K., D. de Crombrugghe, and B. Verspagen,(2013), “Institutions, Foreign Direct Investment, and Domestic Investment: Crowding Out or Crowding In?,” UNU-Merit Working Paper 054.
  • Feldstein, M., (1994), “The Effects of Outbound Foreign Direct Investment on the Domestic Capital Stock,” NBER Working Paper No. 4668.
  • Fiechter J, I. Ötker-Robe, A. Ilyina, M. Hsu, A. Santos, and J. Surti, (2011), “Subsidiaries or Branches: Does One Size Fit All?,” Discussion Note SDN 11/4, International Monetary Fund, Washington, DC, March.
  • Forte, R. and R. Moura, (2013), “The Effects of Foreign Direct Investment on the Host Country's Economic Growth: Theory and Empirical Evidence,” The Singapore Economic Review, 58(3).
  • Gallagher, K.,(2012), “Mission Creep: International Investment Agreements and Sovereign Debt Restructuring,” Investment Treaty News, January 12. IISD.
  • García-Herrero, A. and D. Santabárbara, (2007), “Does China Have an Impact on Foreign Direct Investment to Latin America?,” BIS, 27 April.
  • Goedegebuure, R.V., (2006), “The Effects of Outward Foreign Direct Investment on Domestic Investment,” 3 (1), pp. 9-22. Hausmann, R. and E. Fernández-Arias, (2000), “Foreign Direct Investment: Good Cholesterol?,” Inter-American Development Bank Working Paper 17, Washington, DC.
  • IMF, (2009), Balance of Payments and the International Investment Position Manual (BPM6). Washington, DC.
  • IMF, (2012), The Liberalization and Management of Capital Flows: An Institutional View. Washington, DC. November 14.
  • Jansen, K., (1995), “The Macroeconomic Effects of Foreign Direct Investment: The Case of Thailand,” World Development, 2 (2).
  • Koopman, R., W. Powers, Z. Wang, and S.-J. Wei, (2010), “Give Credit Where Credit is Due: Tracing Value-Added in Global Production Chains,” NBER Working Paper 16426, September.
  • Koopman, R., Z. Wang, and S.-J. Wei, (2012), “Estimating Domestic Content in Exports When Processing Trade Is Pervasive,” Journal of Development Economics. 99 (1), pp. 178-89.
  • Kozul-Wright, Richard and Robert Rowthorn (Eds), (1998), Transnational Corporations and the Global Economy. Helsinki: UNU/WIDER.
  • Krugman, P., (2000), “Fire-Sale FDI,” in S. Edwards (Ed), Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies. University of Chicago Press, pp. 43-59.
  • Kumar, N., (2002), Globalization and the Quality of Foreign Direct Investment. Oxford University Press, New Delhi.
  • Kumar, N., (2005), “Performance Requirements as Tools of Development Policy: Lessons from Developed and Developing Countries,” in K. Gallagher (Ed), Putting Development First. The Importance of Policy Space in the WTO and International Financial Institutions. London: Zed Books.
  • Lautier, M., and F. Moreau, (2012), “An Empirical Criticism of the ‘FDI Development’ Convention,” Revista de Economia Contemporânea. Rio de Janeiro. 16 (3), pp. 393-414.
  • Lehmann, A., (2002), “Foreign Direct Investment in Emerging Markets: Income, Repatriations, and Financial Vulnerabilities,” IMF Working Paper 02/17, Washington, DC.
  • Lipsey, R. E., (1999), “The Role of Foreign Direct Investment in International Capital Flows,” in M. Feldstein (Ed), International Capital Flows, NBER, Chicago University Press, pp. 307-331.
  • Loungani, P. and A. Razin, (2001), “How Beneficial Is Foreign Direct Investment for Developing Countries?,” Finance and Development, 38 (2).
  • Malik, M.A.R., C. A. Rehman, M. Ashraf, and R. Z. Abbas, (2012), “Exploring the Link between Foreign Direct Investment, Multinational Enterprises, and Spillover Effects in Developing Economies,” International Journal of Business and Management, 7 (1), January, pp. 230-240.
  • Morrissey, O. and M. Udomkerdmongkol, (2012), “Governance, Private Investment, and Foreign Direct Investment in Developing Countries,” World Development, 40 (3), pp.437-45.
  • Mutenyo, J., E. Asmah, and A. Kalio, (2010), “Does Foreign Direct Investment Crowd Out Domestic Private Investment in sub-Saharan Africa?,” The African Finance Journal, 12 (1), pp. 27-52.
  • Nanda, N., (2009), “Growth Effects of FDI: Is Greenfield Greener?,” Perspectives on Global Development and Technology, 8 (1), pp. 26-47.
  • Naudé, W., A. Szirmai, and A. Lavopa, (2013), “Industrialization Lessons from BRICS: A Comparative Analysis,” IZA Discussion Paper 7543, August.
  • Nikièma, S. H., (2014), “Performance Requirements in Investment Treaties,” International Institute for Sustainable Development, Best Practice Series, December. IISD.org.
  • OECD, (2008), Benchmark Definition of Foreign Direct Investment. Fourth Edition, Paris.
  • Property Wire, (2014a), Real Estate Market in Turkey Expected to be Healthy in 2015. 3 December. www.propertywire.com/news/europe/turkeyreal-estate-outlook-201412039893.html.
  • Property Wire, (2014b), International Demand for Prime Central London Property Remains Strong. 5 December.
  • http://www.propertywire.com/news/europe/london-prime-propertyoutlook-201412059901.html.
  • Rasiah, R., (2005), “Trade-related Investment Liberalization under the WTO: The Malaysian Experience,” Global Economic Review 43 (4), pp. 453-471.
  • Saleena, N. J., (2013), “Impact of FDI on Services Exports: Evidence from India,” Journal of Business Management & Social Sciences Research. 2 (11), pp. 34-38.
  • Sarode, S., (2012), “Effects of FDI on Capital Account and GDP: Empirical Evidence from India,” International Journal of Business and Management, 7 (8), pp. 102-107.
  • Sumner, A., E. Rugraff, and D. Sánchez-Ancochea, (2009), “Introduction,” in Rugraff, E., D. Sánchez-Ancochea and A. Sumner (Eds), Transnational Corporations and Development Policy. Critical Perspectives, Palgrave Macmillan, New York.
  • Taylor Wimpey, (2014), Spanish Property Prices up 1.15% in Third Quarter. 12 October, Taylor Wimpey Spain Home Blog. UNCTAD TDR, (Various Issues), Trade and Development Report. United Nations, New York and Geneva.
  • UNCTAD WIR, (Various Issues), World Investment Report. United Nations, New York and Geneva.
  • UNCTAD, (2009a), Training Manual on Statistics for FDI and the Operations of TNCs: Volume I. FDI Flows and Stocks. United Nations, New York and Geneva.
  • UNCTAD, (2009b), The Role of International Trade Agreements in Attracting Foreign Direct Investment to Developing Countries. UNCTAD Series in International Investment Policies for Development, Geneva.
  • UNCTAD IPM, (2015), Investment Policy Monitor. 13, January. Geneva.
  • UNECA (United Nations Economic Commission for Africa), (2014), Track it! Stop it! Get it! Illicit Financial Flows: Why Africa needs to “Track it, Stop it, and Get it. High Level Panel on Illicit Financial Flows from Africa.
  • Vernon, R., (1999), “Review Article: United Nations Conference on Trade and Development World Investment Report 1997: Transnational Corporations, Market Structure, and Competition Policy,” Economic Development and Cultural Change, 47 (2), pp. 458-62.
  • Weiss, L., (2005), “Global Governance, National Strategies: How Industrialized States Make Room to Move under the WTO,” Review of International Political Economy, 12 (5), pp. 723-749.
  • Woodward, D., (2001), The Next Crisis? Direct and Equity Investment in Developing Countries. Zed Books, London and New York.
  • Yackee, J. W., (2010), “Do Bilateral Investment Treaties Promote Foreign Direct Investment? Some Hints from Alternative Evidence,” Virginia Journal of International Law, 51 (2), pp. 397-442.
  • Yao, Zhi-zhong and He Fan, (2004), “Will FDI cause Balance-of-Payments Crisis?” Economic Research Journal (in Chinese), November, pp. 37-46.
  • Zarsky, L. and K. Gallagher, (2008), “FDI Spillovers and Sustainable Industrial Development: Evidence from US Firms in Mexico’s Silicon Valley,” Discussion Paper 18, Working Group on Development and Environment in the Americas, April, Tufts University.
  • Zhu, X., (2012), “Understanding China’s Growth: Past, Present, and Future,” Journal of Economic Perspectives, 26 (4), pp. 103-124.

FOREIGN DIRECT INVESTMENT, INVESTMENT AGREEMENTS, AND ECONOMIC DEVELOPMENT: MYTHS AND REALITIES

Yıl 2015, Cilt: 4 Sayı: 1, 1 - 47, 01.01.2015

Öz

Foreign direct investment (FDI) is one of the most ambiguous and least understood concepts in international economics. Common debate over FDI is confounded by several myths regarding its nature and impact on capital accumulation, technological progress, industrialization, and growth. It is often portrayed as a long-term, stable, cross-border flow of capital that adds to productive capacity, helps meet balance-of-payments shortfalls, transfers technology and management skills, and links domestic firms with wider global markets. However, none of these are intrinsic qualities of FDI. First, FDI is more about the transfer and exercise of control than movement of capital. It does not always involve flows of financial capital (movements of funds through foreign-exchange markets) or real capital (imports of machinery and equipment for the installation of productive capacity). Second, only the so-called greenfield investment makes a direct contribution to productive capacity and involves cross-border movement of capital goods, but it is not easy to identify from reported statistics what proportion of FDI consists of such investment as opposed to transfer of ownership of existing assets. Third, what is commonly reported as FDI contains speculative and volatile components. Fourth, the longer-term impact of FDI on the balance of payments is often negative, even in countries highly successful in attracting export-oriented FDI. Finally, positive technological spillovers from FDI are not automatic but call for targeted policies of the kind that most investment agreements prohibit.

Kaynakça

  • Agosin, M. R. and R. Machado, (2005), “Foreign Investment in Developing Countries: Does It Crowd In Domestic Investment?” Oxford Development Studies, 33 (2), pp. 149-162.
  • Akyüz, Y., (2006), “From Liberalization to Investment and Jobs: Lost in Translation,” Working Paper 74, Policy Integration Department, ILO. Also reprinted as TWN Global Economy Series 8, Penang, Malaysia.
  • Akyüz, Y., (2011a), “Export Dependence and Sustainability of Growth in China and the East Asian Production Network,” China and World Economy, 19 (1) January.
  • Akyüz, Y., (2011b), “The Global Economic Crisis and Asian Developing Countries: Impact, Policy Response, and Medium-Term Prospects,” in Akyüz, Y. (Ed) The Financial Crisis and Asian Developing Countries. Third World Network, Penang.
  • Akyüz Y.,(2012), “The Staggering Rise of the South?,” Research Paper 44, South Center, Geneva, March. Reprinted in Akyüz, Y. (2014) Liberalization, Financial Instability, and Economic Development. London, Anthem Press.
  • Akyüz Y., (2014), “Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies,” UNCTAD Discussion Paper 217, November.
  • Alquist, R., R. Mukherjee, and L. Tesar, (2013), “Fire-Sale FDI or Business as Usual?” NBER Working Paper 18837, February.
  • Al-Sadig, A. J., (2013), “Outward Foreign Direct Investment and Domestic Investment: The Case of Developing Countries,” IMF Working Paper 13/52, February.
  • Badarinza, C. and T. Ramadorai, (2014), “Home Away From Home? Foreign Demand and London House Prices,” Working Paper Series, Social Science Research Network.
  • Bernasconi-Osterwalder, N., A. Cosbey, L. Johnson, and D. Vis-Dunbar, (2012), Investment Treaties & Why They Matter to Sustainable Development: Questions and Answers. International Institute for Sustainable Development, Winnipeg, Canada.
  • BIS, (1998), 68th Annual Report. Basle, 8 June.
  • BOEA (Bureau of Economic Analysis), (2008), “US Direct Investment Abroad (USDIA): Operations of US Parent Companies and Their Foreign Affiliates, Revised 2008 Statistics,” US Department of Commerce. http://www.bea.gov/international/usdia2008r.htm.
  • Bonanomi, E. B. and S. Meyer-Nandi,(2013), Swiss Double-Taxation Agreements: Current Policy and Relevance for Development. University of Bern, World Trade Institute. https://www.eda.admin.ch/content/dam/deza/en/documents/Effectiveness/resource_en_228687.pdf.
  • Bora, B., (2002), “Trade-Related Investment Measures,” In Hoekman, B, A. Mattoo and P. English, (Eds), Development, Trade, and the WTO: A Handbook. Washington, DC: World Bank.
  • Campa, D. and R. Cull, (2013), “Ireland’s Foreign Direct Investment Sector: The Impact of a Hypothetical Irish Euro Zone Exit,” Business and Economics Journal 4(2), pp. 1-6.
  • Caves, R. E., (1996), Multinational Enterprise and Economic Analysis. Cambridge and New York: Cambridge University Press.
  • Cho, A. H. and N. K. Dubash, (2005), “Will Investment Rules Shrink Policy Space for Sustainable Development? Evidence from the Electricity Sector,” In K. Gallagher, (Ed), Putting Development First. The Importance of Policy Space in the WTO and International Financial Institutions. London: Zed Books.
  • Claessens, S., M. Dooley, and A. Warner, (1993), “Portfolio Capital Flows: Hot or Cool?” World Bank Discussion Paper, No. 228: 22. Washington, DC.
  • Claessens, S. and N. van Horen, (2012), “Foreign Banks: Trends, Impact, and Financial Stability,” Working Paper No. 12/10, International Monetary Fund, Washington, DC, January.
  • Constantinescu, C., A. Mattoo, and M. Ruta, (2014), “Slow Trade,” Finance and Development, 51 (4), December, IMF, Washington DC.
  • Correa, C. M., (2013), “Investment Agreements: A New Threat to the TRIPS Flexibilities?,” South Bulletin, 72. 13 May, pp. 23-25.
  • Danakol, S. H., S. Estrin, P. Reynolds, and U. Weitzel, (2014), „Foreign Direct Investment and Domestic Entrepreneurship: Blessing or Curse?,” CEPR Discussion Paper 9793, January.
  • Das, B. L., (1999), The World Trade Organization. A Guide to the Framework for International Trade. Penang: Third World Network.
  • Desai, M.A., C. F. Foley, J. R. Hines, (2005), “Foreign Direct Investment and the Domestic Capital Stock,” NBER Working Paper 11075, January.
  • Dhanani, S. and S. A. Hasnain, (2002), “The Impact of Foreign Direct Investment on Indonesia’s Manufacturing Sector,” Journal of the Asian Pacific Economy, 7 (1), pp. 61-94.
  • Eberhardt, P. and C. Olivet, (2012), “Profiting from Injustice. How Law Firms, Arbitrators, and Financiers are Fueling an Investment Arbitration Boom,” Corporate Europe Observatory and the Transnational Institute, Brussels, November.
  • Eng, P. H., (1998), Foreign Direct Investment. A Study of Malaysia’s Balance- of- Payments Position. Pelanduk Publications, Malaysia.
  • Ernst, C., (2005), “The FDI-Employment Link in a Globalizing World: The case of Argentina, Brazil, and Mexico,” Employment Strategy Paper 17. Employment Strategy Department, ILO.
  • Ernst, D., (2004), “Global Production Networks in East Asian Electronics Industry and Upgrading Perspectives in Malaysia,” in S. Yusuf, M. A. Altaf, and K. Nabeshima (Eds), Global Production Networking and Technological Change in East Asia. Pp. 89-158. World Bank and Oxford University Press.
  • Farla, K., D. de Crombrugghe, and B. Verspagen,(2013), “Institutions, Foreign Direct Investment, and Domestic Investment: Crowding Out or Crowding In?,” UNU-Merit Working Paper 054.
  • Feldstein, M., (1994), “The Effects of Outbound Foreign Direct Investment on the Domestic Capital Stock,” NBER Working Paper No. 4668.
  • Fiechter J, I. Ötker-Robe, A. Ilyina, M. Hsu, A. Santos, and J. Surti, (2011), “Subsidiaries or Branches: Does One Size Fit All?,” Discussion Note SDN 11/4, International Monetary Fund, Washington, DC, March.
  • Forte, R. and R. Moura, (2013), “The Effects of Foreign Direct Investment on the Host Country's Economic Growth: Theory and Empirical Evidence,” The Singapore Economic Review, 58(3).
  • Gallagher, K.,(2012), “Mission Creep: International Investment Agreements and Sovereign Debt Restructuring,” Investment Treaty News, January 12. IISD.
  • García-Herrero, A. and D. Santabárbara, (2007), “Does China Have an Impact on Foreign Direct Investment to Latin America?,” BIS, 27 April.
  • Goedegebuure, R.V., (2006), “The Effects of Outward Foreign Direct Investment on Domestic Investment,” 3 (1), pp. 9-22. Hausmann, R. and E. Fernández-Arias, (2000), “Foreign Direct Investment: Good Cholesterol?,” Inter-American Development Bank Working Paper 17, Washington, DC.
  • IMF, (2009), Balance of Payments and the International Investment Position Manual (BPM6). Washington, DC.
  • IMF, (2012), The Liberalization and Management of Capital Flows: An Institutional View. Washington, DC. November 14.
  • Jansen, K., (1995), “The Macroeconomic Effects of Foreign Direct Investment: The Case of Thailand,” World Development, 2 (2).
  • Koopman, R., W. Powers, Z. Wang, and S.-J. Wei, (2010), “Give Credit Where Credit is Due: Tracing Value-Added in Global Production Chains,” NBER Working Paper 16426, September.
  • Koopman, R., Z. Wang, and S.-J. Wei, (2012), “Estimating Domestic Content in Exports When Processing Trade Is Pervasive,” Journal of Development Economics. 99 (1), pp. 178-89.
  • Kozul-Wright, Richard and Robert Rowthorn (Eds), (1998), Transnational Corporations and the Global Economy. Helsinki: UNU/WIDER.
  • Krugman, P., (2000), “Fire-Sale FDI,” in S. Edwards (Ed), Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies. University of Chicago Press, pp. 43-59.
  • Kumar, N., (2002), Globalization and the Quality of Foreign Direct Investment. Oxford University Press, New Delhi.
  • Kumar, N., (2005), “Performance Requirements as Tools of Development Policy: Lessons from Developed and Developing Countries,” in K. Gallagher (Ed), Putting Development First. The Importance of Policy Space in the WTO and International Financial Institutions. London: Zed Books.
  • Lautier, M., and F. Moreau, (2012), “An Empirical Criticism of the ‘FDI Development’ Convention,” Revista de Economia Contemporânea. Rio de Janeiro. 16 (3), pp. 393-414.
  • Lehmann, A., (2002), “Foreign Direct Investment in Emerging Markets: Income, Repatriations, and Financial Vulnerabilities,” IMF Working Paper 02/17, Washington, DC.
  • Lipsey, R. E., (1999), “The Role of Foreign Direct Investment in International Capital Flows,” in M. Feldstein (Ed), International Capital Flows, NBER, Chicago University Press, pp. 307-331.
  • Loungani, P. and A. Razin, (2001), “How Beneficial Is Foreign Direct Investment for Developing Countries?,” Finance and Development, 38 (2).
  • Malik, M.A.R., C. A. Rehman, M. Ashraf, and R. Z. Abbas, (2012), “Exploring the Link between Foreign Direct Investment, Multinational Enterprises, and Spillover Effects in Developing Economies,” International Journal of Business and Management, 7 (1), January, pp. 230-240.
  • Morrissey, O. and M. Udomkerdmongkol, (2012), “Governance, Private Investment, and Foreign Direct Investment in Developing Countries,” World Development, 40 (3), pp.437-45.
  • Mutenyo, J., E. Asmah, and A. Kalio, (2010), “Does Foreign Direct Investment Crowd Out Domestic Private Investment in sub-Saharan Africa?,” The African Finance Journal, 12 (1), pp. 27-52.
  • Nanda, N., (2009), “Growth Effects of FDI: Is Greenfield Greener?,” Perspectives on Global Development and Technology, 8 (1), pp. 26-47.
  • Naudé, W., A. Szirmai, and A. Lavopa, (2013), “Industrialization Lessons from BRICS: A Comparative Analysis,” IZA Discussion Paper 7543, August.
  • Nikièma, S. H., (2014), “Performance Requirements in Investment Treaties,” International Institute for Sustainable Development, Best Practice Series, December. IISD.org.
  • OECD, (2008), Benchmark Definition of Foreign Direct Investment. Fourth Edition, Paris.
  • Property Wire, (2014a), Real Estate Market in Turkey Expected to be Healthy in 2015. 3 December. www.propertywire.com/news/europe/turkeyreal-estate-outlook-201412039893.html.
  • Property Wire, (2014b), International Demand for Prime Central London Property Remains Strong. 5 December.
  • http://www.propertywire.com/news/europe/london-prime-propertyoutlook-201412059901.html.
  • Rasiah, R., (2005), “Trade-related Investment Liberalization under the WTO: The Malaysian Experience,” Global Economic Review 43 (4), pp. 453-471.
  • Saleena, N. J., (2013), “Impact of FDI on Services Exports: Evidence from India,” Journal of Business Management & Social Sciences Research. 2 (11), pp. 34-38.
  • Sarode, S., (2012), “Effects of FDI on Capital Account and GDP: Empirical Evidence from India,” International Journal of Business and Management, 7 (8), pp. 102-107.
  • Sumner, A., E. Rugraff, and D. Sánchez-Ancochea, (2009), “Introduction,” in Rugraff, E., D. Sánchez-Ancochea and A. Sumner (Eds), Transnational Corporations and Development Policy. Critical Perspectives, Palgrave Macmillan, New York.
  • Taylor Wimpey, (2014), Spanish Property Prices up 1.15% in Third Quarter. 12 October, Taylor Wimpey Spain Home Blog. UNCTAD TDR, (Various Issues), Trade and Development Report. United Nations, New York and Geneva.
  • UNCTAD WIR, (Various Issues), World Investment Report. United Nations, New York and Geneva.
  • UNCTAD, (2009a), Training Manual on Statistics for FDI and the Operations of TNCs: Volume I. FDI Flows and Stocks. United Nations, New York and Geneva.
  • UNCTAD, (2009b), The Role of International Trade Agreements in Attracting Foreign Direct Investment to Developing Countries. UNCTAD Series in International Investment Policies for Development, Geneva.
  • UNCTAD IPM, (2015), Investment Policy Monitor. 13, January. Geneva.
  • UNECA (United Nations Economic Commission for Africa), (2014), Track it! Stop it! Get it! Illicit Financial Flows: Why Africa needs to “Track it, Stop it, and Get it. High Level Panel on Illicit Financial Flows from Africa.
  • Vernon, R., (1999), “Review Article: United Nations Conference on Trade and Development World Investment Report 1997: Transnational Corporations, Market Structure, and Competition Policy,” Economic Development and Cultural Change, 47 (2), pp. 458-62.
  • Weiss, L., (2005), “Global Governance, National Strategies: How Industrialized States Make Room to Move under the WTO,” Review of International Political Economy, 12 (5), pp. 723-749.
  • Woodward, D., (2001), The Next Crisis? Direct and Equity Investment in Developing Countries. Zed Books, London and New York.
  • Yackee, J. W., (2010), “Do Bilateral Investment Treaties Promote Foreign Direct Investment? Some Hints from Alternative Evidence,” Virginia Journal of International Law, 51 (2), pp. 397-442.
  • Yao, Zhi-zhong and He Fan, (2004), “Will FDI cause Balance-of-Payments Crisis?” Economic Research Journal (in Chinese), November, pp. 37-46.
  • Zarsky, L. and K. Gallagher, (2008), “FDI Spillovers and Sustainable Industrial Development: Evidence from US Firms in Mexico’s Silicon Valley,” Discussion Paper 18, Working Group on Development and Environment in the Americas, April, Tufts University.
  • Zhu, X., (2012), “Understanding China’s Growth: Past, Present, and Future,” Journal of Economic Perspectives, 26 (4), pp. 103-124.
Toplam 76 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Araştırma Makaleleri
Yazarlar

Yılmaz Akyüz Bu kişi benim

Yayımlanma Tarihi 1 Ocak 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 4 Sayı: 1

Kaynak Göster

APA Akyüz, Y. (2015). FOREIGN DIRECT INVESTMENT, INVESTMENT AGREEMENTS, AND ECONOMIC DEVELOPMENT: MYTHS AND REALITIES. Ekonomi-Tek, 4(1), 1-47.