The Catalytic Effect of IMF Lending: Evidence from Sectoral FDI Data

Our study contributes to the search for the elusive catalytic effect of International Monetary Fund (IMF) lending on inflows of foreign direct investment (FDI). Recent scholarship has found that the catalytic effect is conditional on political regime and program stringency. We contribute to this literature by developing and testing a theory which describes how the catalytic effect also varies by economic sector. This is a departure from existing studies, which have tended to focus on aggregate FDI flows after crises. Our findings corroborate previous research, which finds that in general IMF lending has a substantial and negative effect on FDI. However, we find that the negative effect is concentrated in sectors that are highly dependent on external capital and have low sunk costs in the host country. Our findings are robust to several alternative explanations common in IMF literature, namely the importance of IMF program design and the ability of governments to make credible commitments to reform. Substantively, our findings suggest that investors are more likely to use IMF lending as an escape hatch in countries where FDI is dependent on external capital and has low sunk costs.     

Restoring Fiscal Balances Post the Global Economic Crisis in Botswana

This article discusses the restoration of fiscal balances in Botswana after prolonged deficit financing. Botswana is a diamond-export-dependent country; resultantly, it suffered revenue losses due to depressed demand for diamonds during the global economic crisis. Reduced revenues necessitated deficit financing between 2008/09 and 2011/12. Debt was financed through dissaving and borrowing. However, the government restored budget balances in April 2012. While this case study is Botswana-specific, there are general lessons. These are: using a crisis to introduce public finance reforms; eschewing populism aimed at short-term gains; and the need for politicians to take very bold decisions to guide fiscal policy.     

The Role of Citizen Participation and the Use of Social Media Platforms in the Participatory Budgeting Process

In the United States participatory budgeting (PB) is a relatively new and innovative approach to municipal budgeting that has implications for improving the role of citizen participation in the budgetary process. The research is based on personal interviews with local community leaders involved in the PB process in the 49th Ward of Chicago, Illinois; the 6th Ward of St. Louis, Missouri; and the City of Boston, Massachusetts. Highlights are provided of the specific experiences and perceptions of these community leaders with a particular emphasis on the use of social media platforms in engaging citizens in the PB process. This article concludes with recommendations for creating a PB infrastructure, for increasing citizen participation in the PB process, and for assessing and increasing the impact of PB in cities within the United States.     

Direct democracy and subjective regime legitimacy in Europe

While much research focuses on the causes and consequences of direct democracy and regime legitimacy, little attention has been paid to the potential relationship between them. In an attempt to fill this void, this paper focuses on the legal provisions for direct democracy and its use. The key argument is that possibilities for the public’s direct involvement reflect high importance given to citizens, openness of the regime towards different modes of decision-making, and ways to avoid unpopular institutions. Consequently, citizens are likely to accept and support the regime, improving or maintaining its legitimacy. The cross-national analysis includes 38 European countries ranging from transition countries to established democracies. It uses bivariate statistical analysis and country-level data collected from legislation, secondary sources, and aggregate surveys.     

Determinants of foreign direct investment and entry modes of Polish multinational enterprises: A new perspective on internationalization

This study uses firm data to examine the locational trends of foreign direct investment projects undertaken by Polish companies. The findings of the study are consistent with the evolutionary models of internationalization. Companies in the early stages of internationalization are motivated by markets and resource seeking, whereas efficiency seeking and strategic asset seeking are significant motivators in the advanced stages of internationalization. However, our results with respect to Polish cross-border acquisitions by service companies and greenfield foreign direct investments by industrial or manufacturing companies did not confirm the evolutionary model findings. We found evidence that, in both cases, investments are motivated by the need for efficiency or strategic assets.     

War-torn countries,natural resources,emerging-power investors and the UN development system

The unsustainable aid dependency of war-torn countries – most of which are rich in natural resources – makes it imperative to start gradually replacing aid with foreign direct investment (fdi) and exports. This article identifies ways in which stakeholders – governments, the international community, including the UN development system, foreign investors, and local communities – could work together in a ‘win-win’ situation. Most crucial is avoiding conflict-insensitive policies that fuel discord by putting governments and foreign companies, often from emerging markets, in direct confrontation with local communities. The control of natural resources is often a root cause of conflict, and the latter’s exploitation can become a major challenge as wars end. The peculiarities of war-torn countries are discussed along with the specific impediments to attracting fdi into the exploitation of natural resources. An effective and fair legal framework is necessary to ensure that investors do not operate as ‘enclaves’, creating new conflicts.     

我国城市社区直接选举探究

社区居委会直接选举作为扩大基层民主的有效形式,已经成为全面推进城市基层民主的突破口,受到社会各界越来越多的关注。本文选取社区居委会直接选举中的两个环节进行分析,梳理了社区选举过程中的程序规范及存在问题,以期进一步推进城市社区居委会直接选举的程序化、公平化。     

论新时期“无直接利益冲突”矛盾预警与应急机制

“无直接利益冲突”是众多参与者与事件本身无关,只是表达、发泄一种情绪的社会冲突。其通常表现是起哄、扎堆、看热闹,严重的可引发骚乱。社会矛盾预警应急机制可有效预防和化解“无直接利益冲突”。新时期“无直接利益冲突”呈现出的新情况、新趋势、新动向等特征,迫需构建这种机制。构建这种机制,需夯实“地直接利益冲突”预警应急的基础,建设科学、高效的矛盾预警与应急系统。     

做强产业金融,推动战略新兴产业和先进制造业发展

该文首先界定辨析了产业金融的概念,梳理分析产业发展与金融集聚的互动机制,指出国内产业金融存在的一般性问题,最后立足于推助战略新兴产业和先进制造业的发展,着力探讨政府主导的“政产金”合作模式.     

人身死亡损害赔偿立法探析

人身死亡损害赔偿关系到受害人生命权的体现和间接受害人财产权和精神损害请求权的实现。合理的赔偿制度是实现受害人权利的基础。中国人身死亡损害赔偿立法应反映法律公平公正价值,符合中国国情。