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The Case of Missing Foreign Investment in the Southern Mediterranean

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  • Peter A. Petri

Abstract

The developing countries of the Southern Mediterranean (SOM) have missed the extraordinary surge of private international investment in recent years. Although the SOM region was an important destination for foreign direct investments, its share of world FDI has declined. In 1994, private capital represented only 37 per cent of the SOM’s capital inflows (of which nearly all went to Egypt and Morocco) compared to 76 per cent for all developing countries. There is great potential for expanding foreign investment in the region. Comparative econometric exercises in the study also suggest large gaps between actual inflows into SOM and into similar economies elsewhere. Moreover, the region’s history of emigration and capital flight have created a pool of resources that could quickly respond to opportunities. This paper identifies a cluster of policy initiatives that could help increase private capital inflows: domestic measures — including privatisation, trade liberalisation, and currency ... Les pays en développement du Bassin sud-méditerranéen n’ont pas profité de l’expansion remarquable des investissements privés internationaux de ces dernières années. Bien que la région ait été précédemment une destination privilégiée pour les investissements directs étrangers, sa part dans les IDE mondiaux a décliné. Ainsi, en 1994, les capitaux privés représentaient 37 pour cent seulement des entrées de capitaux dans la région (et ils se sont concentrés essentiellement sur l’Égypte et le Maroc), alors qu’ils atteignent 76 pour cent pour l’ensemble des pays en développement. Il existe donc un vaste potentiel pour le développement de l’investissement étranger dans la région. Les comparaisons économétriques effectuées dans l’étude montrent également l’importance des différences entre les entrées actuelles de capitaux dans la région sud-méditerranéenne et dans d’autres économies comparables. L’émigration et les fuites de capitaux qui ont caractérisé la région par le passé ont créé une ...

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 128.

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Date of creation: Dec 1997
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Handle: RePEc:oec:devaaa:128-en

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Cited by:
  1. Thierry Mayer, 2006. "Policy Coherence for Development: A Background Paper on Foreign Direct Investment," OECD Development Centre Working Papers 253, OECD Publishing.
  2. Dalila NICET-CHENAF (GREThA UMR CNRS 5113) & Eric ROUGIER (GREThA UMR CNRS 5113), 2009. "FDI and growth: A new look at a still puzzling issue," Cahiers du GREThA, Groupe de Recherche en Economie Théorique et Appliquée 2009-13, Groupe de Recherche en Economie Théorique et Appliquée.
  3. Amina Lahrèche-Revil, 1999. "Taux de change réel et croissance : Perspectives pour une zone euro en Méditerranée," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 52(2), pages 117-132.
  4. Alaya MAROUANE (Université of Tunis) & Dalila NICET-CHENAF (GREThA UMR CNRS 5113) & Eric ROUGIER (GREThA UMR CNRS 5113), 2008. "The law of growth and attraction: an endogenous model of absorptive capacities, FDI and income for MENA countries," Cahiers du GREThA, Groupe de Recherche en Economie Théorique et Appliquée 2008-27, Groupe de Recherche en Economie Théorique et Appliquée.
  5. Heather D. Gibson & Nicholas T. Tsaveas & Thomas Vlassopoulos, 2006. "Capital Flows, Capital Account Liberalisation and the Mediterranean Countries," Working Papers, Bank of Greece 33, Bank of Greece.
  6. Dalila NICET- CHENAF (GREThA UMR CNRS 5113) & Eric ROUGIER (GREThA UMR CNRS 5113), 2008. "Recent exports matter: export discoveries, FDI and Growth, an empirical assessment for MENA countries," Cahiers du GREThA, Groupe de Recherche en Economie Théorique et Appliquée 2008-22, Groupe de Recherche en Economie Théorique et Appliquée.
  7. Heather D. Gibson & Thomas Vlassopoulo, 2007. "Capital Folws, capital account liberalisation and the southern Mediterranean countries," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 60(241), pages 137-165.
  8. Iván Martín, 2004. "La inversión extranjera directa en los países del Maghreb en el marco de la Asociación Euromediterránea: ¿el eslabón perdido?," International Trade, EconWPA 0405001, EconWPA.

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