World investment and political risk

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Bibliographic Information

World investment and political risk

[World Bank Group/Multilateral Investment Guarantee Agency]

World Bank Group/Multilateral Investment Guarantee Agency, c2010-

  • 2009 : pbk
  • 2010 : pbk
  • 2011 : [pbk.]
  • 2012 : pbk
  • 2013 : pbk

Other Title

MIGA WIPR report

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Note

Includes bibliographical references

Running title, vols. for 2010- : MIGA WIPR report

Description and Table of Contents

Volume

2009 : pbk ISBN 9780821381151

Description

Over one year into its deepest global financial crisis in the post-war era, the world economy is entering a phase of economic recovery and financial stabilization. Financial market conditions are signaling much improved investor confidence and a revival of risk appetite for emerging markets. Yet concerns over political risks are high. As part of its mandate to encourage investment to developing countries, the Multilateral Investment Guarantee Agency (MIGA) seeks to foster more understanding of the role of political risk, and instruments to mitigate it. This objective for this report is to examine (i) overall trends in political risk perceptions, and how they relate to financial flows -- particularly foreign direct investment (FDI) to emerging markets, (ii) corporate views on foreign investment intentions and the political risk environment in emerging markets, in the context of the financial crisis (iii) whether the political risk insurance (PRI) industry is well positioned to deal with the fallout from the crisis, as well as longer-term shifts in demand for political risk guarantees. Given MIGA s mandate and the growing weight of emerging markets as a source of FDI, particular attention was paid to South-based investors and PRI providers in the general analysis.
Volume

2010 : pbk ISBN 9780821384787

Description

The objective of this report is to examine: overall investment trends and perceptions of political risk especially for what regards foreign direct investment (FDI) to emerging markets; investments and risks specifically in Conflict-Affected and Fragile States; and the role political risk insurance (PRI) is playing today and its likely role in the future.
Volume

2011 : [pbk.] ISBN 9780821388501

Description

The mission of the Multilateral Investment Guarantee Agency (MIGA) is to promote foreign direct investment (FDI) into developing countries to support economic growth, reduce poverty, and improve people's lives. As part of this mandate, the agency seeks to foster a better understanding of investors' perceptions of political risk as they relate to FDI, as well as the role of the political risk insurance (PRI) industry in mitigating these risks. Today's economic turbulence and fragility in developed countries are again posing challenges for the global economy. Developing countries are feeling the impact through multiple channels, including through the flows of FDI and private capital. Having rebounded sharply in 2010, FDI flows to developing countries continued to increase in 2011, but are expected to moderate going forward. The report highlights once again the salience of political risk as an important concern for multinational enterprises that seek to invest in developing countries. This is also reflected in the increased issuance of new political risk insurance in 2010, a trend that seems to be continuing in 2011, helped by a growing awareness of insurance as a risk-mitigation tool. This year the report also pays special attention to the FDI picture in the Middle East and North Africa region in light of the Arab Spring, as well as the reaction of multinational enterprises to these developments. This year's report puts a spotlight on expropriation, a political risk with a long and recurring history, and examines motivations of host-country governments in deciding whether to expropriate. The report also highlights the role of political or economic shocks in triggering expropriations. It finds that investor disputes are more likely to be resolved by democratically elected governments rather than non-democratic regimes. This suggests that the propensity to expropriate is significantly higher in countries with non-democratic regimes, a finding that should be of interest to investors who are more concerned about political stability than about regime type and political institutions. Research conducted for this report, including the MIGA- Economist Intelligence Unit (EIU) survey and discussions with London-based private sector PRI underwriters and brokers, showed that the views of investors and PRI providers regarding regime type and expropriation risk differ slightly. Underwriters and brokers did not find the empirical results surprising and agreed that these results support their overall underwriting views.
Volume

2012 : pbk ISBN 9780821395080

Description

This report examines the overall trends in political risk perceptions, foreign investment intentions, and longer-term demand for political risk guarantees, especially in emerging economies, with a a spcial focuson the risk of non honoring of sovereign financial obligations.
Volume

2013 : pbk ISBN 9781464800399

Description

Breach of contract is a hot topic in risk management, especially in the context of Public-Private Partnerships for large utility, infrastructure, or mineral resource exploitation projects around the world. Some claims are related to economic crisis, but more often disputes arise from political change, privatisation reviews, environmental regulations and governance/corruption issues. Some recent high profile cases involving government tariff renegotiations and award settlements underline the importance of this topic for international investors. Claims of breach of contract often bring about an abrupt termination of activities or force contract renegotiations that substantially alter the original terms of the deal and projected financial validity.This study offers significant new data and analysis to allow an informed assessment of current developments and underlying trends, in a new collaboration between the World Bank Group (IBRD, MIGA, and ICSID) and Washington University in St. Louis.

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