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Price or politics? An investigation of the causes of expropriation

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  • Roderick Duncan

Abstract

Expropriations of foreign direct investment in developing countries are typically blamed on political and economic crises in those countries. Developing a new database of expropriations in the minerals sectors of developing country exporters, I show that expropriations were correlated with mineral price booms and that democratic governments were more likely to expropriate. No link is found between expropriations and political or economic crises, except at independence. A better explanation of expropriation would be opportunistic behaviour by host governments when profits of investments are high. In two developed countries, Australia and Canada, expropri-ations are also found to occur during price booms. Copyright Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Ltd 2006.

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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 50 (2006)
Issue (Month): 1 (03)
Pages: 85-101

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Handle: RePEc:bla:ajarec:v:50:y:2006:i:1:p:85-101

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Cited by:
  1. Lahimer, Noomen, 2009. "La contribution des investissements directs étrangers à la réduction de la pauvreté en Afrique subsaharienne," Economics Thesis from University Paris Dauphine, Paris Dauphine University, Paris Dauphine University, number 123456789/1167 edited by Goaied, Mohamed & Bienaymé, Alain.
  2. Christensen, Jonas Gade, 2011. "Democracy and Expropriations," Working Papers in Economics, University of Bergen, Department of Economics 06/11, University of Bergen, Department of Economics.
  3. Christopher Hajzler, 2012. "Expropriation of foreign direct investments: sectoral patterns from 1993 to 2006," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 148(1), pages 119-149, April.
  4. Di Corato, Luca, 2013. "Profit sharing under the threat of nationalization," Resource and Energy Economics, Elsevier, Elsevier, vol. 35(3), pages 295-315.
  5. Duncan, Roderick, 2006. "Costs and consequences of the expropriation of FDI by host governments," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia, Australian Agricultural and Resource Economics Society 139524, Australian Agricultural and Resource Economics Society.
  6. Konrad, Kai A. & Kovenock, Dan, 2008. "Competition for FDI with vintage investment and agglomeration advantages," Discussion Papers, Research Unit: Market Processes and Governance SP II 2008-09, Social Science Research Center Berlin (WZB).
  7. Stan du Plessis, 2011. "Nationalising South African mines: Back to a prosperous future, or down a rabbit hole?," Working Papers 17/2011, Stellenbosch University, Department of Economics.
  8. James L. Smith, 2012. "Issues in Extractive Resource Taxation," IMF Working Papers 12/287, International Monetary Fund.
  9. Chang, Roberto & Hevia, Constantino & Loayza, Norman, 2009. "Privatization and nationalization cycles," Policy Research Working Paper Series 5029, The World Bank.
  10. Chris Hajzler, 2010. "Resource-based FDI and Expropriation in Developing Economies," Working Papers, University of Otago, Department of Economics 1012, University of Otago, Department of Economics, revised Sep 2010.
  11. Philipp an de Meulen, 2011. "Labor Heterogeneity and the Risk of Expropriation in Less Developed Countries," Ruhr Economic Papers, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen 0298, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  12. Christian Velasquez-Donaldson, 2007. "Analysis of the Hydrocarbon Sector in Bolivia: How are the Gas and Oil Revenues Distributed?," Development Research Working Paper Series 06/2007, Institute for Advanced Development Studies.

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