Determinantes de la inversión extranjera directa en América Latina: una visión desde la economía administrativa
DOI:
https://doi.org/10.25097/rep.n31.2020.03Palabras clave:
Inversión, Gobernanza, Latinoamérica, Inversión Extranjera Directa, Datos PanelResumen
El presente trabajo propone una extensión al modelo de la teoría ecléctica de Dunning para explorar el efecto que variables de la economía administrativa tienen en el comportamiento de los flujos de la inversión extranjera directa (IED) para el caso de cinco países Latinoamericanos. Utilizando un modelo de datos panel se estima que, para el periodo 2006-2015, variables como el costo de hacer cumplir un contrato, costo de registrar una propiedad, tamaño de la industria bancaria y trabajo en la industria de la agricultura desincentivan la IED hacia países Latinoamericanos, al tiempo que elementos relacionados con la apertura comercial la fomentan. En aras de incrementar el flujo de IED hacia países de América Latina, se sugiere diseñar mecanismos que reduzcan los costos de transacción acompañados de políticas públicas que promuevan la competencia dentro del sector bancario local y se persiga la especialización de la mano de obra.
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Gransow, B. (2015). Chinese Infrastructure Investment in Latin America--An Assessment of Strategies, Actors and Risks. Journal of Chinese Political Science, 20(3), 267-287.
Hymer, S. H. (1976). The International Operations of National Firms: A Study of Direct Foreign Investment. Cambridge. MIT Press.
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Li, S. y Park, S. H. (2006). Determinants of Locations of Foreign Direct Investment in China. Management and Organization Review, 2, 95-119.
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Montero, A. (2009). Political Governance and Macroeconomic Variables in Determining Foreign Direct Investment. Latin American Research Review, 44 (1) 195-198.
Munnell, A. H. (1990). How Does Public Infrastructure Affect Regional Economic Performance? New England Economic Review, Sep-Oct 11-33.
Munnell, A. H. (1992). Policy Watch: Infrastructure Investment and Economic Growth. Journal of Economic Perspectives, 6(4), 189-198.
Padilla, R. & Gomes, C. (2015). Determinantes de la salida de IED y efectos en el país emisor: Evidencia de América Latina. CEPAL - Serie de estudios y perspectivas (166).
Pastor, M. y Hilt, E. (1993) Private investment and democracy in Latin America. World Development, 21(4), 489-507.
Quazi, R. (2007). Foreign Direct Investment in Latin America: A Panel Regression Study. The International Journal of Business and Finance Research, 1(1), 59-67.
Ramsey, J.R., Alvim, F.M., Forteza, J.H., y Micheloni, J. (2010). International Value Creation: An Alternative Model for Latin American Multinationals. Globalization, Competitiviness & Governability, 4(3) 62-83.
Schneider, F. y Frey, B.S. (1985). Economic and political determinants of foreign direct investment. World Development, 13(2), 161-175.
Staats, J. y Biglaiser, G. (2012). Foreign Direct Investment in Latin America: The Importance of Judicial Strength and Rule of Law. International Studies Quarterly, 56 (1), 193-202.
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Sytoian, C. y Filippaios, F. (2008). Dunning’s eclectic paradigm: A holoistic, yet context specific framework for analysing the determinants of outward FDI: Evidence from international Greek Investmemts. Institutional Bussines Review, 17(3), 349-367.
Treviño, L., Daniels, J., Arbelaez, H. y Upadhyaya, K. (2002). Market reform and foreign direct investment in Latin America: Evidence from an Error Correction Model. The International Trade Journal, 16(4), 367-39.
Tumman, J. P. y C. F. Emmert (2004). The political economy of U.S. foreign direct investment in Latin America: a reappraisal. Latin American Research Review, 39(3), 9-29.
Tures, J. (2003) The impact of instability and institutions on US foreign direct investment in developing areas. Conflict, Security & Development, 3(2), 163-183.
Vernon, R. (1966). International Investment and International Trade in the Product Cycle. The Quarterly Journal of Economics, 80(2), 190-207.
Vickerman, R. (2007). Cost–Benefit Analysis and Large-Scale Infrastructure Projects: State of the Art and Challenges. Environment and Planning B: Planning and Design, 34(4), 598-610.
Vickerman, R. (2017). Wider Impacts of Megaprojects: Curse or Cure? in B. Flyvbjerg (ed.), The Oxford Handbook of Megaproject Management, Oxford, Oxford University Press.
Aschauer, D.A. (1993). Genuine Economic Returns to Infrastructure Investment. Policy Studies Journal, 21(2), 380-90.
Banerjee, A., Duflo, E., & Qian, N. (2012). On the Road: Access to Transportation Infrastructure and Economic Growth in China. NBER Working Paper No. 17897.
Bengoa, M., Sánchez-Robles, B., y Shachmurove, Y. (2012). Latin America’s FDI patterns: A panel data gravity model to assess the role of regional integration agreements. Conference Paper.
Biglaiser, G. y DeRouen, K. (2005). Economic Reforms and Inflows of Foreign Direct Investment in Latin America. Latin American Research Review, 41(1), 51-75.
Comisión Económica para América Latina y el Caribe (CEPAL). (2018). Foreign Direct Investment in Latin America and the Caribbean 2018, LC/PUB.2018/13-P, Santiago.
Della Croce, R. (2011). Pension Funds Investment in Infrastructure: Policy Actions. OECD Working Papers on Finance, Insurance and Private Pensions, No. 13, OECD Publishing, Paris.
Dunning, J. (1981). Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach. Weltwirtschaftliches Archiv, 117(1), 30–64.
Dunning, J. (1988). The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies, 19(1), 1-31.
Dunning, J. (2015). Explaining International Production. New York, NY: Routledge Revivals.
Jadhav, P. (2012). Determinants of foreign direct investment in BRICS economies: Analysis of economic, institutional and political factor. Procedia - Social and Behavioral Sciences, 37, 5-14.
Gomes de Castro, P., Fernandes, E. y Carvalho, A. (2013) The Determinants of Foreign Direct Investment in Brazil and Mexico: An Empirical Analysis. Procedia Economics and Finance, 5, 231-240,
Gramlich, E.M. (1994). Infrastructure Investment: A Review Essay. Journal of Economic Literature, 32(3), 1176-96.
Gransow, B. (2015). Chinese Infrastructure Investment in Latin America--An Assessment of Strategies, Actors and Risks. Journal of Chinese Political Science, 20(3), 267-287.
Hymer, S. H. (1976). The International Operations of National Firms: A Study of Direct Foreign Investment. Cambridge. MIT Press.
Krugman, P. (1991). Increasing Returns and Economic Geography. Journal of Political Economy, 99(3), 483-99.
Li, Q. y Resnick, A. (2003). Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries. International Organization, 57(1), 175-211.
Li, S. y Park, S. H. (2006). Determinants of Locations of Foreign Direct Investment in China. Management and Organization Review, 2, 95-119.
Mogrovejo, J. (2005). Factores determinantes de la inversión extranjera directa en algunos países de Latinoamérica. Revista Latinoamericana de Desarrollo Económico, 5, 51-82.
Montero, A. (2009). Political Governance and Macroeconomic Variables in Determining Foreign Direct Investment. Latin American Research Review, 44 (1) 195-198.
Munnell, A. H. (1990). How Does Public Infrastructure Affect Regional Economic Performance? New England Economic Review, Sep-Oct 11-33.
Munnell, A. H. (1992). Policy Watch: Infrastructure Investment and Economic Growth. Journal of Economic Perspectives, 6(4), 189-198.
Padilla, R. & Gomes, C. (2015). Determinantes de la salida de IED y efectos en el país emisor: Evidencia de América Latina. CEPAL - Serie de estudios y perspectivas (166).
Pastor, M. y Hilt, E. (1993) Private investment and democracy in Latin America. World Development, 21(4), 489-507.
Quazi, R. (2007). Foreign Direct Investment in Latin America: A Panel Regression Study. The International Journal of Business and Finance Research, 1(1), 59-67.
Ramsey, J.R., Alvim, F.M., Forteza, J.H., y Micheloni, J. (2010). International Value Creation: An Alternative Model for Latin American Multinationals. Globalization, Competitiviness & Governability, 4(3) 62-83.
Schneider, F. y Frey, B.S. (1985). Economic and political determinants of foreign direct investment. World Development, 13(2), 161-175.
Staats, J. y Biglaiser, G. (2012). Foreign Direct Investment in Latin America: The Importance of Judicial Strength and Rule of Law. International Studies Quarterly, 56 (1), 193-202.
Subasat, T. y Bellos, S. (2013). Governance and Foreign Direct Investment in Latin America: A panel gravity model approach. Latin American Journal of Economics, 50 (1), 107-131.
Sytoian, C. y Filippaios, F. (2008). Dunning’s eclectic paradigm: A holoistic, yet context specific framework for analysing the determinants of outward FDI: Evidence from international Greek Investmemts. Institutional Bussines Review, 17(3), 349-367.
Treviño, L., Daniels, J., Arbelaez, H. y Upadhyaya, K. (2002). Market reform and foreign direct investment in Latin America: Evidence from an Error Correction Model. The International Trade Journal, 16(4), 367-39.
Tumman, J. P. y C. F. Emmert (2004). The political economy of U.S. foreign direct investment in Latin America: a reappraisal. Latin American Research Review, 39(3), 9-29.
Tures, J. (2003) The impact of instability and institutions on US foreign direct investment in developing areas. Conflict, Security & Development, 3(2), 163-183.
Vernon, R. (1966). International Investment and International Trade in the Product Cycle. The Quarterly Journal of Economics, 80(2), 190-207.
Vickerman, R. (2007). Cost–Benefit Analysis and Large-Scale Infrastructure Projects: State of the Art and Challenges. Environment and Planning B: Planning and Design, 34(4), 598-610.
Vickerman, R. (2017). Wider Impacts of Megaprojects: Curse or Cure? in B. Flyvbjerg (ed.), The Oxford Handbook of Megaproject Management, Oxford, Oxford University Press.
Publicado
2020-01-30
Cómo citar
Gómez Aguirre, R., Windler Muñoz, L., & Massa Roldán, R. (2020). Determinantes de la inversión extranjera directa en América Latina: una visión desde la economía administrativa. Revista Economía Y Política, (31), 36–49. https://doi.org/10.25097/rep.n31.2020.03
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