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The opinions expressed in this paper are those of the authors and do not necessarily reflect those of the OECD, the Development Centre or their member countries. * Policy Insights No. 19 is derived from the forthcoming study of the same name www.oecd.org/dev/publications/chindaf The Rise of China and IndiaWhat's in it for Africa? *

Purpose -The purpose of this paper is to present a framework for analyzing home and host country determinants and outcomes of emerging multinationals (EMNCs). Design/methodology/approach -The paper applies a conceptual approach combined with analyses of statistics and secondary material. Findings -The paper identifies changing trends and features of outward foreign direct investment (OFDI) from emerging economies and identifies in particular differences between outflows from Brazil, Russia, India, and China (BRIC). Originality/value -The paper puts forward a framework for analyzing determinants and outcomes of structures and strategies of multinational companies from emerging economies and surveys contemporary trends and features of outward FDI from these economies.

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This paper analyses the main policy issues raised by regulatory reform in air transport in sub-Saharan Africa. Its basic premise is that improving ait infrastructure is of paramount importance for the region as it tries to integrate more thoroughly into the world economy. On the basis of the experience of OECD countries with privatisation, liberalisation, and regulatory design, the author analyses progress being made in sub-Saharan Africa and identifies three important case studies: the restructuring of the regional airline of Francophone Western Africa, the sell-off of the state-owned airline of Kenya, and the overall reform process in South Africa, by far the largest market in the sub-continent. The analysis highlights the importance of regional dynamics in the upgrading of the air transport industry in developing and emerging areas. Sub-Saharan Africa has made smaller progress in this respect than, for instance, Central America. As the start of the Millennium Round and the first WTO air transport review approach, these issues will gain policy priority for all countries, and may become powerful bargaining tools for non-OECD countries to press for more open access into OECD markets for the South's traditional exports. Copyright Blackwell Publishers Ltd 2001.