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INDEX
SR. NO. TOPIC PAGE NO.
1. INTERNATIONAL LABOUR MIGRATIONS 2
2. TRENDS IN LABOUR MIGRATION 3
3. CAUSES OF LABOUR MIGRATION 4
4. EFFECTS OF LABOUR MIGRATION 6
5. INTERNATIONAL CAPITAL MOVEMENT 10
6. TYPES OF CAPITAL MOVEMENTS 11
7. DETERMINANTS OF CAPITAL FLOW 17
8. ROLE OF FOREIGN CAPITAL 20
. IMPACT OF FOREIGN CAPITAL 22
10. DRAWBAC!S OF FOREIGN CAPITAL 24
11. CAPITAL FLOWS TO INDIA 26
12. CONCLUSION 28
13. BIBLIOGRAP"Y 2
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INTERNATIONAL LABOUR MIGRATION
Each year millions of women and men leave their homes and cross national borders in search of
greater security for themselves and their families. “Throughout human history, migration has been a
courageous expression of the individual’s will to overcome adversity and to live a better life” (!,
"##$, p. %&. 'any migrants are motivated by the uest for higher wages and better opportunities,
responding to the demand for their s)ills abroad, but many others are forced to migrate because of
famine, natural disasters, violent conflict, persecution or simply a lac) of decent wor) in their home
country. The *lobal +ommission on nternational 'igration (*+'& describes the driving forces in
international migration in terms of “-s”/ development, demography and democracy (*+',
"##%&. 0idening disparities in income, wealth, human rights and security across countries serve as
push factors towards migration. 'igration in search of wor) has increasingly become a livelihood
strategy for both women and men because of the lac) of opportunities for full employment anddecent wor) in many developing countries. 1t the same time, the proliferation of s)ill2intensive
economic sectors, increased demand for s)illed wor)ers, reluctance of local wor)ers to accept
certain low2s)illed 3obs, and demographic trends such as population decline and population ageing
in ma3or destination countries act as strong pull factors. 1 growing number of nations are involved
with migration as countries of origin, destination or transit, or all three. The ma3ority of migrants
move in search of employment, ta)ing their families with them4 it is estimated that there will be "56
million international migrants in the world in "#5# (!7, "##8&. 1lmost half of international
migrants are women, most of whom are now migrating on their own, rather than primarily as family
members of other migrants.
nternational 9abour :ffice estimates that economically active migrants will number some 5#%.6
million in "#5#4 these and family members accompanying them will account for almost 8# per cent
of total international migrants. :nly about ;ation (9:&5 approaches
migration from a labour mar)et and decent wor) perspective within the overarching framewor) of
its ecent 0or) for 1ll agenda (9:, "##;a&. 0hile international migration can be a positive
experience for migrant wor)ers, many suffer poor wor)ing and living conditions, including low
wages, unsafe wor)ing environments, a virtual absence of social protection, denial of freedom of
association and wor)ers’ rights, discrimination and xenophobia. 'igrant integration policies in
many destination countries leave much to be desired. espite a demonstrated demand for wor)ers,
numerous immigration barriers persist in destination countries. 1s a result, an increasing proportion
of migrants are now migrating through irregular channels, which has understandably been a causeof concern for the international community. 1s large numbers of wor)ers < particularly young
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people < migrate to more developed countries where legal avenues for immigration are limited,
many fall prey to criminal syndicates of smugglers and traffic)ers in human beings, leading to gross
violations of human rights. espite international standards to protect migrants, their rights as
wor)ers are too often undermined, especially if their status is irregular.
TRENDS IN INERNATIONAL LABOUR MIGRATION
The nited !ations 7opulation ivision (!7& estimates that the world’s stoc) of migrants,
defined as persons residing outside their country of birth or citi>enship, will be "56 million in "#5#.
Thus, even though the percentage of the global population who migrate internationally is small (as
noted above, about - per cent per year&, the total number is large < and it has more than doubled
since 58=#, when it stood at 5#" million. The ! figures show the largest increase for 588#,
reflecting the brea)2up of the ??@ into a number of independent countries, which added about ";
million people to the total international migrant stoc). t should be noted, however, that many of
those in the former ??@ did not actually move, and some part of the statistical increase is
accounted for by the fact that they were within newly defined national borders. This contributed to
the growing share of migrants in the world population from ".- per cent in 58;% to -.5 per cent in
"#5# (!7, "##8&. :ut of the total number, $# per cent were estimated to live in developed
regions. nternational migrants represent between ; per cent and "# per cent of the population in
most :rganisation for Economic +o2operation and evelopment (:E+& countries, while the share
is much higher in the *ulf ?tates (see figure 5.5&. The large ma3ority of these people are migrants
for employment and their families. t is interesting to note that the distribution of migrants by origin
is more or less eually divided between three types of movement.
+ontrary to popular belief, international migration from poor, developing countries (“the ?outh”& to
rich, developed countries (“the !orth”& represents little more than a third of the global total. ?outh
example, there have been large movements of wor)ers from Aur)ina Baso to +Cte d’voire, from
Egypt to Dordan, from aiti to the ominican @epublic, from ndonesia to 'alaysia, and from
neighbouring countries to 1rgentina. 'any countries are both sources of and destinations for
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migrants. +anada, for example, is a traditional destination for migrants, but +anada also sends
significant numbers of people, particularly the highly s)illed, to the nited ?tates.
?imilar phenomena have emerged in 1sia. Bor example, Thailand receives many low2s)illed
immigrants from +ambodia, the 9ao 7eople’s emocratic @epublic and 'yanmar, and also sends
its own wor)ers to other countries, including srael, the @epublic of Forea and Taiwan (+hina&. Bor
a summary of the countries pro3ected to have the highest proportions of international migrants in
"#5#, see figure 5.". G"# per cent ;ation4 reduction in the cost of transport and communications, resulting in
increasing interactions among societies4 the absence of respect for human rights in some countries4
and establishment of migration networ)s by earlier migrants. n the future, climate change may
raise migration pressures. +ontemporary international migration can essentially be explained,
however, by the increasing differences between countries, the lac) of gainful employment, decent
wor) and human security in certain parts of the world, the growing demand for both high2 and low2
s)illed wor)ers in destination countries, and the geographical proximity and historical lin)ages
between origin and destination countries ('artin and 0idgren, "##"&.
I. DECENT WORK DEFICITS: The world’s population, calculated at $.; billion in "##=, is
growing by about ;% million every year, with most of this increase ta)ing place in developing
countries. The 9: report *lobal Employment Trends "##8 estimates the world’s labour force in
"##= at around - billion people (9:, "##8a&. The global drop in economic activity since "##=
has resulted in hiring free>es and wor)ers being dismissed in considerable numbers. @evised
predictions for "##8 estimate that 9abour migration in a globali>ing world 58 global
unemployment could rise by between "8 million and %8 million, with the middle case being -8million (9:, "##8a&. The number of “wor)ing poor”, defined as persons living on the euivalent
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of ?G" per day or less, has continued to grow, reaching an estimated total of more than 5.6
billion in "##8, an increase of more than "## million since "##; (9:, "##8a&. The plight of
farmers in developing countries is a powerful economic factor behind international migration and
will continue to be so in the future. 'any industrial countries had a “great migration” off the land
in the 58%#s and 58$#s, and similar movements are evident today in many ma3or origin
countries, including +hina, 'exico and Tur)ey.
II. ECONOMIC DISPARITIES: espite the progress made by the more populous developing
countries, such as +hina and ndia, in raising incomes over the past two decades, the gap in per
capita incomes between rich and the poor countries has remained large. 1verage annual per
capita gross national income (*!& across the world in "##= was about ?G=,%=#. 1t the
country level, however, per capita *! ranged from ?G56# in Aurundi to ?G$%,--# in
?wit>erland. 'oreover, the gaps between countries appear to have widened up to "### and
remained wide thereafter, as shown in table 5.-. n 58;%, incomes in the high2income countries
were 65 times greater than those in low2income countries and eight times greater than those
inmiddle2income countries. Ay "##%, these differences had increased to $5 times and 5- times,
respectively. 'eanwhile, very few low2 and middle2income countries have entered the high2
income ran)s.
III.THE DEMOGRAPHIC DEFICIT AND CONSEQUENT DEMAND FOR MIGRANT
LABOUR IN DESTINATION COUNTRIES: Dust as the nineteenth century was mar)ed bymigration from densely populated Europe to more lightly populated 1merica and :ceania,
another change in population density may be expected in the first half of the twenty2first
century. The population of the world’s less developed regions is increasing much more rapidly
(at an annual rate of 5.% per cent& than that of the more developed regions (which is rising by
3ust #."% per cent annually&. This difference is expected to continue until around "#%# (!7,
"##-&. There is also a difference between the average age of the population in more developed
countries and less developed countries, with the former having ageing populations and the latter
more youthful ones. 1lthough life expectancies are increasing and populations are ageing to
some extent almost everywhere, the process has gone much further in Europe and Dapan, where
fertility is so low that deaths exceed births. Bigure 5.- shows predicted world population trends
by region up to "#%#. The populations of 1frica and 1sia (excluding +hina and Dapan& are
expected to rise. f present trends continue, the population of taly, for example, is pro3ected to
drop by "" per cent between "### and "#%#, that of 9atvia by 66 per cent and that of Estonia by
%" per cent (!7, "##-&. The combination of low fertility and rising life expectancy means
that the proportion of the population above $% years of age will rise from 5% to "= per cent
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between "### and "#%# in Europe as a whole and from 5; to -$ per cent in Dapan. 1
+ommunication from the European +ommission, +onfronting demographic change, highlights
the following trends for the E/ continued increase in life expectancy4 continued growth in
numbers above age $#4 continuing low birth rates4 fertility below replacement level4 more older
wor)ers (aged %%en aged $% and above to only two persons
(European +ommission, "##$&.IV. MILITARY INVOLVEMENT: Forean and Iietnamese people are found in ?1, primarily due to
the involvement of ?1 in the wars in these countries.V. COLONIAL POWERS: 0estern countries which have undergone early industrialisation have
attracted labour from periphery. ndustrialisation has led to prosperity which in turn provided
opportunities for employment. 7rosperity in *ulf2countries due to petroleum products provided
employment to a good number of wor)ers from 1sian countries.VI.DEMAND FOR LABOUR: @apidly developing countries during the 58 th and early "#th century
experienced scarcity of labour, specially uns)illed and semi2s)illed labour. This situation
provided scope to the labour class in the poor countries to migrate.
EFFECTS OF INTERNATIONAL LABOUR MIGRATION
I. MIGRANT REMITTANCE FLOWS/
There is an international consensus that migrant remittances are the most tangible benefit of
migration to developing countries. 'igrant remittances usually go towards improved housing,
nutrition, schooling and health care. @emittances 6" :verview and analysis therefore create
human capital by financing education of children and health for all age groups, and improving
food security for poor households. The volume of migrant remittances to developing countries
has greatly increased in recent years < from ?G$# billion in recorded remittances in 588# to
?G"=% billion in "##; (@atha and Ju, "##=&. @emittances reached ?G-"= billion in "##=, but
may drop by as much as 5# per cent in "##8 as a result of the global economic crisis (@atha,
'ohapatra and ?ilwal, "##8&. Blows to 9atin 1merica, in particular, have fallen. espite this
decline in the growth of these flows, remittances remain resilient in relation to other forms of
financial transfers < official development assistance (:1& and foreign direct investment (B&.
@ecorded remittances are now over twice the level of :1, which in "##; was ?G5#% billion,
and about two2thirds that of B, which was ?G-"% billion the same year. Bor some countries,
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in fact, remittances constitute the main source of foreign exchange. The 0orld Aan) has
therefore described remittances as “an important and stable source of development finance”
(0orld Aan), "##-, p. 5%;&
II. EMPLOYMENT AND WAGES/
0hile there are many motivations behind individual decisions to migrate, a ma3or force driving
contemporary migration is a lac) of decent wor) opportunities at home. n developing countries,
decent 3obs are not being created fast enough to absorb the growing numbers of people ready to
3oin the labour force every year. 'igration can thus be seen as a means to increase economic
security. 1lthough emigration may be perceived as helping to ease population pressures, for
most countries it can have only a modest impact at best. Even for the main countries of origin,
the proportion of the population leaving is relatively small. The largest transfer is from 'exico
to the nited ?tates. :f the 5#= million people alive today who were born in 'exico, about =
million now live in the nited ?tates, effectively reducing 'exico’s annual population growth
rate from 5.= to 5.% per cent ('artin and Teitelbaum, "###&. Bor most other origin countries,
such as +hina and ndia, the proportions are much lower. n very populous countries of origin,
even high levels of emigration may have minimal effects on unemployment and wages (!,
588=a&. owever, because migration is selective, it may induce upward pressure on wages in
specific sectors. n 7a)istan, for instance, emigration to the *ulf countries resulted in increased
wages for s)illed construction wor)ers and possibly also for low2s)illed 6= :verview and
analysis construction and agricultural wor)ers (!, 588=a&. ?imilarly, real wages in the
7hilippines seem to have risen in line with migration, especially for wor)ers in manufacturing
(9ucas, "##%&. n ndia, there are indications that the huge migration from the ?tate of Ferala to
the *ulf region has helped raise wages in that state (Kachariah, 'athews and rudaya @a3an,
5888&. ?ome countries with high net emigration rates also have intractable unemployment
problems. n small countries with large expatriate populations, the reduction of unemployment
or underemployment related to emigration may be substantial.
III.SKILLED MIGRATION AND THE “BRAIN DRAIN”:
n considering the development impact of international migration, it is important to assess the
impact of s)illed migration from developing countries. ?ince the early 588#s the international
mobility of highly s)illed wor)ers has been increasing (ocuier and 'arfou), "##%4 umont
and 9emaLtre, "##%4 9owell, "##=&, reflecting globali>ation trends, rising global demand for
s)ills, selective admission policies in developed countries, and the phenomenal growth in +T.
The impact of this “brain drain” from origin countries varies according to the characteristics of
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those countries (si>e and level of development&, the type of sector or occupation concerned, the
mode of financing education (public or private& and the type of migration (temporary,
permanent or circular& (ocuier and 'arfou), "##%4 Fapur and 'cale, "##%4 9owell and
Bindlay, "##"4 :E+, "##"a4 0orld Aan), "##$b&. ?)illed people move for many reasons,
including higher wages, better facilities and more opportunities for advancement. estination
countries sometimes promote the immigration of professionals through recruitment drives and
selection systems that facilitate entry.
These selection systems can amount to what has been called “cherry pic)ing”, in the sense of
attracting the “best and brightest” from poor countries and depriving these countries of their
most ualified individuals < individuals in whom they have made heavy investments in
education and human capital, often at public expense. 'any migrants from developing countries
in the nited ?tates in 588# had twice as much education as their compatriots. This trend hascontinued for almost all developing countries since the 588#s. Thus, for example, in "### there
were -.; times more Damaicans with a university education in the nited ?tates than in Damaica4
and for every ten ?alvadorian university graduates at home, there were four in the nited ?tates
(1dams, "##-&.
IV. RETURN MIGRATION AND CIRCULAR MIGRATION/
@eturn migration has traditionally been viewed as a good strategy to reverse brain drain, and
considerable interest has been expressed in the return migration of s)illed wor)ers as a ma3or
positive factor for the development of origin countries. nfortunately, there are extremely
limited data on return migration, except that which has ta)en place on an organi>ed basis,
because countries do not have monitoring systems to record the return of nationals who have
been employed abroad. ardly any information exists on the types of return migration,
motivations for it or time patterns. n any assessment it would be important to distinguish
between what is most relevant for development, that is, voluntary return, from involuntary
return associated with, for example, the re3ection of asylum applications or deportation
programmes for migrants in irregular status. ?uch data do not currently exist, however. 1n
:E+ study of return migration from its member ?tates sheds some light on when migrants
return and why. 1ccording to the study (:E+, "##=&, "#
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V. TRANSNATIONAL (DIASPORA) COMMUNITIES/
*overnments of origin countries are increasingly interested in the potential value of
transnational communities as engines of development. Bor example, 'exico has created special
programmes that match government funds to remittances that are invested to create 3obs in
migrant areas of origin (9Mpe> Espinosa, "##"&. 'exicans in the nited ?tates have thousandsof “hometown associations” which have supported all )inds of community activities, from
building new roads to repainting churches and funding fiestas. ?imilarly, migrants from El
?alvador who live in 9os 1ngeles, 0ashington, +, and many other cities in the nited ?tates
have established town committees (comitNs del pueblo& to support activities bac) home, such as
paving roads and installing electricity (7ortes, 588;4 7ortes, Escobar and 0alton @adford,
"##%&.
VI. MIGRATION AND TRADEAecause traded goods include labour inputs, trade, li)e migration, involves the movement of
labour. Bor this reason, economists loo) at trade as a substitute for migration. n the E,
expansion of intra2community trade has brought about a convergence of income levels. Today,
even though wor)ers are completely free to move within the E, the number tempted to migrate
is an insignificant proportion of the European wor)force. This is because trade and other
measures have largely accomplished the 3ob of reducing economic differences between the
'ember ?tates (see Ienables, 5888&. The relation between trade and migration is, however,
much more complex than this would suggest. ?ome economic activities, such as “call centres”,
can easily be relocated to low2wage countries, so that 3obs, rather than people, migrate, but other
activities cannot be relocated. n some fields, such as financial services and high2technology
products, trade and migration are complementary, in that the former prompts an increase in the
latter.
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INTERNATIONAL CAPITAL MOVEMENT
nternational capital movement have played an important role in the economic development of
several countries. They provide an outlet for saving for the lending countries which helps to smooth
out business cycles and lead to a more stable pattern of economic growth. :n the other hand, they
help to finance development of under2developed countries. They also help to ease the balance of
payments problems of developing economies. Thus, international capital movement have an
important role to play in the balance of payments ad3ustments mechanism.
1s compared to developed countries of the world, the developing countries suffering from scarcity
of capital and poor technology. Therefore, they rely on international capital floes to finance their
investment opportunities and hence, to raise income and payment.
The term international capital movement refers to borrowing and lending between countries. These
capital movements are recorded in the capital account of the balance of payment.
:ne of the most important developments in the world economy in the 588#s has been the
spectacular surge in international capital flows. These flows have emanated from a greater financial
liberalisation, improvement in information technology, emergence and proliferation of institutional
investors such as mutual and pension funds, and the spectra of financial innovation. 0ith the
increasing capital flows and participation of foreign investors and institutions in the financial
mar)ets of developing countries, the capital account has been the focus of attention since the late
58=#s and especially so in the 588#s. The expansion of capital flows has been much larger than that
of international trade flows. The process has been reinforced by the ongoing abolition of
impediments and capital controls and the widespread liberalisation of financial mar)ets in the
developing countries during the 588#s.
TYPESSOURCES OF INTERNATIONAL CAPITAL MOVEMENTS
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+apital movement can be classified by instrument into debt or euity and by maturity into short2
term and long2terms.
+apital movement can be divided in to short2term and long2terms flows. epending upon the nature
of credit instruments involved.
“1 capital movement is short2term if it is embodied in a credit instruments of less than a year’s
maturity. f the instruments has duration of more than a year or consist of the title to ownership,
such as the share of stoc) or a deed to property, the capital movement is long2term.”
SHORT!TERM CAPITAL MOVEMENT:!
They can ta)e place through changes in claims of domestic’s residents on foreign residents or in
liabilities of domestics residents owed to foreign residents. ?hort2term capital instruments are
demand deposits, bills, overdraft, commercial and financial papers and acceptances, loan and
commercial ban)s credits, and items in the process of collection. They are mostly speculative in
nature. ?hort2terms capital movements may ta)e the form of hot money movements which refers to
capital movements to ta)e advantages of international difference in interest rate.
LONG!TERM CAPITAL MOVEMENTS:!
They are generally for long2term investments. They may be further classified in to direct
investment, portfolio investment and assistance from governments and institutions.
5. Foreign Direct Investment [FDI]
F"#$%&' %#$* %'+$,*-$'* (FDI& is a direct investment into production or business in a country by
an individual or company in another country, either by buying a company in the target country or by
expanding operations of an existing business in that country. Boreign direct investment is in contrast
to portfolio investment which is a passive investment in the securities of another country such
as stoc)s and bonds. Aroadly, foreign direct investment includes Omergers and acuisitions, building
new facilities, reinvesting profits earned from overseas operations and intra company loansO. n a
narrow sense, foreign direct investment refers 3ust to building new facilities. The numerical B
figures based on varied definitions are not easily comparable.
1s a part of the national accounts of a country, and in regard to the *7 euation PQ+HH*H(J2'&
R+onsumption H omestic investment H *overnment spending H(eJports 2 i'portsS, is
investment plus foreign investment, B is defined as the net inflows of investment (inflow minus
outflow& to acuire a lasting management interest (5# percent or more of voting stoc)& in an
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enterprise operating in an economy other than that of the investor.B is the sum of euity capital,
other long2term capital, and short2term capital as shown the balance of payments. B usually
involves participation in management, 3oint2venture, transfer of technology and expertise. There are
two types of B/ inward and outward, resulting in a net B inflow (positive or negative& and
Ostoc) of foreign direct investmentO, which is the cumulative number for a given period. irect
investment excludes investment through purchase of shares. B is one example of international
factor movements.
T/$, "0 FDI, :
5. H"#%1"'*23 FDI arises when a firm duplicates its home country2based activities at the same
value chain stage in a host country through B.
". P32*0"#- FDI Boreign direct investment from a source country into a destination country
for the purpose of exporting to a third country.
-. V$#*%23 FDI ta)es place when a firm through B moves upstream or downstream in
different value chains i.e., when firms perform value2adding activities stage by stage in a
vertical fashion in a host country.
ori>ontal B decreases international trade as the product of them is usually aimed at host
country4 the two other types generally act as a stimulus for it.
M$*4", :
The foreign direct investor may acuire voting power of an enterprise in an economy through any of
the following methods/
• by incorporating a wholly owned subsidiary or company anywhere
• by acuiring shares in an associated enterprise
• through a merger or an acuisition of an unrelated enterprise
• participating in an euity 3oint venture with another investor or enterprise.
F"#-, "0 FDI :
• low corporate tax and individual income tax rates
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• tax holidays
• other types of tax concessions
• preferential tariffs
• special economic >ones
• E7K < Export 7rocessing Kones
• Aonded 0arehouses
• 'auiladoras
• investment financial subsidies
• soft loan or loan guarantees
• free land or land subsidies
• relocation expatriation
• infrastructure subsidies
• @ support
• derogation from regulations (usually for very large pro3ects&
IMPORTANT AND BARRIERS TO FDI
The rapid growth of world population since 58%# has occurred mostly in developing countries. This
growth has been matched by more rapid increases in gross domestic product, and thus income per
capita has increased in most countries around the world since 58%#. 0hile the uality of the data
from 58%# may be of uestion, ta)ing the average across a range of estimates confirms this. :nly
war2torn and countries with other serious external problems, such as aiti, ?omalia, and !iger have
not registered substantial increases in *7 per capita. The data available to confirm this are freely
available.
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http://en.wikipedia.org/wiki/Tax_holidayhttp://en.wikipedia.org/wiki/Tariffshttp://en.wikipedia.org/wiki/Special_economic_zonehttp://en.wikipedia.org/wiki/Free_trade_zonehttp://en.wikipedia.org/wiki/Bonded_warehousehttp://en.wikipedia.org/wiki/Maquiladorahttp://en.wikipedia.org/wiki/Soft_loanhttp://en.wikipedia.org/wiki/Tariffshttp://en.wikipedia.org/wiki/Special_economic_zonehttp://en.wikipedia.org/wiki/Free_trade_zonehttp://en.wikipedia.org/wiki/Bonded_warehousehttp://en.wikipedia.org/wiki/Maquiladorahttp://en.wikipedia.org/wiki/Soft_loanhttp://en.wikipedia.org/wiki/Tax_holiday
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1n increase in B may be associated with improved economic growth due to the influx of capital
and increased tax revenues for the host country. ost countries often try to channel B investment
into new infrastructure and other pro3ects to boost development. *reater
competition from new companies can lead to productivity gains and greater efficiency in the host
country and it has been suggested that the application of a foreign entity’s policies to a domestic
subsidiary may improve corporate governance standards.
5. Portfolio Investment
1 /"#*0"3%" %'+$,*-$'* is a passive investment in securities, none which entails in active
management or control of the securitiesU issued by the investor . 7ortfolio investment is an
investment made by an investor who is not particularly interested in involvement in
the management of a company.
t is also the investment in securities that is intended for financial gain only and does not create
a controlling interest in or effective management control over an enterprise.
t includes investment in an assortment or range of securities, or other types of investment vehicles,
to spread the ris) of possible loss due to below expectations performance of one or a few of them.
portfolio investment is a mode of investment in the securities and bond of a company which helps
the company to bring up more sources of finance and to strengthen itUs financial adeuacy. it enables
to improve the creditworthiness of the company in the mind of the general public and they are being
prompted to invest more and earn in accordance with it.
The term portfolio refers to any collection of financial assets such as stoc)s, bonds, and cash.
7ortfolios may be held by individual investors andVor managed by financial professionals, hedge
funds, ban)s and other financial institutions. t is a generally accepted principle that a portfolio is
designed according to the investorUs ris) tolerance, time frame and investment ob3ectives.
The monetary value of each asset may influence the ris)Vreward ratio of the portfolio and is referred
to as the asset allocation of the portfolio. 0hen determining a proper asset allocation one aims at
maximi>ing the expected return and minimi>ing the ris). This is an example of a multi2ob3ective
optimi>ation problem/ more Oefficient solutionsO are available and the preferred solution must be
selected by considering a trade off between ris) and return. n particular, a portfolio 1 is dominated
by another portfolio 1U if 1U has a greater expected gain and a lesser ris) than 1. f no portfolio
dominates 1, 1 is a 7areto2optimal portfolio. The set of 7areto2optimal returns and ris)s is called
the 7areto Efficient Brontier for the 'ar)owit> 7ortfolio selection problem.
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http://en.wikipedia.org/wiki/Passive_investmenthttp://en.wikipedia.org/wiki/Passive_investmenthttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Corporate_managementhttp://en.wikipedia.org/wiki/Corporate_managementhttp://en.wikipedia.org/wiki/Passive_investmenthttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Corporate_management
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3. Official Flows
They are shown as external assistance, i.e. grants and loans from bilateral and multilateral flows.
9ong2term capital movements can also ta)e the form of government loan grants and loans from
international financial institutions li)e A@, 1, etc. ?ometimes government of advanced
countries may gives loans to financial pro3ect in a developing country. These are )nown as bilateral
loans. nternational financial institution li)e world ban), 1sian developing ban), etc. 1lso give
financial assistance to developing countries. These loans are called multilateral loans. Thus,
governments and international institutions play an important role in international capital movement.
FOREIGN AID:
1 part of the foreign capital is received on concessional term and it is )nown as external assistance
and foreign aids. t may be received by way of loans and grants. *rants are in a forms of out rightgift which do not have to be repaid. 9oan ualify as aid only to the extent that they bear a
concessional rate of interest and have longer maturity period than commercial loans. Boreign aids
has mostly been given by foreign governments and international finantial institutions li)e 'B,
0:@9 A1!F, 1?1! EIE9:7'E!T A1!F 1! ?: :!.
:fficial flow were about ;%2=# percent of capital flow till 5885. Ay 5886, this has come down to
about "# percent and has further fallen to below % percent by late 588#s.
6. External Commercial Borrowing
1n $6*$#'23 "--$#%23 7"##"8%'& (E+A& is an instrument used in ndia to facilitate the access to
foreign money by ndian corporations and 7?s ( public sector underta)ings&. E+As include
commercial loans, buyersU credit, suppliersU credit, securitised instruments such as floating rate notes
and fixed rate bonds etc., credit from official export credit agencies and commercial borrowings
from the private sector window of multilateral financial nstitutions such as nternational Binance
+orporation (0ashington&, 1A, 1B+, ++, etc. E+As cannot be used for investment in stoc)
mar)et or speculation in real estate. The E1 (epartment of Economic 1ffairs&, 'inistry of
Binance, *overnment of ndia along with @eserve Aan) of ndia, monitors and regulates E+A
guidelines and policies. Bor infrastructure and *reenfield pro3ects, funding up to %#W (through
E+A& is allowed. n telecom sector too, up to %#W funding through E+As is allowed. @ecently
*overnment of ndia has increased limits on @A to up to G6# billion and allowed borrowings in
+hinese currency yuan.
Aorrowers can use "% per cent of the E+A to repay rupee debt and the remaining ;% per cent should be used for new pro3ects. 1 borrower can not refinance its existing rupee loan through E+A. The
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http://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Floating_exchange_ratehttp://en.wikipedia.org/wiki/Export_Credit_Agencieshttp://en.wikipedia.org/wiki/Financial_institutionhttp://en.wikipedia.org/wiki/International_Finance_Corporationhttp://en.wikipedia.org/wiki/International_Finance_Corporationhttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Real_estatehttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Floating_exchange_ratehttp://en.wikipedia.org/wiki/Export_Credit_Agencieshttp://en.wikipedia.org/wiki/Financial_institutionhttp://en.wikipedia.org/wiki/International_Finance_Corporationhttp://en.wikipedia.org/wiki/International_Finance_Corporationhttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Real_estatehttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_India
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money raised through E+A is cheaper given near2>ero interest rates in the ? and Europe, ndian
companies can repay their existing expensive loans from that.
The ministry has not put any ceiling on individual companies for using renminbi as currency for
E+A. Even though the overall limit for permitting it under E+A is only G5 billion, the officials
denied possibilities of a single company using the
entire amount as it would come under Xapproval’
route.
The cost of borrowing in @enminbi is far less,” said
a finance ministry official. “+ompanies go for it as
it is on easier terms. 0e are getting their (+hina’s&
money cheap.”
The limit for automatic approval has also been increased from G5## million to G"## million for the
services sector (hospitals, tourism& and from G% million to G5# million for non2government
organisations and microfinance institutions. The decisions will come into effect through a
notification by @A.
DETERMINANTS OF INTERNATIONAL CAPITAL FLOW
The pace, magnitude, direction and composition of international capital flows have crucial
implication for the recipient countries. The surge in private capital inflows to developing economies
in the 588#s coincided with the period of low international interest rate in the advanced economies
and domestic policy reform in the developing world . The literature on determinants of cross2
countries capital flow has identified various factors which, inter alia, include the overall
macroeconomic scenario, political ris) perception, regulatory regims, fiscal concessions and
business strategy of the entity from which the capital flow originates. The literature usually
distinguishes between two broad sets of factors affecting capital movements.
COUNTRY!SPECIFIC “PULL” FACTORS :
They reflects domestic opportunity and ris). The evidence on this issue highlights that 799 :@
:'E?T+ B1+T:@? operating at pro3ect and country levels, reflects essentially the improved
policies that increase the long run expected returns or reduced the perceived ris) on real domestic
investments. These includes measures that increase the openness of the domestic financial mar)et to
foreign investors4 liberalisation of B4 credible structural or macroeconomic policies4 sustainable
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debt and debt service reduced ensuring timely repayments4 stabilisations policies that affect the
aggregate efficiency of resource allocation4 policies that affect the level of domestics absorption
relative to income4 and the ability of the economy to absorb shoc)s from changes in international
terms of trade. 7ull factors li)e rebuts economic reforms in emerging economies are internal to an
economy.
GLOBAL OR “PUSH” FACTORS :
They are stimulus provided by the decline of ? interest rate that has ta)en place in recent years.
B may be attracted by the opportunity to use local raw material or employ a local labour force
that are relatively cheap. The 7? :@ EJ:*E!:? B1+T:@? includes lower foreign interest
rates, recession abroad and herd mentality in international capital mar)ets. 7ush factorsare external
to an economy and include parameters li)e low interest rates abundant liuidity, slow growth, or
lac) of investment opportunities in advanced economies.
7ush and 7ull factors explains international capital flows. The 7ull factors determine the geographic
distribution of the flows amongst the recipient economies.
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The Imortant Determinants Of International Caital !ovements
9. RATE OF INTEREST :
1n important factors which has a bearing on the international capital movements is differences in
the rate of interest. 1ccording to 9.'.Ahole ,” 9i)e population migration, capital migration can be
and has been explained in terms of the “799” and “7? B1+T:@?”. 1s far as the recent
increase in capital flows is concerned, greater weight has to be given to the push factors,
particularly the falling interest rates in the ? and some other countries.
5. INTEGRATION OF FINANCIAL AND OTHER MARKETS:!
The various forms of foreign capital movements depends upon the degree of openness of the
financial and other mar)ets and the extent of their international integration. n the recent years most
of the countries have adopted the policy of deregulation, liberalisation, privatisation and structural
ad3ustments. They have also dismantled various control related to trade, foreign exchange, foreign
investment, ownership and capital flows. 1ll these changes have contributed to recent increase in
capital flows.
@apid improvements in technologies for collecting, processing, and disseminating information,
along with the opening of domestic financial mar)ets, the liberalisation of capital account
transactions, and increased private savings for retirements have stimulated financial innovation andcreated a larger pool of internationally mobile capital. 1t the same time, consolidation in the global
ban)ing industry and competition from non2ban) financial institution R including mutual funds S
have lured new players to the international financial area. These trends accelerated in the 588#s,
expanding investments opportunities for saver and offering borrowers a wide array of sources of
capital. The same trends are expected to continue into the "5st century.
. GROWING POOL INTERNATIONAL FINANCIAL CAPITAL:!
:ver the last two decades, the financial mar)ets of leading industrial countries have transformed
into a global financial system, permitting larger amounts of capital to be allocated not only to theirs
economies, but also to developing economies. Birm in developing and industrial countries a li)e are
raising more funds from international securities mar)ets. 'ultinational corporations are registering
their euity on more than one country’s stoc) exchange and raising funds from financial mar)ets in
different economies. 'utual funds, hedge funds, pension funds, insurance companies and other
investments and asset managers now compete with ban)s for national savings. Even though this
phenomenon has been confined so far primarily to developed economies, it has started to spread to
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some developing countries too. nstitutional investors have ta)en advantages of the easing of
restrictions in many developed countries to diversify their portfolios internationally, enlarging the
pool of financial capital potentially available to developing economies. 1ccording to world
development report of 58882"###, in 588% these investors controlled "#trillion dollars, 58=# of
which only " percent was invested abroad. Thus, there was a tenfold increase in the funds and a
fortyfold increase investments abroad.
;. LIBERALISATION OF CAPITAL ACCOUNT TRANSACTIONS AND MOVE
TOWARDS FLEXIBLE EXCHANGE RATE REGIME:!
The 588#s have seen a consistent trend toward more flexible exchange rate regimes and the
liberalisation of capital account transactions. The latter involves changes in policies toward different
types of private capital flows, such as foreign direct investments, foreign bond and euity
investments, and short term borrowing from abroad. 'ost countries have moved towards capital
account convertibility as part of wide2ranging gradual economic reform program that includes
measuring to strengthen the financial sector.
. SOCIAL AND ECONOMIC OVERHEADS:!
nfrastructural facilities, availability of s)illed labour, advances in computer and telecommunication
technologies, etc. 0ill influence private capital investment into the country. 9abour policies will
also have a bearing on the foreign investments. The mar)et potential, i.e. the ability of the mar)et to
absorb the whole range of new products, is also li)ely to influence the inflow of foreign capital.
?. CREDIT RATING:!
The credit rating and credit standing of nation, which depend on economic, political and social
stability, also influence foreign capital flows.
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@. SPECULATION:!
?hort2term capital movement may be influenced by speculation relating to expected changes in
interest rates or rate of return or foreign exchange rates.
9. PROFITABILITY:!
Boreign capital movement are also influenced by profitability considerations of investments.
t is noteworthy that an overwhelming proportion of international capital flows towards developing
countries is directed towards middle2income countries. !otwithstanding fluctuation over the year,
this concentration has increased, especially with regard to B and portfolio flows. n particular,
share of East 1sia and 7acific region in portfolio investment has increased. nflo of debt2creating
capital toward developing countries declined sharply in the wa)e of the East 1sian crisis
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ROLE OF FOREIGN CAPITAL
Boreign +apital had played an important role in the early stages of industrialisation of most of the
advanced countries of today li)e countries of Europe and !orth 1merica. There is a general view
that foreign capital, if property diverted and utilised, can assist economic development of
developing countries. These countries need resources to finance investment in health, education,
infrastructure and so on. t can supplement a country’s domestic saving effort and foreign exchange
earnings.
1 number of studies have confirmed that international capital flows can contribute significantly to
promotr groth in developing countries by augmenting domestic savings, reducing cost of capital,
transferring technology, developing domestic financial sector and fostering human capital
formation. Boreign capital can contribute to economics development of developing countries in
following ways/
SUPPLEMENTS DOMESTIC CAPITAL FORMATION:!
Economic development depends on , among other things, capital formation. The domestic capital
formation is inadeuate in 9+s. The foreign capital can supplements the domestic resources to
achieve the critical minimum investment to brea) the vicious circle of loe income2low saving2low
investment. f more domestic capital is to be created by country’s own efforts, resources will have
to be diverted from the production of goods reuirements for current consumption. This may lead to
a cut in present living standards. Thus, foreign capital can help to supplement the domestic capital.
ACCELERATES ECONOMIC DEVELOPMENT:!
Boreign capital helps to accelerate the pace of economies development by faciliting imports of
capital goods, technical )now2how and other imports which are reuired for carrying out
development programmes.
IMPROVE TRADE BALANCE:!
Boreign capital inflow may help to increase a country’s exports and reduced the imports
reuirements if such capital flows into export oriented and import competing industries.
TRANSFER OF TECHNOLOGY:!The foreign capital may facilited transfer of technology to
9+s. t may helps to modernise the production techniues in industry, agriculture and other sector.
REALISATION OF EXTERNAL ECONOMIES:!
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f the foreign capital is allowed to flow into the development of infrastructure it may lead to
realisation of external economies which may stimulate domestic investments in the country.
INCOME AND EMPLOYMENT:!
f foreign capital flow into real sectors in the form of direct investments it helps toi increase
productivity, income and employment in the economy.
BALANCE OF PAYMENTS ADUSTMENT:!
nflow of foreign capital, especially the short2term, may be able to provide a breathing space to a
deficit country to cover the deficit until a complete ad3ustments is achieved to correct the balance of
payments deficit,. owever, such capital movement should be seen as a temporary phenomenon.
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IMPACT OF FOREIGN CAPITAL FLOW
ECONOMIC GROWTH:!
+apital flow and economic growth are positively related to each other. igh surge of capital flow
influences the domestic saving, investments and productivity of the country. mpacts of
international capital flows on economic growth during post liberalisation into ndia are very
significant. t is argued that capital inflow influences growth and growth influences capital flows.
nternational capital flows ma)e a direct contribution to economic growth. The potential benefits
from the flows are reali>ed from improving productivity. *lobalisation allows capital to move to
attractive destination and it can fuel higher growth.
AFFECT A RANGE OF ECONOMIC VARIABLES:!
+apital flow affects the range of economic variable such as exchange rate, interest rate, foreign
exchange reserve, domestic monetary condition and financial system in the country. +apital inflowinduces real exchange rate appreciation, stoc) mar)ets and real estate boom, and monitory
expansion. 1ppreciation of exchange rate can lead to loss of competitiveness. nflow of foreign
capital has a significant impact on domestic money supply and stoc) mar)et growth, liuidity and
volatility.
INFLATION:!
9arger capital flows can spar) off inflation due to its impact of monetory expansion.
TRIGGER BUBBLES:!
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+apital inflow may trigger bubbles in asset mar)et and stoc) mar)et.
VOLATILITY:!
7ortfolios flows are li)ely to render the financial mar)et more volatile through increase lin)age
between the domestic and foreign financial mar)ets. +apital flows expose the potential vulnerability
of the economy to sudden withdrawals of foreign investor from the financial mar)et, which will
affect liuidity and contribute to financial mar)et volatility.
BALANCE OF PAYMENTS:!
Boreign direct investment inflow tend to worsen the current account in the short run. The ong2term
effects on the balance of payments depends, among other things, on the operating characteristics of
B enterprises, notably their export propensity, the extent to which they rely on imports inputs,
including technology imports, and on the volume of profit2repatriation. :f course, there are indirect
effect too. 'ultinationals can conceivably increase the export propensity of domestic firms through
spill over effects. Burther, if domestic production by multinational substitutes for previously
imported goods, B can reduce the total import bill.
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DRAWBACKS OF FOREIGN CAPITAL
F"#$%&' 2/%*23 -2 &%+$ #2%,$ *" ,$#%", /#"73$-, %' *4$ #$$'* "'*#%$,. t has been
recognised that sudden and large surges in capital flows cause several problems. 9arge capital flows
could push up monetary aggregates, engender inflationary pressures, destabilise exchange rates,
exacerbate the current account position, adversely affect the domestic financial sector and distrupt
domestic growth tra3ectories if and when such flow get reversed or drastically reduced. ?ome of the
drawbac)s associated with international capital flows are discussed below.
INEFFICIENT ALLOCATON OF RESOURCE AND PRODUCTION DISTORTION:!
Boreign capital has a tendency to flow to high profit areas rather than the priority areas. The
international capital inflows may be devoted to consumption which has a low social value or may
be invested in pro3ect that generates low social returns. Thus, the use of foreign capital may involve
inefficient allocation of resources and may create distortion in production structure. Therefore, it
may not help to increase productivity, output and employment.
DESTABILISE THE ECONOMIES:!
?ince the international capital flows are generally unstable, uncertain, unsustainable and uic)ly
reversible they have a tendency to destabilise the economies of recipient countries. The volume,
timing and composition of capital flow are uncertain. +hanges in internal factors such as loss of credit worthiness, etc. 'ay tend to stop the inflows or even lead to outflows. The inflow may tend
to increase the money supply and lead to domestic inflation. 0hen the capital inflows are reversed
there may be rise in interest rates, fall in liuidity, depreciation of currency, etc. 1ll of this may
leads to serious balance of payments crisis.
HIGHLY VOLATILE IN NATURE:!
nternational capital flows are inherently unsustainable, volatile and unstable in nature. They aresub3ect to external shoc)s and internal policies. This increase instability in the recipient countries.
REDUCES THE EFFECTIVENESS OF MONETARY POLICY:! nternational capital flows
reduced the effectiveness of monetory policy. The pressures against the exchange rate can uic)ly
become very large and the central ban)s may be faced with the possibility of a run on their
currencies. The central ban)s may not be effective to prevent it.
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HIGH COST OF FOREIGN CAPITAL:!
foreign currency borrowing may imply a lot of uncertainties due to floating interest rates. There are
many non2economics cost associated with foreign capital such as problems related to foreign
ownership and control, dumping of outdated technology, loss of autonomy of domestic policies
dependence, and so on. Boreign euity capital also gives rise to drain of resources in the form of
dividends and so on. Boreign borrowing give rise to the problem of debt trap.
INAPPROPRIATE TECHNOLOGY:!
the technologies brought in by the foreign capital may not be adaptable to the consumption needs,
si>e of domestic mar)et, availability of resources, stage of economic development in the country
and so on.
it become a clear from above analysis that undue dependence on foreign capital of whatever type
R i.e. euity, debt, short2term and long2term capital S is bound to create large number of harmful
conseuences in the recipient countries.
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C2/%*23 03"8, %' I'%2
The gradual opening of ndia’s capital account in the 588#s has changed the external sector
dynamics in ndia. *rowing integration with the world economy has introduced new
macroeconomic influences, ma)ing the tas) of macroeconomic management that much more
challenging. This paper by @enu Fohli attempts to analyse the patterns and trends in capital flows
into ndia in the 588#s and how these have affected the )ey macroeconomic variables in the
economy. t also attempts to study the response of the policy ma)ers to the new challenges posed by
the partial capital account liberalisation.
The paper finds that an inflow of foreign capital during this period has resulted in real exchange rate
appreciation and has had a significant impact on domestic money supply. uring a capital surge,
these effects have been countered through intervention and sterilisation. The costs of these policies
in the event of heavy inflows of foreign capital into ndia are spelt out in the paper.
The last decade has witnessed a tremendous increase in the mobility of international capital. +ross2
country trends in capital flows reveal that private capital flows now dominate with official capital
flows reduced to a tric)le. ?imultaneously, a rise in portfolio capital has tilted the composition of
international capital flows towards short2term investments, exposing individual countries to
enhanced volatility and sudden withdrawal ris)s. These have been driven both by strong trends
towards globalisation, which has enabled pursuit of higher returns and portfolio diversification, and
the mar)etoriented reforms in many countries, which have liberalised access to financial mar)ets.
+oncurrent with these trends has been the rising incidence of financial crises, raising uestions
about lin)ages between the two. +oncern has also been expressed as to whether the costs of
increased vulnerability to financial fragility might not outweigh the gains from financial integration.
!otwithstanding these doubts, most countries continue to progress in dismantling capital controls to
integrate their financial mar)ets with the rest of the world, albeit more cautiously.
These developments have stimulated a )een interest in understanding the nature and economic
effects of capital flows as well as the appropriate policy responses to safeguard against financial
instability that appears to be associated with international capital mobility. +apital flows affect a
wide range of economic variables such as exchange rates, interest rates, foreign exchange reserves,
domestic monetary conditions as well as savings and investments. ?ome commonly observed
effects of capital inflows
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". that have been documented in recent studies5 include real exchange rate appreciation, stoc)
mar)et and real estate boom, reserve accumulation, monetary expansion as well as effects on
production and consumption. Empirical studies that have begun to appear on the sub3ect assess the
impact of capital inflows upon output growth (*ruben and 'c9eod 588$"&, differential
macroeconomic effects of portfolio and foreign direct investment (*unther, 'oore and ?hort, 588$&
and effects upon monetary conditions, savings and investment (Famin and 0ood, 588=&.
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CONCLUSION
7rinciple 6 of the 9: 'ultilateral Bramewor) on 9abour 'igration states/ “1ll ?tates have the
sovereign right to develop their own policies to manage labour migration. nternational labour
standards and other international instruments, as well as guidelines, as appropriate, should play an
important role to ma)e these policies coherent, effective and fair.” The 9: 'ultilateral Bramewor)
has identified the elements of a rights2based approach to labour migration/
5& ensuring coherence between labour migration, decent wor), employment and other national
policies45) formulating and implementing labour migration policies guided by international labour standards
and other relevant international instruments and multilateral agreements concerning migrant
wor)ers4
) addressing specific vulnerabilities faced by certain groups of migrant wor)ers, including wor)ers in
irregular status4 and;) ensuring that labour migration policies are gender2sensitive.
nternational capital movement have played an important role in the economic development of
several countries. They provide an outlet for saving for the lending countries which helps to smooth
out business cycles and lead to a more stable pattern of economic growth. :n the other hand, they
help to finance development of under2developed countries. They also help to ease the balance of
payments problems of developing economies. Thus, international capital movement have animportant role to play in the balance of payments ad3ustments mechanism.
1s compared to developed countries of the world, the developing countries suffering from scarcity
of capital and poor technology. Therefore, they rely on international capital floes to finance their
investment opportunities and hence, to raise income and payment.
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ARTICLES :
• = 'a3or isadvantages of 7rivate Boreign +apital 2 by ?thiti as Boreign Trade
• 0hat are the Bactors which affects the nternational +apital 'ovementsZ 2 Ay !@1I ?
•mpact of nternational +apital Blow on ndian Economy 2 by !arayan ?ethi, F. ma and
?han)ar 7atnai)
BOOK :
Economics :f *lobal Trade 1nd Binance. 1uthor/2 Dohnson
http://www.ilo.org/wcmsp5/groups/public/---ed_protect/---protrav/---migrant/documents/publication/wcms_208594.pdfhttp://www.ilo.org/wcmsp5/groups/public/---ed_protect/---protrav/---migrant/documents/publication/wcms_208594.pdfhttps://www.google.co.in/search?q=Figure+1.1+Migrants+as+percentage+of+population,+2005&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiz1J2DgMPLAhXPJI4KHWvIAZsQ_AUICCgC&biw=1366&bih=623https://www.google.co.in/search?q=Figure+1.1+Migrants+as+percentage+of+population,+2005&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiz1J2DgMPLAhXPJI4KHWvIAZsQ_AUICCgC&biw=1366&bih=623https://www.google.co.in/search?q=Figure+1.1+Migrants+as+percentage+of+population,+2005&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiz1J2DgMPLAhXPJI4KHWvIAZsQ_AUICCgC&biw=1366&bih=623http://www.isleijle.org/isleijleconference/theme2.asphttp://www.biographies.com/http://www.yourarticlelibrary.com/category/foreign-trade/http://www.ilo.org/wcmsp5/groups/public/---ed_protect/---protrav/---migrant/documents/publication/wcms_208594.pdfhttp://www.ilo.org/wcmsp5/groups/public/---ed_protect/---protrav/---migrant/documents/publication/wcms_208594.pdfhttps://www.google.co.in/search?q=Figure+1.1+Migrants+as+percentage+of+population,+2005&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiz1J2DgMPLAhXPJI4KHWvIAZsQ_AUICCgC&biw=1366&bih=623https://www.google.co.in/search?q=Figure+1.1+Migrants+as+percentage+of+population,+2005&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiz1J2DgMPLAhXPJI4KHWvIAZsQ_AUICCgC&biw=1366&bih=623https://www.google.co.in/search?q=Figure+1.1+Migrants+as+percentage+of+population,+2005&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiz1J2DgMPLAhXPJI4KHWvIAZsQ_AUICCgC&biw=1366&bih=623http://www.isleijle.org/isleijleconference/theme2.asphttp://www.biographies.com/http://www.yourarticlelibrary.com/category/foreign-trade/Top Related