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Corruption And Composition Of Foreign Direct Investment
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Book Synopsis Corruption and the Composition of Foreign Direct Investment by : Shang-Jin Wei
Download or read book Corruption and the Composition of Foreign Direct Investment written by Shang-Jin Wei and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extent of corruption in a host country affects a foreign direct investor's choice of investing through a joint venture or through a wholly owned subsidiary. Corruption reduces inward foreign investment and shifts the ownership structure toward joint ventures.Smarzynska and Wei study the impact of corruption in a host country on foreign investors' preference for a joint venture or a wholly owned subsidiary.Their simple model highlights a basic tradeoff in using local partners. On the one hand, corruption makes the local bureaucracy less transparent and increases the value of using a local partner to cut through the bureaucratic maze.On the other hand, corruption decreases the effective protection of an investor's intangible assets and reduces the probability that disputes between foreign and domestic partners will be adjudicated fairly, which reduces the value of having a local partner.As the investor's technological sophistication increases, so does the importance of protecting intangible assets, which tilts the preference away from joint ventures in a corrupt country.Empirical tests of this hypothesis on firm-level data show that corruption reduces inward foreign direct investment and shifts the ownership structure toward joint ventures. Conditonal on foreign direct investment taking place, an increase in corruption from the level found in Hungary to that found in Azerbaijan decreases the probability of a wholly owned subsidiary by 10 to 20 percent. Technologically more advanced firms are less likely to engage in joint ventures, however.Smarzynska and Wei find support for the view that U.S. firms are more averse to joint ventures in corrupt countries than are other foreign investors - possibly because of the U.S. Foreign Corrupt Practices Act, which stipulates penalties for executives of U.S. companies whose employees or local partners engage in paying bribes.But although U.S. companies are more likely than investors from other countries to retain full ownership of firms in corrupt countries, they are not less likely than firms from other countries to undertake foreign direct investment in those countries.This paper - a joint product of Trade and Public Economics, Development Research Group - is part of a larger effort in the group to study the effects of corruption on economic activity. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Corruption and Composition of Foreign Direct Investment by : Beata K. Smarzynska Javorcik
Download or read book Corruption and Composition of Foreign Direct Investment written by Beata K. Smarzynska Javorcik and published by . This book was released on 2000 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extent of corruption in a host country affects a foreign direct investor's choice of investing through a joint venture of through a wholly owned subsidiary. Corruption reduces inward foreign investment and shifts the ownership structure toward joint ventures.
Book Synopsis Corruption and Composition of Foreign Direct Investment by : Beata Smarzynska Javorcik
Download or read book Corruption and Composition of Foreign Direct Investment written by Beata Smarzynska Javorcik and published by . This book was released on 2014 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the impact of corruption in a host country on foreign investor's preference for a joint venture versus a wholly-owned subsidiary. A simple model highlights a basic trade-off in using local partners. On the one hand, corruption makes local bureaucracy less transparent and increases the value of using a local partner to cut through the bureaucratic maze. On the other hand, corruption decreases the effective protection of investor's intangible assets and lowers the probability that disputes between foreign and domestic partners will be adjudicated fairly, which reduces the value of having a local partner. The importance of protecting intangible assets increases with investor's technological sophistication, which tilts the preference away from joint ventures in a corrupt country. Empirical tests of the hypothesis on a firm-level data set show that corruption reduces inward FDI and shifts the ownership structure towards joint ventures. Conditional on FDI taking place, an increase in corruption from the Hungarian level to that of Azerbaijan decreases the probability of a wholly-owned subsidiary by 10-20%. Technologically more advanced firms are found to be less likely to engage in joint ventures. On the other hand, US firms are found to be more averse to joint ventures in corrupt countries than investors of other nationalities. This may be due to the U.S. Foreign Corrupt Practices Act.
Book Synopsis Corruption, Composition of Capital Flows and Currency Crises by : Shang-Jin Wei
Download or read book Corruption, Composition of Capital Flows and Currency Crises written by Shang-Jin Wei and published by World Bank Publications. This book was released on 2000 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corruption affects the composition of capital inflows in a way that may raise the likelihood of a currency crisis.
Book Synopsis Corruption, Composition of Capital Flows, and Currency Crises by : Shang-Jin Wei
Download or read book Corruption, Composition of Capital Flows, and Currency Crises written by Shang-Jin Wei and published by . This book was released on 2016 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corruption affects the composition of capital inflows in a way that may raise the likelihood of a currency crisis.Crony capitalism and international creditors' self-fulfilling expectations are often suggested as rival explanations for currency crises. A possible link between the two has not been explored.Wei shows one channel through which crony capitalism can increase the chance of a currency/financial crisis by altering the composition of capital inflows.Using data on bilateral foreign direct investment and bilateral bank loans, Wei finds clear evidence that in corrupt countries the composition of capital inflows is relatively light in foreign direct investment.Earlier studies indicated that a country with a capital inflow structure is more likely to run into a currency crisis down the road (partly through international creditors' self-fulfilling expectations).Therefore, crony capitalism, through its effect on the composition of a country's capital inflows, makes the country more vulnerable to currency crises brought about by self-fulfilling expectations. Corruption may also weaken domestic financial supervision, with a subsequent deterioration in the quality in banks' and firms' balance sheets.This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to understand the connection between corruption and international capital flows. This study was supported in part by a grant from the OECD Development Center. The author may be contacted at [email protected].
Book Synopsis The composition of foreign direct investment and protection of intellectual property rights : evidence from transition economies by : Beata K. Smarzynska
Download or read book The composition of foreign direct investment and protection of intellectual property rights : evidence from transition economies written by Beata K. Smarzynska and published by World Bank Publications. This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corruption and Foreign Direct Investment by : Beata K. Smarzynska Javorcik
Download or read book Corruption and Foreign Direct Investment written by Beata K. Smarzynska Javorcik and published by . This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Voices in Investment by : Maria Laura Gómez Mera
Download or read book New Voices in Investment written by Maria Laura Gómez Mera and published by World Bank Publications. This book was released on 2014-12-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.
Book Synopsis Corruption and the Ownership Composition of the Multinational Firm at the Time of Entry by : Ayça Tekin-Koru
Download or read book Corruption and the Ownership Composition of the Multinational Firm at the Time of Entry written by Ayça Tekin-Koru and published by . This book was released on 2006 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is an empirical assessment of the relationship between corruption and the ownership structure of foreign direct investment. In particular, two forms of ownership structures are considered: joint venture and wholly owned subsidiary. The results indicate a strong negative impact of corruption on joint ventures, particularly for the ones originating from the developed countries. As the degree of corruption dissimilarity between the source country and Turkey gets deeper, the share of foreign ownership declines. This lends support to the transaction cost approach which emphasizes the costs of sharing ownership that are expected to increase in corrupt environments.
Book Synopsis Chinese Outward Foreign Direct Investment by : Peter J. Buckley
Download or read book Chinese Outward Foreign Direct Investment written by Peter J. Buckley and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The rapid international expansion of Chinese businesses has evoked mixed perceptions in host countries and among policymakers. This volume brings together rigorous studies on the motivation, background, strategy, and impact of Chinese outward foreign direct investment and the emergence of Chinese multinational enterprises (MNEs). It is thus informative for the next wave of academic research on Chinese and emerging market MNEs in international business, political economy, economic geography and political sciences. Together with an original introduction by the editors, this valuable collection provides an important backdrop for academics who intend to understand emerging market MNEs in order to advise policymakers"--
Download or read book Negative Alchemy? written by and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Direct Investment and Corruption by : Christopher James Fyfe Burtch
Download or read book Foreign Direct Investment and Corruption written by Christopher James Fyfe Burtch and published by . This book was released on 2004 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pollution Havens and Foreign Direct Investment by : Beata K. Smarzynska Javorcik
Download or read book Pollution Havens and Foreign Direct Investment written by Beata K. Smarzynska Javorcik and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The "pollution haven" hypothesis states that multinational firms, particularly those in highly polluting industries, relocate to countries with weak environmental standards. Despite the plausibility and popularity of this hypothesis, Smarzynska and Wei find only weak evidence in its favor.
Book Synopsis Foreign Direct Investment in Latin America and the Caribbean 2010 by : United Nations
Download or read book Foreign Direct Investment in Latin America and the Caribbean 2010 written by United Nations and published by UN. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2010, the Latin American and Caribbean region showed great resilience to the international financial crisis and became the world region with the fastest-growing flows of both inward and outward foreign direct investment (FDI). The upswing in FDI in the region has occurred in a context in which developing countries in general have taken on a greater share in both inward and outward FDI flows. This briefing paper is divided into five sections. The first offers a regional overview of FDI in 2010. The second examines FDI trends in Central America, Panama and the Dominican Republic. The third describes the presence China is beginning to build up as an investor in the region. Lastly, the fourth and fifth sections analyze the main foreign investments and business strategies in the telecommunications and software sectors, respectively.
Book Synopsis Negative Alchemy? by : Shang-Jin Wei
Download or read book Negative Alchemy? written by Shang-Jin Wei and published by . This book was released on 2001 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition of capital inflows in a way that makes it more likely to experience a currency crisis that is triggered/aided by a sudden reversal of international capital flows. We find robust evidence that poor public governance is associated with a higher loan-to-FDI ratio. Such a composition of capital flows has been identified as being associated with a higher incidence of a currency crisis. We also find some weaker evidence that poor public governance is associated with a country's inability to borrow internationally in its own currency. The latter is also associated with a higher incidence of a currency crisis. To sum up, even though crony capitalism does not forecast the timing of a crisis, it can nevertheless increase its likelihood. This paper illustrates a particular channel through which this can happen.
Book Synopsis Rethinking Financial Deepening by : Ms.Ratna Sahay
Download or read book Rethinking Financial Deepening written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2015-05-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
Book Synopsis International Friction and Cooperation in High-Technology Development and Trade by : National Research Council
Download or read book International Friction and Cooperation in High-Technology Development and Trade written by National Research Council and published by National Academies Press. This book was released on 1997-10-10 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt:
