A. A. PAKHOMOV
Candidate of Economic Sciences
Russian Presidential Academy of National Economy and Public Administration
Keywords: FDI exports, BRICS, mergers and acquisitions, non-financial TNCs, developing countries, transition economies
The year 2010 is sure to go down in the history of the world economy - for the first time, developing countries and countries with economies in transition accounted for more than half of global capital inflows. Although more than two - thirds of cross-border mergers and acquisitions (M&A) continue to involve developed countries, the share of this group of States as host countries in these transactions has increased from 26% in 2007 to 31% in 2009.1 Their share in the global M & A market has also grown steadily. In the international investment sphere: over the past 10-15 years, the volume of accumulated foreign direct investment (FDI) has actually doubled, while the volume of exports has increased 5-fold.
At the beginning of the last decade (2001-2010), Russia, China, India, as well as a number of other emerging economies of the world have their own transnational corporations (TNCs), which radically changes the dynamics and forms of the investment process on a global scale. Multinational companies-Japanese (in the 1970s) and "Asian tigers" (in the 1980s)-were already changing the structure and balance of power of the world economy. As a result, since the 1990s, corporations from the fast-growing Asian economies - Hong Kong, Singapore, Taiwan, and the Republic of Korea-have been playing an increasingly active role in international markets, not only becoming the world's leading producers of goods and services, but also active exporters of capital.
At the beginning of the twenty-first century, a new generation of TNCs emerged on the global level, based on the leading companies of the BRICS countries (Brazil, Russia, India, China, and South Africa)2. The emergence of these transnational corporations is due to the specifics of e ... Read more