FDI Policies in Europe in the Aftermath of the 2008+ Crisis
In the aftermath of the 2008+ crisis economic protectionism was feared to return. Financial turbulence, trade imbalances, instability of fiscal policies and labour market deterioration made intervention by the state justified. To cushion the blow various measures were launched. Whereas major economic policies such as the fiscal, monetary or labour market policies were adjusted, little is known about possible modifications in other, less popular, areas of government activity such as the policy on foreign direct investment (FDI). By combining available sources - mainly international scoreboards and rankings - this article sought to classify the member states of the European Union (EU MS) according to their policies pursued in respect of outward and inward foreign direct investment (OFDI and IFDI) after 2008. The main value added could be seen in: (i) the selection, compilation and assessment of various indicators proposed as the most suitable approximation of FDI policies; (ii) the coverage of all the EU members without a priori focusing only on some cases; and (iii) touching upon OFDI which is rather rare in FDI literature dominated by studies on IFDI. The major obstacle which may impair the quality of the research outcome was the lack of proper indicators i.e. lack of variables which can stand for genuine FDI policy. The results obtained indicate the dominance of rather more restrictive attitudes in respect of inward and outward FDI amongst the EU member states in the aftermath of the 2008+ crisis.(original abstract)
- CESifo - FDI Regulatory Restrictiveness Index, 1997 - 2012, http://www.cesifogroup.de/ifoHome/facts/DICE/Other-Topics/Product-Markets/Product-MarketRegulations/foreign-direct-investment-regulatory-restrictiveness.html.
- Clift, B., Woll, C. (eds.), 2012, Economic Patriotism: Reinventing Control over Open Markets, Journal of European Public Policy, vol. 19, no. 3: 307-323.
- Cuervo-Cazurra, A., Genc, M., 2011, Transforming Disadvantages into Advantages: Developing-country MNEs in the Least Developed Countries, Journal of International Business Studies, vol. 39, no. 6: 957-979.
- Doing Business ranking - http://www.doingbusiness.org/.
- Evenett, S.J. 2012, The Landscape of Crisis-Era Protectionism:19-40, in: Débâcle: The 11th GTA Report on protectionism, http://www.globaltradealert.org/sites/default/ files/GTA11_chapter2.pdf.
- Faeth, I. 2009, Determinants of Foreign Direct Investment - A Tale of Nine Theoretical Models, Journal of Economic Surveys, vol. 23, no. 1: 165-196.
- Gavin, B., 2012, Europe Needs a Dynamic International Investment Regime with Chin, Intereconomics, vol. 47, no. 4: 248-256.
- Global Trade Alert, 2015, http://www.globaltradealert.org/.
- Globerman, S., Chen, V.Z., 2010, Best Policy Practices for Promoting Inward and Outward Foreign Direct Investment, Ottawa: The Conference Board of Canada, Report October 2010, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1722003.
- Gorynia, M., Nowak, J., Trąpczyński, P., Wolniak, R., 2013, Overview and Evaluation of Policy Measures Supporting Outward FDI: The Case of Poland, in: Kaynak, E., Harcar, T.D. (eds.), Twenty Second World Business Congress Flexibility, Innovation and Adding Value as Drivers of Global Competitiveness: Private and Public Sector Challenges, June 25-29, National Taipei University, Taipei, Republic of China (Taiwan): 108-115.
- IIA Issues Note, UNCTAD: No. 1, 2010, Latest Developments in ISDS, http://unctad.org/en/Docs/webdiaeia20103_ en.pdf. No. 1, 2011, Latest Developments in ISDS, http://unctad.org/en/Docs/webdiaeia20113_ en.pdf. No. 1, 2012, Latest Developments in ISDS, http://unctad.org/en/PublicationsLibrary/ webdiaeia2012d10_en.pdf. No. 1, 2013, Recent Developments in ISDS Updated for the Multilateral Dialogue on Investment, 28-29 May 2013, http://unctad.org/en/PublicationsLibrary/webdiaepcb2013d3_en.pdf. No. 2, 2013, Reform on ISDS: In Search of a Roadmap, Updated for the launching of the WIR, 26 June 2013, http://unctad.org/en/PublicationsLibrary/webdiaepcb2013d4_en.pdf. No. 4, 2013, International Investment Policymaking in Transition: Challenges and Opportunities of Treaty Renewal, UNCTAD, http://unctad.org/en/PublicationsLibrary/webdiaepcb2013d9_en.pdf. No. 3, 2014, Reform of the IIA Regime: Four Paths of Action and a Way Forward, http:// unctad.org/en/PublicationsLibrary/webdiaepcb2014d6_en.pdf. No. 1, 2015, Recent trends in IIAs and ISDS, http://unctad.org/en/PublicationsLibrary/ webdiaepcb2015d1_en.pdf.
- Irwin, D.A., 2011, Trade Policy Disaster: Lessons from the 1930s. MIT press.
- Kee, H.L., Neagu, C., Nicita, A., 2013 Is Protectionism on the Rise? Assessing National Trade Policies During the Crisis of 2008, Review of Economics and Statistics, vol. 95, no. 1: 342-346.
- Kluza, S., 2011, The Financial Crisis of 2008-2009: The Financial Supervision Perspective, Poznań University of Economics Review, vol. 11, no.1: 23-27.
- Kowalski, T., 2013, Globalization and Transformation in Central European Countries: The Case of Poland, Poznań University of Economics Press.
- Luo, Y., Xue, Q, Han, B., 2010, How Emerging Market Governments Promote Outward FDI: Experience from China, Journal of World Business, vol. 45, no. 1: 68-79.
- Mistura, D.G., 2011, The Promotion of Outward Foreign Direct Investment: A Comparative Policy Analysis of BRIC Countries, Sao Paulo, 2011, mimeo.
- Naczyk, M., 2013, Budapest in Warsaw: Central European Business Elites and the Rise of Economic Patriotism since the Crisis, http://www.maxpo.eu/Downloads/Paper_ MarekNaczyk.pdf.
- North, D.C., 1991, Institutions, The Journal of Economic Perspectives, vol. 5, no. 1: 97-112.
- OECD Economic Policy Reforms, Going for Growth, 2015, http://www.oecd.org/eco/ growth/49711014.pdf.
- Peng, M.W., Wang, D.Y.L., Jiang, Y., 2008, An Institution-based View of International Business Strategy: A Focus on Emerging Economies, Journal of International Business Studies, vol. 39, no. 5: 920-936.
- Promocja Polskiej gospodarki za granicą, 2014, Raport PISM, Warszawa.
- Sauvant, K.P., 2015, AIM Investment Report 2015: Trends and policy challenges. Presentation at the opening of the Annual Investment Meeting, 30 March-1 April 2015, Dubai, http://works.bepress.com/cgi/viewcontent.cgi?article=1343&context=karl_ sauvant.
- Scott, W.R., 1995, Institutions and Organizations, Sage Publications, Thousand Oaks, CA.
- Simmons, B.A., 2014, Bargaining over BITs, Arbitrating Awards: The Regime for Protection and Promotion of International Investment, World Politics, vol. 66: 12-46.
- Strik, P., 2014, Shaping the Single European Market in the Field of Foreign Direct Investment, Modern Studies in European Law, Hart Publishing Oxford.
- Te Velde, D.W., 2007, Understanding Developed Country Efforts to Promote Foreign Direct Investment to Developing Countries: The Example of the United Kingdom. Transnational Corporations, vol. 16, no. 3: 83-104.
- UNCTAD investment policy hub, 2015, http://investmentpolicyhub.unctad.org.
- Wach, K., Wojciechowski, L., 2016, Determinants of Inward FDI into Visegrad Countries: Empirical Evidence based on Panel Data for the years 2000-2012, Economics and Business Review, vol. 2, no. 1: XX-XX.
- Williamson, O., 1985, The Economic Institutions of Capitalism, FreePress, New York.
- Williamson, O.,1998, The Institutions of Governance, The American Economic Review, vol. 88, no. 2: 75-79.
- Zhang, H., Van Den Bulcke, D., 2014, China's Direct Investment in the European Union: A New Regulatory Challenge? Asia Europe Journal Studies on Common Policy Challenges, Springer, Berlin Heidelberg.
- Zimny, Z., 2013, Outward FDI from Poland and its Policy Context, Columbia FDI Profiles, http://ccsi.columbia.edu/files/2014/03/Poland_OFDI_-_14_Jan_2013_-_ FINAL_0.pdf.