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Direct Foreign Investment and Alternative Forms of External Non-concessional Finance for Developing Countries

In: Structural Change, Economic Interdependence and World Development

Author

Listed:
  • G. K. Helleiner

    (University of Toronto)

Abstract

Whereas domestic savings rates have not altered much, on average, in the oil-importing developing countries (other than China and India) over the past decade or two, increased external finance has made possible significant increases in gross domestic investment as a percentage of GDP (see Table 29.1). The particular mix of foreign governmental, transnational corporate and world financial market contributions to development finance in the Third World has changed markedly over the years. The 1970s saw a remarkable relative increase in the role of bank finance. The 1980s seem likely to witness a push towards relative resurgence of direct foreign investment. At the OECD’s Ministerial meeting in May 1983, for instance, there was agreement ‘on the desirability of diversifying the developing countries’ sources of external finance, and in particular fuller use of the potential for direct investment (1983). To the extent that portfolio finance is made available, it seems likely increasingly to be tied to trade flows and specific projects in the middle-income countries.

Suggested Citation

  • G. K. Helleiner, 1987. "Direct Foreign Investment and Alternative Forms of External Non-concessional Finance for Developing Countries," International Economic Association Series, in: Silvio Borner & Alwyn Taylor (ed.), Structural Change, Economic Interdependence and World Development, chapter 29, pages 445-466, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-09117-1_29
    DOI: 10.1007/978-1-349-09117-1_29
    as

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