This book was the first in a major series examining Global Economic Institutions and contrasts re... more This book was the first in a major series examining Global Economic Institutions and contrasts regional economic integration in the Asia Pacific Region and in Europe. In the Asia Pacific Region at the time of publication, regionalism was developing by means of 'open regionalism', constructed through the APEC (Asia Pacific Economic Cooperation Process). This was different from the regionalism which had developed in Europe, through the construction of a single European Market and Monetary Union within the European Union. In the light of this contrast, a number of important contemporary policy questions are considered by an international team of contributors. How should Europe and other parts of the world respond to the development of open regionalism in the Asia Pacific Region? Can these regions develop a shared global agenda directed toward sustaining genuinely multilateral solutions to international trade policy problems?
Foreign direct investment (FDI) plays an important role in the Australian economy through the pro... more Foreign direct investment (FDI) plays an important role in the Australian economy through the provision of capital additional to that which can be mobilised domestically, new know-how and technology, and greater linkages to international markets and value chains. Its benefits derive from the increased competition for, and thus the increased value of, assets in Australia, the increased increment of incomes to Australian labour and other inputs used in additional production, increased national product, and increased taxes and other charges that accrue to governments at all levels. By creating a global market for Australian assets, FDI provides Australians with a stronger incentive to invest and grow their own assets. Australia has long had a strong policy consensus around the importance of continuing to attract high levels of foreign investment. This is because Australia is a small economy with a low savings base, and foreign capital is essential to fund the investment necessary to support Australia’s advanced patterns of growth, income and consumption. FDI also has a number of potential advantages over foreign ‘portfolio’ investment (involving equity stakes below 10 per cent) : it has the capacity to generate significant productivity dividends through the transfer of foreign management, technology and knowledge; it encourages local reinvestment of foreign earnings; it endows foreign investors with a long-term stake in the Australian economy; and it increases the competitiveness, efficiency and valuations of Australian enterprises.
Japanese foreign direct investment (FDI) into China is an important aspect of one of the largest ... more Japanese foreign direct investment (FDI) into China is an important aspect of one of the largest bilateral economic relationships in the world. The bilateral FDI is analysed using an FDI model combined with stochastic frontier analysis to explain the determinants of FDI, ...
Australia’s economic development since the time of European settlement has been predicated on c... more Australia’s economic development since the time of European settlement has been predicated on capital investment from overseas. A relatively small, young population inhabiting a vast continent rich in resources and opportunity would not have prospered without external capital to build mines, factories, ports, roads and infrastructure. Direct investment also brings new technology, access to new markets, and new ways of doing business. Policies that prevent foreign investors bidding for Australian assets also prevent Australians from realising the full international value of their assets.
This book was the first in a major series examining Global Economic Institutions and contrasts re... more This book was the first in a major series examining Global Economic Institutions and contrasts regional economic integration in the Asia Pacific Region and in Europe. In the Asia Pacific Region at the time of publication, regionalism was developing by means of 'open regionalism', constructed through the APEC (Asia Pacific Economic Cooperation Process). This was different from the regionalism which had developed in Europe, through the construction of a single European Market and Monetary Union within the European Union. In the light of this contrast, a number of important contemporary policy questions are considered by an international team of contributors. How should Europe and other parts of the world respond to the development of open regionalism in the Asia Pacific Region? Can these regions develop a shared global agenda directed toward sustaining genuinely multilateral solutions to international trade policy problems?
Foreign direct investment (FDI) plays an important role in the Australian economy through the pro... more Foreign direct investment (FDI) plays an important role in the Australian economy through the provision of capital additional to that which can be mobilised domestically, new know-how and technology, and greater linkages to international markets and value chains. Its benefits derive from the increased competition for, and thus the increased value of, assets in Australia, the increased increment of incomes to Australian labour and other inputs used in additional production, increased national product, and increased taxes and other charges that accrue to governments at all levels. By creating a global market for Australian assets, FDI provides Australians with a stronger incentive to invest and grow their own assets. Australia has long had a strong policy consensus around the importance of continuing to attract high levels of foreign investment. This is because Australia is a small economy with a low savings base, and foreign capital is essential to fund the investment necessary to support Australia’s advanced patterns of growth, income and consumption. FDI also has a number of potential advantages over foreign ‘portfolio’ investment (involving equity stakes below 10 per cent) : it has the capacity to generate significant productivity dividends through the transfer of foreign management, technology and knowledge; it encourages local reinvestment of foreign earnings; it endows foreign investors with a long-term stake in the Australian economy; and it increases the competitiveness, efficiency and valuations of Australian enterprises.
Japanese foreign direct investment (FDI) into China is an important aspect of one of the largest ... more Japanese foreign direct investment (FDI) into China is an important aspect of one of the largest bilateral economic relationships in the world. The bilateral FDI is analysed using an FDI model combined with stochastic frontier analysis to explain the determinants of FDI, ...
Australia’s economic development since the time of European settlement has been predicated on c... more Australia’s economic development since the time of European settlement has been predicated on capital investment from overseas. A relatively small, young population inhabiting a vast continent rich in resources and opportunity would not have prospered without external capital to build mines, factories, ports, roads and infrastructure. Direct investment also brings new technology, access to new markets, and new ways of doing business. Policies that prevent foreign investors bidding for Australian assets also prevent Australians from realising the full international value of their assets.
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Papers by Peter Drysdale AO