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The Journal of Tourism Research & Hospitality

CONTEMPORARY FORMS OF
INTERNATIONAL MOVEMENT OF 
CAPITAL

Abstract:
One of the most important forms of international economic cooperation and accomplishment of strategic goals of the companies is the international movement of capital. It leads to the international diversification of business activities, strengthening of competitive advantage, changes in economic structures, employment and economic stability of participating countries. The research presented in this paper addresses the contemporary forms of international movement of capital, with a focus on public-private partnership and concessions. Creation of different forms of public-private partnerships (PPPs) in Serbia gained in importance only in early 90�s in 20th century. PPP implies joint activities within the framework of which the public and private sector pool resources, especially financial capital and expertise in order to meet a public need of local, regional or national significance through adequate allocation of resources. This type of partnership between public and private sector has become an effective way for a more rational use of limited resources and the development of business entities from different sectors. The partnership of public and private sector is particularly important in the construction and maintenance of transportation and also other infrastructure facilities. Special forms of public-private partnership are concessions.











Key words: international movement of capital, public-private partnership, concessions
Introduction
	The importance of certain forms of the international movement of capital changed over time. The second half of 80s brought important changes which reflected in stagnation of loan capital, followed by the period of expansion of foreign direct investments. Early 90s in 20th century recorded a growing importance of interconnection between public and private sector and creation of different forms of public-private partnership. The role and importance of  PPP was growing, as this proved to be an efficient way for a more rational use of limited resources and the development of business entities with different forms of ownership.

	Pursuant to the Serbian Law on Public-Private Partnership and Concessions (Slu~beni glasnik RS, 2011, Article 4), public-private partnership can be contractual, in which the mutual relations between a public and private partner are regulated by a public-private partnership contract or institutionalized, when the relationship is based on the founder�s or ownership shares or capital increase of the undertaking. Public-private partnerships is a novelty in Serbian normative and economic practice, with the increase in demand for private funding, to build public infrastructure and investment in publicly owned goods, goods in general use, as well as  providing high- quality of services of general interest in the conditions of insufficient budget.

	The concession is a special form of contractual public-private partnership. Engaging the private sector in construction and maintenance of transport infrastructure in the form of concessions allows the release of budgetary funds and their use for other purposes. In addition, it brings the influx of capital, higher employment and transfer of new technologies.

 	This Paper shall present contemporary forms of the international movement of capital, their importance and development tendencies. A special focus in this Paper shall be placed on capital investment through public-private partnerships and concessions. The Paper shall give an overview of PPP and concessions legal regulation in the European Union and in the Republic of Serbia, as well as the perspective of development.


INTERNATIONAL MOVEMENT OF CAPITAL

	International movement of capital means the transfer of real and financial assets between entities from one country to the other, without the counter-transference or without the counter-transference for a certain period of time, with the purpose of achieving certain economic and political interests of the transfer participants (Unkovi, 2010, p. 127).

	International movement of capital causes the diversification of business activities, resulting in a change of economic structure, economic growth, balance of payments, employability, and economic stability of certain countries, and strengthening of competition and creation of global competitive products. For this reason, the international movement of capital is one of the main generators and accelerators of globalization (Perovi, 2005, p. 370).

	The entities from developed countries have the greatest impact on the international movement of capital, as the main providers and users of capital. Entities from countries where the economy is developing generally appear as users of capital. In the early 20th century, many countries, since the introduction of the international movement of capital, based their economic development on the inflow of foreign capital. The countries with higher efficiency in the national economy compared to other countries usually appear as the investors. Surpluses are exported to other countries with a lower efficiency in the form of materialized capital supply. 

	The international movement of capital is driven by motives which are various, numerous and mutually intertwined by certain factors both in terms of supply and demand. Some of the motives of the international movement of capital are: market expansion and realization of a greater profit, cheap labour, lower prices of raw materials and energy abroad, the desire for the completion of the production process i.e. vertical integration of all or major phases of the final product, the psychological motive of prestige, etc.

Forms of the international movement of capital

	The capital between the countries is moving in five basic forms (Staki et al., 2015, p. 48), namely:
 
1. Foreign direct investments (FDI);
2. Foreign portfolio investments (capital market);
3. Loans and credits;
4. Investment and business operations in free zones; and 
5. Investment of capital in the form of public-private partnerships.

	The importance of certain forms of the international movement of capital was changing over time. The growing role of foreign direct investments, as a form of financing the global economy, started to emerge in the period after the Second World War, to become especially intensified during the last decade of the 20th century (Stojadinovi Jankovi, 2013, p. 40). In the period since the Second World War up to the 80s of the 20th century loans had a primary role in the overall international movement of capital and financing of the world economy, particularly in the developing countries. 

	Changes were to start in the second half of the 80s, when after the culmination of debt crisis, stagnation occurred in the movement of the loan capital. Private capital ceased to flow into the developing countries in the form of loans, as the private sector refrained from any new crediting of the developing countries, except in the form of direct investments. Actually, it was the period from the 80s and especially from the 90s that turned out to be a period of expansion of the foreign direct investments (Stojadinovi Jankovi, 2013, p. 36). It is noteworthy that at the beginning of the 20th century, in addition to the non-banking sector, foreign investments were particularly important in the era of transition and privatization (Had~i, 2013, p.14).

	Foreign direct investment is a form of investment in certain company i.e. any form of financing of a certain company, in which the investor (the financier) acquires the ownership control over it (minimum 10% of the capital). Direct investments or foreign investments exist when a resident from one country (the exporting country, local government) invests in an entity of the resident from another country (the host country, receptive country or receiving country) with the intention to provide a long-lasting interest in that company (enterprise  invested by the invested company (OECD, 1999, p.7-8).

	Direct investment provides the investor a lasting interest and a certain degree of control over the company in which he invests (Stankovi, 2013, p. 287). There are different forms of financing through foreign direct investments, namely: through Greenfield or Brownfield investments, joint ventures and international mergers and acquisitions (Petrovi, 2002, p.14)

	The development of financial markets and financial instruments carries a risk which the investors try to diversify in portfolio investments. Portfolio investments are treated as a purchase of securities to a level that does not give the right of control over the entities in which the investment was made. They are in high demand by health insurance funds, pension funds and mutual funds.

	In case of portfolio investments there is no control over the operations of a company in which the investment is made, but the owner of securities gains profit in the amount of interest on the capital invested in securities. These investments imply international diversification, carrying a high level of currency risk i.e. foreign exchange risk (Perovi, 2005, p. 371).

	Purchase of foreign securities allows the presence on various financial markets and creates greater opportunity for risk diversification. Thus, this type of investment has become attractive for the investors who want a safe investment by achieving relatively high profits.

	The international movement of loan capital is financial intermediation in the realization of financial surpluses of one sector towards the financing of deficit in other sectors. Development of financial market and economy of developed countries contributed to diversification of methods and instruments of financial intermediation. In the beginning, it was in the form of classic loans, and later in the form of borrowing of long-term capital through the issuance of bonds. Thus, the corporate sector, using a variety of financial instruments, relocates financial surpluses and deficits directly or through minimal intervention of the banking sector (Kova
, 2002).

	During the course of the last twenty years, there has been a large expansion of the free zone concept, which uses a number of different models of a specific instrument of foreign trade operations, free of various charges imposed by the economic policy of the country. Despite the fact that there are many definitions of the free zone, the common aspect is that it is a part of the territory of the country, specially fenced and marked areas in which economic and other activities are carried out under the guaranteed conditions and exemptions (Staki et al., 2015, p.127).
	
	The World Bank defines export processing zones as enclosed industrial areas, specializing in the production intended for export, providing for companies and users environment free of charges (World Bank, 1992).

	Modern concept of free zones as specific development projects, opened the possibility for countries and economies to create the most suitable form of free zones, i.e. the forms that suit best their specific characteristics and comparative advantages related to the political system, the location, business and political environment, natural wealth, etc. Now in the world there are approximately 5000 different models of business operations under the preferential conditions (Staki et al., 2015, p. 128). 

	The investment of capital through public-private partnerships and concessions, as one of the contemporary forms of the international movement of capital, shall be presented in more details in the following text.


INVESTEMNT OF CAPITAL THROUGH PUBLIC-PRIVATE PARTNERSHIP AND CONCESSIONS

	Linking of public and private sectors and creation of different forms of public-private partnerships in Serbia is gaining in importance in early 90s of the 20th century. Public-private partnership has become an effective way for a more rational use of limited resources and potentials for the development, adding to its importance. Public-private partnerships are intended for the improvement of business among entities with different property ownership forms-sectors.

	There is no single, agreed definition of the concept of public-private partnerships, but in practice, in a broader sense, PPP involves the implementation of all known types of cooperation between public and private partners which, in many cases, leads to the establishment of joint ventures (Akitoby et.al; 2007). In the narrow sense, PPP involves joint activities in the framework of which the public and private sectors pool resources and expertise in order to meet a public need through the adequate allocation of resources, risks and rewards. Thus, the private sector, using different methods, can employ its resources and expertise in the provision of goods and services, traditionally provided by public, i.e. state services (Skup�tina Republike Srbije, 2011, p.4).

	While establishing PPP, the public sector is expected to establish the adequate balance, i.e. the protection of rights and interests of citizens, and also to create conditions in which the private partners will be able to function effectively and efficiently (Vignjevi orevi et.al; 2011, p.384).

Types of public-private partnerships and concessions

	According to the European Commission Green Paper (EUR-lex, 2004), public-private partnership can take the following forms:

Contractual form of public-private partnership involves a partnership based purely on contractual relations. Contractual form can have two basic models, namely: concession model of PPP in which the private partner charges the services to the end user, at the same time being under the control of the public partner and PFI (Private Finance Institute) model in which the private partner charges the delivered public services to the public partner in the form of a lease, which may be either fixed or vary over time, or possibly reduced, depending on the quality of delivered service. 

Institutional form of public-private partnership involves cooperation between the public and private partners achieved through a special business system which includes the establishment of a separate entity. This entity is owned jointly by private and public partners and the task of the partner is to ensure the delivery of a certain work or service for the benefit of the public. Such an entity can be established by taking over an existing public entity or by establishing a new joint entity, called Special Purpose Vehicle (SPV).

	There is a whole spectrum of contractual forms of public-private partnerships, except for two basic models, starting from the traditional state funding to a traditional privatization. In international practice, there are approximately 20 models of PPPs, which differ in degree of involvement of public and private sector in design, construction, maintenance, financing, operationalization, management and the allocation of risks in the provision of public services and/or construction of public infrastructure. Some of them are (Ka
er et al., 2008) BOT   (Build, Operate; Transfer); BTO   (Build, Transfer; Operate); BOO   (Build, Own; Operate); BBO   (Buy, Build; Operate); PFI   (Private Finance Initiative).

	According to the Serbian Law on Public-Private Partnership and Concessions, (Slu~beni glasnik RS, 2011, Article 10), the concession is a legal relationship between the state, as a concession grantor, and national or foreign persons, as concessionaries, in which the state gives such persons the right to use natural resources or assets in general use determined by the law to be owned by the Republic of Serbia or to perform certain activities of general interest for a certain period of time and for a certain concession fee.

	The main function of the concession, as a form of investment in a particular area of the economy, is to encourage faster development and thus boost the national income as a whole. Concessions are particularly significant when the investor is a foreign person, as such concession is treated as the form of foreign investment.

The most general model of concession is B.O.T. system (build-operate-transfer). The Serbian legislation in this area is focused on opening the market for the entry of foreign capital to our country. Concession may not be granted to a foreign person for the areas in which, according to the law governing foreign investments, a foreign person cannot be the founder of the entity (for example, the area of production and sales of arms), nor the area that is determined as prohibited zone in accordance with the law.

PPP AND CONCESSIONS - LEGAL REGULATION IN THE EUROPEAN UNION 

	The concept of concessions dates back to the Roman Empire.

	Public-private partnership, as a concept of privatization of public infrastructure dates back to XVIII century. Governments of underdeveloped countries made concession arrangements with large companies, and it was the most common form of concessions at that time. Creation of the European Union urged the legal regulation of areas which include concessions, free movement of goods and services, public procurement, etc. These legal regulations shall become the corner stone for the development of new forms of public-private partnership (Skup�tina Republike Srbije, 2011, p. 5).

	During the 20s of the 20th century, the countries of Central and Eastern Europe have developed a complex legal framework of PPP. Basic laws (such as laws on local self-government or concessions) were necessary, but in order to create favourable legal and administrative environment, more was required. The technical aspects of engagement of private sector needed to be regulated: industrial laws and strategies, public procurement procedures, different forms of management over services, public assets and particularly regulations governing local autonomy in the management of municipal property (Osborne, 2000).

	Until 2014, in the European Union there were no regulations to directly regulate the implementation of PPP projects in Member States, but there were some guidelines and directives, and in this area they constituted a basic legal framework that guided and encouraged the improvement of the legislation of EU Member States, aiming at better regulation in the area of public-private partnership. Existing EU legal regulation in the area of public-private partnership includes important chapters of the European law (Skup�tina Republike Srbije, 2011, p. 5), namely: free movement of capital, the right of establishment and freedom to provide services, public procurement, intellectual property rights, company rights, competition rights, financial services, finance and accounting and others.

	Previously existing legislation focused on public procurement and concessions, but the development of public-private partnership required more complete legislation. In the year 2000, Commission interpretative communication on concessions under community law, regulating concessions in Member States, regulated the area of PPPs. More complex relations between the public and the private sector urged the institutions to bring new rules continuously in order to meet demands of the market (EUR-lex, 2000).

	The further regulation of the European legislation was not made until 2014. The Official Journal of the European Union from February 2014 published three new directives in the area of public procurement (Staki et al., 2015, p.18), namely:

Directive 2014/23/EU of the European Parliament and Council on the award of concession contracts;
Directive 2014/24/EU of the European Parliament and Council on public procurement (Utilities Directive) and repealing Directive 2004/18/EC; and
Directive 2014/25/EU of the European Parliament and Council on procurement by entities operating in water, energy, transport and postal services sectors and repealing Directive 2004/17/EC.

PPP AND CONCESSIONS-LEGAL REGULATION IN SERBIA

	Until the adoption of the Law on Public-private Partnership and Concessions, this area was regulated at the national level by the Law on Concessions (2003), and at the local level, private sector investments in the infrastructures were carried out in accordance with the Law on Public Utilities (1997), providing the opportunity to entrust another entity the performance of communal activities. Unlike concessions which are not a novelty in the Serbian economy and normative practice, it was the Law on Public-Private Partnership and Concessions (2011) which, for the first time introduced in the legal system the public-private partnership.

	The aforementioned law states that the public-private partnership project is a project which is prepared, proposed, approved and implemented based on one of the public-private partnership models and consists of a series of interconnected activities taking place in a specific sequence for the purpose of achieving the identified objectives within a specific time period and within a specific financial framework which, in compliance with this law, has been approved as a public-private partnership project, with or without elements of concession (Slu~beni glasnik RS, 2011, Article 4).

	Mutual relationship is regulated by a public-private partnership contract, where a public body may be a state body or institution or other direct and indirect users of budgetary funds, then a public company and legal entity performing the activity of general interest (mainly state-owned).

	In addition to the Law on Public-Private Partnerships and Concessions, the realization of PPPs also largely relies on provisions of the following acts (Staki et al., 2015, p.18), namely: Law on Public Procurement (2015), Law on Communal Activities (2011), Law on Public Enterprises (2016), Law on Public Property (2014), Law on Local self-Government (2014), Law on Local-Self Government Financing (2013), Law on Regional Development (2010), Law on Foreign Investments (2014) and Law on Energy (2014). In addition to these laws, the regulations of systematic character also remain valid, such as the Law on Companies (2015), Law on Profit Tax (2015), Law on Labour (2014), environmental legislation, etc.

THE IMPORTANCE OF FOREIGN INVESTMENTS THROUGH PPP AND CONCESSIONS

	Public-private partnership model results in the creation of added value both for the public and the private partner. Private partner gains the planned profit margin, reduces business risk and costs of sub-investment, while the public partner achieves higher quality of public services, reduces public spending and has the possibility to provide more public services in a shorter period of time and overcome debt restrictions in easier way (McCreevy, 2005, p. 2). Gaining additional value is the result of competition in the process of production of public goods or provision of public services. The ultimate goal of public-private partnership is to provide better, more efficient and effective public services and to increase the prosperity of the population (Bojovi, 2006, p. 311).

	The partnership of public and private sector is particularly important in the construction and maintenance of transport infrastructure and also for other types of infrastructure (water supply, communications). Engaging the private sector in the construction and maintenance of transport infrastructure in the form of concessions allows the release of budgetary funds and their use for other purposes (Vukmir et.al; 1999). In addition, the positive effects of concessions are the influx of capital, higher employment and transfers of new technologies.

	The Law on Public-Private Partnership and Concessions allowed the participation of new concessionaires at bidding and opened the door for the inflow of foreign capital in activities which may be the subject of the concession. Accordingly, the legal and conceptual notion frame of the concession provides legal security to the investor, which is of great importance for the development of the Republic of Serbia, especially as regards the use of forests and forest land, construction of energy facilities and transport infrastructure, and other areas regulated by the law.

	Serbia�s economic development requires taking serious actions on the improvement of transport infrastructure. It is necessary to put in the function the existing road network and to build new highways to ensure safe, quality and fast traffic. Lack of funds can be compensated, among other things, by granting concessions for public utilities (Kne~evi, 2010, p. 91).

	Granting concessions may also cause some problems, as shown by the practice in our country and the world practice (Dimitrijevi, 2008, p. 317). One of many issues related to concessions in the area of roads is the issue of their privatization. In the public road construction funded by the Government, tolls generally do not depend on the cost of construction, but in the case of a concession, the concession grantor has the right to collect tolls and other revenues for its duration (Kne~evi, 2010, p.100).

PERSPECTIVES AND POTENTIAL OF PPPs AND CONCESSIONS IN SERBIA

	Public-private partnership in Serbia is mostly exercised in the form of institutionalized (mixed) PPP for utility services or in the form of contractual PPP, where the private investor performs the utility services. Establishment of PPP in Serbia was driven by a combination of some factors (Ili et.al., 2011, p. 510), namely:

search for private funding to complement public budgets;
desire to use know-how and ./01FGabijlv

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�*�øĸŹ�����õç��{m`V`m`T`V`M`C`h.)�PJnH	tH	h_�hM�Uh�PJnH	tH	h_�hM�PJnH	tH	h_�hM�6�PJnH	tH	h9T�6�PJmH	nH	sH	tH	h�o	6�PJmH	nH	sH	tH	h�o	PJmH	nH	sH	tH	h9T�PJmH	nH	sH	tH	hWk>PJmH	nH	sH	tH	 h_�hM�PJmH	nH	sH	tH	h��hM�+h�/xhM�5�CJPJaJmH	nH	sH	tH	h�~�hM�5�CJOJQJoperational skills of the private sector; and
structural changes in the role of local government, which is increasingly becoming an organizer, regulator and controller and less direct operator.

	In recent years, the result of cooperation between the public and the private sector is characterized by the development of infrastructure and infrastructure management, intended to carry out a number of economic activities. Public-private partnerships offer a wide range of options, from those in which the private sector is minimally involved to those in which the private sector significantly participates in the project management, such as the reconstruction of the infrastructure, investment in infrastructure, concessions and B.O.T. contracts (Gulija, 2004). 


CONCLUSIONS

	The international movement of capital is driven by motives which are various, numerous and mutually intertwined by certain factors both in terms of supply and demand. In practice, public-private partnership involves the implementation of all known types of cooperation between public and private partners which, in many cases, leads to the establishment of joint ventures. Thus, the private sector employs its resources and expertise in the provision of goods and services, traditionally provided by public, i.e. state services. While establishing PPP, the public sector is expected to establish the adequate balance, i.e. the protection of rights and interests of citizens, and also to create conditions in which the private partners will be able to function effectively and efficiently.

	In addition to two basic forms, contractual and institutionalized, there are approximately twenty different models in PPP international practice, differing in the degree of involvement of public and private sector in all stages of provision of public services and/or construction of public infrastructure. The main function of the concession, as a form of investment in a particular area of the economy, is to encourage faster development and thus boost the national income as a whole. Concessions are particularly significant when the investor is a foreign person, as such concession is treated as the form of foreign investment.

	Until 2014, in the European Union there were no regulations to directly regulate the implementation of PPP projects in Member States, but there were some guidelines and directives, and in this area they constituted a basic legal framework that guided and encouraged the improvement of the legislation of EU Member States, aiming at better regulation in the area of public-private partnership. Until the adoption of the Law on Public-Private Partnership and Concessions, this area in Serbia was regulated at the national level by the Law on Concessions (the first law was adopted in 1990), and at the local level, the governing law was the Law on Public Utilities.

	Public-private partnership model results in the creation of added value both for the public and the private partner. Private partner gains the planned profit margin, reduces business risk and costs of sub-investment, while the public partner achieves higher quality of public services, reduces public spending and has the possibility to provide more public services in a shorter period of time and overcome debt restrictions in easier way. The result of cooperation between the public and the private sector is characterized by the development of infrastructure and infrastructure management, intended to carry out a number of economic activities.








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