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Los determinantes de la IED y el efecto del MERCOSUR

Author

Listed:
  • Bittencourt, Gustavo

    (Departamento de Economía, Facultad de Ciencias Sociales, Universidad de la República, Uruguay)

  • Domingo, Rosario

    (Universidad de la República, Uruguay)

Abstract

This paper analyze the factors that determine the receipt of foreign direct investment (FDI) by the Mercosur’s countries, specially the roll played by the regional integration process. The join panel (forty years and four countries) confirm that we can identify a “model” of Mercosur´s FDI receipts. The internal market dynamism, the export performance and the macroeconomic stability have importance as FDI determinants. The regional integration process impacts the FDI with significant and positive net effects. These flows seem to prefer the bigger countries. The results of the panels by sector show that the internal market size and dynamic are the principal variables to define the investor’s choice between economic sectors and countries. The Mercosur´s dynamic also is important in the choice between industrial sectors.// El objetivo de este artículo es avanzar en una más precisa desagregación y cuantificación de los factores que operan como motivadores de la inversión extranjera directa (IED) recibida por los países de Mercosur y, específicamente, determinar la importancia relativa del proceso de integración regional entre los mismos. Se identifican características generales de un “modelo” de recepción de corrientes de IDE en el Mercosur. La dinámica del mercado interno, el desempeño exportador y la estabilidad macroeconómica adquieren relevancia como determinantes de la IED. El proceso de integración repercute en la IED con efectos netos significativos y positivos, pero de muy escaso valor, y parece canalizar de manera preferente inversiones hacia los socios mayores. El análisis con paneles sectoriales permite observar que el tamaño y la dinámica del mercado interno, tanto sectorial como global, es clave para definir la elección de sectores y países que realizan los inversionistas. Sin embargo en esta elección entre sectores también opera como factor secundario la dinámica del Mercosur, que configura en el principal determinante para algunos sectores.

Suggested Citation

  • Bittencourt, Gustavo & Domingo, Rosario, 2004. "Los determinantes de la IED y el efecto del MERCOSUR," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(281), pages 73-128, enero-mar.
  • Handle: RePEc:elt:journl:v:71:y:2004:i:281:p:73-128
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    More about this item

    Keywords

    inversión extranjera; determinantes; Mercosur;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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