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Transactions: A New Look at Services Sector Foreign Direct Investment in Asia

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  • Jacob Funk Kirkegaard

    ()
    (Peterson Institute for International Economics)

Abstract

This paper presents new micro-level data consisting of individual greenfield investment projects and mergers and acquisitions as a source for detailed analysis of services sector cross-border investment flows among the Asian Development Bank (ADB) regional membership in Asia. The new transactional foreign direct investment (FDI) data are methodologically distinct from traditional BPM5-compliant FDI data but found to yield generally comparable aggregates, when compared with the latest available International Monetary Fund (IMF) data from the Comprehensive Direct Investment Survey for the ADB regional membership. The services sectors are found to receive considerably larger amounts of foreign investment, when compared with the Asian region's manufacturing and raw materials sectors. OECD countries account for roughly three-quarters of total recorded inward services sector FDI of about $2 trillion, relatively evenly split between the United States, the EU-27, and regional OECD-level-income countries. The presence of sizable regional "upward flowing" services sector investments into OECD-level-income economies is verified. Preliminary policy conclusions are drawn based on the new transactional FDI data results concerning prospects for regional services sector liberalization, threshold income levels for inward services sector FDI, upward-flowing regional services FDI, and preferred modes of services sector investments.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP12-16.

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Date of creation: Oct 2012
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Handle: RePEc:iie:wpaper:wp12-16

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Keywords: Services sector FDI; East Asia; greenfield; M&A; upward-flowing FDI;

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  1. OCHIAI Ryo & Philippa DEE & Christopher FINDLAY, 2007. "Services in Free Trade Agreements," Discussion papers 07015, Research Institute of Economy, Trade and Industry (RIETI).
  2. Philippa Dee, 2007. "East Asian Economic Integration and its Impact on Future Growth," The World Economy, Wiley Blackwell, vol. 30(3), pages 405-423, 03.
  3. Theodore H. Moran, 2011. "Foreign Direct Investment and Development: Launching a Second Generation of Policy Research: Avoiding the Mistakes of the First, Reevaluating Policies for Developed and Developing Countries," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6000.
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