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A multilateral agreement on investment: Convincing the sceptics

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  • Drabek, Zdenek

Abstract

Much has been recently written about the Multilateral Agreement on Investment (MAI) that has been negotiated by OECD countries. Perhaps even more has been said by the critics of those who would like to see an agreement of this kind extended among other countries. There has indeed been a great deal of toing and froing about the desirability of MAI and even misunderstandings about its merits. The principal question of this paper is whether there is any need for MAI. There are arguments in favour and against and this paper provides a short review. On balance, the positive aspects of a multilateral agreement should outweigh the negative ones. The novelty of the paper is the attempt to address the critical voices. Given the lukewarm reaction in some countries, it would seem sensible to pay more attention to these arguments - a feature that may only now become something of pressing need in the light of the difficulties encountered in the OECD negotiations.

Suggested Citation

  • Drabek, Zdenek, 1998. "A multilateral agreement on investment: Convincing the sceptics," WTO Staff Working Papers ERAD-98-05, World Trade Organization (WTO), Economic Research and Statistics Division.
    • Handle: RePEc:zbw:wtowps:erad9805
    DOI: 10.30875/3a711f67-en
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    References listed on IDEAS

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    1. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June.
    2. Edward M. Graham, 1996. "Global Corporations and National Governments," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 54, October.
    3. Dani Rodrik, 1998. "Has Globalization Gone Too Far?," Challenge, Taylor & Francis Journals, vol. 41(2), pages 81-94, March.
    4. Michael Daly, 1997. "Some Taxing Questions for the Multilateral Agreement on Investment (MAI)," The World Economy, Wiley Blackwell, vol. 20(6), pages 787-808, September.
    5. William R. White, 1996. "International agreements in the area of banking and finance: accomplishments and outstanding issues," BIS Working Papers 38, Bank for International Settlements.
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    Cited by:

    1. repec:zbw:wtowps:99-02 is not listed on IDEAS
    2. Alessandro Turrini & Dieter M. Urban, 2008. "A Theoretical Perspective on Multilateral Agreements on Investment," Review of International Economics, Wiley Blackwell, vol. 16(5), pages 1023-1043, November.
    3. Drabek, Zdenek & Payne, Warren, 2002. "The Impact of Transparency on Foreign Direct Investment," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 17, pages 777-810.
    4. Lionel Fontagné & Michaël Pajot, 1999. "Investissement direct à l'étranger et échanges extérieurs : un impact plus fort aux États-Unis qu'en France," Économie et Statistique, Programme National Persée, vol. 326(1), pages 71-95.
    5. Alessandro Turrini & Dieter M. Urban, 2001. "For Whom is MAI? A theoretical Perspective on Multilateral Agreements on Investments," Development Working Papers 151, Centro Studi Luca d'Agliano, University of Milano.
    6. Drabek, Zdenek, 2001. "Investment policies and telecommunications regimes," WTO Staff Working Papers ERAD-2001-01, World Trade Organization (WTO), Economic Research and Statistics Division.
    7. Paolo Guerrieri & Isabella Falautano, 2000. "A Birds-Eye View of the Agenda: The Developing Countries and the Millennium Round," Working Papers 2010, Economic Research Forum, revised 04 Jun 2000.
    8. Daniel Dufourt, 2001. "Un ordre constitutionnel libéral est-il le seul fondement possible d'un droit mondial de l'investissement?," Post-Print halshs-00874934, HAL.
    9. Anders Aslund, 2013. "The World Needs a Multilateral Investment Agreement," Policy Briefs PB13-1, Peterson Institute for International Economics.
    10. Andreas Polk, 1999. "Multilaterale Abkommen f�r Direktinvestitionen - Lernen aus dem MAI?," SOI - Working Papers 9905, Socioeconomic Institute - University of Zurich.

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    More about this item

    Keywords

    Multilateral agreement on investment; WTO; foreign direct investment; capital flows; development;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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