Following substantial policy reforms in many countries, the past
decade has been characterized by a remarkable increase of long-term
private capital flows to the developing world. However, the bulk of
these investments has concentrated on a few economies at the
intermediate level of the international income distribution, while
the large number of low-income countries has been mostly neglected
by international investors. Starting from these observations,
International Investment, Political Risk, and Growth analyzes the
potential growth effects of liberalizing investment regimes in
developing economies and offers an explanation for the apparent
bias of private capital flows towards middle-income countries. It
demonstrates that the removal of investment barriers may liberate
an economy from a vicious circle of poverty, unproductive saving,
and low growth, and presents a novel approach to analyzing the role
of political risk as a major impediment to greater private capital
inflows. Offering a combination of theoretical models and empirical
analysis, and discussing both the historical evidence and the
recent literature, this book contributes to a better understanding
of the determinants and consequences of international investment in
developing countries.
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