Some features of this site may not work without it. Malesky, Edmund. Sauvant, Karl P. Sachs, Lisa. Davies, Kenneth. Zandvliet, Ruben. Hufbauer, Gary Clyde. Kekic, Laza. Jensen, Nathan M. Avi-Yonah, Reuven S. Guimon, Jose. Cotula, Lorenzo. Bellak, Christian. Leibrecht, Markus. Ozawa, Terutomo. Mortimore, Michael. Razo, Carlos. Hans Smit The pernicious institution of the party-appointed arbitrator Party-appointed arbitrators should be banned unless their role as advocates for the party that appointed them is fully disclosed and accepted.
Until this is done, arbitration can never meet its aspiration of providing dispassionate adjudication by those with special skills and experience in a process designed to combine efficiency with expertise. A reply to Professor Hans Smit The appointment of arbitrators by parties is an essential valuable feature of arbitration. M Sornarajah Starting anew in international investment law There is a crisis in international investment law brought about by rapid changes in the economic order resulting in movements of capital from erstwhile developing countries like China and India into developed ones.
This is accentuated by the stances taken in investment treaty arbitration that restrict regulatory control. The reaction has been to bring about so called "balanced treaties" that neither secure investment protection nor bring about clear rules on regulatory control. There is a need for a new beginning. A roster-based model would enable a more deliberative and merit-based process of appointments and ensure public accountability and independence in the system. Sourgens State-controlled entities as claimants in international investment arbitration: An early assessment State-controlled entities, including SOEs and SWFs, are increasingly important participants in international investment flows and international trade.
Hermann Ferre and Kabir Duggal The world economic crisis as a changed circumstance There is little evidence that the investment treaty regime anticipated the possibility of a worldwide economic crisis like that of Such claims may appear long after the crisis. States have, however, another defense: changed circumstances. It is possible that emergency measures countries are taking to mitigate the effects of the global financial crisis will give rise to liability under international investment law.
Kathryn Gordon and Joachim Pohl The response to the global crisis and investment protection: Evidence The authors, presenting findings of the OECD, challenge the claim that investment policy measures taken during the crisis were driven by a protectionist agenda but caution that crisis response and exit policies pose a potential threat to investment openness. Not surprisingly, this process - - which, in many ways, represents the productive core of the world economy and is more intrusive than trade -- gives rise to a range of issues.
The purpose of the Columbia FDI Perspectives is to address these issues in a concise, easily understandable and policy- oriented manner. The Perspectives are distributed widely. Since then, nearly 50 Perspectives have been issued, covering a wide range of topics; they are all brought together in addition to those contained in the first edition in the present volume. This volume would not have been possible without the great cooperation of the authors and peer-reviewers, as well as Nancy Siporin, whose assistance in publishing each Perspective on our website www.
Additionally, we extend our sincere thanks to Natalia Delgadillo Saenz de Santamaria for designing the cover of this volume. We hope that our readers will find this publication of interest! We would like to acknowledge our deep appreciation for the contributions of all the peer-reviewers, most of whom work in the field of international investment as academics or practitioners. Their insightful comments have strengthened the Perspectives series and this volume.
His research focuses on international organizations, FDI, dispute settlement, international trade, the WTO, and territorial conflict resolution. He can be contacted at tallee umd. He is also editor-in-chief of the International Journal of Emerging Markets. Amsden was Barton L. Her work focused on the process of industrialization in emerging markets, particularly in Asia. She frequently emphasized the importance of the state as a creator of economic growth and challenged the idea that globalization had produced generally uniform conditions in which emerging markets could find a one-size-fits-all path to prosperity.
He is responsible for the operational leadership and management of BIAC. This includes the representation at the OECD of the business communities of 34 member countries with regard to the full spectrum of public policy issues addressed by OECD governments and advanced by the private sector. Asami was immersed in international finance for more than 40 years, beginning his career with the Bank of Tokyo. With extensive experience in the fields of capital markets, project finance and corporate and emerging market finance, he dealt with financial crises including Latin America in the s and Asia in the late s.
He can be contacted at asami biac. Avi-Yonah is Irwin I. He teaches the basic course on taxation and courses on international taxation, corporate taxation, tax treaties, and transnational law. He has published numerous articles on domestic and international tax issues and is the author of International Tax as International Law: U. He can be contacted at aviyonah umich.
He worked previously for the International Finance Corporation the private sector investment arm of the World Bank Group , as an economist and strategist. Prior to this, he was a senior economic advisor in the UK's Department for International Development, advising on a number of projects across Africa.
In his early career, Mr. Barbour served as an economic adviser for the Government of Fiji. He is also a Chartered Financial Analyst. He can be contacted at pbarbour wolrdbank. His research interests include international factor flows determinants and effects of FDI, migration and economic policy. He has published several book chapters and is the author of several articles published in international scientific journals, e.
He is a consultant to UNCTAD and other international bodies and was a visiting lecturer at several universities abroad. He can be contacted at bellak wu. He joined the Institute in and is currently working in the Department for World Economy and Development Financing. He can be contacted at axel. His research interests are in the field of culture as in norms, values and beliefs and economics, globalization and the internationalizing firm. He has published in a wide range of academic journals and recently published together with Robbert Maseland a monograph titled Culture in Economics: History, Methodological Reflections and Contemporary Applications Cambridge University Press.
He can be contacted at S. Beugelsdijk rug. He carries on an extensive foreign investment practice, and advises non-Canadian investors on Canadian foreign investment issues under the Investment Canada Act and other federal legislation. He can be contacted at sbhattach heenan.
He can be contacted at harry. After his studies Dipl. He can be contacted at gert. His research interests include international trade, FDI and development economics. He can be contacted at Matthias. Busse ruhr-uni-bochum. His research focuses on technological innovation and multinational corporations.
He is a pioneer in the field of multinational companies and international technology creation, beyond merely international technology transfer. He has published 12 books, over 65 articles in refereed academic journals, and over 80 chapters in edited collections. He is the Editor-in-Chief elect of the Journal of International Business Studies, the leading international journal in the field of international business. He can be contacted at cantwell rbsmail. His research interests include energy security and sustainable development strategies under transitions. He can be contacted at cherpa ceu.
He has published extensively on investment in agriculture and on the legal frameworks that regulate natural resource investments. He can be contacted at lorenzo. Her current research interests include international trade and business, in particular the implications of FDI outflows from developing countries.
She presents research papers at academic conferences. Her research studies have been published in refereed journals and also as a chapter in a book on outward FDI from India. She can be contacted at nandita umbc. He can be contacted at kendavies growingcapacity. Alexandre de Gramont is Partner in the Washington, D. He has represented both investors and states in numerous investor-state arbitration matters. He has also written and spoken widely on the subject of investor-state arbitration and international investment law. El Salvador. He can be contacted at alex. Armand de Mestral, C. His recent publications include International Law co- author 7th ed.
He was appointed Member of the Order of Canada December 28, He can be contacted at armand. He has worked on some of the largest international investment arbitration cases and currently assists Mr. Ian Laird in teaching a course on international investment arbitration at Columbia Law School. The views expressed in Mr. He can be contacted at kduggal curtis.
She can be contacted at peconomou worldbank. Currently, Mr.
He can be contacted at evans tuac. His practice covers national security law, international trade and investment, cybersecurity, and global privacy and data security. Fagan has represented clients in connection with issues including regulatory approvals of international investments, national security-related criminal investigations, high-profile congressional investigations, cybersecurity matters, and federal and state regulatory and enforcement actions in the data security area.
Fagan has written extensively on national security, foreign investment, data security, and cybersecurity matters. He can be contacted at dfagan cov. As Chief, he represented the United States as a respondent or non-disputing Party in over a dozen investor-state disputes and provided legal counsel supporting the negotiation of US BITs and investment chapters of FTAs.
He can be contacted at mef31 columbia. His substantive areas of experience include energy, construction, business law, and international law. He has represented US and foreign government officials in state and federal proceedings, and recently has been representing sovereign states in international arbitration, in matters concerning energy and construction materials.
Before practicing law, Mr. In addition, he helped establish the county's Energy Management Division, focusing on mechanical design and maintenance for increased energy efficiency, and was instrumental in partnering Los Angeles County with Southern California Edison in its innovative Demand-Side Management Program. He can be contacted at hferre curtis. He can be contacted at firger gmail. His research focuses on the role of governments in financial markets and, in particular, on state capitalism and sovereign wealth funds.
He teaches courses in International Finance and Corporate Finance. He can be contacted at veljkofo buffalo. Before returning to the academy, she practiced in the area of international economic dispute resolution on both sides of the Atlantic. She can be contacted at francks wlu. He can be contacted at kpg bu. She is a dual citizen of the US and Turkey. She can be contacted at nilgun. She is currently working on the role of national security in international investment policies and on investor-state dispute settlement. Earlier, she was one of the main Secretariat participants in the negotiations that led up to the successful and updates of the OECD Guidelines for Multinational Enterprises a code of conduct for international business and was responsible for OECD research on corporate responsibility.
In earlier positions at the OECD, she dealt with fiscal, tax and regulatory issues. She can be contacted at kathryn. His research focuses on the interaction between multinational enterprises, innovation systems and economic development. He has participated in two EU-funded research projects and has been a short-term consultant for The World Bank on several occasions. He has also worked over nine years as a public sector consultant for CSC.
He can be contacted at jose. His work on cross-border investment assesses the rise of China, India and other emerging markets as global investors and the implications for FDI flows, the allocation of portfolio investment and global competitiveness. He and his team analyze new trends in global capital flows, related policy developments and specific transactions involving emerging market players.
He can be contacted at thanemann rhgroup. Previously he worked at the Research Department of the World Bank. His research covers FDI promotion, export upgrading and effects of natural resource exports. His work is published in journals such as the Review of Economics and Statistics and Economic Journal. Recently he led a Norwegian aid project providing support on macroeconomic analysis and policy to the Ministry of Finance and Economic Planning in South Sudan.
He can be contacted at T. Harding sussex. His research focuses on the comparative study of international economic institutions such as multinational enterprises and their contractual alternatives, joint ventures and alliances and modes of foreign market entry. His Theory of Multinational Enterprise pioneered the application of transaction cost theory to international business. He holds an honorary doctorate from the University of Vaasa. He can be contacted at j.
In , he immigrated to British ruled Palestine most of which later became Israel and has lived there since. In he was a founding member of Kibbutz Tel Katzir. Hirsch joined the faculty of the Tel Aviv University, where he became the second Dean of the recently established Recanati School of Business Administration. His academic interests are international economic policy, international business, globalization, and the role of business transactions in ameliorating international political conflicts.
He can be contacted at hirsch post. Wing Xiaoying Huo, Master of Public Administration Candidate , grew up and received her education in China and has worked and lived in Denmark, Germany and Kenya during the past seven years. Her primary experience has been in the private sector, for example managing the pilot corporate partnership program with UNICEF as well as setting up a framework for carbon accounting in the logistics sector. She can be contacted at h columbia. She specializes in international trade and economic development.
Prior to coming to Oxford, she worked at the World Bank in Washington DC where she was involved in research activities, lending operations and the provision of policy advice to developing countries in Central and Eastern Europe, Latin America and Asia. Her research interests focus on determinants and consequences of FDI inflows, links between exporting and firm performance and tariff evasion. She can be contacted at beata. He teaches courses and conducts research on international financial markets, multinational enterprises and development, political risk in emerging markets, trade policy, international institutions, and civil conflict.
He can be contacted at njensen wustl. In addition, she concentrates on key institutional and procedural aspects of the legal framework, including efforts to increase transparency in and legitimacy of investor-state dispute settlement. His research focuses on European integration and FDI. He can be contacted at Thomas. Jost h-ab.
Between and , he worked on the promotion of economic cooperation among developing countries at the UNCTAD secretariat. He holds a PhD in International Economics from the same university. He can be contacted at kalotayk gmail. He can be contacted at LazaKekic eiu. His teaching focuses on international investment strategies and negotiations, business-government relations and international business ethics.
The second edition of Mr. He is the author of three other books, as well as numerous scholarly articles and chapters in co- authored and edited books. Prior to joining the Georgetown faculty, Mr. He serves as a consultant to private multinational enterprises and various international organizations.
He can be contacted at klinej georgetown. He can be contacted at charles. He researches and teaches in various strands of international economic law, including the jurisprudence of the WTO and that of investor-state arbitral tribunals. His work has been published in a range of leading international law journals and has been cited by international tribunals in adjudication.
FDI Perspectives: Issues in International Investment
His research interests include the impact of globalization on the functioning and the structure of the public sector. He has published several articles in international journals, and he is author of several chapters in edited volumes. He can be contacted at leibrecht leuphana. Her research interests include FDI and development, business and human rights.
- FDI Perspectives: Issues in International Investment.
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As a student, Ms. Low was a staff editor of the Columbia Journal of Transnational Law and has published on subjects such as state-controlled entities, international investment agreements and the UN human rights treaty bodies. She can be contacted at jl caa. His most recent research focused on Chinese FDI in Latin America, Translatin enterprise strategies and investments in renewable energy.
He can be contacted at Miguel. PEREZ cepal. He has published in leading political science and economic journals, including the American Political Science Review and Journal of Politics, and has been awarded the Harvard Academy Fellowship and Gabriel Almond Award for best dissertation in comparative politics. He is a noted specialist in political development in Vietnam and China, comparative political economy in Southeast Asia, as well as economic transitions in developing economies, especially Southeast Asia.
He can be contacted at ejm5 duke. She is co-author with Karl P. Sauvant and Wolfgang A. She can be contacted at gam columbia. He can be contacted at wmegginson ou. Meunier has edited several books and published many articles on the European Union, the politics of international trade, globalization, anti- Americanism, and French politics. Her current research focuses on the politics of hosting Chinese direct investment in Europe and the US.
She can be contacted at smeunier princeton. Mortimore managed produces the thematic section of the annual report entitled World Investment Report. Mortimore retired in He can be contacted at michaeldmortimore gmail. He has counseled investment funds, developers, industrial sponsors, banking and investment firms, governments, and agencies in investments and transactions in a wide variety of industries, including oil and gas, transportation, power, water, professional athletics facilities, and education.
Moser is recognized as a leading projects lawyer by Chambers Global. He can be contacted at Joel. Moser kayescholer. He is the author of many articles and co-editor of a two-volume collection of the determinations of OPIC in political risk insurance disputes Oxford University Press. He can be contacted at mnolan milbank. He joined the development economics department of the Kiel Institute about 30 years ago and has headed several research divisions, including International Capital Flows until , and the Global Division of Labor until Currently, he is also a member of the research area Poverty Reduction, Equity and Development.
His major research interests are the determinants and effects of FDI in developing and developed host countries, possible repercussions of FDI in home countries and the allocation and effectiveness of official, as well as private, aid. He can be contacted at peter. He was president of the International Trade and Finance Association in Ozawa colostate. His research investigates the interaction between sovereign governments and multinational enterprises in several contexts, including international financial liberalization, investment treaties and investor-state arbitration and political risk insurance.
His other work explores domestic political support for globalization across countries, and argues that support can be encouraged with appropriate policies. He can be contacted at clint. He has published in several countries and has given presentations to academic conferences internationally. His main interests are international investment and economic law and international investment governance, in particular foreign investment in agriculture.
He can be contacted at n. He can be contacted at editor iareporter. He can be contacted at mplotkin cov. Pohl, a German national, joined the OECD in to advise countries, predominantly in Asia, on public governance and anti-corruption policies. He can be contacted at joachim. His PhD from the London School of Economics investigated why, and how, developing countries entered into bilateral investment treaties. He has been a non-residing guest-scholar at the Brookings Institution spring and did his graduate coursework at the London School of Economics and the University of California, Berkeley He can be contacted at skovgaard.
His areas of expertise are industrial organization and international economics. Before joining the UN, he worked in London for one of the leading European consulting firms in the area of competition policy. He can be contacted at carlos. Reimer is admitted to the bar in California and is licensed in Dubai as a Legal Consultant. Prior to beginning her legal studies, Ms. She can be contacted at jreimer01 gmail. Since , he has been a staff member of the Peterson Institute for International Economics in Washington, DC, focusing on China and authoring seven major studies.
He writes and speaks extensively on China and other emerging economy topics.
Collection: Benchmarking Foreign Direct Investment in Southern Africa | SAIIA
He can be contacted at dhrosen rhgroup. Before joining the WTO in , he was Senior Economist in the Canadian Department of Finance, where he worked on trade negotiations and investment issues. His recent research focuses on trade agreements on services and on the impact of investment agreements on FDI flows. He can be contacted at Martin. Roy wto. He frequently serves as arbitrator in international commercial disputes and has chaired various ICSID arbitral tribunals. He has published more than works in the fields related to his expertise, in public international law, trade, international contracts, investment law, and arbitration.
He can be contacted at giorgio. She has a BA in History from St. She can be contacted at premila foreigndirectinvestment. Until July , Mr. While at the UN, he created the prestigious annual World Investment Report, of which he was the lead author until He authored a substantial number of publications on issues related to economic development, FDI and services. He received his PhD from the University of Pennsylvania in He can be contacted at karlsauvant gmail. He has published on trade, investment and public management topics.
He can be contacted at Manfred. Schekulin bmwfj. Prior to that, he clerked for The Honorable Charles N. Koroma at the International Court of Justice. He holds a degree of Dr. His expertise covers general international law and international dispute settlement, international investment law and arbitration, EU law, the European Convention on Human Rights, and comparative public law.
He can be contacted at sschill mpil. Francisco C. Currently he advises the Argentine Ministry of Science, Technology and Innovation and conducts research on innovation policy evaluation. He can be contacted at fcsercovich rec. His work has been published in leading international journals such as the Journal of International Business Studies and Journal of Management Studies. He can be contacted at aslangen rsm. His research on MNEs deals with their host-country productivity impacts, their spatial innovation organization and how statistically to measure their activities.
He can be contacted at rsmeets business. Hans Smit was the Stanley H. He is the author of several books on international law, including the International Law on Foreign Investment. He has been counsel or arbitrator in several leading investment arbitrations. He can be contacted at lawsorna nus.
His scholarship focuses on resolution of disputes involving political risk.
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He serves as editor for the Oxford University Press reporter of investor- state arbitral decisions. Prior to joining Washburn, Mr. Sourgens practiced international arbitration in the Washington, D. While in Washington, D. He can be contacted at freddy.
FDI Perspectives: Issues in International Investment
Jonathan Strauss is an attorney for the Georgia Secretary of State. Strauss previously worked as Associate at a large New York law firm, before serving as a fellow at the Vale Columbia Center. He can be reached at jstrauss01 gmail. His research focuses primarily on competition for investment through subsidies to investors, both foreign and domestic. He can be contacted at kpthomas umsl.
She holds a PhD in Public Policy from the University of Manchester and her research focuses on public policy, regulatory governance and the political economy of business environment reform. She can be contacted at mthomas ifc. At the VCC, Ms. Toledano specializes in natural resources investments, building financial models for oil and mining contracts as well as researching and advising on issues such as transparency, competitive bidding and optimal legal clauses for development benefits.
She also leads work on economic diversification, including leveraging extractive industry investments in rail, port and energy infrastructure for the broader development needs of a country, as well as optimizing direct and indirect local job creation. Prior to the VCC, Ms. She can be contacted at ptoled law.
His research focuses on theories of justice, corporate responsibilities, the investment regime, and poverty. He can be contacted at Julien. Topal eui. Gallen, Switzerland. Her main research areas are International Law, with a focus on International Investment Law and its interaction with other areas of international law, legal theory, law and economics, and corruption.
She can be contacted at Anne. The critique has been fuelled by some contentious investment disputes. Many internationally highly reputable academics have expressed serious concerns. Perceived problems with investment agreements have recently caused several countries to change their agreements, both with regard to substantive undertakings and dispute settlement procedures.
Among developed economies, the EU has taken the lead in these efforts. But the Swedish agreements have been left unchanged since they were negotiated, and as a result reflect thinking regarding investment protection that dates back several decades. The purpose of this study is to discuss pros and cons of the Swedish agreements from an economic perspective. This is not the only possible way to approach these issues. For instance, investment agreements can be seen as part of foreign policy. However, a central reason for entering into, or for maintaining, these agreements is to increase Swedish economic welfare, and it is therefore desirable to evaluate their economic performance.
Section 2 of the study gives a brief overview of the main features of the Swedish IIAs from an economic point of view, and points to implications of EU membership for the Swedish investment regime. It is observed that only 0. From this perspective it thus appears as if these BITs have virtually no effect on aggregate inward investment, and modest effect at best on aggregate outward investment.
Section 3 discusses this issue from the point of view of the economic literature. The section starts with a discussion of possible links between foreign direct investment and economic growth, pointing to sources of gains for host countries, and for source countries, from FDI. It then turns to the link between investment agreements and FDI. The literature is meagre, but an emerging economic theory points to mechanisms through which investment agreements might promote investment and economic welfare for both host and source countries.
It is also argued that the role of IIAs is likely to differ depending on whether the agreements are of a traditional form, between developed and developing countries, or between developed countries.