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La integración regional y la ubicación de la inversión extranjera directa

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Author Info
Eduardo Levy Yeyati
Ernesto H. Stein
Christian Daude

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Abstract

(Disponible en idioma inglés únicamente) En este trabajo se analizan los efectos de los acuerdos de integración regional en el destino de la inversión extranjera directa, empleándose para ello datos del volumen de inversión extranjera bilateral directa tomados de las Estadísticas sobre inversión internacional directa de la OCDE. El conjunto de datos cubre la inversión extranjera directa de 20 países de origen, todos ellos integrantes de la OCDE, a 60 países receptores, desde 1982 hasta 1999. Se empleó el análisis de datos de panel con efectos fijos por par de países y se halló que la afiliación corriente a un acuerdo de integración regional con un país de origen hace aumentar la inversión extranjera directa proveniente de esa fuente en 27%, aproximadamente. Es más probable que los países de mayor apertura y cuyas proporciones de factores difieren más de las del país de origen se beneficien más, ya que tienen a recibir inversión extranjera directa de tipo vertical, el cual responde más favorablemente a la integración. También hallamos que el aumento del tamaño del mercado vinculado con las iniciativas de integración regional contribuye a atraer más inversión extranjera directa al acuerdo de integración regional como un todo. Sin embargo, es probable que sólo los países del acuerdo de integración que ofrezcan un entorno en general más atrayente para la IED obtengan beneficios de esta dinámica. Por último, también hallamos pruebas que sugieren un pequeño efecto de desviación de la inversión extranjera directa. Nuestros resultados sugieren que la integración regional contribuye, en promedio, a la captación de inversión extranjera directa, pero que es poco probable que los beneficios se distribuyan parejamente.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4344.

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Date of creation: Jul 2003
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Handle: RePEc:idb:wpaper:4344

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