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Willem Thorbecke and Ahmet Tiryaki

the fall in inflation caused the dollar to appreciate (see Engel and Frankel, 1984, and Figure 4.1). The stronger dollar in turn reduced the competitiveness of export and import competing industries and set the stage for the emergence of current account deficits. According to Caves et al. (1999), the process of higher interest rates hurting interest-sensitive sectors, appreciating the dollar, and reducing net exports was exacerbated by the emergence of large structural budget deficits in the 1980s. These budget deficits emerged when President Reagan was unable to

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Linda Yueh

law. Also, how they proceed with their approach to growth will be influenced by the requirements of the international system. A LAW AND ECONOMICS VIEW OF ECONOMIC GROWTH Neoclassical models of long-run growth are premised on a number of assumptions, which essentially presume that there are no frictions or institutional impediments in markets. The Solow model, for instance, considers economic growth where there are no barriers to the movement of capital, The advent of international economic law 79 no impediments in capital markets so that interest rates reflect the

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Richard E. Caves

-nation businesses or encounter the same problems transformed by their international context. Strategy issues become distinctive because the multinational enterprise (MNE) serves product markets balkanized by transport costs, government restrictions, and/or differences in tastes and production conditions. Financial decision making becomes ensnared with exchange-rate variation and differences of custom and law in national commercial and investment banking practices. Marketing struggles with differences in national tastes and distribution systems. The firm’s human-resource policies

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Bindu Vyas

smaller coefficient of uncertainty) than can an MNC which is investing in the country or sub-national region for the first time.2 By the same token, the latter have no roots so that the location of their investments will be more sensitive to the perceived attractiveness of a sub-national unit’s resources, capabilities and policies.3 Dunning (1998) notes the evolution of locational determinants for affiliates as created assets increase in importance relative to ‘natural resources’. Early FDI emphasized ‘market-seeking’ investments but modern locational decisions depends very

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Louis T. Well

. Although one can, nevertheless, tease some policy implications out of the research reported in Caves’ book, the many gaps in our knowledge mean that a great deal is still judgment and guesswork. Informed policy awaits more research. Of course, host governments are not the only parties interested in multinationals and developing countries. Among other parties with an intense interest are the managers of the multinationals themselves. Yet, the chapter does not try to draw implications from economic research for managers of private enterprises. Some important concerns of

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Tatjana Volkova and Andra Brige

(Estonia and Lithuania), Latvia is poor in natural resources. These consist mainly of forest, limestone, clay, sand and dolomite. The geographical location as well as the lack of natural resources has determined the development of particular business sectors, such as transit and transportation services, financial services, IT and food processing. Latvia claimed de facto independence on 21 August 1991 in the wake of the failed Soviet coup attempt. After gaining independence in 1991, Latvia embarked on a challenging economic transition programme in order to establish a

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John H. Dunning, Changsu Kim and Donghyun Park

and pattern of outward FDI offshore centers and financial services – and thus help to raise the share of services in outward FDI of emerging markets as a whole. Let us now look at the share of inward FDI accounted for by different emerging markets. In 2002–4, Latin America and Asia accounted for almost all of emerging markets’ inward FDI. Given the growing interest of foreign TNCs in Asia in general and China in particular, one might have expected Asia’s share of emerging markets’ inward FDI to rise at the expense of Latin America; this, however, has not been the case

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Ben L. Kedia, Somnath Lahiri and Debmalya Mukherjee

) increased at an average rate of 8 percent per annum from 1970 to 1980 despite the impact of the 1970s world oil crisis. Per capita income rose fourfold during the decade, to US$2200 in 1980. Brazil had to overcome more than 50 years of military intervention in the governance of the country until 1985 when the military regime was replaced by civilian rule. The 1980s were years of disruption for the national economy. In the early 1980s, a sudden, substantial increase in interest rates in the world economy coincided with lower commodity prices, and precipitated Latin America

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Jonathan Levie, Wendy Brown and Laura Galloway

2001, to 29 (including Scotland and Wales). GEM measures the proportion of a population who are either in the active process of starting a business (whether for themselves or for/with their employer), or who own and manage all or part of a business that is less than 31⁄2 years old. This proportion is called the total entrepreneurial activity (TEA) rate for a country (Reynolds et al., 2001a). GEM therefore measures entrepreneurship as new firm creation by individuals, and does not take self-employment as a proxy for entrepreneurship. GEM collects a range of demographic

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John Kirton

peak of the crisis, the USA led with an interest rate reduction on 29 September and two subsequent downward moves. But its initial response was accompanied by virtually simultaneous moves in the UK and Canada. By the end of the year, a broad array of countries had joined to produce a total of 34 interest rate reductions. Moreover, it was only in response to the evident domestic crisis that the US Congress finally passed the US IMF quota share increase. Second, the US need for its G7 partners’ support in the face of the crisis was further apparent in the packages