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Goohoon Kwon and Mr. Raphael A Espinoza

financial account. The attractiveness of the CARICOM resides in the positive business climate and the tax concessions available in many of the Caribbean countries (see Chai and Goyal (2006) for an analysis of the effects of FDI tax incentives in the ECCU). The UNCTAD 2001 FDI stock data details the sources and destinations of flows ( tables 2 and 3 ). The U.S. and Canada are the major investors in the region. Outward FDI is much smaller. Trinidad and Tobago and Jamaica had recently FDI outflows, although, according to UNCTAD stock data, the major outward stocks come

Mr. Neil K. Patterson, Ms. Marie Montanjees, Colleen Cardillo, and Mr. John Motala

market valuations for FDI can be computed where the shares of the direct investment enterprise (or the direct investor) are listed on a stock exchange, difficulties arise in valuing wholly owned subsidiaries and branches, which make up a significant part of overall FDI. For this reason, many compilers use book values from the balance sheets of direct investment enterprises (or the direct investor) to determine the value of the stock of FDI because this represents the only data source that is readily available to them. 5.24 If a country compiles its FDI stock data on

Mr. Neil K. Patterson, Ms. Marie Montanjees, Colleen Cardillo, and Mr. John Motala

and the directly owned direct investment enterprise, extending the coverage to include indirectly owned direct investment enterprises, as discussed in Box 5.1 , is difficult to implement. Only 11 (18 percent) of the surveyed countries could fully apply the recommended recording treatment for their inward FDI transactions data (no change from 1997), 2 while another 28 (46 percent) countries indicated that they were able to partially apply the treatment. The findings were similar for outward FDI transactions and for the reporting of FDI stock data, except that fewer

International Monetary Fund

discussed in more detail in the trends and statistics paper, as are discrepancies in the bilateral FDI stock data. C. Plans to Develop FDI Statistics 19. In light of the growing importance of FDI and the deficiencies in coverage and comparability, improved statistics on FDI capital flows, stocks, and income (including reinvested earnings) are needed for balance of payments projections, surveillance, and vulnerability analysis. More and improved data on FDI stocks are essential also for further developing IIP statistics, which are becoming increasingly important

Mr. Neil K. Patterson, Ms. Marie Montanjees, Colleen Cardillo, and Mr. John Motala

.7 18.6 26.5 27.8 31.9 39.9 Debit … 21.7 21.6 28.1 38.2 42.6 53.9 62.6 Discrepancy … –13.1 –11.9 –9.5 –11.7 –14.8 –22.0 –22.7 Source: IMF, BOPSY , various issues. 1 For 1995–2001, a split into (i) dividends and distributed branch profits and (ii) interest was derived using data from BOPSY 2002 plus a methodology developed to allocate the estimates; these data could not be derived for 1990–94. Discrepancies in Bilateral FDI Stock Data 4.25 The

International Monetary Fund

parentheses: *** , ** , and * refer to 1%, 5%, and 10% significance levels, respectively. Box 2. A Simple Gravity Model of Inward FDI Levels For Latin America Using bilateral FDI stock data for 10 Latin American countries, the model relates FDI levels to various explanatory variables including the distance between the source and the host country. 1/ The model, which is based on data covering the 1993-2003 period, broadly follows the methodology discussed in Benassy-Query et al. (2005) to estimate bilateral inward FDI stocks through the following

International Monetary Fund. European Dept.

MNE profit and FDI stock data used in BMK were replaced by 2015 data from Ireland Revenue and the CSO, which resulted in only minor upward adjustments. Figure 12. Percentage Change in FDI Stock and CIT Revenue from U. S. Tax Reform Sources: CSO; MoF; and IMF staff. 17. Estimates of the FDI and corporate tax revenue impacts of the U.S. rate cut are presented in Figure 12 . The range of estimates reflects the variation in elasticities and U.S. investment shares applied. The average reduction in the inbound FDI stock was 10 percent, while the minimum was 1

Ding Ding, Fabio Di Vittorio, Ana Lariau, and Yue Zhou

region according to the official statistics. To overcome this challenge, in the rest of the paper we focus our analysis on the transaction- based data on cross-border M&A obtained from Thomson Reuters. The transaction-based M&A data not only is able to mimic the trends of the official FDI statistics from the MOFCOM ( Figure 4 , right panel), but also keeps track of the final destination of each M&A transaction, thus avoiding misreporting of FDI flows to OFCs. Figure 4. Chinese FDI, by data source Both the MOFCOM FDI stock data (after accounting for OFCs

Ding Ding, Fabio Di Vittorio, Ana Lariau, and Yue Zhou
Over the last decade China’s investment in Latin America and the Caribbean (LAC) has increased substantially in volume and become more diversified from natural resources to other industries. Using cross-border mergers and acquisitions data, we demonstrate that since mid-2010s China’s overseas investment has tilted toward sectors where China has a comparative advantage in the global markets, a trend similar to that of other major foreign direct investment (FDI) source countries. Moreover, China’s rising overseas investment can be linked to the rebalancing of Chinese economy, and LAC stands to benefit from its complementarity vis-à-vis China in sectors where the rising Chinese overseas investment can be met with LAC’s own investment gaps. The COVID-19 pandemic could have a long-lasting impact on global value chains and FDI flows, which poses both challenges and opportunities to LAC in attracting FDI, including from China, to support the region’s long-run economic development.