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Read e-book online An Economic Analysis of Bilateral Investment Treaties PDF

By Jan Peter Sasse

Bilateral funding Treaties (BITs) are a huge software for the safety of international direct funding (FDI). even though, in comparison to overseas alternate legislation, foreign funding legislation has to this point acquired simply little study awareness from an fiscal perspective. by means of using a legislation and economics method, Jan Peter Sasse presents a scientific research of ways BITs functionality. He explains why BITs are greater than only a sign, how they relate to institutional festival in addition to to institutional caliber and why transparency is overseas funding arbitration is tough to accomplish and should even harmful.

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Alfaro, Areendam et al. (2003) stress the importance of the stage of development of the local financial markets for a positive impact of FDI. Balasubramanyam, Salisu et al. (1996) emphasise the importance of trade policy, or, more specifically, trade openness, for FDI to exert a positive effect on growth. A similar point is made by Moran (2006), who uses a number of examples to illustrate that FDI has detrimental effects where it is understood as part of an import substitution policy, while positive effects accrue in the absence of trade protection.

J. P. 72 In his example, a government has to choose a tax rate for a certain time period in the future. It can either decide on this tax rate immediately or it can wait until the relevant period arrives. 75 The underlying logic can be illustrated in a simple sequential two-player game of complete information involving a representative multi-national enterprise (MNE) and a host country (HC). First, the MNE decides whether to invest or not. If no investment takes place, the payoff for both players is zero.

One solution to this problem could be the use of collaterals. However, when collaterals are not available and the project is nevertheless profitable, a sensible strategy could be the integration of lenders and borrowers into an MNE. As these examples illustrate, the key question for the existence of MNEs and thus FDI is why the organisational form of an MNE for the cross-national transaction is more efficient as compared to the use of the market or contracts. The prerequisite is, of course, that the cross-national transaction is profitable.

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