Seeing like an investor: urban development planning,financialisation, and investors’ perceptions of London as an investment space

There is a growing orthodoxy that since the global financial crisis European policy-makers and planning systems have become more dependent on inward investment and the availability of global finance to fund welfare services and projects. This process of financialisation, it is claimed, is driven by the needs of developers and investors, who are focused on maximizing returns and limiting their social and economic liabilities. Planning agencies and traditional territory-based arrangements are viewed with increasing suspicion, as standing in the way of investment and acting as a brake on much needed house-building and regeneration. However, in this paper, drawing on detailed research with investors and developers in London, we argue that there needs to be a stronger focus in academic and policy writing on the multiple, variegated, and diverse calculations and framings that private sector actors take when making investment decisions. Too often their perspectives are caricatured and/or over-simplified. We show that and imaginations of planning and regulation are complex and that many firms have realized that market success results from becoming more deeply embedded in the local political, social, and regulatory environments in which they are investing. A greater understanding of these multiple forms of calculation, in turn, opens up opportunities for the maintenance and/or implementation of more effective forms of territorially-based soft and hard regulation. The paper concludes by outlining a broader research agenda for planning and urban studies.     

Information Age Ireland: The Attraction,the Reality and Never Ending Geography

This paper is an attempt to probe deeper behind the well-documented success story of the Irish economy over the 1990s. Over the decade, the country experienced unparalleled levels of economic growth that saw unemployment levels plummet, inflation levels stabilize and inward investment rise at a substantial rate. Growth rates of gross national product (GNP) best surmise the Irish case, the tigerish performance brought the country from one with a per capita GNP two-thirds of the European Union (EU) average in 1987, to one which exceeded the average 10 years later. An exposition of Ireland's pursuit of a foreign direct investment (FDI) development model forms a major part of this work. Recognizing the importance of FDI in Ireland, and FDI in the software sector in particular, this paper shows how and why investors flocked into the country over the golden era of the 1990s. Exogenously, Ireland's place on the outskirts of one of the world's biggest markets made it an alluring option for outside investors. Endogenously, the rationale behind the pursuit of high-tech FDI policy, beyond employment creation was the expected spill-over effects of multinational companies (MNCs) on the local economy. Questions are asked about the nature of positive externalities both in terms of the growth of an indigenous sector alongside a foreign-owned one as well as the sustainability of this type of investment. Changes in the organizational structures of MNCs over the 1990s, through decentralization of activities and outsourcing are integral to the Irish success story. Organizational transformation resulting in networks of global production have helped Ireland, as a peripheral region, to reposition itself as an access point to the lucrative European market. The geographic alteration on the national level however, has not been recreated on the sub-national scale. Contrary to the writings of many technology determinists, Ireland's pursuit of an information economy has had a very real impact in terms of regional economic divergence within the country. The lack of coherent regional or spatial planning is to blame along with a telecommunications infrastructure that has exacerbated the regional woes of an economy with an explicit focus on high-technology industries.     

影响海外华商投资风险认知的因素分析——以温州籍华商样本为例

论文采用问卷调查的方式对211名回国投资发展海外华商风险认知的影响因素进行探索分析,结果显示:海外华商风险认知受个人因素和外部环境因素的双重影响,但个人因素的影响更大;专家和实际投资者在风险认知影响因素的认定上存在差异,专家倾向于理性因素,而实际投资者则倾向于感性因素;海外华商在风险认知影响因素的评分上明显高于本土商人,在自我水平、周边人因素、项目信息与定位三因素上表现得尤为显著。建议积极开展海外华商的培训工作,建立海外华商投资风险的指导机制以及完善海外华商的商会组织机构。     

旅游招商引资中的制度性机会主义行为解析——西部A地旅游招商引资个案研究

旅游是促进发展中国家或地区资源资本化的有效途径之一。利用丰富的旅游资源吸引发达地区的资本,实现资源向资本的转化,就成为现阶段中西部地区地方政府重要的经济发展政策。本文通过对西部A地旅游招商引资的案例分析,指出在我国旅游业招商引资过程中,由于东道地区与投资者的权力关系不平等,信息不对称以及地方官员绩效考核制度不合理等因素的存在,投资者的投资行为往往会演变为一种制度性机会主义行为。不但使地方政府引进外部资本发展旅游的努力达不到预期的效果,反而将为此支付高额的社会成本,加剧不发达地区的资源和财富向发达地区回流和集中。文章对于招商引资中投资者与地方之间不平等的权力关系结构进行了深入剖析,指出有必要变更当前旅游景区开发中普遍存在的租赁经营制度为股份制制度,或对投资者征收财产税,以遏制这种投资机会主义的蔓延。     

Australian Capital City Property Development,Foreign Investment and Investor Attitudes

Recently there has been a substantial change in the role of foreign investment in urban property development in Australia. Now, about 50% of foreign investment each year is directed to urban property sectors, with Asian investors accounting for approaching 50% of this investment. This trend has coincided with the re-emergence of the property development sector from the trough of a recession in the early 1970s to something approaching a boom in the last two to three years. While there are considerable variations in the performance and prospects of the various capital city property markets, Australia is seen in general terms as being a favourable place for foreign investment in urban property development, particularly as a destination for long term equity investment. This paper examines recent trends in capital city property markets in Australia, and in particular the increasing importance of foreign investors. It also discusses the results of a national survey of property developers, investors and intermediaries, and investors, both local and foreign, and reports on their attitudes towards the various capital city property markets, and their investment behaviours. Attitudes towards the Foreign Investment Review Board (FIRB) guidelines and controls are examined, and it is suggested that there is room for further substantial deregulation to encourage direct foreign investment in Australian urban property development.     

High-skilled Return Migration and Knowledge-based Development in Poland

It is by now well known that return migration of the highly skilled can have a significant impact on knowledge-based development in the regions to which they return. Whereas previous research has mainly focused on developing and newly industrializing countries, this paper looks at high-skilled return migration in an East European transformation economy, namely Poland. In our paper, we propose an analytical framework which integrates migration theory and regional development perspectives. Based on narrative interviews with high-skilled return migrants in Warsaw and Poznań, we show that high-skilled return migrants have an impact on economic development by acting as both investors and innovators, i.e. that they transfer and successfully integrate financial means as well as different types of knowledge into these local economies. Furthermore, the Polish example illustrates that social relations and institutional context are crucial in understanding how high-skilled return migrants contribute to knowledge-based development.     

Russian Investment in the Commonwealth of Independent States

The paper by three RAND Corporation specialists analyzes the extent, rationale, and role of Russian investment in other member states of the Commonwealth of Independent States (CIS). Based on a unique, comprehensive survey, it evaluates differences between Russian and Western investors—in particular, the effects of Russian business practices in promoting or retarding reforms directed at expanding market activities, improving governance, and reducing corruption. The authors also assess the extent of Russian government involvement in investment decisions and explore whether that government has an operational agenda for encouraging investment in other countries of the CIS. Journal of Economic Literature, Classification Numbers: F21, F23, O18. 4 figures, 4 tables, 37 references, 2 appendices.     

THE NEOLITHIC TRANSITION IN SOUTHERN SCANDINAVIA: INTERNAL DEVELOPMENT OR MIGRATION?

Summary. During the last 10–15 years the neolithic transition in southern Scandinavia has been regarded mainly as the result of development among indigenous culture groups, frequently supported by a narrow material selection. In the present paper, botanical, zoological and archaeological materials from southern Scandinavia are reviewed and similarities to continental, mainly Polish, material discussed. The results strongly indicate that the introduction of agriculture in southern Scandinavia is mainly due to the expansion of the highly adaptive economy of continental TRB groups.     

Globalization of real estate markets in Central Europe

The process of globalization is increasing competition between urban areas for the attraction of investment. Within this context the paper initially highlights the impact of global change on city economies linking this to international investment within the real estate market. Factors influencing diversification strategies and international investment activity within property markets in central Europe are considered relative to a range of performance criteria. Office markets in Prague, Budapest and Warsaw are forwarded as case study examples to assess the degree of maturity that is occurring in these former socialist cities based on the activity of investors and end‐users including the extent to which there are dual markets operating for local and international actors.     

Philanthronationalism: Junctures at the Business–Charity Nexus in Post‐war Sri Lanka

Over the past few years, the role of private sector organizations as actors and investors in development processes has received increased attention. This article explores the rise of ‘philanthronationalism’ in Sri Lanka: the co‐development of business and philanthropy methods as a response to patronage, nationalization and militarization in the post‐war environment. Drawing on ethnographic research into indigenous forms of corporate social responsibility (CSR), the article identifies four kinds of philanthronationalist practice — passive, assimilative, reactive and collaborative — that provide a logic, mechanism and ethic for private sector development initiatives in the island whilst promoting a vision of the ‘Sinhala Buddhist’ nation state. Noting the emergence of similar philanthronationalist practices in Myanmar, the article concludes by arguing that the Sri Lankan case is unlikely to be unique and calls for further research into the partnerships that emerge between private philanthropy and nationalist movements in conflict/post‐conflict processes around the world.     

基于时变参数模型的中国房地产投资研究

房地产投资能够直接带动国民经济增长,但发展过快也会给经济带来负效应,协调好房地产投资与国民经济发展的关系尤为重要。本文首先综述国内外相关研究成果,发现现有定量研究无法真实反映房地产业本身结构的变化;其次,建立时变参数模型,对房地产投资与国民经济发展之间的关系进行了实证研究;最后得出研究结论和政策建议。本文的研究结论:一是房地产投资对GDP拉动作用显著;二是房地产投资受GDP、国内银行贷款以及利率的影响各不相同。与现有研究文献相比较,本文在研究视角和方法上均有-定的突破。     

The Misuse of Area in Mapping Census-Type Numbers

Abstract

Polish lands in 19th century are usually located in the economic peripheries of Europe. However there are no usable datasets of Polish GDP for this period to verify this hypothesis. The main problem is lack of reliable and comparable macroeconomic data from country divided between Russia, Austria and Prussia. The main goal of this research was to propose the method based on the urbanization data set to estimate the GDP of Polish territories and to verify the hypothesis on the peripheral development of Polish lands. In result the new estimates on GDP per capita were established, that allowed to confirm the hypothesis of semi-peripheral development of Polish territories in 19th century and slow process of catching-up with the core economies.     

Foreign Direct Investment and Democratic Development in the Russian Provinces: A Preliminary Analysis

Foreign investment in Russia has consistently lagged behind East European countries throughout the last decade. Although formidable obstacles to attracting foreign investment remain throughout the country, some of Russia's 89 provinces have been more successful than others in creating attractive investment environments. One reason for this varied success may be related to the degree of economic and political elite consensus that exists in some regions. This, in turn, may help in the formulation of incentives to attract foreign investors. However, the political consensus that helps to establish a stable policy environment for foreign investment may well imperil pluralistic political development in the long run. Thus, we must be wary of conflating foreign investor interest with liberal politics and democratic development in Russia's regions.     

The wider effects of inward foreign direct investment in manufacturing on UK industry

This paper examines the wider effects of inward foreign directinvestment (FDI) to the UK on improving the practices and competitivenessof domestic industry. Surveyed domestic suppliers, competitors,and customers to foreign investors reported extensive positiveimpacts on their practices, focused particularly on reductionsin X-inefficiencies, and on their competitiveness, althoughin the case of competitors benefits had to be balanced againstadverse effects. Knowledge transfers through personal contactsand the demonstration effect, were important to the transmissionof impacts, but a number of other channels were also important,including additional supplier sales, improved customer inputs,and the competitive spur. Regional policymakers should takethese wider benefits into account in the design of policiesfor attracting and embedding foreign investment. However, whilstthere was no evidence that foreign firms in assisted regionshad fewer benefits than those in core regions, there was a lotof leakage outside of the areas attracting foreign firms, suggestingthat policies to promote spillovers should not be developedentirely in a local or regional framework.     

How to deal with migrants and the State’s backlash – Polish cities’ experience

Over the last decades, Poland has witnessed a relatively dynamic increase in the number of immigrants. At the same time, current Polish central authorities, politicians of the ruling party and the majority of the population perceive migrants mostly as a threat and a challenge. Municipal authorities lack complex support from central authorities. However, the situation is slowly changing. Some Polish cities are adopting migration policies or including migration issues in the local development strategies. Considering this, the article aims to examine migrants’ integration policies in selected Polish cites considered leaders in this field: Lublin, Gdańsk, Kraków and Wroc?aw. The main research question is: how do Polish cities deal with the backlash from the national government and absence of clear legal regulations on their role and competences in the area of migrant integration? The research method is that of a legal-institutional analysis and case study. The former is used to interpret the legal acts and other documents. Its application is justified by the fact that this paper examines strategic documents adopted at the level of urban governments regarding the integration of migrants. Case study methods made it possible to examine the migrants’ integration policy in four Polish cities.     

Migration and the location of MNE activities: Evidence from Italian provinces

We investigate the migration-inward foreign direct investment (FDI) nexus in narrow geographies. A novel two-stage empirical strategy allows us to investigate the role of migration as a determinant of multinational enterprises (MNEs) location choices and unpick heterogeneity in foreign investors' preferences towards the presence of migrants in the host location. This allows us to shed light on the relative importance of the underlying mechanisms linking migration and inward FDI. Relying on 1113 greenfield investments by 895 MNEs in Italian NUTS3 regions over 2003–2015, we find that immigrants from the country of origin of the investor exert a positive but highly heterogeneous effect on MNE location choices. Investors are more sensitive to the presence of migrants from their country of origin when they lack experience in the destination country (first-time investors) and when their investments concern market-access or business-services (downstream) activities. This is consistent with the view that migrants act as information brokers that bridge the fixed costs of international business activities.     

Resource nationalism or resource liberalism? Explaining Australia's approach to Chinese investment in its minerals sector

Since 2005, a burgeoning wave of Chinese investments has set off a new ‘minerals boom’ in the Australian iron ore and coal mining sectors. While normally a welcome development, the state-owned and strategic nature of the investors has raised concerns in Australia about how these should be regulated. As a result, in February 2008 the Australian government declared an intention to more closely screen foreign direct investment (FDI) from state-owned sources, which both supporters and detractors alike have claimed is evidence of ‘resource nationalism’ in Australia's approach towards its trade and investment relationships with China. This article challenges this understanding through an examination of the characteristics of Chinese mining FDI, the dilemmas these present to the Australian government, and the relatively restrained nature of its response. Through this, Australia's FDI policy is explained as a defensive move against the potential for strategic behaviour by Chinese investors resulting from their state ownership, rather than any national program to subject minerals trade and investment to political control. On this basis, the article argues that Australian government policy instead evidences a ‘resource liberalism’ approach, which intends to ensure that the governance of Australia's minerals trade and investment with China remain market-based processes.     

Technological Maturity and Development without Research: The Challenge for Malaysian Manufacturing

Propelled largely by direct investment via multinationals, Malaysia’s manufacturing sector has grown rapidly and is changing its output‐mix. In 1992, the share of high‐tech products in Malaysian manufacturing exceeded that of Japan, Korea or Taiwan. However, this ‘maturity’ was acquired without a strong research base. This article provides a framework which looks at the role of research and development (R&D) in conferring technological maturity and assesses the progress Malaysian manufacturing has made in this regard. The authors find that while multinationals have transferred many aspects of production, they have been slow in transferring R&D expertise. Neither has indigenous innovation filled this gap. Consequently, the long‐term sustainability of the industrial transformation process in Malaysia is in jeopardy. The article concludes with suggestions for corrective policies.     

How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors

The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.     

Patriotism,Self-Interest and the ‘Empire Effect’: Britishness and British Decisions to Invest in Canada, 1867–1914

This paper builds on the growing body of literature on the British World, which has shown that people in the dominions had a strong British identity and their claims to Britishness were recognised by people in the British Isles. It attempts to gauge the extent to which this British World identity influenced the global allocation of British capital. Much of the existing literature on British investment in the dominions dismisses the possibility that the pattern in Britain's capital exports was significantly affected by imperial patriotism. This article will suggest that imperial sentiment did indeed influence the destination of British capital exports. Imperialist sentiment influenced the legal and political institutions of the dominions in ways that encouraged British investment. Moreover, imperial ideology may have influenced investors' decisions in ways that the existing historiography does not adequately explore: at least some British investors may have been willing to accept a lower anticipated rate of return because they valued the psychological satisfaction of investing in territories that happened to be part of the British Empire. This article compares the experience of British investment in the United States, which has an ambiguous relationship with the British World, with that of investment in Canada with a view to understanding the impact of the British World identity on investment patterns.