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Article

Особенности пост-кризисных векторов прямых иностранных инвестиций в странах Азиатско-Тихоокеанского региона

Финансы: теория и практика. 2017. Т. 21. № 6. С. 80-93.
Перская В. В., Джагитян Э. П.

Abstract. In the post-crisis period, foreign direct investment (FDI) transformed into one of the main factors of economic growth and the tool for assessment of macro level dynamics. Research of the specifics, driving forces and risks of the contemporary investment processes in the Asia-Pacific region is a critical element in the development of an optimal investment climate.

Introduction. Challenges of the post-crisis recovery and instability of the macro level environment exacerbate volatility of global investment processes, while administration of the FDI undermines predictability of the investment policy and aggravates investing pessimism. At the same time, a pivot in FDI regulation towards the investors’ interests creates promising perspectives for attracting investments thus enhancing the investment opportunities of the national economy. We focus on the issues of FDI transparency in the Asia Pacific countries; consider the ways as to how the effectiveness of investment instruments can be increased in the framework of macrofinance management, together with measures on competitiveness as well as on investment protection; and analyze specifics of the FDI policy based on evidence from China and Japan.

Objective. Research of the contemporary FDI dynamics based on evidence from the Asia Pacific countries, which are active recipients of investment capital and which directly participate in the processes of investment regime liberalization. Analysis as to whether the experience of the Asia Pacific countries on attracting FDI may be applied in Russia, given the lasting environment of negative economic externalities.

Methods. The research is based on a system analysis of factors, which determine FDI dynamics in the Asia Pacific region, and statistical methods for analysis of national specifics of FDI in the post-crisis period.

Results. The driving force of FDI in the post-crisis period is liberalization of FDI regimes, which, to a certain extent, is undermined by limitations imposed in a number of the Asia Pacific countries due to fear of acquisition of strategically important national companies, as well as by excessive regulation, supervision, and direct administration of FDI by national authorities. In order investments to again become one of the fundamental factors of economic growth, the FDI policy should be guided by clear standards, be predictable, inclusive, and non-discriminatory. At the same time, the innovative nature of investments contributes to optimization of the FDI costs, as well as to the development of attractive environment for FDI and investment climate at large.

Discussion. Further research of this topic could be focused on the effect of FDI regime liberalization on minimization of the risks of macro level disproportions. This approach has high relevance in terms of the decision making on adjustment of the FDI policy in Russia and wider in the Eurasian Economic Union, given the challenges of the external environment, as well as inevitability of the new FDI priorities in the context of financial stability and sustainable economic growth.