Private Capital Flows and the Environment: Lessons from Latin America

By Bradford S. Gentry | Go to book overview

legislation provides more predictable investment rules, tax stability for 30 years, and tax deductions for environmental protection and remediation measures.

In Costa Rica, foreign investment has been stimulated by the 1981 Free Zone Export Law, the 1984 Financial Equilibrium Law, the Income Tax Law and other incentives for businesses to establish operations. Free zones are areas with improved infrastructure, exemptions on import- and export- related duties and taxes, and expedited customs services. The Financial Equilibrium Law and the Income Tax Law provide fiscal incentives, like tax allowances for imported equipment, to promote foreign investment in sectors other than traditional agricultural exports. Costa Rica also has well- organized private Chambers of Commerce and Business Associations fully involved in defining development policies and facilitating foreign investors' access to information.


Notes
1
Revesz, Richard L. and Richard B. Steward ( 1997), 'The Superfund Debate', in Richard L. Revesz (ed.), Foundations of Environmental Law and Policy, Oxford: Oxford Unversity Press, pp. 249-56.
2
For further discussion, see: Schmidheiny, S. and F. Zorraquin ( 1996), Financing Change: The Financial Community, Eco-Efficiency and Sustainable Development, Cambridge, MA: MIT Press; Muller, K., j. de Frutos, K. Schussler, H. Haarbosch, M. Randel ( 1996), Eco-Efficiency and Financial Analysis: The Financial Analyst's View, The European Federation of Financial Analysts' Societies Commission on Accounting.
3
Clarke, R. A., et al. ( 1994), "'The Challenge of Going Green: Green Strategies are Necessary, But Which Ones, and How Will We Pay for Them?'", Harvard Business Review, 2 ( 4), 37-52; Saunders, T. and L. McGovern ( 1993), Bottom Line of Green is Black: Profitable & Environmentally Sound Businesses, New York: HarperCollins; Makower, J. ( 1994), The E Factor: Bottom-Line Approach to Environmentally Responsible Business, New York: Plume, a division of the Penguin Group; Elkington, J., J. Makower and J. Hailes ( 1993), The Green Consumer, New York: Penguin USA.
4
See also: Pfeffermann, G. ( 1992), "'Facilitating Foreign Investment: Some Dos and Don'ts'", Finance and Development, 29 ( 1), 46-7.
5
Rosenbaum, D. B. ( 1997), "'Risk Questions Hamper Deals (in Construction of Structures to be Privatized in Developing Countries)'", ENR, 238 ( 8), p. 11.
6
Minutes from the Experts Workshop on Private Finance and the Environment, 1995, sponsored by the Yale Center for Environmental Law and Policy, held in Crotonville, NY.
7
Edwards, Sebastian ( 1992), "'Trade Orientation, Distortions, and Growth in Developing Countries'", Journal of Development Economics, 39, ( 1), pp. 39-59.
8
For further insights, see: Krut, Riva and Carol Drummond (eds) ( 1997), Global Environmental Management: Candid Views of Fortune 500 Companies, Washington, DC: United States-Asia Environmental Partnership.
9
International Finance Corporation ( 1996), Emerging Stock Markets Factbook, May,

-307-

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