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Valuation of Unlisted Direct Investment Equity
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Beneficial Ownership and Legal Responsibility
This book explores the connection between ownership, on one hand, and immunity from legal responsibility, on the other. It presents a definition of the concept of beneficial ownership, the reasons for its concealment, and failures in international legal structures and arrangements. Globally, States confront complex criminality, such as corruption, tax evasion, doctrinal fanaticism, trafficked slaves, terrorism and, war. At the personal level, men and women may seek to escape their creditors, to disinherit unwanted heirs, to cheat divorced partners, and to appear straightforward when this is not the case. The response of politicians and regulators has been a global State initiative to identif...
What Is Real and What Is Not in the Global FDI Network?
Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate the global FDI network while disentangling real investment and phantom investment and allocating real investment to ultimate investor economies. We find that phantom investment into corporate shells with no substance and no real links to the local economy may account for almost 40 percent of global FDI. Ignoring phantom investment and allocating real investment to ultimate investors increases the explanatory power of standard gravity variables by around 25 percent.
An Anatomy of Tax Havens
Tax havens in offshore lands like Switzerland, the Cayman Islands and the Bahamas were once considered a rarity, the preserve of the super-rich. Today, they are big business available to the masses. Their goal? To avoid any form of accountability. Own nothing. Possess everything. Be answerable to no one. Where are these tax havens? What forms can they take? What future lies in store for them, and why should we care? An Anatomy of Tax Havens: Europe, the Caribbean and the United States of America answers these questions, and more, in the first comparative study in one volume of European, Caribbean and United States tax havens. It examines their simple origin to the extreme forms some take tod...
The Economics of Belonging
A radical new approach to economic policy that addresses the symptoms and causes of inequality in Western society today Fueled by populism and the frustrations of the disenfranchised, the past few years have witnessed the widespread rejection of the economic and political order that Western countries built up after 1945. Political debates have turned into violent clashes between those who want to “take their country back” and those viewed as defending an elitist, broken, and unpatriotic social contract. There seems to be an increasing polarization of values. The Economics of Belonging argues that we should step back and take a fresh look at the root causes of our current challenges. In t...
Escaping the Governance Trap
The COVID-19 pandemic has fundamentally altered the global economic landscape, with the smallest and most vulnerable economies particularly hard hit. In the Northern Triangle countries of El Salvador, Guatemala, and Honduras, the crisis has cost lives and livelihoods. It has impacted both the demand and supply sides of the economy, posing difficult policy tradeoffs. Risks to macroeconomic stability are now growing. Each country will likely exit the crisis with an even greater need for reform. Escaping the Governance Trap: Economic Reform in the Northern Triangle provides a framework for understanding the challenges of those three Central American nations, proposing that the lack of governing...
Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets?
This paper studies whether FDI firms employ more workers than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic firms tend to employ more workers per asset than FDI firms. The result remains robust across individual industries in the case study of the United Kingdom. The analysis of the switchers (ownership changes from domestic to foreign or vice versa) suggests that ownership changes do not have an immediate impact on the employment per asset. This result suggests that different patterns of employment per asset seem to come from technological differences rather than from different ownership structures.
The Global FDI Network: Searching for Ultimate Investors
This paper addresses three types of geographical decoupling in foreign direct investment (FDI), i.e., challenges when using traditional FDI data as a proxy for real economic integration between economies: (i) large bilateral asymmetries between inward and outward FDI, (ii) the role of special purpose entities (SPEs), and (iii) the effect of moving from immediate counterpart to ultimate investing economy (UIE). A unique global FDI network is estimated, where SPEs are removed and FDI positions are broken down by the UIE. Total inward FDI in the new network is reduced by one-third, and financial centers are less dominant.
Finance & Development, June 2018
This paper focuses on smart policies that can alleviate the short-term pain of technological disruption and pave the way for long-term gain. As computing power improves dramatically and more and more people around the world participate in the digital economy, care should be taken about how to devise policies that will allow us to fully exploit the digital revolution’s benefits while minimizing job dislocation. Digital technology will spread further, and efforts to ignore it or legislate against it will likely fail. Even with short-term dislocations, reorganizing the economy around revolutionary technologies generates huge long-term benefits. The digital revolution should be accepted and improved rather than ignored and repressed. Given the global reach of digital technology, and the risk of a race to the bottom, there is a need for policy cooperation like that of global financial markets and sea and air traffic. The history of earlier general-purpose technologies demonstrates that even with short-term dislocations, reorganizing the economy around revolutionary technologies generates huge long-term benefits.
Measuring Multinational Production with Foreign Direct Investment Statistics: Recent Trends, Challenges, and Developments
In a complex global production landscape, the quest for measures of economic activity by multinational enterprises (MNEs) has become more pressing. Foreign Direct Investment (FDI) statistics, which capture financing aspects of MNEs, have often been used as a proxy for multinational production given their wide availability and cross-country comparability, but concerns that multinational production occurs in different countries than where financial positions are recorded call this practice into question. This paper revisits the main objections to the use of FDI as a proxy for multinational production, explores counterarguments, and provides guidance on the use of FDI statistics to measure multinational production.
