PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION
Topic. The article analyzes the peculiarities, driving forces and risks of international investment processes in the Asia-Pacific region (APR). It is shown that the difficulties of post-crisis recovery and volatility in the macro environment exacerbate the volatility of international investment proc...
| Main Authors: | , |
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2017-12-01
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| Series: | Финансы: теория и практика |
| Subjects: | |
| Online Access: | https://financetp.fa.ru/jour/article/view/591 |
| _version_ | 1826565271642439680 |
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| author | V. V. Perskaya E. P. Dzhagityana |
| author_facet | V. V. Perskaya E. P. Dzhagityana |
| author_sort | V. V. Perskaya |
| collection | DOAJ |
| description | Topic. The article analyzes the peculiarities, driving forces and risks of international investment processes in the Asia-Pacific region (APR). It is shown that the difficulties of post-crisis recovery and volatility in the macro environment exacerbate the volatility of international investment processes, while state interference in the sphere of foreign direct investment (FDI) reduces the predictability of investment policy and exacerbates pessimism as concerns investments. It is noted that the reversal of the regulation of FDI towards the investors creates a favorable ground for attracting investment and increases the investment attractiveness of the national economy. We analyze the issues of transparency of FDI in the countries of the Asia-Pacific region; examine the effectiveness of investment instruments of macro-financial management, including measures ensuring competitiveness and protection of investments; analyze the characteristics of FDI policy in these countries.Purpose. The study of the dynamics of contemporary FDI in the countries of the Asia-Pacific region who are active recipients of investment capital and direct participants of the process of investment liberalization and promotion of international investment processes. The analysis of possibilities of using the experience of the countries of the Asia-Pacific region in attracting FDI for Russia, taking into account the negative external background.Methodology. The study is based on systematic analysis of the determinants of FDI in the countries of the Asia-Pacific region, and on statistical methods of analysis of the national characteristics of the movement of FDI in the post-crisis period.Results. It is shown that the driving force of enhancing FDI after the crisis is the liberalization of FDI regimes, which to some extent hampered by the restrictions imposed by a number of Asia Pacific countries in connection with the threat of takeovers of national companies of strategic importance. We formulate the conditions needed to return the role of investment as one of the fundamental factors of economic growth: FDI policies should be based on clear rules, be predictable, inclusive, and be non-discriminatory. On the example of China and Mongolia, we show problems and prospects of attraction and outflow of FDI, including cooperation with their major trading partners. There are indicated the main factors limiting or reducing the volume of FDI attracted by Chinese economy, including issues such as an economic barriers (ambiguous practice of a recognition of incomes of foreign investors), legal (fuzzy interpretation of the norms in the part of the investment process) and administrative (direct limits and quotas, domestic licensing regimes). We also analyzed the basic directions and objects of FDI from China.Conclusions. On the basis of our studies, we made conclusions about the need of innovative component in the investment management and of the supporting role of FDI in enhancing the economic capacity of the recipient country of investment. One of the areas for further research of the economic potential of FDI could be an analysis of the impact of investment liberalization on minimization of the risks of imbalances occurring at the macro level. This approach is relevant for the purposes of prompt adjustments in the policy of FDI in Russia and on the Eurasian area, taking into account the negative factors and challenges of external environment, and also in connection with the inevitability of shifting priorities in FDI in the context of achieving financial stability and sustainable economic growth. |
| first_indexed | 2024-04-10T02:37:37Z |
| format | Article |
| id | doaj.art-2363726f2b73478db8604367fb7408e5 |
| institution | Directory Open Access Journal |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| last_indexed | 2025-03-14T10:33:06Z |
| publishDate | 2017-12-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj.art-2363726f2b73478db8604367fb7408e52025-03-02T11:01:59ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892017-12-01216809310.26794/2587-5671-2017-21-6-80-93620PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGIONV. V. Perskaya0E. P. Dzhagityana1Financial UniversityFinancial University; National Research University “Higher School of Economics” (HSE)Topic. The article analyzes the peculiarities, driving forces and risks of international investment processes in the Asia-Pacific region (APR). It is shown that the difficulties of post-crisis recovery and volatility in the macro environment exacerbate the volatility of international investment processes, while state interference in the sphere of foreign direct investment (FDI) reduces the predictability of investment policy and exacerbates pessimism as concerns investments. It is noted that the reversal of the regulation of FDI towards the investors creates a favorable ground for attracting investment and increases the investment attractiveness of the national economy. We analyze the issues of transparency of FDI in the countries of the Asia-Pacific region; examine the effectiveness of investment instruments of macro-financial management, including measures ensuring competitiveness and protection of investments; analyze the characteristics of FDI policy in these countries.Purpose. The study of the dynamics of contemporary FDI in the countries of the Asia-Pacific region who are active recipients of investment capital and direct participants of the process of investment liberalization and promotion of international investment processes. The analysis of possibilities of using the experience of the countries of the Asia-Pacific region in attracting FDI for Russia, taking into account the negative external background.Methodology. The study is based on systematic analysis of the determinants of FDI in the countries of the Asia-Pacific region, and on statistical methods of analysis of the national characteristics of the movement of FDI in the post-crisis period.Results. It is shown that the driving force of enhancing FDI after the crisis is the liberalization of FDI regimes, which to some extent hampered by the restrictions imposed by a number of Asia Pacific countries in connection with the threat of takeovers of national companies of strategic importance. We formulate the conditions needed to return the role of investment as one of the fundamental factors of economic growth: FDI policies should be based on clear rules, be predictable, inclusive, and be non-discriminatory. On the example of China and Mongolia, we show problems and prospects of attraction and outflow of FDI, including cooperation with their major trading partners. There are indicated the main factors limiting or reducing the volume of FDI attracted by Chinese economy, including issues such as an economic barriers (ambiguous practice of a recognition of incomes of foreign investors), legal (fuzzy interpretation of the norms in the part of the investment process) and administrative (direct limits and quotas, domestic licensing regimes). We also analyzed the basic directions and objects of FDI from China.Conclusions. On the basis of our studies, we made conclusions about the need of innovative component in the investment management and of the supporting role of FDI in enhancing the economic capacity of the recipient country of investment. One of the areas for further research of the economic potential of FDI could be an analysis of the impact of investment liberalization on minimization of the risks of imbalances occurring at the macro level. This approach is relevant for the purposes of prompt adjustments in the policy of FDI in Russia and on the Eurasian area, taking into account the negative factors and challenges of external environment, and also in connection with the inevitability of shifting priorities in FDI in the context of achieving financial stability and sustainable economic growth.https://financetp.fa.ru/jour/article/view/591foreign direct investment (fdi)regulation of investmentinvestment policyinvestment liberalizationinvestment risksasia-pacific regionchinamongolia |
| spellingShingle | V. V. Perskaya E. P. Dzhagityana PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION Финансы: теория и практика foreign direct investment (fdi) regulation of investment investment policy investment liberalization investment risks asia-pacific region china mongolia |
| title | PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION |
| title_full | PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION |
| title_fullStr | PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION |
| title_full_unstemmed | PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION |
| title_short | PECULIARITIES OF THE VECTORS OF POST-CRISIS FOREIGN DIRECT INVESTMENT IN THE ASIA-PACIFIC REGION |
| title_sort | peculiarities of the vectors of post crisis foreign direct investment in the asia pacific region |
| topic | foreign direct investment (fdi) regulation of investment investment policy investment liberalization investment risks asia-pacific region china mongolia |
| url | https://financetp.fa.ru/jour/article/view/591 |
| work_keys_str_mv | AT vvperskaya peculiaritiesofthevectorsofpostcrisisforeigndirectinvestmentintheasiapacificregion AT epdzhagityana peculiaritiesofthevectorsofpostcrisisforeigndirectinvestmentintheasiapacificregion |