By Jan Peter Sasse
Bilateral funding Treaties (BITs) are a big tool for the safety of international direct funding (FDI). besides the fact that, in comparison to foreign alternate legislations, foreign funding legislation has up to now got merely little examine recognition from an financial standpoint. by way of making use of a legislation and economics method, Jan Peter Sasse offers a scientific research of ways BITs functionality. He explains why BITs are greater than only a sign, how they relate to institutional festival in addition to to institutional caliber and why transparency is overseas funding arbitration is tough to accomplish and will even harmful.
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Extra info for An Economic Analysis of Bilateral Investment Treaties
The dynamic is similar to the market for lemons as described by Akerlof (1970). Potential buyers of know-how cannot assess the quality of the product. 131. A competing theory of FDI that nevertheless shares many features with transaction cost theories is the eclectic paradigm. See Dunning and Lundan (2008). Dunning and Lundan (2008), chapter 4. Hennart (2001), on the other hand, emphasises that the transaction cost theories of FDI was developed independently of the writings of Williamson. 132. 133.
In the context of FDI, transnational integration plays an important role. A huge proportion of FDI is based on cross-border mergers and acquisitions (“M&A activity”). 105 However, for the purposes of this paper, mergers and acquisitions must be differentiated: while mergers might be able to mitigate political risks, this is not the case for acquisitions where the acquired asset is wholly owned by the foreign investors. In the case of a merger, at least part of the asset is owned by a domestic party, which might, as described before, reduce the political risk.
In Venezuela, investment in the oil industry was significant in the first half of the 20th century. , and through powerful international oil cartels was strong and the sovereignty of the Venezuelan government thus low. 94 Yet, when the Venezuelan government decided to open the industry again to FDI in the early 1990s, the country received substantial investment. 11. 176 ff. 2. 13. 3. 96 He identifies at least two distinct hostage mechanisms: first, the use of offshore assets and revenues as a guarantee against expropriation and second, the use of future offshore receivables as a hostage.
An Economic Analysis of Bilateral Investment Treaties by Jan Peter Sasse