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Yale Center for the Study of Globalization The caveat is that policy coordination becomes difficult as the number of countries in the regional bloc increases. Indeed, the difficulty of coordinating and enforcing policies across many countries may be so costly, in terms of time and resources, that regionalism may prove infeasible. Finally, we note that an increase in FDI, even in the manufacturing industry, does not necessarily translate into higher economic growth. Specifically, several studies have found that FDI enhances growth only under certain conditions: when the host country’s education level exceeds a certain threshold (Borensztein and others, 1998); when domestic and foreign capital are complements (de Mello, 1999); when the country has achieved a certain level of income (Blomstrom and others, 1994); when the country is open (Balasubramanyam and others, 1996); and when the host country has a well developed financial sector (Alfaro and others, 2004). The data in Table 23.6 suggest that SSA countries may not achieve the threshold level necessary to benefit from the growth effects of FDI. Therefore, for countries in the region, reaping the benefits that accrue from FDI may be more difficult than attracting FDI. However, there is room for optimism. The policies that promote FDI also have a direct impact on long-term economic growth. As a consequence, African countries cannot go wrong implementing such policies. References Alfaro, L., A. Chanda, S. Kalemli-Ozcan, and S. Sayek, 2004. “FDI and Economic Growth: the Role of Local Financial Markets,” Journal of International Economics 64: 89-112. Arias-Chamberline, 2002. “Constraints of FDI to the ACP.” Mimeo. Asiedu, Elizabeth, 2002. “On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?” World Development 30(1): 107-19. ______, 2004. “The Determinants of Employment of Affiliates of U.S. Multinational Enterprises in Africa,” Development Policy Review, 22(4): 371-379. ______, 2006. “Foreign Direct Investment in Africa: The Role of Government Policy, Institutions, and Political Instability,” World Economy 29(1): 63-77. 410
Africa at a Fork in the Road: Taking Off or Disappointment Once Again? Asiedu, Elizabeth, Yi Jin, and Boaz Nandwa, 2009. “Does Foreign Aid Mitigate the Adverse Effect of Expropriation Risk on Foreign Direct Investment?” Journal of International Economics 78(2): 268-275. Asiedu, Elizabeth, and Donald Lien, 2011. “Democracy, Foreign Direct Investment, and Natural Resources,” Journal of International Economics 84: 99-111. Asiedu, Elizabeth, Yi Jin, and Zhixiong Zeng, 2011. “The Effect of Natural Resources on Foreign Direct Investment.” Mimeo. Auty, R. M., 2001. “The Political Economy of Resource-Driven Growth,” European Economic Review 45: 839-46. Axarloglou, Kostas, and Mike Pournarakis, 2007. “Do All Foreign Direct Investment Inflows Benefit the Local Economy?” The World Economy 30(3): 424-445. Balasubramanyam, V. N., M. Salisu, and D. Sapsford, 1996. “Foreign Direct Investment and Growth in EP and IS countries,” The Economic Journal 106: 92–105. Bartels, F. L., and S. A. Crombrugghe, 2009. “FDI Policy Instruments: Advantages and Disadvantages.” Working Paper 01/2009. Vienna: United Nations Industrial Development Organization (UNIDO). Blomstrom, M., R. E. Lipsey, and M. Zejan, 1994. “What Explains Developing Country Growth?” In W. Baumol, R. Nelson, and E. Wolff (eds.), Convergence and Productivity: Cross-National Studies and Historical Evidence. Oxford: Oxford University Press. Borenzstein, E., J. De Gregorio, and J. W. Lee, 1998. “How Does Foreign Investment Affect Economic Growth?” Journal of International Economics 45: 115-35. Central Intelligence Agency (CIA), 2011. The World Factbook. Available at: https:// www.cia.gov/library/publications/the-world-factbook/ Collier, P., and A. E. Hoeffler, 1998. “On the Economic Causes of Civil War,” Oxford Economic Papers 50: 563-73. 411
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AFRICA at a Fork in the Road TAKING
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Yale Center for the Study of Global
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Acknowledgements This volume is the
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Africa at a Fork in the Road: Takin
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2. Africa’s Policy Choices in an
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3. Industrialization: The Good Road
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PART II Why Performance Matters: Th
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6. Inclusive Growth in Africa: Curr
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8. Avoiding an African Spring: Conf
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9. Africa’s Jobs Challenge Haroon
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PART III The Governance Factor
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12. The Political Origins of Africa
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14. Corruption in Africa: Shifting
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16. Global Value Chains and “Serv
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17. Better Global Governance for a
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19. The Role of Aid in a Changing A
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PART V Shaping Africa’s Future
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26.5 Moving forward Africa’s mixe
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27. Smallholders Hold the Keys to A
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