Foreign direct investment in emerging markets : income, repatriations and financial vulnerabiblities /
Lehmann, Alexander
Foreign direct investment in emerging markets : income, repatriations and financial vulnerabiblities / prepared by Alexander Lehmann. - Washington, D.C. : International Monetary Fund, 2002 - 30 p. - IMF working paper ; no. WP/02/47 .
Bibliografía: p. 29-30.
Based on U.S. dataq,the returns on foreign direct investment in emerging markets are shown to be substatially higher than would be suggested by official balance of payments statistics. This paper identifies the determinants ofr FDI profitability in 43 industrialized and developing countries. After financial leverage and the effect of tax minimizing income transfers are controlled for, host country risk and market openness are found to rise affiliate returns on equity and returns on sales. In the context of a number of financial crises during the 1990s, income repatriations are shown to be pro-cyclical, throgh the effect of host country recessions is mitigated through continued spending on fixed capital and a re-direction of affiliate sales towards export markets.
CRISIS FINANCIERA
MERCADOS EMERGENTES
INVERSIONES DIRECTAS
INVERSIONES EXTRANJERAS
332.673
Foreign direct investment in emerging markets : income, repatriations and financial vulnerabiblities / prepared by Alexander Lehmann. - Washington, D.C. : International Monetary Fund, 2002 - 30 p. - IMF working paper ; no. WP/02/47 .
Bibliografía: p. 29-30.
Based on U.S. dataq,the returns on foreign direct investment in emerging markets are shown to be substatially higher than would be suggested by official balance of payments statistics. This paper identifies the determinants ofr FDI profitability in 43 industrialized and developing countries. After financial leverage and the effect of tax minimizing income transfers are controlled for, host country risk and market openness are found to rise affiliate returns on equity and returns on sales. In the context of a number of financial crises during the 1990s, income repatriations are shown to be pro-cyclical, throgh the effect of host country recessions is mitigated through continued spending on fixed capital and a re-direction of affiliate sales towards export markets.
CRISIS FINANCIERA
MERCADOS EMERGENTES
INVERSIONES DIRECTAS
INVERSIONES EXTRANJERAS
332.673