Law Commons^™

Metals Or Management? Explaining Africa's Recent Economic Growth Spurt, Laura Nyantung Beny, Lisa D. Cook

Articles

Explanations for Africa's poor long-run growth performance have varied over time. The theories examined include geography (Jeffrey D. Sachs and Andrew Warner 1997); institutions (William Easterly and Ross Levine 1997; Daron Acemoglu, Simon Johnson, and James Robinson 2001, 2002; Nathan Nunn 2007, 2008); health (David Bloom and Sachs 1998; Gregory N. Price 2003); and economic dependency (William Darity 1982). More recently, economists have attempted to explain what The Economist has called Africa's new "period of unparalleled economic success" (The Economist 2008a, 33). Average annual real GDP growth was 1.8 percent between 1980 and 1989 and increased to 4.4 percent between …

Substance, Procedure, And Institutions In The International Harmonization Of Competition Policy, Daniel A. Crane

Articles

Many people who pay attention to the rapid development of antitrust regimes across the globe hold two tenets in common. First, most of the relevant stakeholders would benefit if competition policy could be harmonized interjurisdictionally.' Second, and alas, this beneficial harmonization is unlikely to happen on a significant scale in the foreseeable future.2 To many, antitrust harmonization is thus a noble but utopian aspiration. I generally share both the former sentiment and the latter lament but both are far too general to be of much use without further specification. Uniformity of competition policy is valuable to be sure, but not …

International Financial Centers And The World Economy, James R. Hines Jr.

Other Publications

International financial centers (IFCs) are countries and territories with low tax rates and other features that make them attractive investment locations. These properties of IFCs occasionally raise concerns that they may erode tax collections, divert economic activity, and otherwise burden nearby high-tax countries. A large body of economic research over the last 15 years considers these issues, with findings that point sharply in the opposite direction: the evidence strongly suggests that the policies of IFCs contribute to investment, employment, and the efficient functioning of markets and government policies in other countries.

IFCs contribute to economic activity by improving the potential …

How To Think About Ppms (And Climate Change), Donald H. Regan

Book Chapters

The European Commission has apparently backed off from a proposal to tax imported goods produced by methods that generate excessive greenhouse gas emissions. So the issue of whether such a tax would be legal under the WTO has become slightly less urgent than it recently appeared. But Pascal Lamy the Director-General of the WTO still thought the possibility of some countries imposing emission-based trade restrictions was worth mentioning prominently in his speech to the Trade Ministers Conference in conjunction with the Bali Conference on climate change after Kyoto. And at that same conference, an official of the European Commission may …

International Law: Private Law In United States Law, Reuven S. Avi-Yonah

Book Chapters

This article discusses some aspects of the development of international economic law in the United States since the end of World War I and the impact it had on the development of international economic law generally, focusing specifically on the three areas in which U.S. law had the most significant impact on international economic law: international trade and investment, international taxation, and international antitrust measures. In general, in all three areas U.S. law had considerable influence on the development of international economic law in the twentieth century. However, the degree of influence in these and other areas varied depending on …

Domestic Effects Of The Foreign Activities Of U.S. Multinationals, Mihir A. Desai, C. Fritz Foley, James R. Hines Jr.

Articles

Do firms investing abroad simultaneously reduce their domestic activity? This paper analyzes the relationship between the domestic and foreign operations of US manufacturing firms between 1982 and 2004 by instrumenting for changes in foreign operations with GDP growth rates of the foreign countries in which they invest. Estimates produced using this instrument indicate that 10 percent greater foreign investment is associated with 2.6 percent greater domestic investment, and 10 percent greater foreign employee compensation is associated with 3.7 percent greater domestic employee compensation. These results do not support the popular notion that expansions abroad reduce a firm’s domestic activity, instead …