Strumenti di liberalizzazione e tutela giuridica degli investimenti esteri. Analisi ed evidenza empirica

Strumenti di liberalizzazione e tutela giuridica degli investimenti esteri. Analisi ed evidenza empirica (di Carlo Altomonte) - ABSTRACT: Starting from the early nineties, the strong evolution of more liberal policies related to Foreign Direct Investments (FDI) has helped in boosting their growth, with an increasing involvement of developing countries and transition economies of Central and Eastern Europe. The progressive acknowledgement of the benefits and potential costs linked to this phenomenon has raised as a result a debate on the proper definition of national and international rules aimed at creating a long lasting and sustainable economic development. From one side, these rules should liberalise and guarantee the operation of multinational corporation, and hence foster FDI, given the link existing between them and the local levels of development; from the other side, the very same norms should create the adequate conditions under which the host countries can benefit as much as possible from the presence of multinational firms, without exposing themselves however to the risks deriving from a wild, non appropriately regulated, liberalisation. The paper explores these issues through an analysis of the currently available laws and procedures related to the liberalisation and guarantee of foreign investments, verifying empirically the modalities of the existing relationship between such norms and FDI in the case of Central and Eastern European countries. Some future policy implications are then derived.