In literature, the "quality" of FDI rather than its "quantity" was started to be focused on in order to be beneficial for economic development. One of the indicators of FDI's "quality" is accepted as its "mode of entry", greenfield or brownfield investments. The paper argues that greenfield investment is more useful for development in order to have its direct positive impact through investment. The paper empirically investigates this by a cross-section data analysis. The main findings support this argument. Findings also back the argument that brownfield can be beneficial for development in the long-run in relation with human capital development. JEL Classification: F21; F23; G34; O40ÖZET: Literatürde, ekonomik kalkınmaya yararlı olması amacıyla DYY'nin "niceliği"nden çok "niteliği"ne odaklanılmaya başlanmıştır. DYY'nin niteliğinin bir göstergesi olarak DYY'nin "giriş şekli" (yeşil alan ya da kahverengi alan yatırımları) kabul edilmektedir. Çalışma, yatırım kanalıyla doğrudan olumlu etkisine sahip olmak amacıyla yeşilalan yatırımının kalkınma için daha yararlı olduğunu savunmaktadır. Çalışma bunu ampirik olarak bir yatay kesit veri analizi ile araştırmaktadır. Ana sonuçlar bu argümanı desteklemektedir. Aynı zamanda bulgular kahverengi alan yatırımının insan sermayesinin gelişimi ile ilişkili olarak uzun vadede kalkınma için yararlı olabildiği argümanını da desteklemektedir.

INTRODUCTION "Quality" of FDI depends on several factors listed in the FDI literature. Among the others, "mode of entry" of the FDI, which can be greenfield versus brownfield investments, place among the most important ones in the list in terms of benefeting from FDI for developmental purposes. This can be direct positive impact of FDI on economic development through investment, namely, increasing the gross fixed capital formation. In this regard, it is maintained that compared to the other mode, namely, brownfield investment, greenfield investment is accepted more useful to the economic growth of the host developing country. London Economics (2010) puts it as follows: "Greenfield investment directly results in investment in structures, plants, etc. which, ceteris paribus, raises the capital formation of an economy and hence stimulates GDP growth...In contrast, the support to economic growth provided by cross-border M&As 1 to economic growth can be less certain" (London Economics, 2010, p. 23). Although in the literature, for developmental purposes it has been started to be focused on "quality" of FDI more than its "quantity", in practice, developing countries are not at this stage at all both in terms of their political perspectives and policies that they prefer to implement towards FDI. They are likely to invite FDI unconditionally for developmental purposes. To this end, most developing countries simultaneously adopt very similar policies. They

Although derivatives were developed for the treatment of some diseases, such as risks and volatilities, ironically, as experienced in the 1990s, they, themselves, created them as sometimes ''adverse effects'' of hedging or with deliberately harmful purposes of speculation. This paper aims to analyze the role of financial derivatives in the emerging markets financial crises of the 1990s. In this regard, it deals with the Mexican case through a VAR-GARCH approach. The paper found that financial derivatives had an increasing impact on the currency crises of Mexico. This was an immediate destabilizing effect on the volatility of the spot exchange rates.Si bien los derivados fueron desarrollados para tratar ciertas enfermedades como los riesgos y la volatilidad, irónicamente, como se vivió en la década de 1990, ellos mismos crearon en ocasiones esos problemas como ''efectos secundarios'' de la cobertura, o bien, con intenciones deliberadamente dañinas de especulación. Este artículo busca analizar el rol de los derivados financieros en las crisis de los noventa dentro de los mercados emergentes. Así pues, se trata el caso mexicano mediante un enfoque VaR-GARCH. El artículo encuentra que los derivados financieros tuvieron un impacto creciente en las crisis monetarias de México. Éste fue un efecto desestabilizador inmediato sobre la volatilidad de las tasas de cambio al contado.

The COVID-19 pandemic crisis of 2020 with its policy measures and economic impacts has negatively affected the tourism industry, which is regarded as the most negatively affected one due to the nature of the sector, both directly and indirectly. In other words, through its policy measures such as restrictions on travel, it has affected the tourism sector directly, and through its economic impacts such as decreasing GDP per capita and hence total demand, it has influenced the tourism sector indirectly. In this regard, the aim of this study is to empirically investigate the economic impacts of the pandemic on tourism of the developing world for the case of the COVID-19 pandemic crisis of 2020. This is done by a panel data analysis including 38 developing countries for the nine months of 2020, January-September, the ongoing era of pandemic crisis of 2020 considering the available data. The findings support the main hypothesis of the study.

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