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International Investment Agreements and Their Impact on Foreign Direct Investment: Evidence from Four Emerging Central European Countries

Abstract : The last decade of the twentieth century has brought about important changes to the global economy and the international financial architecture. The 1990s has witnessed: (1) Financial crises leading to a major transformation in the structure and size of international capital flows. FDI has grown dramatically relative to other forms of international financial flows; (2) Dramatic increase in the number of international investment agreements (IIAs); (3) Since the late 1980s, the Central European four countries – The Czech and Slovak Republics, Hungary and Poland – have made tremendous efforts in integrating with the global economy. The financial integration of CEC4 is reflected by their extensive signature of bilateral investment treaties, membership of international organizations such as OECD, IMF and WTO, and attraction of impressive amounts of FDI. The impact of IIAs on FDI remains unexplored despite the proliferation of IIA and FDI during the 1990s. This dissertation aims at examining empirically the impact of IIAs on FDI through the capital flow experience of the CEC4. To estimate the impact of BIT ratification, and membership of OECD, IMF and WTO on FDI in CEC4, the study uses panel data on bilateral inward FDI from 22 OECD countries to CEC4 for the period 1992-2003. The empirical results show that BITs exert a significant positive impact on FDI. Among the other IIAs, WTO membership (neither OECD nor IMF) exerts a significant positive impact on FDI in CEC4.
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Submitted on : Wednesday, July 25, 2007 - 11:05:49 AM
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Annie Tortian. International Investment Agreements and Their Impact on Foreign Direct Investment: Evidence from Four Emerging Central European Countries. Economics and Finance. Université Panthéon-Sorbonne - Paris I, 2007. English. ⟨tel-00165194⟩

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