Kalman Kalotay

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Extensive experience with the analysis – both from the theoretical and practical points of view – of emerging patterns of foreign direct investment (FDI), inward and outward, in various parts of the world, especially in the economies in transition. Knowledge of issues related to the activities of multinational enterprises and their implications for development, be it cross-cutting topics such as export competitiveness, the impact of international acquisitions, research and development and linkages with local firms, or sectoral questions. Familiarity with national and international investment policy analysis both at the generic and concrete levels (in selected developing and transition economies). Experience with formulating policy advice to Governments. Drafting – and substantive editing – skills in English language for academic and policy-oriented publications on investment issues. Good publication record in academic journals. Formulation of new ideas for research on FDI. Presentation and teaching skills in both academic and public-service environments in English, French, Spanish and Hungarian languages.

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Papers by Kalman Kalotay

Foreign Investment

Springer eBooks, 2023

War, Sanctions, and Foreign Direct Investment to and from Russia

Međunarodna politika, Dec 31, 2022

War, sanctions, and foreign direct investment to and from Russia SUMMARY Russia's full-fledged wa... more War, sanctions, and foreign direct investment to and from Russia SUMMARY Russia's full-fledged war on Ukraine, which started in February 2022, added major uncertainties to foreign direct investment (FDI) to and from Russia and affected it negatively in the short, medium, and long run. The degree of the hit would depend on the exact contents of sanctions and countersanctions in constant development. However, the severe consequences of some of them were already visible early on, adding to the financial strain caused by the war. FDI to and from Russia fell drastically in 2022 and, depending on the length and depth of the conflict, would remain sluggish in the subsequent years if no exit strategy is found to stop the conflict and its eventual escalation. This article concludes that the fall in FDI would, in the end, hurt the economic capacities of Russia, already affected by a previous round of sanctions imposed in 2014. If it works, decoupling the Russian economy from FDI partners by applying sanctions would be effective only partially and at a relatively high cost. That, in turn, could thwart the very economic fundamentals of the war effort.

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Foreign Investment

Springer eBooks, 2023

Hungary: outward FDI and its policy context, 2012

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Central and Eastern Europe

The journal of world investment & trade, 2002

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Does It Matter Who Invests in Your Country

Does it matter who invests in your country? by Kalman Kalotay * When Opel invested in car assembl... more Does it matter who invests in your country? by Kalman Kalotay * When Opel invested in car assembly operations in Gliwice in 1998, Poland registered this project as German because Opel is headquartered in, and managed from, Germany. However Opel has been owned by General Motors (United States) since 1929. Such utilization of foreign affiliates for investment in third countries is "indirect foreign direct investment" (indirect FDI). At first sight the term is contradictory, although it is not so: "direct" refers to the degree of control over a foreign affiliate, while "indirect" denotes the way the ultimate owner arrives at such control.

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Foreign Investment

Springer eBooks, 2023

John H. Dunning (1927-2009) [John H. Dunning, 1927-2009]

Kozgazdasagi Szemle, 2009

Report on the implementation of the investment policy review : Colombia

United Nations eBooks, 2014

Trade and growth nexus in Zimbabwe: quantifying the economic implications of joining the Tripartite Free Trade Area: paper presented at the Midlands State University and University of Venda conference on Economic Integration, Entrepreneurship and Sustainable Development held at Midlands State Uni...

Acquisitions as engines of foreign expansion of Russian multinationals

ABSTRACT Compared with the majority of emerging-market investors, Russian multinationals are late... more ABSTRACT Compared with the majority of emerging-market investors, Russian multinationals are latecomers to the global business scene. The majority of the large Russian firms that we know today were established only in the mid-1990s, during the country’s privatization process. Their outward investment started to grow fast only a decade later, but has weathered the global crisis relatively well. The majority of these multinationals are based on natural resource extraction, heavy industries (metallurgy) and selected services such as telecommunications and banking. Given these characteristics, it is not surprising that they opt for acquisitions as a preferred mode of market entry in their quest of fast conquest of markets abroad. This chapter analyses the main features of the foreign acquisitions of Russian firms such as the overall drive of Russian firms to control the value chain of their product, be it oil and gas, metals, food, banking services or telecommunications. It puts the analysis into the context of the full Russian market for acquisitions (dominated by local deals but also containing inward and outward investment) and of total foreign direct investment (FDI). The chapter also examines the main characteristics of the mega-deals carried out by Russian firms, such as their use to leapfrog into the global scene without passing the regional route. The concluding part attempts to answer the question if the recent speed of foreign acquisitions is sustainable under the new conditions of the global crisis.

New Europe’s Promise for Life Sciences

Chapters, 2009

The life sciences sector (and biotechnology in particular) has emerged as a prospective area, and... more The life sciences sector (and biotechnology in particular) has emerged as a prospective area, and attracted a lot of attention recently. Multinational companies in the life sciences seek to explore new markets, and, on the other side, governments strive to develop the life sciences sector perceiving it as a basis for long-term development. Whilst the R&D activities of global multinationals in life sciences still remain concentrated in the Triadic economies, these companies increasingly seek for new location to tap the knowledge. New EU member states emerge as such prospective locations. Notwithstanding the interest towards this sector, the body of literature on the development of life sciences in new EU member states, and particularly, the role of multinational companies, remains scant. In this explorative study we attempt to fill this gap and focus on the role of multinational companies in the Czech life sciences sector.

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Will Foreign Direct Investment Take Off in the Russian Federation

Social Science Research Network, Apr 5, 2007

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„Most nincs alternatívája az ENSZ-nek” interjú Kalotay Kálmánnal, az UNCTAD korábbi vezető közgazdászával

Köz-gazdaság, Aug 2, 2022

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John H. Dunning (1927-2009)

Kozgazdasagi Szemle, 2009

Obituary of John H. Dunning in Hungarian

The Rise of Foreign Direct Investment in the Telecommunications Services of Developing Countries

Social Science Research Network, Apr 1, 2007

The views are those of the author and do not necessarily reflect the opinion of the United Nation... more

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FDI and economic transformation in Sub-saharan Africa: paper prepared for the Midlands State University 1st International Research Conference: Driving Socio-Economic Development through Value Addition and Sustainable use of Resources held at Elephant Hills Resort, Victoria Falls, Zimbabwe 14-16 J...

The War in Ukraine Deals a Blow to Russia’s Foreign Direct Investment Links

Social Science Research Network, 2022

The war in Ukraine started in February 2022 adds major uncertainties to foreign direct investment... more The war in Ukraine started in February 2022 adds major uncertainties to foreign direct investment (FDI) to and from the Russian Federation and affects it negatively in the short, medium and long run. The degree of the hit will depend on the exact contents of sanctions and counter-sanctions, not fully known yet. However, the severe consequences of some of them are already visible, adding to the financial strain caused by the war. FDI to and from Russia is expected to fall drastically in 2022 and, depending on the length and depth of the conflict, in the subsequent years if no exit strategy is developed fast to stop the conflict and its eventual escalation. This study concludes that the fall in FDI will at the end hurt the economic capacities of the Russian Federation already affected by a previous round of sanctions imposed in 2014. Decoupling of the Russian economy from FDI partners works, if it works, only partially, and at a relatively high cost. That in turn could thwart the very economic fundamentals of the war effort. Background On the night of 21 to 22 February 2022, President Putin announced that the Russian Federation would recognize the independence of the self-declared Donetsk and Luhansk "People's Republics" and would deploy troops there as "peacekeepers". Then on the

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Outward Foreign Direct Investment from Russia in a Global Context

Journal of East-west Business, Jun 13, 2006

SUMMARY Since the beginning of the transition from centrally planned to market economy, the FDI o... more SUMMARY Since the beginning of the transition from centrally planned to market economy, the FDI outflows of the Russian Federation have consistently exceeded the inflows. In the 1990s, most of the outflows were of an informal nature, and unregistered in the balance of payments, or misregistered under other items. Since 2003, their recording has improved. However, the question remains: how can a lower-middle income country become a net capital exporter? It is supposed to be the combined result of economic and political factors ...

FDI in the Post-Soviet Space Three Decades after the Disintegration of the Soviet Union

Kontury globalʹnyh transformacij: politika, èkonomika, pravo, Nov 7, 2021

to greenfield project announcements from 2003 on (the starting year of data availability). It als... more to greenfield project announcements from 2003 on (the starting year of data availability). It also explores how much economic development was based on either attracting inward or promoting outward FDI or both. The performance of the 12 post-Soviet economies is controlled against the performance of other transition economies such as the Baltic States, SouthEast Europe and/or the Visegrad Group. The article concludes that indeed efforts towards using inward or outward FDI for development has been modest, even if in inflows one can observe some convergence with the other transition economies, which have been relying more wittingly using FDI for their development.

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Kalman Kalotay

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