DHL Global Connectedness Index 2014

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96 II. Visualizing Global Connectedness FDI Stocks: Wealth and Wormholes Foreign Direct Investment (FDI) stocks remain much more the domain of advanced economies than does merchandise trade. Most emerging economies do not even report FDI stocks by partner country. The data on FDI used for these visualizations are based on outward and inward stocks reported by only 47 countries (31 of them advanced economies), but do combine to add up to 93% of worldwide FDI stocks. A rough visual indication of advanced economies’ dominance is provided by the share of the circumference of the circular visualization that is light blue (for North America) and dark blue (for Europe), although that does exclude some other advanced economies that are significant investors overseas, most notably Japan, Singapore, and Australia. Despite all the hoopla about “south-south” investments, only 4% of FDI stocks (among those with known origins and destinations) are from one emerging economy to another emerging economy, the second lowest share among the eight index components visualized here. FDI into emerging economies is indeed rising. The UN Conference on Trade and Development (UNCTAD) reported that in 2012, emerging economies attracted more FDI inflows than advanced economies for the first time ever, although it projects emerging economies’ share of FDI inflows to slip back below 50% in 2015. 2 Another highlight of the FDI visualizations is the jarring juxtaposition of the world’s largest economies and a set of financial centers through which FDI is routed for fiscal reasons. According to one source, half of US FDI was routed via “countries of convenience” in 2012, compared to less than 20% in the 1980s. 3 While the world’s largest directed stock of FDI, from the United States to the United Kingdom, does reflect large real investments in the UK by US firms, the second largest, from Hong Kong to the British Virgin Islands exemplifies the indirect routing of FDI that complicates the use of FDI statistics as meaningful indicators of the real activity of multinational firms. More than 70% of the Netherlands’ inbound and outbound FDI seems to be accounted for by special financial entities, implying that one could treat the Netherlands as a financial center and say that all of the 10 largest FDI stocks involve the US and/or a financial center (most frequently Hong Kong, which shows up in four of the 10). 2 UNCTAD World Investment Report 2013. Here, “emerging economies” refers to developing and transition economies as classified in UNCTAD statistics rather than our standard classifications based on IMF reporting. 3 Raymond Mataloni, “The Effects of Multinational Enterprises’ Investments in Countries of Convenience on BEA Direct Investment Statistics,” Presentation at the Annual Meeting of the Academy of International Business,” June 25, 2014.
DHL Global Connectedness Index 2014 97 FDI Stock Circular Visualization Scale: 1:10,000,000,000 Region Label Name North America USA United States CAN Canada BMU Bermuda R-NA Rest of North America Europe AUT Austria IRL Ireland ITA Italy CHE Switzerland LUX Luxembourg FRA France GBR United Kingdom NLD Netherlands DEU Germany BEL Belgium ESP Spain RUS Russian Federation SWE Sweden Region Label Name Europe CYP Cyprus Middle East & North Africa R-EU ME Rest of Europe Middle East & North Arica Sub-Saharan Africa AF Sub-Saharan Africa South & Central Asia CA South & Central Asia East Asia & Pacific SGP Singapore CHN China HKG Hong Kong SAR (China) JPN Japan AUS Australia R-AP Rest of East Asia & Pacific South & Central America, BRA Brazil Caribbean VGB British Virgin Islands CYM Cayman Islands R-SA Rest of South & Central America, Caribbean
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Pankaj Ghemawat and Steven A. Altma
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DHL GLOBAL CONNECTEDNESS INDEX 2014
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286 Appendix B - Data Sources, Regr
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288 Appendix B - Data Sources, Regr
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Praise for the DHL Global Connected
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DHL Global Connectedness Index 2014

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