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Impact of bilateral investment treaties on foreign direct investment in Africa
African Development Review ( IF 2.766 ) Pub Date : 2021-07-26 , DOI: 10.1111/1467-8268.12583
Parfait Bihkongnyuy Beri 1 , Gabila Fohtung Nubong 1
Affiliation  

Africa continues to face several challenges that make its share of global foreign direct investment (FDI) to be infinitesimal. These include the prevalence of fragmented investment policies, information asymmetry and high sovereign risk. Bilateral investment treaties (BITs) can help overcome some of these encumbrances by signalling the host country's willingness to protect FDIs. This study hypothesizes that BITs can play an augmentation role and investigates their impact on FDI attraction using data across 48 African countries from 2000 to 2018. In contrast to the previous theoretical and most empirical literature, results based on the two-step systems generalized method of moments (GMM) show that ratified BITs do not perform a significant role in FDI attraction. Nonetheless, the additional analyses allowed us to make some rather non-trivial conclusions about the possible effects of BITs concluded with France on FDI. The study recommends that countries should participate in some BITs, although governments need to be cautious when tying their hands with BITs because of susceptibility to damaging litigations that sometimes follow, irrespective of the less than commensurate benefits.

中文翻译:

双边投资条约对非洲外国直接投资的影响

非洲继续面临若干挑战,使其在全球外国直接投资 (FDI) 中的份额变得非常小。其中包括普遍存在的分散投资政策、信息不对称和高主权风险。双边投资条约 (BIT) 可以通过表明东道国保护 FDI 的意愿来帮助克服其中的一些障碍。本研究假设 BITs 可以发挥增强作用,并使用 2000 年至 2018 年 48 个非洲国家的数据调查其对 FDI 吸引力的影响。矩(GMM)表明,批准的双边投资条约在吸引外国直接投资方面没有发挥重要作用。尽管如此,额外的分析使我们能够就与法国缔结的 BITs 对 FDI 的可能影响得出一些相当重要的结论。该研究建议各国应参与一些 BIT,尽管政府在将其与 BIT 捆绑在一起时需要谨慎,因为有时会受到破坏性诉讼的影响,而不管收益不相称。
更新日期:2021-09-17
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