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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 marketssuch as Brazil, India, China, South Africa and Mexico, which are not onlytop recipients of foreign capital, but have fast become major investorsthemselves. An important part of the remarkable story of emergingmultinationals has been the eruption of world-class Latin multinationals(or multilatinas); from Mexico and Brazil, in particular, following the pathtaken by their Spanish counterparts in the 1990s. In all these cases,classical push and pull factors have been driving their emergence. Buta decisive helping hand for these multilatinas over the past decade hasbeen the declining cost of capital. This financial dimension is driving theleap from overseas sales to overseas acquisitions, a phenomenon that willbe explored in this article.

Suggested Citation

  • Santiso, Javier, 2008. "The emergence of Latin multinationals," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    • Handle: RePEc:ecr:col070:11304
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    1. Louis T. Wells, 1983. "Third World Multinationals: The Rise of Foreign Investments from Developing Countries," MIT Press Books, The MIT Press, edition 1, volume 1, number 026273169x, April.
    2. Levy Yeyati, Eduardo & Panizza, Ugo & Stein, Ernesto, 2007. "The cyclical nature of North-South FDI flows," Journal of International Money and Finance, Elsevier, vol. 26(1), pages 104-130, February.
    3. Rugman,Alan M., 2005. "The Regional Multinationals," Cambridge Books, Cambridge University Press, number 9780521842655.
    4. Raymond Vernon, 1966. "International Investment and International Trade in the Product Cycle," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 80(2), pages 190-207.
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    2. 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 (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-53.
    3. Mazouz, Khelifa & Wood, Geoffrey & Yin, Shuxing & Zhang, Mao, 2021. "Comprehending the outward FDI from Latin America and OCED: A comparative perspective," International Business Review, Elsevier, vol. 30(5).
    4. Ruben Molina Martinez & Oscar Hugo Pedraza Rendon & Jorge Luis Alcaraz Vargas, 2012. "Multinationalization Of Mexican Companies, La Multinacionalizacion De La Empresa Mexicana," Revista Internacional Administracion & Finanzas, The Institute for Business and Finance Research, vol. 5(5), pages 71-85.

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