In this paper, we make use of recent data published by the World Input‐Output Database to: (i) provide evidence on trade in value added of the major Organization for Economic Co‐operation and Development (OECD) member countries and major emerging economies (designated by OE country group), namely by measuring the degree of participation in global value chains (GVCs) at the country and sectoral levels; and (ii) estimate whether the GVC participation of OE countries has positively influenced foreign direct investment (FDI) inward stocks in the 2000s. The pooled regression model estimated shows that the country′s degree of GVC participation has contributed positively for bilateral FDI inward stocks, after controlling for other possible FDI determinants.

European Union, Gravity model, Poisson Pseudo-Maximum Likelihood estimator, Trade potential, Confidence intervals, Delta method, F14, F15, F17,

No abstract

The original version of the book was inadvertently published with an error in the author's name and affiliation in Chapters 42 and 46 and content changes in the Frontmatter, which have now been corrected. The book has been updated with the changes.

The debate about the benefits and the risks brought both to People’s Republic of China and to the other participant countries by the Belt and Road Initiative (BRI) has been gaining momentum in the academic and in the political landscapes. We argue that the BRI is the main pillar of the new financial institutionalism proposed by China to redefine the current global financial architecture and that, consequently, the initiative needs to be considered in that context. This paper (i) reviews the timeline that led to this Chinese-led new financial institutionalism, (ii) proposes two theoretical frameworks to define the concept of multilateral financial statecraft and of new financial institutionalism led by China, and (iii) enumerates the main differences and similarities observed between this new financial institutionalism and the one dominated by the Bretton Woods-related institutions that gradually emerged after World War II, such as the International Bank for Reconstruction and Development, the Marshall Plan, and the Asian Development Bank.