This paper assesses the extent to which foreign direct investment (FDI) in developing countries crowds in or crowds out domestic investment. The core of the paper is the development of a theoretical model for investment that includes a FDI variable and its estimation and testing with panel data for the period 1971-2000 and the three decades involved. The model is run for 12 countries in each of three developing regions (Africa, Asia and Latin America). The results indicate that, in all three developing regions, FDI has, at best, left domestic investment unchanged, and that there are several sub-periods for specific regions where FDI displaces domestic investment. In particular, there seems to be crowding out of domestic investment by FDI in Latin America. If these results are in fact correct, they suggests the need for policies to make FDI more effective in enhancing domestic investment in developing countries. The conclusion is that the effects of FDI on domestic investment are by no means always favourable, that simplistic policies towards FDI are unlikely to be optimal and, foremost, that more attention needs to be paid to economic policies that foster the domestic component of total investment.

O objetivo deste artigo é expor como a proposta de renascimento do trágico existente em O nascimento da tragédia insere o primeiro livro de Nietzsche no projeto cultural iniciado por Winckelmann, Goethe e Schiller, na segunda metade do século XVIII, que privilegia a arte grega como modelo da arte alemã. Destacarei, para isso, tanto as continuidades entre os dois momentos quanto as descontinuidades que Nietzsche introduz nesse projeto clássico da intelectualidade alemã ao pensar a cultura grega a partir da filosofia de Schopenhauer e da música de Wagner.
The purpose of this article is to discuss Nietzsche's theory on the rebirth of the tragic presented in his early writings as part of the German cultural project introduced by Winckelmann, Goethe and Schiller in the second half of the 18th century. Departing from the idea that this project established Greece as a model to be followed by Germany, I will point out Nietzsche's supporting views to it as well as his innovative idea of bringing together the philosophy of Schopenhauer and the music of Wagner to think the Greek culture

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This paper develops an ordinal index to measure the openness of FDI policy regimes for individual countries. There has been a generalised increase in the index between 1990 and 2002. The most important determinants of variations in FDI flows across countries and over time are country size, the level of educational achievement, and growth. The openness index is positively associated with FDI flows, but its explanatory power is low. Liberalising approval procedures and lifting requirements that foreign companies enter into joint ventures with domestic firms encourage FDI. We conclude that the openness of the FDI regime operates as a factor enabling FDI, but that location advantages are paramount in determining the international allocation of FDI. We also turn the question around and ask what countries are more likely to impose restrictions on FDI. We find that lower levels of education and larger domestic markets are associated with greater restrictions on FDI. In addition, there is some evidence that better institutions are associated with lower FDI restrictions.

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Los Estados centroamericanos sólo recaudan el 13,5% del producto interno bruto en ingresos tributarios. La falta de recursos resultante hace que el gasto público sea insuficiente y de baja calidad y genere déficit fiscales crónicos que son financiados mediante endeudamiento. En el 2003 los intereses alcanzaron, en promedio, al 18% de los ingresos impositivos. En estas economías abiertas que necesitan afianzar la competitividad internacional de sus empresas, la política fiscal se vuelve el factor crítico para financiar la infraestructura física y social requerida y, a la vez, combatir los altos niveles de pobreza que todavía afectan a cerca del 40% de la población. Por lo tanto, para el desarrollo económico de Centroamérica es indispensable efectuar reformas de segunda generación que modernicen los sistemas tributarios y que recauden en promedio unos cuatro puntos porcentuales más de PIB.

This paper estimates a model of fiscal response to analyse the impact of aid on government consumption and investment, tax revenue and public borrowing in Nicaragua in 1966-2004. This country is an interesting case study since aid flows-i.e. grants and aid loans-averaged more than 8 per cent of GDP during the analysed period. Results for direct (structural) effects indicate that the impact of aid on government consumption are more significant than those on government investment, revealing a higher propensity to consume than to invest aid flows, presumably reflecting donors and government priorities to finance social spending. Results also show that aid crowds-out both tax revenue and public borrowing. Estimates for total (reduced-form) effects are hard to interpret, in some cases showing the opposite sign than expected or implausible magnitudes. Copyright © 2009 John Wiley & Sons, Ltd.

This article focuses on Foucault's ''archeological'' books: Madness and Civilization, The Birth of the Clinic, and The Order of Things. It addresses two issues in particular: first, Foucault's criticism of modern philosophical and scientific knowledge about man, showing how this knowledge is based on Nietzsche's criticism of humanism in modernity; second, Foucault's thoughts about modern literary language, contending that it is an affirmative counterpoint to the historic-philosophical analyses of knowledge about man he carried out during this archeological phase. In addition, the objective is to situate Foucault's views on literature during this period of genealogies of power and subjectivity.Foucault's interest in literature was not something transitory, sporadic or marginal. While this interest existed, it remained perfectly adequate to the research he carried out on psychiatry, clinical medicine, and the human sciences in general-research that he presented in Madness and Civilization, The Birth of the Clinic, and The Order of Things. On the one hand, Foucault's interest followed the shifts of his archeological research, enabling him to establish a careful relation between literature and madness, death, and modernity. On the other hand, the focus on literature appears as complementary to those archeological analyses, as a revelation of the positive and affirmative aspect of his philosophical thought, which, in the research in human sciences during that period, seemed to rest on a profound, negative and devastating critical view. In this sense, what he wrote about literature, clarifying and stressing a non-humanistic position, can be seen as a counterpoint to his archeological research, and goes far beyond