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The Emergence of Latin Multinationals

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  • Santiso, Javier

Abstract

The corporate world has changed remarkably in the past 10 years. New multinationals are appearing in countries with emerging markets such as Brazil, India, China, South Africa and Mexico, which are not only top recipients of foreign capital, but have fast become major investors themselves. An important part of the remarkable story of emerging multinationals has been the eruption of world-class Latin multinationals (or multilatinas) from Mexico and Brazil, in particular, following the path taken by their Spanish counterparts in the 1990s. In all these cases, classical push and pull factors have been driving their emergence. But a decisive helping hand for these multilatinas over the past decade has been the declining cost of capital. This financial dimension is driving the leap from overseas sales to overseas acquisitions, a phenomenon that will be explored in this article.

Suggested Citation

  • Santiso, Javier, 2008. "The Emergence of Latin Multinationals," MPRA Paper 12904, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:12904
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    File URL: https://mpra.ub.uni-muenchen.de/12904/1/MPRA_paper_12904.pdf
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    References listed on IDEAS

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    1. Sudarat Ananchotikul & Barry Eichengreen, 2008. "Plumbing for Latin American capital markets," BIS Papers chapters,in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 110-139 Bank for International Settlements.
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    Cited by:

    1. Sosa Andrés, Maximiliano & Nunnenkamp, Peter & Busse, Matthias, 2013. "What drives FDI from non-traditional sources? A comparative analysis of the determinants of bilateral FDI flows," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 7, pages 1-53.
    2. Hans J. Blommestein & Javier Santiso, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets," OECD Development Centre Working Papers 260, OECD Publishing.
    3. Chaminade , Cristina & Padilla Pérez , Ramón, 2014. "The challenge of alignment and barriers for the design and implementation of science, technology and innovation policies for innovation systems in developing countries," Papers in Innovation Studies 2014/26, Lund University, CIRCLE - Center for Innovation, Research and Competences in the Learning Economy.
    4. Javier Santiso, 2009. "Les fonds souverains : des acteurs clés dans la nouvelle géographie des richesses," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 315-342.
    5. Javier Santiso, 2009. "Sovereign Development Funds : Key Financial Actors of the Shifting Wealth of Nations," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 291-315.

    More about this item

    Keywords

    Transnational corporations Emerging markets; Foreign direct investment; Investments; Business enterprises; Industrial enterprises; Statistical data; Brazil; Mexico; Latin America; Spain;

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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