Table of Contents

• 1. Introduction
• 2. Capital Flows, Development and Debt Crises
• 3. The Nature of Direct and Equity Investment and the Positive View
• 4. Recent Trends in Development Finance
• 5. Ignorance is Bliss? Data on the Stocks of Direct and Equity Investment
• 6. Ignorance is Bliss II: Data on Capital Flows, Profits and FDI-Related Trade
• 7. The Foreign Exchange Dimension: General Principles
• 8. Foreign Exchange Effects of Direct and Equity Investment on the Host Country
• 9. Other Effects at the National Level
• 10. The Global Dimension: Competition for Direct Investment and Export Markets
• 11. Net Transfers and the Build-Up of Investment Stocks
• 12. Surges and Cycles
• 13. Was That It? Direct Investment and Current Account Deficits in the Mexican and Asian Financial Crises
• 14. Was That It II: Capital Flows of FDI and Equity Investment in the Mexican and Asian Crises
• 15. Conclusions and Policy Implications
• Annex I: Data Discrepancies and the Balance of Payments Effects of Direct Investment in Thailand
• Annex II: Balance of Payments Effects of Direct Investment in Malaysia: Data Limitations and Sensitivity to Assumptions

About the Author

David Woodward is an economist who spent several years working in the British Foreign and Commonwealth Office, including a two year secondment to the IMF and World Bank. In 1986, he resigned to work for the voluntary sector. Since that time he has been an independent economic/development consultant, in which capacity he has done research and writing for UNCTAD, UNDP and the Institute of Child Health, as well as a variety of development NGOs including (amongst others) Oxfam, One World Action, and the European Network on Debt and Development (Eurodad). In 2000 took up an appointment in the Health and Sustainable Development Department of the World Health Organization (WHO).

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