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Product details:
- Publisher Cambridge University Press
- Date of Publication 19 December 2019
- ISBN 9781108494144
- Binding Hardback
- No. of pages328 pages
- Size 235x155x20 mm
- Weight 450 g
- Language English 13
Categories
Short description:
Demonstrates how large domestic firms push to liberalize foreign direct investment policies to ameliorate financing constraints, often to the detriment of others.
MoreLong description:
Why do governments open their economies to multinational enterprises (MNEs)? Some argue democratic forces promote this openness, but many citizen groups view multinational business with suspicion. Using quantitative and qualitative analysis, Bauerle&&&160;Danzman demonstrates how large domestic firms push to liberalize foreign direct investment (FDI) policies to ameliorate financing constraints, often to the detriment of smaller competitors. MNE entry comes with substantial risks, such as higher labour costs and increased productivity pressures, so well-connected domestic firms will prefer to limit access to local markets when the costs of debt financing are relatively low. However, when local environments make debt financing increasingly expensive, firms will be more willing to dismantle restrictive investment policies so that they may overcome liquidity constraints with equity financing from abroad. Bauerle&&&160;Danzman includes comparative analysis of Malaysia and Indonesia from 1965-2016 to illustrate how governments undertake investment policy reform, and to indicate the interest groups that influence the outcomes of these regulatory changes.
'It is perhaps a truism that countries, firms, and individuals seek to increase their access to capital.&&&160;Capital market liberalization, the opening of markets to inflows and outflows of capital, has long been seen as a net positive for the local and global economy. However not all countries and industries are equally willing and able to liberalize. Sarah Bauerle Danzman makes an important contribution to our understanding of these dynamics through the development of an argument that gives pride of place to the economic and political preferences of interest groups, politicians, and firms.&&&160;The theoretical argument in this book is masterful and the evidence is more than compelling. Merging Interests is a must read for anyone who is serious about understanding the global political economy.' David Leblang, University of Virginia
Table of Contents:
1. Introduction; 2. Describing FDI policy through time and space; 3. Financing constraints and liberalized entry; 4. Quantitative tests: financing constraints and liberalization; 5. Quantitative tests: firm and industry level evidence; 6. Comparing Malaysia and Indonesia, 1965-1997; 7. Crisis, reform and policy divergence: Malaysia and Indonesia, 1997-2013; 8. Implications of elite-driven integration.
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