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Proteção do investimento estrangeiro: o sistema do Centro Internacional para a Resolução de Disputas Relativas ao Investimento (CIRDI) e suas alternativas; Protection of foreign investment: the system of the international centre for the settlement of investment disputes (ICSID) and its alternatives.

Luis, Daniel Tavela
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 23/10/2013 Português
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36.31%
A proposta desta dissertação de mestrado é apresentar o mecanismo de solução de controvérsias investidor-Estado tipicamente utilizado nos Acordos de Promoção e Proteção de Investimento (APPIs) e já consolidado no Direito Internacional do Investimento a arbitragem de investimento segundo as regras do Centro Internacional para a Resolução de Disputas Relativas a Investimentos (CIRDI) e as alternativas (auto e heterocompositivas) a esse mecanismo, já debatidas internacionalmente. A justificativa fundamental para este estudo é a constatação de que o Brasil ocupa uma posição de destaque no cenário internacional, com um movimento crescente de internacionalização de empresas nacionais, mas sem uma política pública de apoio e proteção a essa internacionalização. Para cumprir este objetivo, a dissertação: (i) contextualiza a temática da proteção do investimento no âmbito do Direito Internacional Econômico, bem como apresenta as principais características dos Acordos de Promoção e Proteção de Investimentos, introduzindo a perspectiva brasileira sobre o assunto; (ii) apresenta a arbitragem de investimento, enquanto espécie de arbitragem distinta da arbitragem comercial e da arbitragem entre Estados; (iii) apresenta o CIRDI...

Deconstructing Herding : Evidence from Pension Fund Investment Behavior

Raddatz, Claudio; Schmukler, Sergio L.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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46.16%
Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. However, by analyzing unique, monthly asset-level data from the pioneer case of Chile, this paper shows that pension funds tend to herd. This is consistent with pension funds copying each other in their investment strategies as a way to extract information, boost returns, and reduce risk. The authors compute measures of herding across asset classes (equities, government bonds, and private sector bonds) and at different pension fund industry levels. The results show that pension funds herd more in assets for which they have less market information and when risk increases. Moreover, herding is more prevalent across funds that narrowly compete with each other, that is, when comparing funds of the same type across pension fund administrators. There is much less herding within pension fund administrators and across pension fund administrators as a whole. This herding pattern is consistent with incentives for managers to be close to industry benchmarks...

Housing Finance in Sri Lanka : Opportunities and Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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36.31%
Sri Lanka has embarked on a gradual transition from a system of directed credit in a highly segmented market toward an integrated market-driven housing finance system. This transition has included an increased role of private universal banks in the immediate term and a functioning secondary mortgage market in the long term. An active system of housing finance provides real economic benefits and positively affects savings, investment, and household wealth. It provides an investment option for long-term funds in the economy as an alternative to investment in treasury bonds. In turn, each dollar invested in the housing sector catalyzes economic activity in other sectors, exerting an indirect positive impact on employment levels, the retirement system, fiscal returns, and consumption. Housing finance enables households to accumulate assets that can provide the collateral for their investment needs, thus stimulating small business. Housing finance development boosts equitable economic growth and reduces poverty by improving living conditions...

Green Infrastructure Finance : Framework Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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36.26%
The report estimated that in the East Asia and Pacific (EAP) region alone about US$80 billion a year of additional investments would be required in low-emission projects (green investments), resulting in a significant financing challenge. The report argues that the solution lies in understanding the causes of the financial viability gap, and then investigating how specific actions, including strategic subsidies, concessional financing, and public policy interventions and reforms, can bridge this gap to make green investment transactions viable. The green infrastructure finance framework also underscores the benefits of valuing and monetizing carbon externalities. Moreover, it recognizes the effects of policy distortions and other negative factors that impinge on financial viability, emphasizing the need for an approach to analyze and explain the gap and to attribute its components to different stakeholders. This report shows that it is essential to measure global and local externality benefits against the causes of the viability gap such as perceptions of added risks, cost differentials, policy distortions, and other factors. Once these elements are fully considered, policy makers can identify practical ways to better structure the financing of green investment projects that can be supported by the market. Three key principals have guided the development of the framework: (i) targeting green finance resources on sectors that have large numbers of projects with low abatement costs; (ii) setting ceilings on the value of support that will be provided for a tone of greenhouse gas (GHG) abatement in any sector or project; and (iii) using competitive mechanisms to ensure that projects do not receive more support than needed to make them financially attractive. This report is the second of a continuing series of green infrastructure finance publications. The first part undertook a stocktaking of leading initiatives and literature related to the green infrastructure finance theme. This second part is a conceptual piece that bridges ideas and concepts between environmental economics and project finance practices. Work will continue over the next months by operationalizing this framework (analytical methodology and assessment of green infrastructure investment climate) through a pilot in a selected EAP developing country. Given a better understanding of the financing challenges of different green projects...

Assessing the Investment Climate for Climate Investments : A Comparative Framework for Clean Energy Investments in South Asia in a Global Context

Mani, Muthukumara S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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36.26%
One of the strong messages that came out of the recent United Nations Climate Change conference in Durban was that the private sector has to play an important role if we are to globally move toward a low carbon, climate resilient -- or "climate compatible" -- future. However, private investment will only flow at the scale and pace necessary if it is supported by clear, credible, and long-term policy frameworks that shift the risk-reward balance in favor of less carbon-intensive investment. The private sector also needs information on where to invest in clean energy in emerging markets, and it needs policy support to lower investment risk. Barriers to low carbon investments often include unclear and inconsistent energy policies, monopoly structures for existing producers, stronger incentives for conventional energy than clean energy, and a domestic financial sector not experienced in new technologies. With the long-term goal of promoting and accelerating the implementation of climate mitigation technologies...

Sovereign Wealth Funds in East Asia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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36.3%
The massive size, rapid growth, and high-profile investments of Sovereign Wealth Funds (SWFs) in the U.S. and elsewhere in 2007 has attracted the attention of the media, politicians, regulators, and academics over the past year. Some of the SWF investments have been viewed as market stabilizing, for instance the substantial equity investments in large U.S. financial institutions that were recently in financial trouble after the sub-prime mortgage crisis. However, there is great suspicion from many political and academic quarters that SWFs are politically motivated with many SWFs in Asia now at the center of the storm. Although SWFs have been in existence for many decades worldwide, most SWFs in the East Asia and Pacific Region (EAP) are relatively new. The emergence of the SWFs in Asia is largely a by-product of the strong economic development at East Asian countries and the attendant accumulation of foreign exchange reserves, however, there are other types of SWFs in the region. The Governments have taken a concerted strategy to enhance the returns on these excess reserves. The EAP region is an ideal region to take a look at the issues surrounding SWFs since Asia has the full range of funds from long-established funds to brand new funds; from passive portfolio investors to more aggressive strategic investors; from resource-backed funds to foreign reserve-backed funds; and...

Risky Business : Political Instability and Greenfield Foreign Direct Investment in the Arab World

Burger, Martijn; Ianchovichina, Elena; Rijkers, Bob
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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46.28%
Which foreign direct investments are most affected by political instability? Analysis of quarterly greenfield investment flows into countries in the Middle East and North Africa from 2003 to 2012 shows that adverse political shocks are associated with significantly reduced investment inflows in the non-resource tradable sectors. By contrast, investments in natural resource sectors and non-tradable activities appear insensitive to such shocks. Consistent with these patterns, the significant reduction in investment inflows in Arab Spring affected economies was starkest in the non-resource manufacturing sector. Political instability is thus associated with increased reliance on non-tradables and aggravated resource dependence. Conversely, how intensified political instability affects aggregate foreign direct investment is critically contingent on the initial sector composition of these flows.

El Mercado Alternativo Bursátil (MAB) y sus aplicaciones prácticas

Ferreiro Fernández, Yolanda
Fonte: Universidade da Corunha Publicador: Universidade da Corunha
Tipo: Dissertação de Mestrado
Português
Relevância na Pesquisa
46.27%
Traballo fin de mestrado (UDC.ECO). Banca e finanzas. Curso 2014/2015; [Resumen] El Mercado Alternativo Bursátil fue creado para hacer frente a la gran dependencia de las PYMES de la banca abriendo de esta forma una nueva vía de financiación de las empresas a través de los mercados de capitales. Las empresas emisoras podrán llevar a cabo un crecimiento sostenible además de reducir el riesgo de crédito utilizando fuentes alternativas de financiación como en el caso de este mercado, las ampliaciones de capital. A lo largo de este trabajo se hablará sobre las formas de financiación más habituales en función de la etapa de vida de la empresa, de los nuevos mercados alternativos en España y de los homólogos europeos del Mercado Alternativo Bursátil. También se expondrá cuál ha sido la evolución del Mercado Alternativo Bursátil desde que se inició en el año 2008 y cual es el procedimiento de salida poniendo como caso práctico la salida de Ebioss Energy AD.; [Abstract] The Alternative Investment Market was created to compete with banks to finance Small and Mid Caps through the capital markets. Thus, issuers may conduct sustained growth and reduce credit risk. Throughout this paper we will discuss the most common forms of funding based on the stage of life of the company...

Private Equity Regulation: What are the Consequences of the Alternative Investment Fund Managers Directive (AIFMD) on Private Equity Managers?

Martignier, Romain Paul
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
Português
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66.25%
The recent global financial crisis brought significant regulatory changes in the worldwide financial industry. In Europe and in the alternative asset sector specifically, a new regulation by the name of Alternative Investment Fund Managers Directive saw the daylight in 2010. This far-reaching and complex Directive with the main goal of regulating and overseeing alternative investment funds has triggered many discussions and represents an industry game-changer. Thus, this research will focus on the impact and consequences of the Directive on private equity fund managers and the role of regulators. In other words, what are the effects, what does that mean in a quantitative and qualitative sense, and how is it likely to influence the outlook of this asset class? In order to provide the reader with an extensive view on the topic, the paper will first discuss relevant theory and literature, using mix-methods and legal-dogmatic approaches. Further, descriptive case studies, analysis of existing surveys, and interviews with industry experts will supplement the paper in order to understand primary implications of the Directive with the goal of providing useful insights for further private equity regulation research.

Modeling the Impact of Large Infrastructure Projects; A Case Study from Niger--Macroeconomic Assessment of Public Investment Options

Beguy, Olivier; Dessus, Sébastien; Garba, Abdoulahi; Hayman, Jason; Herderschee, Johannes
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.16%
Evidence illustrates that investment in infrastructure is essential to accelerate inclusive growth. Indeed, a number of Sub-Saharan African (SSA) countries have begun to devote greater resources to large-scale public investment projects. Nevertheless, while massive projects can potentially generate large benefits there are considerable risks. Cost overruns, poor implementation quality, inadequate operational and maintenance capacity, and negative social or environmental impacts can severely undercut a project’s anticipated social and economic returns. Moreover, projects, which are expensive to develop and maintain can impact on debt dynamics and in some cases macroeconomic stability. Yet, given the complex nature of such projects it is often difficult to ascertain whether it is worthwhile to proceed with a project and if so, how should it be financed and implemented. Historically, computable general equilibrium (CGE) models have been used to assess the prospective impacts of large public investment projects. However...

Transmission Investment in Competitive Power Systems : Decentralizing decisions in Argentina

Abdala, Manuel Angel; Chambouleyron, Andres
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
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46.15%
Recent power outages in Argentina are largely the result of transmission problems that could be solved by more investment. Private concessionaires now operate the main and regional networks, but they are under no obligation to expand capacity. In a decentralized electricity market such as Argentina's the key to a successful transmission investment policy is coordination among the parties involved. Without coordination, an investment project in one site might affect or even disrupt power flow in another. But user coalitions are difficult to set up because of high transaction costs and in the Argentine system, because investment mechanisms do not provide a clear allocation of property rights to private investors. Investment decision making for capacity expansion is centralized, but prolonged congestion indicates that the process is not working efficiently. Argentina is searching for a decentralized solution. This note outlines the options for its high-voltage network and proposes a solution for the regional grids.

Arbitrating and Mediating Disputes : Benchmarking Arbitration and Mediation Regimes for Commercial Disputes Related to Foreign Direct Investment

Pouget, Sophie
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.32%
An effective commercial arbitration regime matters for foreign investors. It gives parties the autonomy to create a dispute resolution system tailored to increasingly complex disputes. Foreign investors view arbitration as a way to mitigate risks by providing legal certainty on enforcement rights, due process, and access to justice. The Arbitrating and Mediating Disputes indicators assess the legal and institutional framework for commercial arbitration, mediation, and conciliation regimes in 100 economies. All surveyed economies recognize arbitration as a tool for resolving commercial disputes and only nine economies have not acceded to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. In the Arbitrating and Mediating Disputes indicators, High Income OECD and Eastern Europe and Central Asia are the regions that reformed their laws on alternative dispute resolution the most between 2011 and 2012. The data also show that, globally, arbitration proceedings take 326 days on average...

Estimating the Economic Opportunity Cost of Capital for Public Investment Projects : An Empirical Analysis of the Mexican Case

Coppola, Andrea; Fernholz, Fernando; Glenday, Graham
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.34%
This paper offers an assessment of the methodologies employed to estimate the economic opportunity cost of capital for public sector projects, relying on the Mexican case for an applied empirical exercise. The traditional weighted cost of capital (top-down) approach used in the estimation of Mexico's economic opportunity cost of capital is reviewed and compared to the supply price (bottom-up) approach. With respect to previous studies using the top-down approach, this paper explores the contribution of domestic savings and expands the analysis to include a more detailed examination of the available macroeconomic, labor, financial, and tax information. The re-estimated top-down economic opportunity cost of capital for Mexico comes to 10.4 percent. To confirm these results and provide additional insights regarding the alternative bottom-up approach, the economic opportunity cost of capital is estimated using the supply price plus externalities method. For the case of Mexico, this paper recommends using a combination of estimation models (both the top-down and bottom-up approaches) to check the consistency of results and re-estimating the economic opportunity cost of capital every five years to accommodate for macroeconomic and fiscal changes. More broadly...

ICSID 2012 Annual Report; CIRDI rapport annuel 2012 CIADI 2012 informe anual

International Centre for Settlement of Investment Disputes
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Annual Report
Português
Relevância na Pesquisa
36.29%
The recent growth in investor-state arbitration has continued apace. International Center for Settlement of Investment Dispute (ICSID) registered a record 38 cases in 2011, and had registered 19 further cases by June 30, 2012. Included in these numbers are 3 new conciliation cases, showing an increased resort not simply to arbitration but also to alternative methods of dispute resolution available under the ICSID convention and additional facility. Such statistics should not be considered in isolation from their broader economic context. There have been unprecedented increases in global flows of foreign direct investment in the last two decades. These statistics must also be read in light of the fact that international investment law and investor-state dispute settlement are a new discipline. ICSID continues to play a vital role in the evolving international investment legal system. Its primary job is very specific: to offer foreign investors and host States an impartial, effective and accessible facility for arbitration and conciliation of international investment disputes. ICSID has taken numerous steps in the past year to enhance its capacity to fulfill this role. In September of 2011...

Incentives for Public Investment under Fiscal Rules

Mintz, Jack M.; Smart, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.26%
The authors explore the relationship between fiscal rules and capital budgeting. The current budgetary approach to limit deficits to a fixed portion of GDP or to balance budgets could undermine incentives to invest in public capital with long-run returns since politicians concerned about electoral prospects would favor expenditures providing immediate benefits to their voters. An alternative budgetary approach is to separate capital from current revenues and expenditures and relax fiscal constraints by allowing governments to finance capital expenditures with debt, as suggested by the golden rule approach to capital funding. But the effect of capital budgeting would be to provide opportunities to politicians to escape the fiscal rule constraints by shifting current expenditures into capital accounts that are difficult to measure properly, thereby leading to increased borrowing. As an alternative, the authors propose a modified golden rule limiting debt finance to a proportion of the government's investment in self-liquidating assets.

Sovereign Wealth Funds and Long-Term Development Finance : Risks and Opportunities

Gelb, Alan; Tordo, Silvana; Halland, Havard; Arfaa, Noora; Smith, Gregory
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.32%
Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically. This paper proposes some basic elements of a conceptual framework to create a system of checks and balances to help ensure that the sovereign wealth funds do not undermine macroeconomic management or become a vehicle for politically driven "investments." First, the risks and opportunities of domestic investment by sovereign wealth funds are analyzed. Central issues are the relationship of sovereign wealth fund financing to the budget process and to the procurement systems of sector ministries...

Upgrading the Investment Policy Framework of Public Pension Funds

Vittas, Dimitri; Impavido, Gregorio; O'Connor, Ronan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.36%
Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.

Uganda - Moving Beyond Recovery : Investment and Behavior Change, For Growth, Volume 1. Summary and Recommendations

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
Português
Relevância na Pesquisa
36.26%
In 2006 most of the people of Uganda, with the notable exception of those in the conflict-blighted Northern Region, enjoy a better quality of life and brighter opportunities in a stable and growing economy. Uganda's economy has bounced back beyond what could be regarded as recovery, with real incomes per person now exceeding the levels reached at Independence in 1962. The report structure is as follows: volume one synthesizes the conclusions from analysis in Volume two. In Chapter 1 of Volume two, emphasis is placed on understanding what drove past growth at macro and sector levels, and in particular, on how Uganda's firms and farms have evolved. Chapter 2 continues the retrospective of past growth in agriculture, the most important sector of the economy. The report provides a comprehensive review of growth trends in agriculture, using several data sources. The chapter provides fresh insights on recent trends in poverty and inequality. Chapter 3 presents growth diagnosis and it identifies short-term actions to remove emerging constraints to present and near-term future growth. Chapter 4 models alternative future growth paths and the impact o f alternative public investments on growth using a SAM-based CGE model. The analysis reveals there is little to be gained from 'robbing Peter to pay Paul' for example fixing infrastructure by reducing education financing. Chapters 6 and 7 return to the short-term priorities to remove binding constraints to growth...

Developing Economies and International Investors : Do Investment Promotion Agencies Bring them Together?

Harding, Torfinn; Javorcik, Beata Smarzynska
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.19%
Many countries spend significant resources on investment promotion agencies in the hope of attracting inflows of foreign direct investment. Despite the importance of this question for public policy choices, little is known about the effectiveness of investment promotion efforts. This study uses newly collected data on national investment promotion agencies in 109 countries to examine the effects of investment promotion on foreign direct investment inflows. The empirical analysis follows two approaches. First, it tests whether sectors explicitly targeted by investment promotion agencies receive more foreign direct investment in the post-targeting period relative to the pre-targeting period and non-targeted sectors. Second, it examines whether the existence of an investment promotion agency is correlated with higher foreign direct investment inflows. Results from both approaches point to the same conclusion. Investment promotion efforts appear to increase foreign direct investment inflows to developing countries. Moreover...

Alternative Mutual Funds: An Initial Approach to Analyzing the Impact of Regulation on Fund Performance

Ziment, Jared
Fonte: Universidade Duke Publicador: Universidade Duke
Publicado em 30/12/2014 Português
Relevância na Pesquisa
56.37%
This study seeks to examine the performance differences between regulated and unregulated investment funds. The funds studied are called alternative mutual funds by federal regulators, and are different than traditional mutual funds. Sponsors of these alternative mutual funds have increased their offerings to the investing public which has attracted regulators’ attention. Regulators are assessing whether the current regulatory framework is sufficient for protecting investors. The objective of this empirical analysis is to determine the effect of regulations on the performance of these alternative mutual funds relative to unregulated funds of similar character. This type of study is a first step in examining the possible cost of operational regulation on investment fund performance. This thesis begins with a history of investment fund regulation in the United States. The discussion moves to a review of the theoretical underpinnings of financial regulation for investment funds. After establishing the historical environment for the regulation, the report moves to an explanation of alternative investment strategies and follows with a description of their significant growth. The report summarizes the results of the empirical tests, and concludes with suggestions for future policymaker inquiry. While the limitations of the data set constrict the explanatory power of this study...