The aim of the thesis is to evaluate an investment project in the Russian Federation from the foreign investor's perspective. The project feasibility study was developed as the first step in a decision making process of execution an international investment project, which includes ambient conditions and market analysis. The plan of cash flow was compiled in compliance of Russian tax system, and was considered as a base for project evaluation by using appropriate methods. For further assessment of possible risks of the project was used sensitivity analysis.

Cette thèse analyse l’impact des facteurs institutionnels et de la gouvernance sur l’investissement privé dans les pays en développement. La problématique de la « bonne gouvernance » et de l’amélioration de la qualité institutionnelle notamment dans les pays en développement sont au coeur des préoccupations de la communauté internationale. Pour autant, il n’existe pas un cadre institutionnel et un système de gouvernance unique et optimal qui s’imposeraient de manière exogène à tous les pays, car les facteurs culturels, historiques et anthropologiques modèlent la qualité des institutions et le mode de gouvernance. En effet, si les pays peuvent avoir un objectif commun, celui d’un cadre institutionnel permettant notamment de garantir la viabilité et la crédibilité du climat d’investissement, ils démarrent tous de points différents, marqués par des caractéristiques propres.Ces facteurs nous emmènent à privilégier une approche relativiste et non normative de la qualité des institutions et de la gouvernance. Cependant,tous les cadres institutionnels ne se valent pas. Certaines configurations institutionnelles accroissent l’incertitude et l’irréversibilité de l’investissement. Nos analyses placent le déficit de gouvernance et la faiblesse des institutions au cœur de la problématique de l’incertitude et de l’irréversibilité de l’investissement dans les pays en développement. Nous adoptons dans cette thèse une démarche plurielle consistant en une analyse macroéconométrique qui permet d’apprécier le comportement de l’investissement au niveau agrégé, et une analyse microéconométrique qui a l’intérêt de prendre en compte l’hétérogénéité des comportements d’investissement des entreprises. Un accent particulier est porté à l’Afrique subsaharienne qui est la région ayant le plus faible taux d’investissement. / This thesis analyzes the impact of governance and institutions on private investment in developing countries. "Good governance" and institutional quality especially in developing countries are of great concern to the international community. However, there is no unique and optimal institutional framework and governance system which can be set up in all countries independently to their cultural, historical and anthropological characteristics. Indeed, if all countries can share a common objective which consists of an institutional framework, able to ensure the sustainability and credibility of the investment climate, they will all start from different points with specific characteristics. These factors lead us to favor a non normative approach of the quality of institutions and governance. However, some institutional framework increases uncertainty and irreversibility ofinvestment. In this thesis, we consider weak institutions and poor governance as the main sources of uncertainty and irreversibility of investment indeveloping countries. We use a macroeconometric approach which analyses the investment behavior at the aggregate level, and a microeconometric approach which takes into account the heterogeneity of the investment behavior of firms. An emphasis is put on sub-Saharan African countries that have the lowest private investment rate.

Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2015-12-22T14:18:21Z No. of bitstreams: 1 Kim.pdf: 16567554 bytes, checksum: 66c9041725ea8ef983365706311596d5 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-12-28T18:33:23Z (GMT) No. of bitstreams: 1 Kim.pdf: 16567554 bytes, checksum: 66c9041725ea8ef983365706311596d5 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-01-07T11:30:49Z (GMT) No. of bitstreams: 1 Kim.pdf: 16567554 bytes, checksum: 66c9041725ea8ef983365706311596d5 (MD5) / Made available in DSpace on 2016-01-07T11:31:04Z (GMT). No. of bitstreams: 1 Kim.pdf: 16567554 bytes, checksum: 66c9041725ea8ef983365706311596d5 (MD5) Previous issue date: 2015-10-27 / Fuel is a self-depleting resource and long term dependency on this commodity alone will not suffice. An export trade oriented approach can lead to faster industrialization while diversification leads to economic sustainable growth. This research seeks to understand how countries compete for foreign direct investments, and how certain activities have the most impact in the competitive global marketplace. Research suggests that when companies decide to invest abroad, they seek only to find countries that facilitate their strategic objectives. The results conclude with appropriate levels of government accountability, credibility and visibility with the private sector, foreign direct investment is attracted by policy advocacy and policy reform. By reviewing countries such as United Arab Emirates in direct comparison to Western Asian countries, including Kuwait and Iraq with high levels of fuel exports, along with Qatar with optimistic marketplace indicators and plentitude of skills and capabilities – research seems to suggest that despite high capabilities and attractive GDP, promotional investment activities yield the highest returns using policy advocacy and reform.

The purpose of this paper is to explore the impact of international investment law rules in the Economic Constitutional Law, especially those included in investment chapters of Peruvian’s Free Trade Treaties. In particular, it is expected to demonstrate the following (i) International Investment Law is part of Peruvian Legal System; (ii) provisions of these laws are mandatory and should be applied domestically; and (iii) interpretation and implementation of this legal right should be executed consistently with domestic legal system and Peruvian international obligations. This agreed Interpretation between Investment Law and Economic Constitution will have a positive effect in rationalization of public entities actions avoiding abuses and maltreatment to investors, in order to improve investment climate as a key element forachieving country’s sustainable development. / Este trabajo tiene como objeto explorar el impacto que tienen las normas del derecho internacional de las inversiones, en específico aquellas de los capítulos de inversiones de los Tratados de Libre Comercio celebrados por el Perú, en el derecho constitucional económico. En concreto, se pretende demostrar lo siguiente: (i) el derecho internacional de las inversiones es parte del Ordenamiento Jurídico del Perú; (ii) las disposiciones de este derecho son obligatorias y deben aplicarse a nivel interno, y (iii) este derecho debe interpretarse e implementarse de manera coherente con el resto del ordenamiento interno y con las obligaciones internacionales del Perú. Esta interpretación concordada del derecho de inversiones y la Constitución económica tendrá un impacto positivo en la racionalización de la actuaciónde los órganos estatales, evitando arbitrariedades cuando sus medidas puedan afectar a un inversionista. De esta manera mejorará el clima de inversiones, el cual es un elemento necesario para lograr el desarrollo sostenible del país.