DETERMINANTES MACROECONÔMICOS DO INVESTIMENTO DIRETO ESPANHOL NA AMÉRICA LATINA

Abstract

This paper explores the macroeconomic determinants of Spanish foreign direct investment in Latin America during the 1990s and 2000s. We use pull-push factors models in order to analyse Spanish capital boom. Previous researches had explored microeconomic determinants of Spanish FDI, while this paper tried to contribute using panel data econometrics to evaluate the macroeconomic dimension of the same phenomena. We conclude that both factors were important, particularly economic growth in Spain and the strength of its corporations (push factors); and the privatization process, exchange rates, internal demand, GDP level and economic growth in Latin American countries (pull-factors).