Expropriation Dynamics
نویسندگان
چکیده
منابع مشابه
Expropriation Dynamics
Many emerging market economies oscillate between periods of high and low growth (see Aguiar and Gopinath, 2007). These changes in growth regimes generate business cycles that are markedly different from the ones observed in developed countries: consumption and investment are volatile relative to output, and net exports are strongly counter-cyclical. This volatility is often accompanied by sharp...
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This paper develops a unified framework to analyze the dynamics of firm investment in countries with poor legal enforcement. The firm’s technology edge over the government generates endogenous property rights. Industry variation in the technology gap predicts a sectoral pecking-order of expropriations. Long-run investment distortions may be Pareto superior relative to persistent investment at t...
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An important question for international investors concerns the relationship between political institutions and property rights. Yet a debate remains over whether authoritarian institutions promote favorable investment climates. Using data on oil nationalization in a sample of autocracies, this study finds that legislatures are correlated with lower expropriation risk in non-personalist dictator...
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Stylized evidence indicates that democracies and autocracies both expropriate foreign direct investment but that democracies do so less frequently. What explains the similarities and differences in expropriation between regime types? An analysis of actual expropriation acts in 63 developing countries from 1960 to 1990 shows that democracies are most likely to expropriate foreign investment when...
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What do a Canadian ban on the exportation of hazardous wastes, California's remediation requirements for open-pit mines, and the Municipality of Lima's closure of a pasta factory have in common? They are all government measures that have been the subject of investor-state disputes resolved in international investment arbitration. The ability of foreign investors, as private actors in global pol...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2009
ISSN: 0002-8282
DOI: 10.1257/aer.99.2.473