Ana Teresa Tavares-Lehmann - Rethinking Investment Incentives: Trends and Policy Options

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Table of Contents

RETHINKING INVESTMENT INCENTIVES

RETHINKING INVESTMENT INCENTIVES

Trends and Policy Options

Ana Teresa Tavares-Lehmann, Perrine Toledano, Lise Johnson, and Lisa Sachs, Editors

COLUMBIA UNIVERSITY PRESS

NEW YORK

Columbia University Press

Publishers Since 1893

New York Chichester, West Sussex

cup.columbia.edu

Copyright 2016 Columbia University Press

All rights reserved

E-ISBN-978-0-231-54164-0

Library of Congress Cataloging-in-Publication Data

Names: Tavares, Ana Teresa, editor. | Toledano, Perrine, editor.

Title: Rethinking investment incentives : trends and policy options / Ana Teresa Tavares-Lehmann, Perrine Toledano, Lise Johnson, and Lisa Sachs, eds.

Description: New York, NY : Columbia University Press, 2016. | Includes bibliographical references and index.

Identifiers: LCCN 2015048049 | ISBN 9780231172981 (cloth : alk. paper)

Subjects: LCSH: Investments. | Investments, ForeignGovernment policy. | Investments, ForeignTaxationLaw and legislation. | International business enterprisesGovernment policy.

Classification: LCC HG4521 .R477 2016 | DDC 332.6dc23

LC record available at http://lccn.loc.gov/2015048049

A Columbia University Press E-book.

CUP would be pleased to hear about your reading experience with this e-book at .

Cover design: Noah Arlow

CONTENTS

Theodore H. Moran

Ana Teresa Tavares-Lehmann, Lisa Sachs, Lise Johnson, and Perrine Toledano

Ana Teresa Tavares-Lehmann

Sarianna M. Lundan

Christian Bellak and Markus Leibrecht

Philippe Gugler

Charles Krakoff and Chris Steele

Sebastian James

Louis Brennan and Frances Ruane

James Zhan and Joachim Karl

Ellen Harpel

Kenneth P. Thomas

Lise Johnson

Lise Johnson, Perrine Toledano, Lisa Sachs, and Ana Teresa Tavares-Lehmann

Policy makers and theorists have had more than two centuriessince the times of Adam Smith and David Ricardoto investigate the dynamics of trade flows, and to explore the intricacies of trade policy. It should not be surprising, therefore, that we are still in the formative stage of coming to grips with analytical challenges and policy quandaries associated with todays much more complicated realm of trade-and-investment.

Over the past three and a half decades, foreign direct investment has become the principal vehicle to deliver goods and services across borders. World nominal GDP has increased four times, and world bilateral trade flows have grown more than sixfold, while the stock of foreign direct investment has swelled by roughly 20 times from an already reasonably large base in 1980. Today the global sales of the foreign affiliates of multinational corporations equal roughly two times the amount of total world exports, making foreign investors considerably more important than trade in provision of goods and services around the globe.

Within the realm of trade, 80 percent of all flows across borders take place as internal transactions within multinational firms or through supply chains supervised by them. MNCs account for about half of the worlds total R&D expenditure and more than two-thirds of the worlds business R&D. The bulk of technology flows between countries takes place within the confines of multinational investor production systems.

What is the role of incentives in helping to director redirectflows of foreign direct investment? Fundamental questions abound: How should investment incentives be defined? How should different kinds of investment incentives be classified? How can their impact on FDI flows be measured? What are the pros and cons of various incentives, and how can their costs and benefits be measured?

To what extent are investment incentives in competition with each other? Is there a destructive race-to-the-bottom in incentive competition, via bidding wars to attract the same companies? Might there sometimes be races to the top, with competition across borders in public expenditures on infrastructure improvements, vocational skill-building initiatives, and regulatory institutions? What is the relationshipif any!between the provision of incentives at the local or state level and the provision of incentives at the national level? How might incentive competition be regulated? What have been the results of past attempts to regulate incentive competition?

These are only a few of the many questions investigated in this volume. Encyclopedic in scope, the chapters gathered here feature a virtual whos-who of experts across this broad span of topics. This will certainly be a foundational work for researchers and policy makers alike.

What role do investment incentives play in the larger development strategies of emerging market governments? Can investment incentives be designed to change the profile of investor operations, not just the location of such operationsa question of increasing importance as host governments in the developing world try to use foreign direct investment to upgrade and diversify their production and export base? How might developed and developing countries join in harmonizing policies to attract multinational investors?

These issues are of pressing concern to both developing and developed countries in todays era of ever-expanding globalization. This volume is the place to start!

Theodore H. Moran

Marcus Wallenberg Professor of International Business and Finance

Georgetown University

Nonresident Senior Fellow, Peterson Institute for International Economics

Nonresident Senior Fellow, Center for Global Development

Ana Teresa Tavares-Lehmann, Lisa Sachs, Lise Johnson, and Perrine Toledano

In July 2015, the government of Ethiopia hosted the Third International Financing for Development Conference, bringing together world leaders from governments, businesses, and international organizations to chart a course for financing the post-2015 development agenda. That agenda includes the most critical challenges facing societyending extreme poverty, eradicating preventable diseases, and halting global warming, among others. Achieving the resulting sustainable development goals (SDGs) by 2030 will require mobilizing and harnessing substantial resources from both the public and the private sectors. At the conference, the global leaders recognized that private business activity, investment and innovation are major drivers of productivity, inclusive economic growth and job creation and that private international capital flows, particularly foreign direct investment, along with a stable international financial system, are vital complements to national development efforts (UN 2015, para. 35).

Indeed, now more than ever, investment has an important role to play in sustainable development through the injection of capital, generation of employment, and transfer of technology and know-how. Many governments have increasingly recognized that role: recent decades have seen a dramatic increase in the array of government incentives offered to attract such investmentand, in particular, foreign direct investment (FDI)and to increase its contribution to sustainable development. In fact, the Addis Ababa Action Agenda adopted at the conference recognized that incentives can be an important policy tool (UN 2015, para. 27) in financing sustainable development. Well-designed investment incentives can attract and channel resources so as to develop renewable energy technologies, enable wider access to energy and other infrastructure, train human resources, and strengthen health systemsall of which can support sustainable development (UNCTAD 2014).

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