世界経済・社会統計 = World development indicators

This study investigates the determinants of Chinese outward direct investment (ODI) and the extent to which three special explanations (capital market imperfections, special ownership advantages and institutional factors) need to be nested within the general theory of the multinational firm. We test our hypotheses using official Chinese ODI data collected between 1984 and 2001. We find Chinese ODI to be associated with high levels of political risk in, and cultural proximity to, host countries throughout, and with host market size and geographic proximity (1984 to 1991) and host natural resources endowments (1992 to 2001). We find strong support for the argument that aspects of the special theory help to explain the behaviour of Chinese MNEs.

/pdf/the-determinants-of-chinese-outward-foreign-direct-ug17cra671.pdf

The determinants of Chinese outward foreign direct investment

https://www.bond.org.uk/sites/default/files/resource-documents/using_icts_to_create_a_culture_of_transparency.pdf

Using ICTs to create a culture of transparency: E-government and social media as openness and anti-corruption tools for societies

Are natural resources a “curse” or a “blessing”? The empirical evidence suggests either outcome is possible. The paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a resource bonanza induces appreciation of the real exchange rate, deindustrialization and bad growth prospects, and that these adverse effects are more severe in volatile countries with bad institutions and lack of rule of law, corruption, presidential democracies, and underdeveloped financial systems. Another hypothesis is that a resource boom reinforces rent grabbing and civil conflict especially if institutions are bad, induces corruption especially in non-democratic countries, and keeps in place bad policies. Finally, resource rich developing economies seem unable to successfully convert their depleting exhaustible resources into other productive assets. The survey also offers some welfare-based fiscal rules for harnessing resource windfalls in developed and developing economies.

Natural Resources: Curse or Blessing?

The recent wave of financial globalization since the mid-1980s has been marked by a surge in capital flows among industrial countries and, more notably, between industrial and developing countries. While these capital flows have been associated with high growth rates in some developing countries, a number of countries have experienced periodic collapse in growth rates and significant financial crises over the same period, crises that have exacted a serious toll in terms of macroeconomic and social costs. As a result, an intense debate has emerged in both academic and policy circles on the effects of financial integration for developing economies. But much of the debate has been based on only casual and limited empirical evidence.

/pdf/effects-of-financial-globalization-on-developing-countries-4fgndpscel.pdf

Effects of Financial Globalization on Developing Countries: Some Empirical Evidence

China’s aid policy

China’s relations with Africa began almost six centuries ago with a ceremonial exchange of gifts. In 1415, Chinese explorers brought shiploads of Chinese porcelains, silks, pepper and rice to the East African coast, and in return, the Kenyan town of Malindi sent a single giraffe, followed by zebras, lions, frankincense and rare spices.1 Almost six hundred years later, a pair of Kenyan giraffes accompanied President Moi in his 1988 state visit to China, and a Chinese loan of US$13.0 million followed President Moi’s two giraffes.

Chinese Aid in Africa

The outside world has grown weary of repeated agricultural crises in Africa. Grim prognoses of continued per capita agricultural decline make food security an increasingly elusive goal, and while the need has perhaps never been greater, ‘aid fatigue’ has dampened the willingness of outsiders to finance Africa’s agricultural development. Yet building agriculture remains central to Africa’s development. Few African countries have solved the critical challenge of ensuring food security, and most remain faced with an increasing gap between population growth and food production. Furthermore, few low-income countries whether inside or outside of Africa have found alternatives to the time-tested development strategy of basing their growth on the transfer of surplus resources from agriculture to other sectors of the economy.

Development and Foreign Aid: Theory and Practice

The question of how to promote structural transformation is central in fostering sustainable growth and poverty reduction in low-income countries in Africa. Following China’s domestic economic transformation and its growing outward investments in the developing world, we seek to understand how Chinese investment in Africa, particularly in manufacturing, may help to foster industrialization and in turn the structural transformation of African economies. We focus on Chinese investments and partnerships in Nigeria, a salient destination for Chinese manufacturing foreign direct investment in Africa, and examine the potential mechanisms of technology transfer that might catalyze such transformation. We find some small but significant cases of potential technology transfer, particularly through technical partnerships between firms. However, the future potential of such mechanisms will depend on the initiative of Nigerian actors to leverage Chinese investment to their interest.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2880738_code1123746.pdf?abstractid=2880738&mirid=1

Learning from China?: Manufacturing, Investment, and Technology Transfer in Nigeria

Although the role of international sources of ideas as an input in domestic development has long been recognized, it is only recently that scholars have begun to systematically explore the ways in which development ideas are generated, transmitted, and adopted (or abandoned). Development ideologies can be forged from persistent and deep-rooted elements in a nation’s cultural heritage, but can also change rapidly, particularly under direction from above. China’s aid was affected by the turbulence in China’s domestic political strategies during the pre-reform period, particularly during the Cultural Revolution from 1966 to 1976, when many of China’s aid programs in African countries were launched, and by the about-face in the post-1978 reforms.

Deborah Bräutigam

Papers

China’s aid policy

Chinese Aid in Africa

Development and Foreign Aid: Theory and Practice

Learning from China?: Manufacturing, Investment, and Technology Transfer in Nigeria

Exporting Ideology: Chinese Domestic Politics and China’s African Aid