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This paper discusses possible macroeconomic implications for low-income countries of increased revenue inflows that may follow from implementing certain global greenhouse gas mitigation policies. Such revenue sources include revenue from emissions offset mechanisms, direct investments, and financial transfers that form parts of possible future mitigation treaties. In the short run such revenue will come mainly from offset markets and donor-sponsored programs, with some additional financial inflows due to foreign direct investments. In the longer run, comprehensive global cap-and-trade or carbon tax schemes could provide a potentially much larger revenue flow to many low-income countries. The author argues that the macroeconomic implications of such flows are manageable in the short run, but the larger revenues resulting from global emissions schemes could overwhelm this capacity and lead to a number of potential macroeconomic management problems.

Access to Finance --- Beneficiary --- Debt Markets --- Direct investments --- Disbursement --- Disbursements --- Economic Theory and Research --- Emerging Markets --- Exchange rate --- Exchange rates --- Expenditures --- Finance and Financial Sector Development --- Financial flows --- Foreign direct investment --- Foreign direct investments --- Foreign funds --- Interest rate --- Interest rates --- International bank --- Macroeconomic management --- Macroeconomics and Economic Growth --- Political economy --- Private Sector Development --- Public Sector Economics and Finance --- Tax --- Trading --- Treasury --- Treaties

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At this stage, it is difficult to conclude that the euro will have substantial macroeconomic impact on sub-Saharan Africa, unless launch of the euro becomes the tool of a major policy shift, such as the euroization of the continent - which is currently unlikely; In considering how the euro will affect Sub-Saharan Africa, Cohen, Kristensen, and Verner examine the transmission channels through which the euro could affect economies in the region. They examine the risks and opportunities the euro presents for Sub-Saharan African countries. They especially examine the effects from the trade channel, through changes in European economic activity and the real exchange rate. Because of the relatively low income elasticity for primary commodities - which is what Sub-Saharan Africa mainly exports - an increase in activity in Europe is considered to have a marginal impact on Africa. Exchange rate regimes and geographical trade patterns point to large differences in exposure to changes in the real exchange rate. Capital flows to Sub-Saharan Africa can be affected through portfolio shifts or through changes in foreign direct investment. Changes in competitiveness in Europe are not expected to influence foreign direct investment, so the euro is not expected to affect foreign direct investment significantly. Portfolio diversification could increase greatly. But Sub-Saharan Africa is not expected to realize the increased potential from portfolio diversification because of its severely underdeveloped domestic capital markets. It is vitally important that Sub-Saharan African countries strengthen their financial integration into global markets. How the euro will affect such parts of the financial system as banks and debt and reserve management varies across countries. Generally the effect is expected to be limited. This paper - a product of Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the Bank to study the effect of the euro on developing countries. The authors may be contacted at nkristensen@worldbank.org or dverner@worldbank.org.

Banking System --- Banks and Banking Reform --- Capital Flows --- Country Risk --- Currencies and Exchange Rates --- Debt --- Debt Markets --- Domestic Capital --- Domestic Capital Markets --- Economic Theory and Research --- Emerging Markets --- Exchange --- Finance and Financial Sector Development --- Foreign Debt --- Foreign Direct Investment --- Foreign Direct Investments --- Global Markets --- Interest --- Interest Rate --- International Capital --- International Capital Markets --- Macroeconomics and Economic Growth --- Market --- Portfolio --- Portfolio Diversification --- Private Sector Development --- Real Exchange Rate --- Reserve

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Investitionen aus den wachstumsstarken BRIC-Staaten (Brasilien, Russland, Indien und China) haben in den vergangenen Jahren in Deutschland stark an Bedeutung gewonnen. Über das tatsächliche Ausmaß des Investitionsgeschehens und die mit den Unternehmen verbundenen Wirkungen liegen bislang aber nur sehr wenige Informationen vor. Das Buch nimmt dies zum Anlass, Strukturen, Strategien und Beschäftigungseffekte von BRIC-Direktinvestitionen sowie die Unternehmensverantwortung und Einstellung der Investoren gegenüber der Mitbestimmungspraxis zu analysieren und damit die konzeptionelle Debatte um ausländische Investoren um wichtige Aspekte zu erweitern.

Industrial relations --- Industrial relations. --- Job. --- Capital and labor --- Employee-employer relations --- Employer-employee relations --- Labor and capital --- Labor-management relations --- Labor relations --- Employees --- Management --- BRICS --- BRIC --- BRIKS --- БРИКС --- BRIC. --- Codetermination. --- Economy. --- Emerging Markets. --- Finance. --- Germany. --- Globalization. --- Labour Economics. --- Social Geography. --- Sociology. --- Work Relations. --- Work. --- World Economy. --- Ausländische Direktinvestitionen; Mitbestimmung; Arbeitsbeziehungen; BRIC; Schwellenländer; Deutschland; Arbeit; Globalisierung; Wirtschaft; Finanzwirtschaft; Weltwirtschaft; Arbeitsökonomie; Sozialgeographie; Soziologie; Foreign Direct Investments; Codetermination; Work Relations; Emerging Markets; Germany; Work; Globalization; Economy; Finance; World Economy; Labour Economics; Social Geography; Sociology