7:

1
???? 7 ???????????? ???????? ???????????
????? ? ?? ???????????
2
???? ??????

• ??????? ?????????????? ????? ????????.
  ????????????? ???????? ????? ? ??? ?????????
  ?????. ????????????? ?????? ???????? ? ????????
  ?????.
• ?????????? ???????? ???????????????????
  ???????????? ? ????????. ??????? ?????? ????????
  ? ??????????? ????????. ????? ?????? ????????
  (??????????????? ??????? ???????????????????
  ??????? ????????????? ???????????? ?????? ?
  ??????????? ??????????). ?????????????????
  ?????????? ? ?????. ????????????? ?????????
  ??????????.
• ????? ????????????? ?????????? ?????.
  ???????????? ?????????? ?????? ??????????,
  ??????????????, ??????????? ??????? ? ?????.
  ????? ????????????.

3
Economic Integration from

• Trade (goods and services)
• Level of trade, scope (more services)
• Rules for trade
• Implications for domestic policy,
  Intellectual property

Multinational Corporations (MNC)
Foreign Direct Investment (FDI)
Capital Flows

• Multilateral Institutions (WTO, IMF, OECD,
  WorldBank)
• Rules trade, exchange rates
• Imposition of particular philosophy

Migration of labor and remittances
4
Three Waves of Globalization
Source World Bank. 2002. The New Wave of
Globalization and Its Economic Effects. Chapter
One in Globalization, Growth, and Poverty
Building An Inclusive World Economy, A World
Bank Research Report, Washington, DC, Figure 1.1,
p. 23 Available at http//econ.worldbank.org/prr/g
lobalization/.
5
History

• Globalization Waxes and Wanes
• Could change again
• Failure of state expanded markets
  expandedstate etc.

• First Wave 1870-1914
• transport costs (sail to steamships), tariffs
• Railways enabled land-intensive exports
• Foreign capital stock rose developing countries
• Exports share of world income 8

6
Retreat to Nationalism 1914-1945

• Technology continued to reduce transportation
  costs, but
• Great Depression Protectionism
• Diverted demand to domestic markets
• United States Smoot-Hawley tariffs, retaliation
• US imports fell 30 exports 40 between
  1929-1933
• High income countries imposed capital controls

7
Second Wave 1945-1980

• Bretton Woods institutions
• Trade liberalization
• Further reductions in transport costs,
  communications
• Restored North-South pattern of trade
• Manufactures for primary commodities
• Did not restore capital flows or immigration
• North-North trade increased much more

8
International Institutional and Policy Framework
in the Bretton Woods Era
Source David Vines and Christopher L. Gilbert.
2004. The IMF and International Financial
Architecture Solvency and Liquidity. In D.
Vines and C.L. Gilbert (eds.), The IMF and Its
Critics. Cambridge University Press, February,
Table 1.1. Available at http//titles.cambridge.o
rg/catalogue_excerpt.asp?isbn9780521821544
9
Globalization Post 1980

• Developing Country Change of Policy
• Foreign Investment
• Improved climate
• Reduced barriers
• Transport Costs Containerization and Airfreight
• More countries in a supply chain
• Improved Communications
• Manage and control by MNC
• Death of Distance
• Just in time technologies
• Collapse of Former Soviet Union

many policy changes imposed due to structural
adjustment programs
10
??????? ?????????????? ????? ????????

• ?????? ?????????? ????????????? ????? ????????
  ?????????????? ????? ???????????? ? ????????
  ?????????????? ????, ??? ??????? ????????
  ????????????, ???????? ??????????????
  ????????????? ??????????????, ???????? ??????????
  ?????????? ???????????, ? ??? ?????? ?????????? ?
  ??????????????????? ???????? ????????.
• ???????? ????????????? ????? ?????????, ?????????
  ??? ????????? ? ???????? ?????? ???????
  ??????????? ???????? ????? ????. ?? ????? ???? ?
  ??????? ?????????????? ????? ????????, ???
  ???????? ????????? ?????, ????? ???????? ???
  ??????????? (? ??? ????? ?????????????)
  ?????????? ?????, ?????????????? ???????????? ??
  ??????? ???????????? ?????????? ?????????????
  ?????????. ????? ???????, ????? ???????
  ??????????? ?????? ?????? ?? ????????????? ?????
  ????????, ?????? ????????? ????????????
  ?????????? ? ? ????????? ?????????? ???????, ? ?
  ????????? ???????????? ??????????, ? ? ?????????
  ????????????? ???????????????? ??????, ??????? ??
  ????????????.

11
??????? ?????????????? ????? ????????

• ????????? ??????????? ?????????????? ?????
  ???????? ???????? ?????????? ????????
  ?????????????? ????? ? ?????, ? ??????????????
  ?????????? ????????????? ????????-????????????
  ??????????? ? ???????? ?????, ??????????????? ?
  ????? ??????? ?????????? ???????, ??? ??????,
  ?????????-??-?????, ???-????, ???????, ????? ?
  ??. ? ??????????? ?? ???? ????????? ???????????,
  ???????? ??? ??? ???? ?????? ??????? ?????
  ??????????? ??? ?? ???????? (????????, ??
  ???-???????? ???????? ????? (NYSE)), ??? ? ??
  ??????????? ????? ??? ? ??????????????
  ??????????? ???????? ??????? (????????, NASDAQ),
  ??? ? ?? ???????????????? ?????????????? ??????
  ??? ? ?????? ????????????????? ????????????????
  ??????????? (????????, Clearstream - ????.CEDEL),
  ??? ? ? ????????? ?????? ????? ????? ????????
  ?????????????.
• ????? ???????, ?????? ? ????????????? ?????
  ????????, ?? ????? ? ???? ???????? ?????? ???
  ?????????? ????????????, ????????? ???????
  ???????? ????????????? ?????????? ??????????????
  ???????????? (????????, ??????? ?????????????
  ?????????? ????????, ????????? ??????????
  ?????????? ??????? ?????????????? ??????,
  ????????? ? ????????????? ????? ????????????
  ???????? ????? ? ?.?.) ? ??????? ??
  ?????????????? ????????????? ??????????
  ???????????? ? ??????????? ???????? ????????
  ????????? ????????.

12
???????? ???????????

• ????? ???????? ???????????? ?????????????? ?????
  ???????? ????? ????????
• ????????????? (?????????)
• ????????? ?????? (Brady bonds) ?????????????
  ?????
• ???????????????, ????????????? ? ?????????????
  ????????? (?????) ?????????, ??????????
  ?????????? ?????????? ????????????? ???????????
  ????????
• ????? ????????????????? ??????????
• ???????????? ???????????? ???????? (ADR)
• ?????????? ???????????? ???????? (GDR)

13
????????????? ?????? ????????

• ????????????? ?????? ???????? ??? ?????? ????
  ?????????? ?????????? ?????????? ?????, ???????
  ?????? ????? ????? ? ?????????, ??????
  ??????????? ??????????. ?????? ????? ???? ?????.
  ????? ???????? (??? ??? ??????????? ?
  ???????????, ??? ? ??? ?????? ? ?????) ??????????
  ???????.
• ????? ????, ?? ???? ?????????????? ???????
  ???????? ??????? ?????????? ??????? ?????
  ?????????. ????? ????????????? ?????? ????????
  ???????? ??????, ?????????? ????????, ??
  ?????????? ??????? ???????? ?? ??????. ??????????
  ?????? ?????? ??????????? ??????????.
• ? ???? ?? ???????? ????? ?????? ??????? ?????
  ???????? ??????? ??? ?? ?????, ????? ?? ???????
  ?????????????????, ?? ???????? ???????? ?????
  ?????? ??? ???? ??????, ?????? ?????? ?? ??
  ?????.

14
Huge Increase
Cross border transactions in bonds and equities

• 9 US GDP in 1980, 223 in 1998
• Average daily turnover was 1.5 trillion in April
  1998, compared to 0.6 trillion in April 1989
• Overstates changes in ownership (trading and
  retrading of same securities)

15
???????????????????

• ??????????????????? ??? ??????? ?????????????
  ????????????? ????????? ? ????????????? ?????????
  ? ??????????? ??????????.
• ??????????????????? ???????? ? ????????
  ?????????? ?????????, ? ? ?????????? ?????
  ??????????? ??? ???????? ??????????? ?????.

16
????? ? ?????? ???????????????????

• ?????
• ?????? ???????????? ????????? ?????????, ?????
  ???????? ????? ?? ???????
• ????????????? ?????? ????? ??????????
  ?????????????? ???????, ?? ???????????
  ???????????
• ?????????, ?????????? ?????? ?????? ????? ?????
  ??????? ??????? ????? (???????? ? 1990 ???? ?????
  ??? ????????? ??????, ? ????? ?????? ?????)
• ?? ?????????? ?????? ????????????? ?????
  ???????? ????????? ????????? ?????????? ???
  ???????? ???????????? ?????????????
• ??????
• ???????????? ?????????? ?????? ??????? ?
  ????????? ????? ?? ??????????????
• ????????? ???????? ??????? ???????????????
  ?????????? ?????????? ?? ??????? ??????

17
???????? ???????????????????

• ??????????? ????????????? ???????? ? ??????? ?
  ??????????? ? ??? ??? ??? ???? ?????? ? 1975 ?.
  ?????????? ?? 1 ?? 5, ?? ? ????? 1990? ??. ???
  ??????????? ?? 100-700.
• ?? 1990-2000 ?. ?????????? ??????? ??????? ? 45
  ??? ? 7,4 ????. ?? 318 ????. ????. ?????? ?????
  ???????? ??????? ???????? 306 ????. ????. ? 2005
  ?.
• ?? ?????? 1990-2000 ?. ????????????? ??
  ????????????? ???????? ?????? ??????? ??????
  ???????? ? 3,9 ???? ? 1,6 ?? 6,3 ????. ????. ?
  ????? 2005 ?. ????????? 14 ????. ????.
• ?????? ? ???? ?? ????????????? ??????? ?? ??????
  ??????. ??? ?????? ????????? ???????? ??????? ??
  ??????????, ?????? ???????????? ??????.
• ????????? ????? ?????? ????? ? ????????? ??????
  ?????? ??????? ????? ????????????? ???????.

18
Source Gable, Medard and Henry Bruner. 2003.
Global Inc. An Atlas of the Multinational
Corporation. A Project of the New Global History
Initiative, the World Game Institute and osEarth.
New York The New Press.
19
??????????????? ???????????? ????????

• ??????????????????? ?????????? ??????
  ?????????????? ?????????????????? ???????????, ?
  ????????? ????????? ??????????????? ?????????????
  ????????
• EUREX ???????????? ???????? DTB ? ???????????
  SOFFEX
• NYSE Euronext.LIFFE (?????????, ?????????????,
  ????????????, ?????????? LIFFE, ????????????,
  NYSE)
• Virt-X ??????????? SWX ? ?????????? Tradepoint
• NOREX Alliance OMX (????????, ?????, ????????,
  ??????, ???????, ?????)
• ? ?????? ???????? ????????? ?????? ?????????
  ??????? TARGET
• Euroclear ???????? ???????????
  ???????????-??????????? ???????

20
??????? ???????? ? ???????? ?????

• ??????? ???????? ? ??????????? ???????? ?????? ?
  ???????? (???? ? ?? ?????????) ? ???????? ??????
• ??? ???? ??????????
• ??????
• ???????????????? ? ???????????? ??? ??????,
  ??????????????? ????????? ?????? ???????? ???
  ????????????? ???????????.
• ???????????
• ???????????? ???????????? ??????? ?????? ?????
  (?? ?????????? ? ???????????? ???????? ???
  ????????????), ???????? ?????? ????? ?????????,
  ???????????? ????????? ????? ? ???????????.
• ??????????? ?????????? ?? ????????? ?????????
  ?????????? ??????????? ???????? ??? ????????????
  ? ?? ??????????????? ? ??????? ? ?????????
  ?????????????? ?????????????????? ? ????????
  ???????????.
• ??????
• ???????? ???????, ?????????? ?????, ??????,
  ???????????? ?????? ? ?????????? ??????? ??
  ?????????
• ???? ??????? ??????????? ???????? ????? ???????
  (2002 ?. ) 294 ????. ????. ?????? ?????????? ?
  239 ????. ????. ???????????

21
International Capital Flows

• Motivations reduced barriers, desire of
  investors to diversify, new financial instruments
• Categories
• Foreign direct investment (less volatile, about ¼
  total now)
• 10 or more of the publicly traded shared of an
  enterprise in another country
• Establishment of a firm lasting influence
• Portfolio (stocks and bonds)
• Cross border sales of bonds, money market
  accounts, purchase of foreign equity securities,
  financial derivatives such as future contracts
  and options
• Bank deposits bank loans, short term in nature

22
Global Flows of FDI

• Flows increased
• from US324 billion 1995 to US1.5 trillion
  in 2000
• Largest form of private capital inflow into
  developing countries

23
FDI to Developing Countries is Resilient(US
billions)
FDI to developing countries
Global FDI
Sources World Bank, staff estimates,
Washington, DC, http//www.worldbank.org United
Nations Conference on Trade and Development
(UNCTAD), World Investment Report 2001, Geneva,
Switzerland. Available at http//www.unctad.org/en
/docs/wir01ove_a4.en.pdf.
24
Examples of Barriers to FDI

• Restrictions on foreign ownership
• Limiting shares of equity ownership
  fornon-residents
• For example, airlines in EU and North America
• Telecommunications in Japan
• Iceland bans foreign ownership in fishing and
  energy sectors
• Mexico (oil sector)

25
Examples of Barriers to FDI (cont)

• Screening and approval procedures
• Stipulations of demonstrating economic benefits
• in Japan, and Mexico for ownership of more than
  49
• Constraints on foreign personnel and operational
  freedom
• Nationals must be majority on board of directors
• Insurance companies in EU, financial services in
  Canada

26
?????????? ? ??????? ????

• ?????????? ??????????? ??????? ????? ?????????
  ?????????? ? ??????? ????, ?.?. ?????
  ???????????? ?? ?????? ???????????-???????? ?????
  ?????????? ????? ??? ? ???? ? ????????? 20-40
• ????? ???????? ? ? ???, ??? ??????????? ???????
  ????? ??????????? ? ?????????????? ???????
  ????????.

27
FDI Restrictions in OECD Countries, 1998-2000
Breakdown by Type of Restriction1
28
???????