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Abstract:
The emergence of a "second wave" of developing-country multinational enterprises (MNEs) in a variety of industries is one of the characterizing features of globalization. This paper documents how emerging markets' MNEs (EM-MNEs) may follow quite different patterns to reach, or at least approach, global competitiveness. In particular, it investigates how three EM-MNEs pursued global growth through accelerated internationalization combined with strategic and organizational innovation. Haier (China), Mabe (Mexico) and Arçelik (Turkey) emerged as multinationals in the large home appliances (so-called "white goods") industry. The recipe for the success of these firms seems to lie in their ability to treat global competition as an opportunity to build capabilities, move into more profitable industry segments, and adopt strategies that turn latecomer status into a source of competitive advantage. At the same time, their experiences show that there are many strategies and trajectories for going global, consistent with a pluralistic conceptualization of globalization.

Internationalisation, latecomer, MNEs, white goods, Haier, Arcelik, Mabe

Abstract:
This paper discusses major policy issues related to commodity dependence and export diversification in low-income countries. Contrary to some widely-held view, it argues that natural resources are not necessarily a curse - that they do not condemn low-income countries to underdevelopment but can provide rather a basis for sustained export-led growth. Natural resource-based sectors have potential for export diversification. The OECD mirror trade data suggest that many different routes to diversification exist, including resource-based manufacturing and processing of primary products. However, these opportunities are not being exploited in many low-income countries. This is because export diversification is typically a slow process, and this process needs to be sustained by an appropriate and coherent strategy, characterised by a combination of vision, co-ordination and management of conflicting interests.

Moreover, the analysis of trade support services in two African countries points to a mismatch between private sector needs and the services available to them as well as to a limited institutional development of the trade and investment support network. Though important to Africa, lessons for trade capacity building are also relevant for other lowincome countries too.

Export diversification, trade capacity building, Doha development Agenda

Abstract:
This paper addresses the issue of whether and by how much public capital can enhance economic performance. We apply different methodologies to Italian regional data for the period 1970-1994. The results are presented for Italy as a whole and for different macroregions, and for individual categories of public capital. For the Center and the South, the methodologies employed indicate a positive contribution of infrastructure investment to TFP growth, output, and cost reduction. However, the magnitude of the cost reducing effect does not seem large enough to outweigh the social user cost of public capital. Also, we get mixed results on which types of infrastructure are most effective. Overall, investment in transportation appears to be the most productive: railways in the North and roads in the Center and South are the categories that mostly contributed to TFP growth.

Abstract:
The experience of the five examined industries (agro-food in Chile, cut flowers in Kenya, garment in Lesotho and in Mauritius and seafood in Thailand) demonstrates that non-traditional industries can emerge and achieved strong growth rates in very diverse settings in terms of geography and initial economic and social conditions. In most of these cases, the government adopted a relatively export-oriented, business-friendly attitude and adapted its policies as the industries developed.

Hence, a key factor for successful structural adjustment has been the pro-active role of government in establishing an enabling economic and policy environment that allows local firms to operate on a level-playing field and strengthen their competitive edge in international markets. This highlights the importance of implementing trade policies in the framework of comprehensive development strategies and establishing a consultative national policy-making process for ensuring a coherent approach to trade and structural adjustment.

The case studies also underscore that countries (government and industry) are compelled to constantly adapt in light of new sources of competition, growing wage levels, environmental constraints, technological advances and demanding product and process standards. Policy-makers in most countries under review are aware of this challenge. As a consequence, some of them have taken the initiative to set up specific mechanisms or programmes for further enhancing the competitiveness of existing export sectors and/or promoting emerging non-traditional export industries.

Trade, structural adjustment, export diversification, trade capacity building

Abstract:
Globalization, governance and economic performance affect each other in very complex mutual relationships. In this Paper, we establish a clear and well-circumscribed hypothesis: 'Is there an effect of globalization on governance?' To test this hypothesis or, even more specifically, to test how openness can affect the quality of domestic institutions, we survey available theoretical explanations of causal relationships between globalization and governance. Microeconomic theory helps us identify trade policy, competition by foreign producers and international investors, and openness-related differences in institution building costs and benefits, as three major transmission mechanisms through which openness affects a country's corruption levels. Examining a large sample of countries covering a 20-year long period, we found robust empirical support for the fact that increases in import openness do indeed cause reductions in corruption, a crucial aspect of governance. The magnitude of the effect is also quite strong. After controlling for many cross-country differences, openness' influence on corruption is close to one third of that exercised by the level of development. Some cautious policy conclusions are derived.

Corruption, globalisation, governance, international trade

Abstract:
According to the Investment Development Path (IDP) hypothesis, there is a U-shaped relationship between a country's economic development and its net outward investment position. An emerging country should evolve from a position of net recipient of foreign direct investment (FDI) to net exporter of FDI as its level of economic development increases. Under the combined pressure of global competition, trade and financial liberalization, privatization and regulatory reform, and faster and shorter product cycles, firms in emerging, transition, and developing countries are expanding overseas through FDI in greater numbers and at an earlier stage of their lifecycle. Much of the existing literature (albeit limited itself) examines this important new phenomenon in a small group of large emerging economies (Brazil, China, India, and Russia). This paper, on the other hand, covers Egypt, an under-researched country in an under-researched area (North Africa). Short of fully testing this hypothesis, this paper looks at the incipient internationalization of the Egyptian economy through the experience of a couple of its multinational corporations (MNCs), Orascom and Oriental Weavers. The paper starts by providing a brief description of the Egyptian economy and industrial structure. It highlights how Egypt, due to poor investment climate and broader geopolitical motives, receives limited FDI inflows, while outward FDI remains limited in size and scope. It then dwells in details into the international expansion of the two MNCs. The paper concludes by pointing to the importance of promoting corporate internationalization throughout an active policy to make the business environment more conducive to risk-taking, instead of rent-seeking, behaviors.

Outward FDI, emerging multinational, Egypt, Investment Developemnt Path