Impact of Pension Privatization on Foreign Direct Investment

World Development

Volumn 40, Issue 2, 2012, Pages 291-302

  Reece, Christopher ^a   Sam, Abdoul G ^b  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b OHIO STATE UNIVERSITY   (United States)

Author keywords

Foreign direct investment; Latin America; Pension privatization; Transitional economies

Indexed keywords

CAPITAL FLOW; ECONOMETRICS; FOREIGN DIRECT INVESTMENT; GROSS DOMESTIC PRODUCT; PENSION SYSTEM; PRIVATIZATION; TRANSITIONAL ECONOMY;

LATIN AMERICA;

EID: 84864785904     PISSN: 0305750X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.worlddev.2011.06.003     Document Type: Article

References (79)

1. Albuquerque R., Loayza N., Servén L. World market integration through the lens of foreign direct investment. Journal of International Economics 2005, 66(2):267-295.
2. Alfaro L., Chanda A., Kalemli-Ozcan S., Sayek S. FDI and economic growth: The role of local financial markets. Journal of International Economics 2004, 64:89-112.
3. Alfaro L., Chanda A., Kalemli-Ozcan S., Sayek S. FDI, productivity, and financial development. World Development 2004, 32(1):111-135.
4. Alfaro L., Kalemli-Ozcan S., Sayek S. FDI, Productivity and Financial Development. The World Economy 2009, 32:111-135.
5. Amaya G. C. A., & Rowland, P. (2003). Determinants of investment flows into emerging markets. Banco De La Republica, Borradores de Economia No. 313.
6. Angrist J., Krueger A. Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economic Perspectives 2001, 15(4):69-85.
7. Arza C. The limits of pension privatization: Lessons from argentine experience. World Development 2008, 36(12):2696-2712.
8. Asiedu E. On the determinants of foreign direct investment to developing countries: Is Africa different?. World Development 2002, 30(1):107-119.
9. Asiedu E., Lien D. Capital controls and foreign direct investment. World Development 2004, 32(33):479-490.
10. Beck N., Katz J. What to do (and not to do) with times-series-Cross-section data in comparative politics. American Political Science Review 1995, 89(3):634-647.
11. Beck N., Katz J., Tucker R. Taking time seriously: Time-series-cross-section analysis with a binary dependent variable. American Journal of Political Science 1998, 42(2):1260-1288.
12. Beck, T., & Levine, R. (2001). Stock markets, banks and growth: Correlation or causality? World Bank Policy Working Research Paper 2670.
13. Biswas R. Determinants of foreign direct investment. Review of Development Economics 2002, 6(2):494-504.
14. Blomstrom, M., & Kokko, A. (2003). The economics of foreign direct investment incentives. NBER Working Paper 9489.
15. Borensztein E., De Gregorio J., Lee J.W. How does foreign direct investment affect economic growth?. Journal of International Economics 1998, 45(1):115-135.
16. Box-Steffensmeier J.M., Jones B.S. Event history modeling: A guide for social scientists 2004, Cambridge University Press, Cambridge.
17. Brooks S., James E. The political economy of structural pension reform. New ideas about old age security: Toward sustainable pension systems in the twenty-first century 2001, 133-170. World Bank, Washington, DC. R. Holman, J.E. Stiglitz (Eds.).
18. Brooks S.M. Interdependent and domestic foundations of policy change: The diffusion of pension privatization around the world. International Studies Quarterly 2005, 49(2):273-294.
19. Brooks S.M. Globalization and pension reform in Latin America. Latin American Politics & Society 2007, 49(4):31-62.
20. Brooks S.M. When does diffusion matter?. The Journal of Politics 2007, 69(3):701-715.
21. Brooks S.M. Social protection and the market in Latin America: The transformation of social security institutions 2009, Cambridge University Press, Cambridge.
22. Campos N.F., Kinoshata Y. Foreign direct investment and structural reforms: Evidence from Eastern Europe and Latin America. IMF Working Paper 08/26 2008, International Monetary Fund, Washington, DC.
23. Catalan M., Impavido G., Musalem A. Contractual savings or stock market development: Which leads?. Journal of Applied Social Science Studies 2001, (120):445-487.
24. Catalan M. Pension funds and corporate governance in developing countries: What do we know and what do we need to know?. Journal of Pension Economics and Finance 2004, 2(3):197-232.
25. Chakrabarti A. The determinants of foreign direct investment: Sensitivity analysis of cross country regressions. KYKLOS 2001, 54(1):89-114.
26. Cuevas A., Gonzalez M., Lombardo D., Lopez-Marmolejo A. Pension privatization and country risk. International Monetary Fund Working Paper 08/195 2008, International Monetary Fund, Washington, DC.
27. Desai M.A., Foley C.F., Hines J.R. Capital controls, liberalizations, and foreign direct investment. Review of Financial Studies 2006, 19(4):1433-1460.
28. Devesa-Carpio, J., & Vidal-Melia, C. (2002). The reformed pension systems in Latin America. World Bank Social Protection Discussion Paper Series, No 0209.
29. Dion M. Globalization, democracy, and Mexican Welfare, 1988-2006. Comparative Politics 2009, 42(1):63-82.
30. Drukker David.M. Testing for serial correlation in linear panel-data models. The Stata Journal 2003, 3(2):168-177.
31. Duffalo, 2005. Esther. Empirical methods. http://web.mit.edu/14.771/www/emp_handout.pdf.
32. Durham, J.B. (2003). Foreign Portfolio Investment, Foreign Bank Lending, and Economic Growth. Board of Governors of the Federal Reserve System International Finance Discussion Papers No. 757.
33. Easson A.J. Tax incentives for foreign direct investment 2004, Kluwer Law International, The Hague.
34. Edwards, S. (1990). Capital flows, foreign direct investment and debt-equity swaps in developing countries. National Bureau of Economic Research, Working Paper 3497.
35. Feldstein M. The case for privatization 1997, Foreign Affairs.
36. Gastanga V.M., Nugent J.B., Pashamova B. Host country reforms and FDI inflows: How much difference do they make?. World Development 1998, 26(7):1299-1314.
37. Gill I.S., Packard T., Yermo J. Keeping the promise of social security in Latin America 2005, World Bank, Washington, DC.
38. Greene William H. Econometrics analysis 2000, Prentice Hall Inc., NJ. 4th ed.
39. Grosse R. Foreign direct investment in Latin America. Generating savings for Latin American development 1997, 135-146. North-South Center Press, University of Miami, Coral Gables, Florida. R.E. Grosse (Ed.).
40. Henisz W.J. The institutional environment for infrastructure investment. Industrial and Corporate Change 2002, 11(2):355-389.
41. Hausman J.A. Specification tests in econometrics. Econometrica 1978, 46(6):1251-1271.
42. Hermes Niels, Lensink Robert Foreign direct investment, financial development and economic growth. Journal of Development Studies 2003, 40(1):142-163.
43. Holzmann R. Pension reform, financial market development, and economic growth: Preliminary evidence from Chile. IMF Staff Papers 1997, 44(2):149-178.
44. Holzmann R., Hinz R. Old-Age income support in the 21st century 2005, The World Bank, Washington.
45. Holzmann R., Mackellar L., Repansek J. Pension reform in southeastern Europe: Linking labor and financial market reforms 2009, The World Bank, Washington DC.
46. Jaspersen F.Z., Aylward A.H., Knox A.D. The effects of risk on private investment: Africa compared with other developing areas. Investment and risk in Africa 2000, 79-95. St. Martin's Press, New York. P. Collier, C. Patillo (Eds.).
47. Jensen N. Democratic governance and multinational corporations: Political regimes and inflows of foreign direct investment. International Organization 2003, 57:587-616.
48. Kay S. Recent changes in Latin American welfare states: Is there social dumping?. Journal of European Social Policy 2000, 10(2):185-203.
49. Kolstad I., Villanger E. Determinants of foreign direct investment in services. European Journal of Political Economy 2008, 24:518-533.
50. Levine R., Zervos S. Stock markets, banks, and economic growth. American Economic Review 1998, 88(3):537-558.
51. Lipsey, R. E. (1999). The location and characteristics of US affiliates in Asia. NBER Working Paper 6876.
52. Lipsey R.E. Home and host country effects of foreign direct investment. Challenges to Globalization: Analyzing the Economics 2004, 333-382. University of Chicago Press, Chicago. R.E. Baldwin, L.A. Winters (Eds.).
53. Madrid, R. (1999). The new logic of social security reform: Politics and pension privatization in Latin America. Unpublished Doctoral Dissertation, Stanford University, Stanford.
54. Matijascic M., Kay S. Social security at the crossroads: Toward effective pension reform in Latin America. International Social Security Review 2006, 59(1):3-26.
55. Maxfield S. Gatekeepers of growth: Central banking in developing countries 1997, Princeton University Press, Princeton, NJ.
56. Mesa-Lago C. Myth and reality of pension reform: The Latin American evidence. World Development 2002, 30(8):1309-1321.
57. Mesa-Lago C., Muller K. The politics of pension reform in Latin America. Journal of Latin American Studies 2002, 34(1):687-715.
58. Mesa-Lago C. Evaluation of a quarter century of structural pension reform in Latin America. A quarter century of pension reform in Latin America and the Caribbean: lessons learned and the next steps 2005, 43-82. Interamerican Development Bank, Washington, DC. C.A. Crabbe (Ed.).
59. Miniane J. A new set of measures on capital account restrictions. IMF Staff Papers 2004, 51(2).
60. Monteil P., Reinhart C.M. Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s. Journal of International Money and Finance 1999, 18(4):619-635.
61. Mukherjee Arijit, Suetrong Kullapat Privatization, strategic foreign direct investment and host-country welfare. European Economic Review 2009, 53(7):775-785.
62. Noy I., Vu T.B. Capital account liberalization and foreign direct investment. The North American Journal of Economics and Finance 2007, 18(2):175-194.
63. Orszag P., Stiglitz J.E. Rethinking pension reform: Ten myths about social security systems. New ideas about old age security: Toward sustainable pension systems in the twenty-first century 2001, 17-56. World Bank, Washington, DC. R. Holman, J.E. Stiglitz (Eds.).
64. Palacios, R. & Whitehouse, E. (1998). The role of choice in the transition to a funded pension system. World Bank Social Protection Discussion Paper 9812.
65. Root F.R., Ahmed A.A. Empirical determinants of manufacturing foreign direct investments. Economic Development and Cultural Change 1979, 27:751-767.
66. Sanyal P., Menon N. Labor disputes and the economics of firm geography: A study of domestic investment in India. Economic Development and Cultural Change 2005, 53:825-854.
67. Schneider F., Frey B.S. Economic and political determinants of foreign direct investment. World Development 1985, 13(2):161-175.
68. Stiglitz J.E. Capital market liberalization, economic growth, and instability. World Development 2000, 28(6):1075-1086.
69. Singh A. Pension reform, the stock market, capital formation and economic growth: A critical commentary on the World Bank's proposals. International Social Security Review 1996, 49(3):21-43.
70. Terza J.V., Basu A., Rathouz P.J. Two-stage residual inclusion estimation: Addressing endogeneity in health econometric modeling. Journal of Health Economics 2008, 27(3):531-543.
71. Tsai P.L. Determinants of foreign direct investment and its impact of economic growth. Journal of Economic Development 1994, 19(1):137-164.
72. United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) (2000). Interregional Cooperation in Trade and Investment Asia-Latin America. Studies in Trade and Investment No. 43.
73. Vittas, D. (2000). Pension reform and capital market development: 'Feasibility' and 'impact' preconditions. World Bank Policy Working Research Paper 2414.
74. Vreeland J.R. The effects of IMF programs on labor. World Development 2002, 30(1):121-139.
75. Wei S.J. How taxing is corruption on international investors?. Review of Economics and Statistics 2000, 82(1):1-11.
76. Wheeler D., Mody A. International investment location decisions: The case for US firms. Journal of International Economics 1992, 33:77-86.
77. Wooldridge J.M. Econometric analysis of cross section and panel data 2002, MIT Press, Cambridge, MA.
78. World Bank. (1994). Averting the old age crisis: Policies to protect the old and promote growth. New York: Oxford University Press.
79. Xu B. Multinational enterprises, technology diffusion, and host country productivity growth. Journal of Development Economics 2000, 62(2):477-493.