Manual sobre el Sistema de Solución de Diferencias de la OMC / preparada por la División de Asuntos Jurídicos y la División de Normas de la Secretaría de la OMC, y la Secretaría del Órgano de Apelación.
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The international investment regime (IIR) continues to be a subject of an intense debate. After a first wave of criticism, investment arbitration and awards have shown some changes in areas such as transparency and deference. However, the calls for reform have not ceased; to the contrary, they have exacerbated. Most critical research continues denouncing investment arbitration as a way of settling foreign investment disputes. Those who defend the IIR in turn claim that the use of proportionality can resolve most of the existing concerns in this field.
While most of RTA talks have incorporated rules on industrial tariff and non-tariff barriers, services, and trade remedies in the past, countries now seek to co-operate on other areas of policymaking, such as rules on investment. This article provides detailed analysis on the effects of trade and investment liberalization on Korea’s inward and outward foreign direct investment (FDI) by collecting all relevant information on substantive investment provisions contained in all Korea FTAs in force as May 2013 and constructing indices of the extensiveness of investment provisions.
This paper examines the on-going high level of dependency of China’s economy on foreign sources of technology during the period since accession to the World Trade Organisation (WTO). Because this dependency is a major cause of concern for China’s leaders and policymakers, they have sought to shift the direction of the economy particularly since 2006 towards a greater focus on indigenous innovation. Achieving such a major transformation, however, in an era when much of China’s economic activity has become integrated within the global value chains of major corporations, is very challenging, and the evidence to date suggests only a modest level of success on the part of Chinese companies to substitute for the on-going dominant position of foreign companies particularly in China’s high technology sectors. Some progress has been made, however, in the private sector’s share of economic activity in contrast to the declining share of State Owned Enterprises (SOEs).
This study surveys the types and amount of financial resources that multilateral and bilateral DFIs provide for Africa, and makes an in-depth analysis of major projects in Africa financed by them. Moreover, this study explores how Korean ECAs and investors collaborate with international financial institutions to provide increased funding for Africa’s infrastructure development projects.
This paper examines the on-going high level of dependency of China’s economy on foreign sources of technology during the period since accession to the World Trade Organisation (WTO). Because this dependency is a major cause of concern for China’s leaders and policymakers, they have sought to shift the direction of the economy particularly since 2006 towards a greater focus on indigenous innovation. Achieving such a major transformation, however, in an era when much of China’s economic activity has become integrated within the global value chains of major corporations, is very challenging, and the evidence to date suggests only a modest level of success on the part of Chinese companies to substitute for the on-going dominant position of foreign companies particularly in China’s high technology sectors.
China’s success in attracting high levels of foreign direct investment (FDI) has drawn a lot of attention from around the world, and so has the fast growth of Chinese regions that have enjoyed the lion’s share of the FDI inflow. The specific mechanisms through which FDI has benefited the country’s economic development, however, are less clear than the spectacular growth in both the capital flow and the economy.
Unlike the large literature on ‘democracy and trade’, there is a much smaller literature on the effect of the level of democracy in a nation on the level of its foreign direct investment (FDI) inflow. These few studies reveal mixed empirical results, and surprisingly only one study has examined bilateral FDI flows. Moreover, few of these studies use multiple governance indicators separating the ‘pluralism’ effect of democratic institutions from the ‘good governance’ effect, there are no studies on democratic institutions’ various effects on the level of FDI relative to trade, and there are no studies of democratic institutions’ various effects on the selection of countries into FDI. We focus on three contributions. First, we examine the simultaneous effects of the World Bank’s (six) Worldwide Governance Indicators (WGIs) – which allow separating the effects of pluralism from those of five other good governance measures – on bilateral trade, FDI and FDI relative to trade using state-of-the-art gravity specifications. Second, we find strong evidence that – after accounting for host governments’ effectiveness in various roles of good governance – a higher level of pluralism as measured by the WGIs’ Voice and Accountability Index reduces trade levels, likely by increasing the ‘voice’ of more protectionist less-skilled workers, but not FDI levels. Moreover, we find qualitatively different effects of other WGIs – such as political stability – on trade versus FDI flows. Third, we account for firm heterogeneity alongside a large number of zeros in bilateral FDI flows using recent advances in gravity modelling. We distinguish between the (country) intensive and extensive margins and show that pluralism affects FDI inflows negatively at the intensive margin, but positively at the extensive margin.
By building an endogenous technological progress model with intermediate product expansion, the paper shows the evolvement of export technical sophistication (or technical complexity) upgrading in China. We find that financial development, human capital, technological gap, and FDI technology spillover can promote export technical sophistication. In our empirical study, we extend the model of Hausmann, et al. (J Econ Growth 12:1–25, 2007) to test the model implications. To be specific, in order to avoid pseudo-statistical phenomenon we eliminate the impact of the technical sophistication measurement exerted by the processing trade-oriented import products. A panel data covering 31 provinces and municipalities in China from 2002 to 2008 is then analyzed. From the national, regional and industrial levels, we find that financial development is a very important factor for the upgrading of the export technical sophistication. Further, various financial development indicators all have significant impacts on the industrial export technical sophistication in different regions and different industries. Finally, FDI, R&D investment and human capital also play significant roles in promoting the upgrading of the export technical sophistication.
East Central Europe’s (ECE) recent record in accumulating FDI stock is notable even from a global perspective. While most scholarly works downplay the role of the European Union (EU) in this process, this article claims that in an attempt to manage the economic opportunities and threats that ECE posed after the regime change, the EU has actively shaped foreign capital inflows to the region. First, the EU triggered a liberal shift in ECE’s FDI policies. Second, after enlargement, the EU has reinforced ECE’s locational advantages through its practice of approving most of the incentive schemes offered to foreign investors. While investors mainly coming from the old EU Members began to dominate ECE economies, the region’s heavy reliance on FDI has also produced a reverse effect: ECE investments have enhanced the global competitiveness of western European firms. To a certain extent, FDI has therefore transcended the traditional east–west divide.
Recent developments in the literature on international trade and foreign direct investment (FDI) emphasise the role of firm characteristics in shaping firm participation in exports and FDI. The seminal work of Melitz and Helpman-Melitz-Yeaple (HMY) places heterogeneity in firm productivity at the heart of exporting and FDI. While the HMY hypothesis finds support for firms in the industrialised economies, the evidence from developing economies is limited. This paper attempts to contribute empirical insights into the theoretical framework laid out by Melitz, Helpman et al., Head and Ries with evidence from India.
In this study, the authors aim to analyze India’s trade performance from the period of liberalization until the recent financial crisis, and compare it to China’s. The authors then examine Indian trade and investment policy and also institutional factors that potentially determine these trade patterns and performance, especially where they differ from China’s. Finally, the authors highlight future trade policy challenges for India and also provide suggestions to ensure strong growth in trade and integration with the global market. This paper contributes by performing a comparative analysis of the Indian and Chinese experiences under trade liberalization and also by outlining potential challenges for Indian trade policy in the future.