The Next crisis? : direct and equity investment in developing countries /
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| Author / Creator: | Woodward, David, 1959- |
|---|---|
| Imprint: | London ; New York : Zed Books ; [New York : Distributed exclusively in the USA by Palgrave], 2001. |
| Description: | xiv, 240 p. : ill. ; 23 cm. |
| Language: | English |
| Subject: | |
| Format: | Print Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/4690045 |
Table of Contents:
- Preface
- List of Abbreviations
- 1.. Introduction
- 2.. Capital Flows, Development and Debt Crises
- North-South Capital Flows and Development
- Capital Flows and Risk
- A Historical Perspective
- How Did the 1980s Debt Crisis Happen?
- Conclusion
- 3.. The Nature of Direct and Equity Investment and the Positive View
- What Are Direct and Equity Investment?
- Motivations for Direct and Equity Investment
- Factors Influencing the Location of Direct Investment
- Financing of Direct Investment
- Production, Income and Expenditure
- Profits, Capital Gains, Reinvestment and Remittances
- Capital Flows and the Stock of Investment
- The Positive View of Direct and Equity Investment
- 4.. Recent Trends in Development Finance
- The Changing Composition of Financial Flows
- Implications of the New Paradigm
- The Geographical Distribution of Direct and Equity Investment
- The Sectoral Distribution of Direct Investment
- Stocks of Direct and Equity Investment
- The Importance of Direct Investment in Overall Investment, Production and Exports
- Conclusion: the Story so Far
- 5.. Ignorance is Bliss (I): Data on the Stocks of Direct and Equity Investment
- The Significance of Data Problems
- General Problems: Definitions, Data Collections and Coverage
- Major Statistical Sources
- Cumulative Flow Estimates of FDI Stocks
- 6.. Ignorance is Bliss (II): Data on Capital Flows, Profits and FDI-Related Trade
- Capital Flows
- Profits, Remittances and Reinvestment
- Hidden Profits: Transfer Price Manipulation
- FDI-Related Trade
- Conclusion: What Do We Know about Stocks of Inward FDI?
- 7.. The Foreign Exchange Dimension: General Principles
- Why Foreign Exchange Effects Matter
- Types and Phases of Investment
- Types of Foreign Exchange Effect
- Investment in Existing Capacity
- Investment in New Capacity
- Disinvestment
- The Production Phase: Direct Investment
- An Alternative Perspective
- The Production Phase: Equity Investment
- 8.. Foreign Exchange Effects of Direct and Equity Investment on the Host Country
- Rates of Return on Direct and Equity Investment
- Direct Investment by Purchase: Export Sector
- Direct Investment by Purchase: Non-Tradeable Sectors
- Direct Investment by Purchase: Import Substitutes
- Direct Investment through Construction of New Productive Capacity
- Direct Investment to Expand and Improve Existing Productive Capacity
- Portfolio Investment in Existing Shares
- Portfolio Investment in New Share Issues
- Conclusion
- 9.. Other Effects at the National Level
- Effects on Investment
- Effects on Employment
- The Development and Transfer of Technology
- Politics and Economical Policy
- 10.. The Global Dimension: Competition for Direct Investment and Export Markets
- Effects on Export Markets and Prices
- Competition for Direct Investment
- Official Encouragement
- Conclusion
- 11.. Net Transfers and the Build-Up of Investment Stocks
- Equity Investment
- Direct Investment
- Net Transfers and the Stock of FDI: Two Country Examples
- 12.. Surges and Cycles
- The 1990s Surge in Equity Investment
- Herd-like Behaviour
- Temporary Factors Promoting Direct Investment
- Procyclical Flows
- Echoes of the Past
- Conclusion
- 13.. Was That It? (I): Direct Investment and Current Account Deficits in the Mexican and Asian Financial Crises
- The Mexican and Asian Crises
- Profits and Imports of Capital Goods
- Trade Effects of Foreign Affiliates' Operations
- FDI-Financed Production and Export Prices
- Conclusion
- 14.. Was That It? (II): Capital Flows of FDI and Equity Investment in the Mexican and Asian Crises
- Speculative Bubbles
- The Reversal of Portfolio Equity Investment Flows in the Asian Crisis
- The Reduction of Direct Investment Flows in the Asian Crisis
- Direct and Equity Investment in the Mexican Crisis
- Portfolio Equity Investment and Contagion
- The Last Crisis and the Next
- Conclusion
- 15.. Conclusions and Policy Implications
- Summary: an Accident Waiting to Happen?
- The Next Crisis and the 1980s Debt Crisis
- Where are we Now? 1979 and 1997
- The Multilateral Agreement on Investment
- The IMF and Capital Account Liberalisation
- Dealing with Crises: Lessons from the Asian Experience
- Conclusion
- Appendices
- I.. Data Discrepancies and the Balance of Payments Effects of Direct Investment in Thailand
- II.. Balance of Payments Effects of Direct Investment in Malaysia: Data Limitations and Sensitivity to Assumptions
- Notes
- Bibliography
- Index
- List of Boxes
- 8.1. Assumptions for Illustrative Figures on Net Foreign Exchange Effects of Direct and Equity Investment
- 8.2. Export-Orientation of Direct Investment
- 9.1. Capital Inflows, Sterilisation and Local Investment
- 11.1. Rates of Return, Net Resource Transfers and the Stock of Inward Investment: a Numerical Illustration
- List of Tables
- 4.1. Share of US Majority-Owned Affiliates in Total Host Country Exports, 1993 (%)
- 5.1. IMF and UNCTAD Estimates of Stocks of Inward FDI
- 5.2. Comparison of IMF Stock and Flow Data for Inward FDI ($m)
- 5.3. Non-Equity Financing and Cumulative Flow Estimates of the Stock of Direct Investment
