CNOOC-Nexen, State-Controlled Enterprises and Canadian Foreign Investment Policies: Adapting to Divergent Modernization

2014 ◽  
Vol 47 (2) ◽  
pp. 349-373 ◽  
Author(s):  
Geoffrey Hale
Keyword(s):  
Open Economy ◽  
Foreign Investment ◽  
Small Open Economy ◽  
Policy Changes ◽  
Economic Interests ◽  
Investment Policies ◽  
Regulatory Policies ◽  
Takeover Bids ◽  
Investment Patterns ◽  
Trade And Investment

AbstractThis article examines the evolving debate over takeover bids by foreign state-owned and influenced enterprises (SOEs) in the context of CNOOC's successful 2012 acquisition of Nexen Inc., historical debates over foreign investment in Canada and the ongoing adaptation of Canadian trade and investment policies to global shifts in economic activity and power. It views SOE-related policy changes as responses to four broad factors: Canada's adaptation to changing global investment patterns as a small, open economy, efforts to diversify Canada's trade and investment relations while balancing domestic regional and sectoral interests, the extension of trade-related principles of reciprocity to investment policies and competition among governmental and economic interests in the allocation of discretion in corporate governance and related regulatory policies.

Anticipated Fiscal Policy Changes and Goods Market Adjustments

2006 ◽  
Vol 7 (2) ◽  
pp. 135-161 ◽  
Author(s):  
Stefan F. Schubert ◽  
Stephen J. Turnovsky
Keyword(s):  
Open Economy ◽  
Capital Accumulation ◽  
Government Expenditure ◽  
Small Open Economy ◽  
Adjustment Costs ◽  
Asset Markets ◽  
Policy Changes ◽  
Rates Of Return ◽  
Goods Market ◽  
Production Flexibility

Abstract Government policies are frequently known to be temporary and thus their termination is perfectly anticipated. These foreseen policy changes must be consistent with equilibrium in both the goods market and asset markets. Potential problems arise because prices often play dual roles, both as final goods prices, and as asset prices, as components of rates of return. We show how the economy accommodates an anticipated policy change depends upon its production flexibility and its structure. With flexible investment, an anticipated reduction in government expenditure is fully accommodated by capital accumulation. When investment involves adjustment costs, the marginal utility of wealth and the price of capital both jump so as to maintain equality among rates of return. Goods market clearance is maintained by a combination of increases in consumption and investment. Extensions of the model to include inventories and to a small open economy are also considered and contrasted.

Investment Arbitration in East Asia and the Pacific

2015 ◽  
Vol 16 (5-6) ◽  
pp. 800-842 ◽  
Author(s):  
Claudia T. Salomon ◽  
Sandra Friedrich
Keyword(s):  
Foreign Investment ◽  
International Investment ◽  
Investment Protection ◽  
The Past ◽  
Investment Arbitration ◽  
International Investment Agreements ◽  
The Pacific ◽  
Investment Patterns ◽  
Investment Agreements ◽  
Trade And Investment

Many countries in the East Asian and Pacific (EAP) region have strengthened their networks of bilateral investment treaties (BITs) and other international investment agreements (IIAs). This growth in investment protection instruments not only illustrates the region’s continued attractiveness to foreign investors, but also reflects a shift of several developing EAP countries from having been predominantly recipients of foreign investment in the past, toward becoming important sources of foreign investment abroad. Reflecting trade and investment patterns, as of December 2014, EAP countries concluded a total of at least 712 BITs and 69 other IIAs. On the heels of this development, the region has seen a rising number of investment arbitrations. As of December 2014, at least 49 investment arbitrations have been brought against EAP countries and/or by EAP investors. Most recently, the number of new cases has picked up pace significantly, making the region a veritable ‘hot bed’ of investment arbitration.

Deciphering Pakistan’s Foreign Investment Policy: A Review of Pakistani BITs

2012 ◽  
pp. 812-873
Author(s):  
Ahmad Ali Ghouri ◽  
Nida Mahmood
Keyword(s):  
Foreign Investment ◽  
Comprehensive Analysis ◽  
Investment Policy ◽  
Policy Implications ◽  
Policy Changes ◽  
Economic Interests ◽  
Foreign Investors ◽  
Investment Treaty ◽  
Legal Implications ◽  
Similarities And Differences

This study presents the first ever comprehensive analysis of Pakistani foreign investment treaty regime, which consists of 47 BITs as of 15 June, 2012. This study provides a provision by provision comparison of all 47 Pakistani BITs. The objective is to identify similarities and differences in these BITs, explaining legal implications of their individual provisions and suggesting policy changes for future BITs in the light of existing and emerging state practices. The overall purpose is to identify policy implications of the BITs regime for Pakistan. Looking forward, the study inquires how to enhance foreign investors’ confidence and to promote and facilitate much needed FDI in Pakistan without undermining Pakistan’s sovereign right to protect necessary public and economic interests.

The long-run stability of a small, open economy under crawling peg regime

2002 ◽  
Vol 52 (1) ◽  
pp. 57-78
Author(s):  
S. Çiftçioğlu
Keyword(s):  
Exchange Rate ◽  
Open Economy ◽  
Risk Premium ◽  
Small Open Economy ◽  
Exchange Rate Policy ◽  
Price Stability ◽  
Output Stability ◽  
Long Run ◽  
The Exchange Rate ◽  
The Impact

The paper analyses the long-run (steady-state) output and price stability of a small, open economy which adopts a “crawling-peg” type of exchange-rate regime in the presence of various kinds of random shocks. Analytical and simulation results suggest that with the exception of money demand shocks, an exchange rate policy which involves a relatively higher rate of indexation of the exchange rate to price level is likely to lead to the worsening of price stability for all types of shocks. On the other hand, the impact of adopting such a policy on output stability depends on the type of the shock; for policy shocks to the exchange rate and shocks to output demand, output stability is worsened whereas for the shocks to risk premium of domestic assets, supply price of domestic output and the wage rate, better output stability is achieved in the long run.

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