Determinants of FDI Into Turkey： A Componentwise Analysis

For two decades, the questions of what really motivates foreign investors to invest in a certain country remain unanswered and a controversial issue. Moreover, previous studies have overwhelmingly treated FDI （foreign direct investment） as unidimensional rather than multidimensional. In reality, FDI is rather multidimensional in that it is composed of components （equity capital, reinvested earnings, and other capital）, each with its intrinsic characteristics in response to the same economic fundamentals, such as growth, institutional quality, exchange rate, taxes, market size, skill abundance, etc. Therefore, the main objective of this study was to seek the major determinants of the total FDI inflows in Turkey by treating total FDI as multidimensional to avoid a distorted empirical prediction concerning the total FDI, which is greatly neglected in the FDI literature. Accordingly, the author employed the panel corrected standard error （PCSE） model for annual data between 2003 and 2012, he found that FDIs are responsive to the country risk （CR） indices of both Turkey and EU （European Union） and to the tax measures of 2006.     

外商直接投资对中国产业结构升级的影响——基于粤苏鲁三省面板数据的时点个体固定效应分析

本文选取粤、苏、鲁三省2001～2011年第一、二、三产业的面板数据,采用时点个体固定效应模型,对外商直接投资对产业结构升级的影响做了实证分析,结果显示外商直接投资的进入促进了中国产业经济结构的升级.外商直接投资对第二产业的固定效应最大,其次是第三和第一产业.外商直接投资对第一、二产业的个体固定效应随经济发展水平的提高而降低;对第三产业的个体固定效应则随经济发展水平的提高而增强.外商直接投资对第一产业的时点固定效应呈一直降低趋势,对第二产业的时点固定效应则先升高后降低,对第三产业的时点固定效应呈先降低后升高趋势.     

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New capitalist processes,interdependence and the Asia–US private equity relationship

Abstract

Private equity has had a short but eventful history in East Asia, characterized first by US firm dominance and then by a nationalistic backlash. This article charts these earlier patterns, but argues that significant developments have taken place since the early 2000s, which have strengthened the position of private equity capital in the Asian political economy. As private equity deal-making has returned to Asia, new linkages have been formed between US private equity funds and local private equity players. Of particular importance have been US–Asian joint ventures, Asian nationals returning to domestic firms from US private equity houses and supportive local elites in the banking and pension fund sectors. The significance is two-fold. First, the spread of private equity has been founded on interdependent relationships between US actors and local actors, which have more successfully grounded the private equity industry in national political economies than its origins in the Asian crisis period. Second, despite the relative localization of Asian private equity, industry practices are still largely shaped by the US model of private equity and the merger and acquisition activity that it entails, rather than a distinct Asian private equity model. The findings of the article contribute to calls that have been made for research on the changing global economy that comprehensively integrates domestic and international levels of analysis.     

Chinese capital flows and offshore financial centers

Abstract

Why is the British Virgin Islands a bigger source of foreign direct investment into China than the USA, the European Union and Japan combined? Why is there 10 times more investment from China in the Caymans Islands than there is in the USA? This paper argues that these flows represent the efforts of Chinese and foreign investors to reduce governance and measurement transaction costs. Investors avail themselves of efficient institutions in offshore centers that are absent locally. These institutional attractions include the ease of raising capital on foreign stock markets, access to reliable courts, and more flexible and sophisticated financial products. Existing explanations of these capital movements, characterizing them as criminal money or tax arbitrage, are insufficient. Evidence is drawn from government statistics, private legal advice and interviews in offshore financial centers.     

日非经贸关系及安倍政权的对非经济政策

日本对非经济关系虽然已有数十年的历史,但进展缓慢,日本学界及经济界也常常批评日本政府对非洲不够重视。90年代以后日本充分利用非洲发展会议（TICAD）这一平台,全方位地加大了对非洲的关注力度,尤其是目前的安倍政权更是推出了一系列的非洲经济政策,旨在增强同非洲各国的经济关系,谋求更多的经济利益和国际话语权。     

Bennu: Africa innovating itself out of underdevelopment

ABSTRACT

This article is a direct challenge to the established view reflected in the World Bank's Berg report, that structural adjustment programmes and the markets alone will resolve Africa's underdevelopment challenges. This article completely accepts that science and technology lead to products and services that create efficiency, productivity and wealth. It accepts different dynasties of industrialisation from land use (agriculture and mining), labour-intensive activities, heavy machinery, assembly lines, branding, information technology and intellectual property, but shows how – in the current global paradigm – this has led to an anomaly: while development aid flows from more industrialised to less industrialised countries, larger sums of global investment capital leave poorer countries for richer countries in search of higher returns. Having accepted the ‘returns-seeking’ nature of capital, a strategy is proposed for Africa to engage with this reality. In contrast with the Berg view, it is argued that the public sector is a key stakeholder in the developmental process. As has been put forward by Thabo Mbeki, several African countries exhibit ‘two nations’ characteristics. If this is true, all seven dynasties of industrialisation can be simultaneously developed through interventionist government, which could not happen though markets alone. A direct policy and strategy positioning in technology-related sectors that support increasing returns should be developed. Economic development bodies should have scientific and technological people to ensure technological focus in development strategies.The article demonstrates that a different value paradigm is needed. Large numbers of poor people can provide markets for goods that can yield returns for capital that are similar to markets of small numbers of rich people. A shift in the development model from Public Private Partnerships (PPP) to Public Entrepreneur Private Partnerships (PEPP) is suggested to maximise employment through sustainable entrepreneurship. Through spearheaded emerging technologies such as information convergence technologies, cellular technologies such as mobile banking, resource management and alternate energy, Africans can create output that attracts global investment capital – and not only aid. This article explores how, through investment in activities that generate increasing rather than decreasing returns, Africa will innovate its way out of what appears to be a stubborn history of underdevelopment.     

The Role of FDI,Exports and Spillover Effects in the Regional Development of China

The objective of this analysis is to assess the impacts of export expansion, inward FDI, domestic investment and labour on the growth of China's Eastern, Central and Western regions using panel data over the period 1984 to 1998. A major contribution of the study is its tests for the presence of interregional spillover effects. The study indicates that both inward FDI and domestic investment stimulate growth in all three regions and for the PRC as a whole and that export expansion stimulates the growth of the PRC, Eastern and Central China, but not the West. Labour enhances the growth of the more traditional Western region, but not the more capital intensive Eastern seaboard or the PRC in its entirety. Finally, output growth spills over from the East to Western and Central China and from the Central area to Western China. These results are fully explained in the text.     

Negligence and Human Rights Law: The Case for Separate Development

A number of judges and academics have argued in favour of the convergence of negligence law with human rights law. By contrast, the thesis of this article is that the two legal orders should develop independently, so that for the most part the law of negligence ought not to be affected by human rights considerations. It is argued that the case for convergence is based on two false assumptions, namely that human rights law and negligence law perform similar functions within our legal order and that the norms of human rights law are more fundamental than the norms encapsulated in negligence law. It is also argued that convergence would undermine the coherence of negligence law. Ultimately, the case for separate development rests on the desirability of recognising public law and private law as autonomous normative systems with their own distinctive rationales, concepts and core principles.     

加快县域经济发展的理论思考

县域经济是国民经济的重要组成部分,是统筹城乡经济社会发展的基本单元,是全面实现小康社会目标的关键和重点。影响县域经济发展的因素主要有自然条件优势、产业与企业的竞争力、人力资源竞争力、与周边区域的互动力。发展县域经济要以工业化为动力,以城镇化为依托,以改革和制度创新为保障。