Development is not an abstract concept but a real process of emergence and growth of new industri... more Development is not an abstract concept but a real process of emergence and growth of new industries and economic activities. China and India have recorded extraordinary development success in recent years. The emergence of new industries is not only bringing economic transformation to these countries but is changing the global economic landscape. No industries illustrate better the rising economic prominence of these two countries than the growth of the software industry in India and the growth of the hardware industry in China. Just as interesting for the understanding of industrial development is the relative lack of success of the hardware industry in India and of export success of the software industry in China. This study seeks to provide an explanation of these remarkable growth stories, based on an empirical analysis of the macro and microeconomic factors underpinning industrial development. In doing so, it sheds a broader light on the economic development paths that China and India have taken since 1990, and also on the process by which developing economies can enter and succeed in new markets.
Despite great investor interest in impact investing, actual investment flows have remained modest... more Despite great investor interest in impact investing, actual investment flows have remained modest. This is largely due to insufficient investment opportunities which offer a financially sustainable risk-return balance. A focus on de-risking impact investments can enable investors to find more assets which offer commercial returns on a risk-adjusted basis, without sacrificing impact. By cutting off the lower tail of the risk distribution, impact investments can offer comparable returns to other investments, as has been the International Finance Corporation’s (IFC’s) experience. Successful impact investing involves selecting assets and structuring investments differently to realize their potential to deliver both financial and social returns. We segment the supply and demand of impact investing funds, and identify the causes of elevated risks in prevalent approaches to impact investing. Drawing on IFC’s investment experience, we identify seven ways to reduce these risks. With th...
... those of the authors and should not be attributed in any manner to the IFC or to members of t... more ... those of the authors and should not be attributed in any manner to the IFC or to members of theBoard of Executive Directors or the ... 1) This paper discusses those institutions responsible for long-term development finance, also referred to as multilateral deve-lopment banks. ...
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
This paper argues that the liberalisation of foreign direct investment (FDI) has made labour cost... more This paper argues that the liberalisation of foreign direct investment (FDI) has made labour costs more important to domestic investment and long-run labour demand. It provides evidence from British and German data that is consistent with this view. First, high unit labour costs increase FDI outflows and lower FDI inflows. Second, the effect of unit labour costs on domestic manufacturing investment was more negative in the high-FDI 1980s than in the low-FDI 1970s, and this change was concentrated in high-FDI industries. The implied effect on longrun labour demand is substantial.
Tous droits réservés Fait aux États-Unis d'Amérique Premier tirage en anglais: septembre 1997; de... more Tous droits réservés Fait aux États-Unis d'Amérique Premier tirage en anglais: septembre 1997; deuxième tirage: décembre 1997 Premier tirage en français juillet 1998 La Société financière internationale (SFI), membre du Groupe la Banque mondiale, s'efforce de promouvoir le développement économique de ses pays membres en investissant dans le secteur privé. Elle est la plus importante source multilatérale de financement direct, sous forme de prêts et de prises de participation, pour les entreprises privées des pays en développement. Le Service-conseil pour l'investissement étranger est géré conjointement par la SFI et la BIRD.
Development is not an abstract concept but a real process of emergence and growth of new industri... more Development is not an abstract concept but a real process of emergence and growth of new industries and economic activities. China and India have recorded extraordinary development success in recent years. The emergence of new industries is not only bringing economic transformation to these countries but is changing the global economic landscape. No industries illustrate better the rising economic prominence of these two countries than the growth of the software industry in India and the growth of the hardware industry in China. Just as interesting for the understanding of industrial development is the relative lack of success of the hardware industry in India and of export success of the software industry in China. This study seeks to provide an explanation of these remarkable growth stories, based on an empirical analysis of the macro and microeconomic factors underpinning industrial development. In doing so, it sheds a broader light on the economic development paths that China and India have taken since 1990, and also on the process by which developing economies can enter and succeed in new markets.
Despite great investor interest in impact investing, actual investment flows have remained modest... more Despite great investor interest in impact investing, actual investment flows have remained modest. This is largely due to insufficient investment opportunities which offer a financially sustainable risk-return balance. A focus on de-risking impact investments can enable investors to find more assets which offer commercial returns on a risk-adjusted basis, without sacrificing impact. By cutting off the lower tail of the risk distribution, impact investments can offer comparable returns to other investments, as has been the International Finance Corporation’s (IFC’s) experience. Successful impact investing involves selecting assets and structuring investments differently to realize their potential to deliver both financial and social returns. We segment the supply and demand of impact investing funds, and identify the causes of elevated risks in prevalent approaches to impact investing. Drawing on IFC’s investment experience, we identify seven ways to reduce these risks. With th...
... those of the authors and should not be attributed in any manner to the IFC or to members of t... more ... those of the authors and should not be attributed in any manner to the IFC or to members of theBoard of Executive Directors or the ... 1) This paper discusses those institutions responsible for long-term development finance, also referred to as multilateral deve-lopment banks. ...
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
This paper argues that the liberalisation of foreign direct investment (FDI) has made labour cost... more This paper argues that the liberalisation of foreign direct investment (FDI) has made labour costs more important to domestic investment and long-run labour demand. It provides evidence from British and German data that is consistent with this view. First, high unit labour costs increase FDI outflows and lower FDI inflows. Second, the effect of unit labour costs on domestic manufacturing investment was more negative in the high-FDI 1980s than in the low-FDI 1970s, and this change was concentrated in high-FDI industries. The implied effect on longrun labour demand is substantial.
Tous droits réservés Fait aux États-Unis d'Amérique Premier tirage en anglais: septembre 1997; de... more Tous droits réservés Fait aux États-Unis d'Amérique Premier tirage en anglais: septembre 1997; deuxième tirage: décembre 1997 Premier tirage en français juillet 1998 La Société financière internationale (SFI), membre du Groupe la Banque mondiale, s'efforce de promouvoir le développement économique de ses pays membres en investissant dans le secteur privé. Elle est la plus importante source multilatérale de financement direct, sous forme de prêts et de prises de participation, pour les entreprises privées des pays en développement. Le Service-conseil pour l'investissement étranger est géré conjointement par la SFI et la BIRD.
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Books by Neil Gregory
industry in China.
This study seeks to provide an explanation of these remarkable growth stories, based on an empirical analysis of the macro and microeconomic factors underpinning industrial development. In doing so, it sheds a broader light on the economic development paths that China and India have taken since 1990, and also on the process by which developing economies can enter and succeed in new markets.
Papers by Neil Gregory
industry in China.
This study seeks to provide an explanation of these remarkable growth stories, based on an empirical analysis of the macro and microeconomic factors underpinning industrial development. In doing so, it sheds a broader light on the economic development paths that China and India have taken since 1990, and also on the process by which developing economies can enter and succeed in new markets.