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Evidence On The Impact Of International Finance Corporation Tourism Investment On Latin American And Caribbean Economies

Author

Listed:
  • Elvis Mujacevic
  • Ana Vizjak
  • Andrea Cindric

Abstract

The International Finance Corporation (IFC) as a member of World Bank Group is the largest multilateral source of loan and equity financing for private sector projects in developing countries. Particular focus of International Finance Corporation is to promote economic development by encouraging the growth of productive enterprise and efficient capital markets in its member countries. The purpose of this article is to show the correlation between International Finance Corporation investments and economic development of the region, country, national economies and private enterprises or companies that make partnership with International Finance Corporation. The main object is to evaluate in details the connection and difference between International Finance Corporation and investments in different projects and the difference if the Organization is not investing in some projects or in the specific country. The research objective is to determine the role and significance of International Finance Corporation investments in tourism and hospitality industry on the example of Latin America and Caribbean, and analyze interrelationship between investments and development of specific country in which investments are made, and development of its whole economy and to draw attention on need for stronger implementation and importance of International Finance Corporation as a source of investment funds.

Suggested Citation

  • Elvis Mujacevic & Ana Vizjak & Andrea Cindric, 2011. "Evidence On The Impact Of International Finance Corporation Tourism Investment On Latin American And Caribbean Economies," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 5(5), pages 45-60.
  • Handle: RePEc:ibf:gjbres:v:5:y:2011:i:5:p:45-60
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    References listed on IDEAS

    as
    1. George Mavrotas, 2002. "Multilateral Development Banks and Private Sector Financing: The Case of IFC," WIDER Working Paper Series DP2002-118, World Institute for Development Economic Research (UNU-WIDER).
    2. Aguayo, Eva & Exposito, Pilar & Lamelas, Nelida, 2001. "Econometric model of Services Sector Development and Impact of Tourism in Latin American Countries," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 1(2).
    3. World Bank, 2009. "The World Bank Annual Report 2009," World Bank Publications - Books, The World Bank Group, number 4354.
    4. Dirk Willem te Velde & Swapna Nair, 2006. "Foreign Direct Investment, Services Trade Negotiations and Development: The Case of Tourism in the Caribbean," Development Policy Review, Overseas Development Institute, vol. 24(4), pages 437-454, July.
    5. World Bank, 2010. "World Development Report 2010," World Bank Publications - Books, The World Bank Group, number 4387.
    6. World Bank, 2009. "The World Bank Annual Report 2009," World Bank Publications - Books, The World Bank Group, number 4356.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    International Finance Corporation; investments; tourism; hospitality; economic development; Latin America and Caribbean;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P45 - Economic Systems - - Other Economic Systems - - - International Linkages

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