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Investigación económica

versión impresa ISSN 0185-1667


VERNENGO, Matías. Structural Liberalization and Foreign Direct Investment in Brazil, 1971-2000: A Neo-Structural Perspective. Inv. Econ [online]. 2003, vol.62, n.246, pp.125-147. ISSN 0185-1667.

A structural model is presented here on the effects of foreign direct investment (FDI) over domestic investment. This model supposes that foreign direct investment has a positive effect on domestic investment. However, it is possible that foreign direct investment could have negative effects on capital accumulation in the host country. This is due mainly to the increase in imports of capital goods that were tied with increases in foreign direct investment following the post-liberalization period. The author sought to empirically estimate the model presented in this article. What the evidence showed was that the effect of foreign direct investment on total domestic investment is significant but relatively small. A linear regression indicates that a 5% increase in FDI impacts domestic investment by only 0.25 %. In addition, the data showed that the investment acceleration principle is useful in explaining the domestic evolution of investment. Increases in capacity utilization have an impact of nearly the same magnitude on domestic investment. Liberal reforms undertaken since the late 1980's presumed that a more open economy would attract external capital and this in turn would lead to intensive capital accumulation. While there has certainly been a growth in foreign capital there has not been an equivalent increase in overall growth.

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