Más sobre flujos de inversión extranjera

Un paper que analiza los flujos de capital extranjero y cómo esto se refleja en mejoras en el país. Como se ve en los resultados "todo es ambiguo". A pesar de que el autor muestra que existe una correlación positiva, si ven los coeficientes y se analiza el impacto ... es mínimo. Además, los supuestos del modelo son bastante heroicos. En todo caso, es ilustrativo.

http://www.informaworld.com/smpp/content~content=a931672145~db=all?jumptype=alert&alerttype=new_issue_alert,email

Is foreign direct investment productive in the Latin America case? A panel co-integration analysis, 1980 - 2002

Author: Miguel D. Ramirez^a

Abstract This article estimates whether FDI flows—and other relevant variables—have had a positive and significant effect on Latin America's private investment spending over the 1980-2002 period. It is one of the first empirical studies to investigate the complementarity hypothesis between domestic private investment and FDI flows using recently developed panel unit root and panel co-integration analysis for the period in question. The article also addresses the important issue of whether changes in the real exchange rate (expenditure-switching policies) have a contractionary effect on the economies of Latin America. The results suggest that (lagged) gross FDI, public investment spending, and real credit to the private sector have a positive and significant effect on private capital formation, while lagged changes in the real exchange rate, particularly its volatility, as measured by the period standard deviation, have a negative effect. The article also finds that net FDI flows (a variable which deducts repatriation of profits and dividends) remain significant but their impact is reduced by more than half relative to their gross FDI counterpart.