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Inversión extranjera directa: ¿Buen colesterol?

Author

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  • Ricardo Hausmann
  • Eduardo Fernández-Arias

Abstract

(Disponible en idioma inglés únicamente) En este trabajo se estudia la propuesta de que los ingresos de capitales tienden a asumir la forma de inversión extranjera directa (IED), es decir, que la parte de la IED del total de pasivos tiende a ser mayor en países que son más seguros, más promisorios y con mejores instituciones y políticas. Se halla que este punto de vista es patentemente errado, ya que tergiversa totalmente el registro histórico. Luego se emplean teorías alternativas para explicar los hechos. Se comienza por estudiar los factores determinantes del tamaño y la composición de los flujos de capitales privados entre los países. Se descubre que aunque los flujos de capitales tienden a dirigirse a países que son más seguros y que tienen mejores instituciones y mercados financieros, la parte de la IED del total de flujos no constituye una señal de buena salud. Por el contrario, los países que son más riesgosos, menos desarrollados financieramente y tienen instituciones más débiles, tienden a atraer menos capital pero más de él en la forma de IED. Por ende, no se justifica interpretar un aumento de la participación de la IED como una señal de buena salud. Esto resulta aún más cierto, dado que se ha producido el reciente aumento de la IED, mientras que los flujos total de capital privado han decaído.

Suggested Citation

  • Ricardo Hausmann & Eduardo Fernández-Arias, 2000. "Inversión extranjera directa: ¿Buen colesterol?," Research Department Publications 4204, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4204
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    References listed on IDEAS

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