Triumph of the optimists Dimson, Elroy; Dimson, Elroy; Marsh, Paul ...
2002., 20090411, 2009, 2002, 2002-01-01, 20020101
eBook
Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% ...per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy.
Sovereign wealth funds Clark, Gordon L; Clark, Gordon L; Dixon, Adam D ...
2013., 20130721, 2013, 2013-07-21
eBook
The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects.Sovereign Wealth Fundsmaps the global footprints of these financial ...institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets.
The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations.
Sovereign Wealth Fundsconsiders how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.
This book analyzes the regulatory framework that Russia has developed to attract private capital and technology in the modernization of the electricity infrastructure. Comparing Russian and EU ...electricity law, the book identifies regulatory risks and examines investors' protection under Russian and international investment law.
Contagious capitalism Gallagher, Mary Elizabeth
2008., 20110627, 2011, 2005, 2005-01-01, 20050101
eBook
One of the core assumptions of recent American foreign policy is that China's post-1978 policy of "reform and openness" will lead to political liberalization. This book challenges that assumption and ...the general relationship between economic liberalization and democratization. Moreover, it analyzes the effect of foreign direct investment (FDI) liberalization on Chinese labor politics.
Modern investment treaties give private arbitrators power to determine whether governments should pay compensation to foreign investors for a wide range of sovereign acts. In recent years, ...particularly developing countries have incurred significant liabilities from investment treaty arbitration, which begs the question why they signed the treaties in the first place. Through a comprehensive and timely analysis, this book shows that governments in developing countries typically overestimated the economic benefits of investment treaties and practically ignored their risks. Rooted in insights on bounded rationality from behavioural psychology and economics, the analysis highlights how policy-makers often relied on inferential shortcuts when assessing the implications of the treaties, which resulted in systematic deviations from fully rational behaviour. This not only sheds new light on one of the most controversial legal regimes underwriting economic globalization but also provides a novel theoretical account of the often irrational, yet predictable, nature of economic diplomacy.
Regional economic engagement within South Asia may gain increasing importance owing to several factors that are currently in play, including strategies to diversify global value chains and locate ...such value chains nearer home. These developments offer South Asia a chance to enhance its low levels of regional economic engagement and capitalize on significant unrealized development opportunities.
This report shows that examining intraregional investment and knowledge connectivity enhances our understanding of the low levels of intraregional trade and limited regional value chains in South Asia. Creating a new and unique data set for South Asian investment, it provides a detailed and nuanced understanding of the drivers of outward investment, both regional and global, for South Asian firms. “Regional Investment Pioneers in South Asia” provides key considerations for policy makers in South Asia, which remain particularly relevant in the aftermath of the pandemic. First, it makes a case for regulatory relaxation of outward FDI regimes, based on new micro foundations, grounded in value chains. Second, it spells out details of smart inward FDI promotion techniques and investment facilitation. Third, it identifies distinct cross-border information-enhancing and network development activities. Fourth, it suggests that digital connectivity and continued interventions in reducing trade costs are warranted to increase investment as well as trade flows. There is particular scope to build on the digitalization initiatives in trade and investment facilitation taken during the pandemic. “Regional Investment Pioneers in South Asia” follows on, and is complementary to, the earlier World Bank report, “A Glass Half Full: the Promise of Regional Trade in South Asia.”
Public Participation and Foreign Investment Law critically discusses the different forms of public participation that can be found or envisaged in foreign investment law. It provides the first ...systematic treatment of public participation in foreign investment law in its main forms and from different perspectives.
The 1990s saw global flows of foreign direct investment increase some sevenfold, spurring economists to explore FDI from a micro- or trade-based perspective.Foreign Direct Investmentis one of the ...first books to analyze the macroeconomics of FDI, treating FDI as a unique form of international capital flow between specific pairs of countries.
By examining the determinants of the aggregate flows of FDI at the bilateral, source-host-country level, Assaf Razin and Efraim Sadka present the first systematic global analysis of the singular features of FDI flows. Drawing on a wealth of fresh data, they provide new theoretical models and empirical techniques that illuminate the vital country-pair characteristics that drive these flows. Uniquely,Foreign Direct Investmentexamines FDI between developed and developing countries, and not just between developed countries. Among many other insights, the book shows that tax competition vis-à-vis FDI need not lead to a "race to the bottom."Foreign Direct Investmentis an essential resource for graduate students, academics, and policy professionals.
This book addresses two of the most important trends in political economy during the last two decades - globalization and decentralization - in the context of the world's most rapidly growing ...economic power, China. The intent is to provide a better understanding of how local political and economic institutions shape the ability of Chinese state-owned firms to utilize foreign direct investment (FDI) to remake themselves in the transition from inefficient and technologically backward firms into powerful national champions. In a global economy, the author argues, local governments are increasingly the agents of industrial transformation at the level of the firm. Local institutions are durable over time, and they have important economic consequences. Through an analysis of five Chinese regions, the treatment seeks to specify the opportunities and constraints that alternative institutional structures create, how they change over time, and ultimately, how they prepare Chinese firms for the challenge of global competition.
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