In the article some aspects of distribution of direct foreign investments are considered in the epoch of globalization of world economy. Bringing in of direct foreign investments has an important value for development of economic potential of many countries of the world and realization of economic politics and strategy of the national states. In the article world regional statistical data are presented on inflows and outflows of DFI, that allow to judge about scales integrations of host countries in a globalization world economy.
In article need of effective use of DFI by developing countries where the thought-over and long-term policy on attraction of DFI and studying of international experience is very important is displayed.
Thus, globalization of world economy embraces all financial streams, that brings in revolutionary changes in an investment process and his role in international economy.
In the modern world more deepening processes became reality forming of global economic space, showing up in all more increasing integrating of countries on a world scale. From one side, globalization, showing qualitatively the new stage of centuries-old internationalization of economic life, assists the revival of national economies. With other, the process of globalization differs in complication and contradiction. The consequences of globalization for the different groups of countries are ambiguous.
Beginning of new millennium was marked global transformation of economic activity in all her forms:
- it is the gradual converting of different world market segments into single global unit;
- it is forming of international production;
- it is a change of structure of portfolio and direct investments;
- it is the sharp strengthening of international labor migration;
- to informative globalization;
- it is alteration of financial sphere;
- it is strengthening of interdependence in area of safety - ecological, nuclear, in the field of health protection
One of motive forces of modern globalization processes are direct foreign investments (DFI) there is an about fourth of gross volume of trans frontal streams of private capital on that. Bringing in of DFI in an economy matters anymore, especially for developing countries, as assists not only filling in of lack of internal capital investments, to the increase due to the use of foreign assets of their competitiveness on world markets but also receipt of benefits from the point of view of mastering of new technologies and skills. For the effective use of DFI carefully thought out long-term politics is very important developing countries on their bringing in and study of world experience. DFI are a major factor in transfer of industrial technologies, formation of TNC, render direct influence on national [1].
Understanding of regional pattern and general volumes DFI, and also motive forces, has an important value for development and realization of economic politics and strategy of the national states. Geography of inflow of DFI allows to judge about scales integrations of host countries in a globalization world economy. Specifies indirect character on distribution of benefits from DFI (diagram 1.)
Diagram 1. Inflow of DFI on the regions of the world (in%)
Note: it is made authors on materials and stat. data of UNCTAD World Investment Report [6].
As be obvious from a diagram 1. the basic centers of attraction of DFI are stably remained by the developed countries, ЕС, North America. After 2010-15 yr. enormous interest for investors was presented by dynamically developing countries, in particular new industrial countries (NIC), countries of region of South- east Asia. Insignificant interest for direct investors presents the region of Africa, Latin America and Western Asia.
Geography of outflow of DFI shows, what countries control global distribution of these investments. Diagram 2 illustrates the dynamics of outflow of DFI. Basic investors in a global economy are developed countries, USA, ЕС. Developing countries promoted the weight, both as recipients of DFI and as external investors. As a center of international production, and lately and international consumption moved in developing countries and countries with a transitional economy, TNC all more active invested the facilities and projects, sent both to the increases of efficiency and on mastering of markets of sale in these countries [2].
Diagram 2. Inflow of DFI on the regions of the world (in%)
Note: it is made authors on materials and stat. data of UNCTAD World Investment Report [6].
The rapid change of international terms causes the change of placing of motive forces of DFI. Basic traditional factors, qualificators placing of DFI:
- are large markets;
- it is a presence of natural resources;
- it is access to cheap unskilled or semiskilled labor force of and other;
- still play a certain role, their meaningfulness goes down, when the question is about the most dynamic industries and
In the last decade’s global changes began in the branch structure of the foreign investing. The stake of "primary industries" of extractive industry diminishes on the whole, and the factor of natural resources for many countries stops to play a traditional role bringing in of DFI. With a role cheap raw "material" labor force is the same: even in the labour intensive types of activity quite often it is necessary to use new technologies and skilled shots.
During the second half 20 century here was successive orientation from industries of extractive industry(in 50th yr.) to processing(60-70th yr.), and then - on service business. If at the beginning of 70th yr. on this sphere was near ¼ a world volume accumulated abroad DFI, then by the end of 90th yr. her stake made already 3/5 [1].
It reflects the growing role of services in the economy of entire countries. But main reason - many types of services can be exported or imported only by means of DFI. In addition, last year’s many countries carried out liberalization of the markets of services, opening access to them foreign investors.
In a modern period, there is displacement of export of direct capital investments in service business, especially in transport, communication and business, demand on that quickly grows both in the developed and in developing countries.
In a prospect breaches in area of, medicine and genic engineering computer technologies can generate new large changes with benefit of service business.
In spite of solid height of absolute volumes of DFI in manufacturing industry, their stake in general mass of DFI grows short, first of all due to old industries - metallurgical, textile, food, general engineer etc. Priorities are displaced toward highly technological industries of many industries [3].
The stake of investments goes down in extractive industries of industry because of introduction of ресурсосберегающих technologies under constraint, from one side of competition, and from other - ecological imperatives that must reduce contamination of environment.
In modern terms market of DFI development is in a greater degree determined by three factors:
- by liberalization of politics,
- by technical progress;
- by the former corporate
Changes in the international modes of politics render powerful influence on a decision about placing of production. TNC are one of basic subjects of direct foreign investments. Liberalization of trade and investment policy allows TNC to deepen specialization and conduct the search of competitive directions.
Basic participants of investment process during his globalization are multinational corporations and jars. Their international production and international financial operations make the kernel of all system of modern мирохозяйственных connections. Their investment activity is relatively independent of separate national economies and oriented to the world economy on the whole.
The folded infrastructure of world financial markets is a bank network, operations of not banks financial institutes, system the Internet et al - allows not only ТNC but also to take part much more modest companies in the international investing.
Inflow of foreign investments both in developed and in transitional and the less developed countries in the conditions of globalization are determined by economic, political and social stability in host countries, by a presence here of favorable investment climate and terms(large enough markets of sale, by the presence of sources of raw materials, inexpensive labor force, transport and other infrastructure), stable and transparent legal mode. In recent year a legal factor shows a steady tendency to the improvement [4].
The international streams of DFI are deeper engrained in soil of host countries and sensible a barter to crisis shocks, what international credits or investments in foreign securities. Characteristically, that in the period of financial crisis of 1997-200 yr. overcoming the row of countries of South-east Asia, Russia, Mexico and Brazil, export of such investments in developing countries not only did not diminish but also grew substantially, while portfolio investments sharply grew short, and bank credits began to hurry from these countries.
In 1997-2000 yr.DFI were descendant agitate investments in some hi-tech industries of industry(production of electronic equipment, aerospace technique, medicinal preparations) and service(telecommunications, treatment of information etc.) business. Investments in these industries of "new economy" increased in the countries of OECD (Organization for Economic Co-operation and Development) with 18 mill. doll., in 1995 y. to almost 1200 mill. doll., in 2000y. But overheating the states of affairs appropriately led to the collapse of row of large companies in these industries [4].
Technical progress is rendered on geography of DFI by many plans influence. Operative introduction of innovations provides advantages that give to the firms an impulse for an exit on the trajectory of international production. Exist common rule, on that the industries oriented on innovative activity become more transnational and ТNC has to be activated to the innovation for maintenance of the competitiveness. Height technology and results sсiense products in the decline of meaningfulness of "primary" and simple subzero technological types of activity at placing of DFI, simultaneously promoting the value of types of activity, requiring high qualification.
An enormous role globalizations of investment process introduction of modern facilities of communication and information plays. They modified national financial streams as objects. Where world financial streams are directed. New information technologies strengthened co-operating of financial markets with each other. For world financial streams, investments and markets the global computer networks incorporated in the system the Internet are invaluable. There was a material base adequate to the scope of globalization processes in area of finances and money circulation [5].
Such base gives an opportunity of operative estimation of investment situation in the most different regions of the world. The concept of investment decisions is built now on the basis of data about a current situation on financial business(motion of rates of exchange, levels of interest rates. Fund indexes of and other). in a global world economy.The account of the newest events, facts is no less important, economic trends outside a financial sector, in social life, politics. At modern informative material well-being for an investor the whole world really becomes integrated markets of capital investments.
New of informatively-communication technologies strengthen a competition, at the same time, allowing to the firms more effectively to manage having wide geography international operations. The hi- tech types of activity, before not inaccessible to the developing countries, now fully can be developed in them, as labour intensive processes can be economically reasonably distinguished from these types of activity and yield to remote control.
Modern corporate strategies, administrative and organizational factors strengthen new economic and geographical determinants of DFI. The clearer focused on the key trends of activity with a less difficult hierarchy and more thick accent on network connections attracts investments in geographical points with more quality factors and institutes and wherein it matters, with the specialized territorial and productive complexes.The new methods of organization of work(supported by new technologies) allow operatively and effectively to manage global operations, encouraging yet greater decentralization of functions.
For host countries DFI determine parameters and receipts of maximal benefits from the point of view of technology, mastering of new skills and access to the markets due to adjusting of connections between ТNC and local economy and use of foreign assets for providing of competitiveness on global markets.
In the last changes were 10-15 set in the regional pattern of DFI. In the past the industrial and highly developed states invested the capitals mainly in the economy of each other, not professing interest to other regions. Similarly acted and not numerous TNC of developing countries. But for 15 from 1990 to 2005yr.in transitional and to the barter the developed countries were inlaid 2437,3 mill. doll., that averaged 28%generalvolume of such investments entering for this time entire countries of the world [6].
Characteristically, that the slump of the foreign investing after 2000 y. was conditioned by reduction of inflow of DFI in the developed countries, while in transitional and developing countries he continued raise. It testifies to greater stability of interest of investors to the second group of countries. Not eliminated, that specific gravity of the directed investments to 2020 y. will attain 48-50% [4,5].
To it the growing global redistribution of investment resources is related from the developed regions of the world in less developed. First - the large volumes of DFI bring in frequent, what less developed, but yet more they take out abroad, as a result there is a clean outflow of direct investments from these countries.
On a large account, a world advance-guard, pursuing own benefits, actually feeds an investment process in other countries of the world, providing the higher rates of economic development there, and accordingly, increases of place and role of such countries in a world economy.
Certainly, such blessing is reached to the far not entire transitional and less developed countries, and first of all that, where it is possible to count on high incomes, where a favorable investment climate is and minimum economic and political risk.
In modern terms there is enhanceable interest of anchorwomen of ТNC in the countries of East, South-east and South Asia (foremost to China, India, Thailand); and in less degree to Latin America and Near East. As far as the improvement of investment climate and reduction of economic and political risks in the present less developed countries the circle of priority regions will broaden for the direct investing(outside a world advance-guard).
It is expected that to rise role of developing countries as exporters of DFI. If in 1990-2005 yr. their stake averaged only 10, 35, then to 2010 y. she rose to 15-17а to 2020 yr. - an increase is forecast to 22-24% [5].
Thus, globalization of world economy not only did all-purpose financial streams but also brought in truth revolutionary changes in an investment process and his role in an international economy.
References
- Зенькина Е.В. Мировая экономика: Учебник/ Под ред. академика А.А.Дынкина. – М.: МАГИСТР, 2008. – 210 с.
- Султанов Б.К. Казахстан в системе мировых экономических процессов. – Алматы: КИСИ при Президенте РК, 2008. – 272 c.ISBN 9965-458-65-0.
- Осьмова М.В., Зубенко В.А. Глобализация мирового хозяйства. Учебное пособие/ Под ред. М.Н.Осьмовой. – М.: ИНФРА-М, 2010 г. – 376 с.
- Современные проблемы мировой экономики. Сборник научных трудов. Институт мировой экономики и политики при Фонде Первого Президента РК, Алматы 2004 г. – с. 15-17.;
- Кейнс Дж.М. Общая теория занятости, процента и денег. – М.: Гелиос АРВ, 2002. — 352 с.
- World Investment Report. Investor nationality: policy challenges. – Geneva.: Copyright United Nations, 2016.- 213 p. ISBN 978-92-1-112902-1/ (25.03.2017).