The thesis consists of three self-contained essays on public policy in the macroeconomy. “Government Policy in the Formal and Informal Sectors” quantitatively investigates the interaction between the firms' choice to operate in the formal or the informal sector and government policy on taxation and enforcement. Taxes, enforcement, and regulation are incorporated in a general equilibrium model of firms differing in their productivities. The model quantitatively accounts for the keys aspects in the data and allows me to back out country-specific enforcement levels. Some policy reforms are analyzed and the welfare gains can be fairly large. “Determinants of Capital Intensive and R&D Intensive Foreign Direct Investment” studies the determinants of capital intensity and technology content of FDI. Using industry data on U.S. FDI abroad and data on many different host countries' institutional characteristics, we show that there is a differential response of FDI flows to investment climate according to the capital intensity of the industries receiving the investments. We find that better protection of property rights has a significant positive effect on R&D intensive capital flows. We find evidence that an increase in workers' bargaining power results in a reduction of both kinds of FDI. “Ambiguity Aversion, the Equity Premium, and the Welfare Costs of Business Cycles” examines the relevance of consumers’ ambiguity aversion for asset prices and how consumption fluctuations influence consumer welfare. First, in a Mehra-Prescott-style endowment economy, we calibrate ambiguity aversion so that asset prices are consistent with data: a high return on equity and a low return on risk-free bonds. We then use this calibration to investigate how much consumers would be willing to pay to reduce endowment fluctuations to zero, thus delivering a Lucas-style welfare cost of fluctuations. These costs turn out to be very large: consumers are willing to pay over 10% of consumption in permanent terms.

Κατά την παρούσα διπλωματική εργασία αναφορικά με τη συνεισφορά του John H. Dunning στη θεωρία της πολυεθνικής επιχείρησης και της άμεσης ξένης επένδυσης επιχειρείται η βιβλιογραφική ανασκόπηση του έργου του John H. Dunning σχετικά με το εν λόγω θέμα. Συγκεκριμένα, ο John H. Dunning υπήρξε ίσως ο πολυγραφέστερος σε θέματα πολυεθνικών επιχειρήσεων, άμεσων ξένων επενδύσεων και διεθνούς παραγωγής. / This thesis regarding the contribution of John H. Dunning's theory on multinational enterprises and foreign direct investment, attempts to present the literature review of the work of John H. Dunning on this issue. Specifically, John H. Dunning was perhaps the scientist with the greatest literary work on multinational enterprises, foreign direct investment and international production

Cost of debt is a key cognitive anchor for managerial decisions and an important determinant of firm profitability. We extend international management research by analyzing the effects of institutional distance, institutional quality, and their dynamics on the cost of debt in the context of foreign direct investments (FDI). We test our conceptual model on a sample of companies making 3,764 greenfield foreign direct investments from developed into less developed markets. Using hierarchical linear modelling, we show that the financial consequences of internationalizing into countries with weak institutions depend on both the institutional distance between countries, as well as their institutional quality. Furthermore, we find that recent changes in institutional quality form expectations about future development and ultimately influence post investment financing costs.

Throughout the history of capitalism, the process of industrialisation has been recognised as the engine of economic development. No region in the world ‘suffers’ more acutely from a lack of industrialisation than Africa, clearly highlighting the need for industrial policy. However, the formulation of such policies is not straightforward in the current era of globalised production. In recent years, a debate has taken hold over whether the geographical expansion and increased fragmentation of production networks—often referred to as the expansion of global value chains (GVCs)—calls for new approaches to industrial policy in developing countries. By drawing on the case of Ethiopia, this dissertation demonstrates that industrial policy in developing countries needs no new ‘magic bullet’ in the era of expanding GVCs. The dissertation applies a funnelling technique, meaning that each chapter builds on information presented and arguments made in the preceding chapters. Chapter 2 contextualises the importance of manufacturing and industrial policy for economic development in Africa. The chapter argues that the manufacturing sector continues to play an integral role in the process of economic development, and discusses the role of the state in the process of industrialisation, arguing that there are strong justifications for intervention through industrial policy. Chapter 3 looks at how the expansion of GVCs affects the productive structures of developing countries, particularly those in Africa, and asks if industrial policy has to change in this new global production environment. I argue that the fundamental problems of participating in GVCs are the same as when countries like South Korea and Taiwan industrialised between 1960 and 1990, although on a different scale. Chapter 4 analyses Ethiopia’s industrialisation trajectory and GVC-oriented industrial policies in the textile and leather industries. This analysis is based on 6 months of fieldwork in Ethiopia, where I carried out several interviews with stakeholders in the private and public sector and collected and collated datasets on industrial performance in collaboration with government agencies. While the findings of this chapter make an original empirical contribution to explaining the specific case of Ethiopia, the insights provided by the analysis offer broader conceptual conclusions as well.

O trabalho investiga o aumento da participação de investimentos estrangeiros diretos (IED) na indústria brasileira de alimentos. Além de conferir ao Brasil importante papel em atrair IED para o Mercosul, esse fluxo de investimento tem causado importantes modificações no arranjo industrial brasileiro. Aumento da concorrência, novas estratégias, mudanças no número de pessoal ocupado na indústria são alguns dos resultados mais marcantes. Investigar as razões de entrada, encontradas principalmente nas características do mercado brasileiro, os impactos na indústria local e sinalizar os efeitos de longo prazo dessas mudanças recentes são o objetivo principal deste trabalho. / The work investigates the increased share of foreign direct investments (FDI) in the Brazilian food industry. In addition to conferring on Brazil the important role of attracting FDI to Mercosur, this flow of investment has caused important changes in the Brazilian industrial arrangement. An increase in competition, new strategies, changes in the number of people occupied in the industry are a few of the more remarkable results. The main objective of this work is to investigate the reasons of entry, encountered mainly in the characteristics of the Brazilian market, and the impacts on the local industry, and to signal the long-run effects of these recent changes.

Orientadores: Sergio Robles Reis de Queiroz, Ionara da Costa / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Geociencias / Made available in DSpace on 2018-08-05T05:23:11Z (GMT). No. of bitstreams: 1 Carvalho_FlaviaPereirade_M.pdf: 610006 bytes, checksum: 894bd6020abdf7c46e94513971a72d7e (MD5) Previous issue date: 2005 / Resumo: O objetivo do trabalho é discutir os fatores determinantes dos transbordamentos tecnológicos - os chamados spillovers - oriundos do investimento direto estrangeiro (IDE). Num primeiro momento, faz-se uma síntese do conceito, com base nas visões, nem sempre convergentes, apresentadas pela literatura consultada. A partir dessa conceitualização inicial, são analisados de forma detalhada os mecanismos por meio dos quais o fenômeno se manifesta na economia receptora do IDE. Num segundo momento, o trabalho procura levantar os fatores que determinam a ocorrência e a magnitude do spillover, considerando a particularidade de cada caso. Tais fatores estão relacionados ora com características específicas do IDE, ora com aspectos inerentes ao ambiente onde o investimento se instala. A importância dessa diferenciação reside na necessidade de compreender porque os transbordamentos tecnológicos não se manifestam de maneira uniforme em todas as localidades. Esse debate permanece em aberto na literatura, pois os métodos de análise, em sua maioria quantitativos, não esclarecem a questão. Por fim, estabelece-se uma discussão sobre a efetividade de políticas e ações governamentais de atração IDEs com maiores probabilidades de ocorrência de spillovers, partindo das evidências obtidas na análise dos fatores determinantes do fenômeno em estudo. A conclusão do trabalho é que a ocorrência de spillovers tecnológicos não é automática, predeterminada pela presença das EMNs. As capacidades acumuladas pela economia local são determinantes para que o conhecimento disponibilizado seja efetivamente absorvido pelos agentes; além disso, o IDE intensivo em atividades tecnológicas tende a criar maiores possibilidades de geração de spillovers. Em decorrência disso, políticas que queiram gerar maiores benefícios sob a forma de transbordamentos devem considerar esses aspectos, agindo em busca da ampliação de capacidades e focando na atração de investimentos com atividade inovadora interna / Abstract: The aim of this dissertation is to discuss the determinants of technological spillovers generated by foreign direct investment (FDI). There are many, and often opposing, definitions and views concerning the concept of technological spillovers in the literature. For this reason, the first objective is to review the literature and to strive to synthesize the plurality of views available. Having done that, the work proceeds to discuss in depth the mechanisms through which spillovers take place in the host economy of the FDI. In particular, the determining factors of the occurrence and the extent of technological spillovers in specific situations. These factors are closely related to the characteristics of the FDI and also to peculiar aspects of the host economy. The discussion of the determinants is of utmost importance to help the comprehension of why spillovers happen in certain situations and not in others. The traditional approaches to the matter (most of the time econometric models) fail to shed light on such issues. In conclusion, we summarize the previous questions and analyze if government policies are capable of influencing and facilitating the incidence of technological spillovers / Mestrado / Politica Cientifica e Tecnologica / Mestre em Política Científica e Tecnológica

O setor sucroenergético é um dos mais dinâmicos do país. Ao longo dos últimos 10 anos, este setor tem passado por sucessivas transformações, que incluem diferentes ciclos de desenvolvimento e crise, a conquista de novos mercados e o desenvolvimento de novos produtos. Independente dessas recorrentes mudanças de cenário, algo parece estar sempre presente nessa indústria, a saber: a capacidade de atrair empresas estrangeiras de diversos países e setores da economia. Nesse contexto, esta importante agroindústrial do Brasil tem vivenciado uma forte evolução da presença do capital estrangeiro. O presente trabalho tem como objetivo analisar e compreender a evolução desse processo, buscando identificar: quais tipos de empresa tem realizado investimentos diretos estrangeiros no setor, quais são suas principais motivações e quais são os fatores que possivelmente influenciam as decisões quanto às estratégias de entrada. Para tanto, são utilizadas, como referencial teórico, as principais teorias que tratam dos objetivos e estratégias de entrada do investimento direto estrangeiro. Estas, por sua vez, são contrastadas com os dados secundários, coletados por meio de uma pesquisa documental, e os dados primários, coletados por meio de entrevistas em profundidade com 5 reconhecidos especialistas do setor. Por fim, trata-se de uma pesquisa exploratória e qualitativa que pretende contribuir para a melhor compreensão do fenômeno de entrada de investimentos diretos estrangeiros no setor sucroenergético e estimular a realização de novas pesquisas sobre o tema. / The sugarcane industry is one of the most dynamic in the country. Over the past 10 years, it has undergone successive transformations, which include different cycles of prosperity and crisis, and the development of new markets and of new product. Regardless of these recurring changes of scenery, something seems to be always present in this industry, namely the ability to attract foreign companies from different countries and industries. In this context, this important agribusiness in Brazil has experienced a strong evolution of the presence of foreign capital. This paper aims to analyze and understand the evolution of this process, seeking to identify what kinds of firms have made foreign direct investments in the sector, what are their motivations and what are the factors that possibly influence the decisions regarding the entry strategies. For this purpose, the major theories that address the objectives of FDI and its entry strategies are used as theoretical base. Thereafter, their assumptions are contrasted with the secondary data collected through documentary research, and primary data collected through in-depth interviews with five recognized industry experts. Finally, it is an exploratory and qualitative research that aims to contribute to a better understanding of the phenomenon of inflows of foreign direct investment in the sugarcane industry and to stimulate the creation of new research on the topic.

Diploma thesis on the Investment and Commercial Opportunities for our Enterprises in Selected Territories deals with gradual internalization of Czech enterprises. Author aims to describes development of OFDI in connection with development of IFDI. The work attempts to find out whether the Czech OFDI development corresponds with concept "Investment Development Path" (IDP). Risks of dual economy are also regarded. In the next part the thesis is concerned with need of international supporting policy and its institutional assurance. The last part focuses on investment and commercial opportunities of our enterprises in present and mainly prospective markets. Czech production used to be very well-known in these markets and still has good reputation.

My diploma thesis is focused on the issue of investment incentives in the Czech Republic. The first part includes a study of the literature, especially on the issues of foreign direct investments and related investment incentives. The next part is dedicated to influence of foreign direct investments on macroeconomic indicators and also to the evolution of investment incentives in the Czech Republic. The main part of the thesis studies the fiscal effectiveness of the investment incentives by the chosen multinational companies operating in the Czech Republic, especially from the income and expense side of the state budget. In particular, incomes and expenses by the chosen companies during a five year period after first drawing of investment incentives are compared.

<p>Predmet istraživanja u disertaciji je analiza uticaja investicija na<br />transformaciju i poslovne aktivnosti preduzeća sa posebnim akcentom na<br />istraživanje performansi primene modela investiranja, a u funkciji efektivnog i<br />efikasnog procesa transformacije preduzeća.<br />Op&scaron;ti cilj je utvrđivanje performansi investicija, odnosno uticaja investicija na<br />tok i efekte transformacije i poslovne aktivnosti preduzeća u Republici Srbiji.<br />Rezultat istraživanja je da su strane direktne investicije u države regiona od<br />zanemarljivog indirektnog značaja za berzu Republike Srbije, a samim tim i<br />za ekonomski rast Republike Srbije.</p> / <p>The subject of research in the dissertation is the analysis of the impact of investments<br />on transformation and business activities of the company with special emphasis on the<br />research of the performance of the application of the investment model, as a function<br />of effective and efficient process of transformation of the company.<br />The overall objective is to determine the performance of investments, that is, the<br />impact of investments on the flow and effects of transformation and business activities<br />of companies in the Republic of Serbia.<br />The result of the research is that foreign direct investments in the countries of the<br />region are of negligible indirect importance for the stock exchange of the Republic of<br />Serbia, and therefore for the economic growth of the Republic of Serbia.</p>