Los determinantes de la IED y el impacto del MERCOSUR

This paper analyze the factors that determine the receipt of foreign direct investment (FDI) by the Mercosur’s countries, specially the roll played by the regional integration process. After taking account of a conceptual framework, which concludes in an econometric model, with the methodology used by Bittencourt & Domingo (1996), regressions were estimated in several panels for the dependent variables: total FDI, FDI corrected (less mergers and acquisit ions and privatizations), FDI from United States and FDI in manufacturing. The joint panel (forty years and four countries) confirm that we can identify a “model” of Mercosur’s FDI receipts. The internal market dynamism, the export performance and the macroeconomic stability have importance as FDI determinants. FDI corrected and FDI from United States, presented an structural change in 1986. The regional integration process impact the FDI with significant and positive net effects. These flows seem to prefer the bigger countries. The results of the panels by sector show that the internal market size and dynamic are the principal variables to define the investor’s choice between economic sectors and countries. The Mercosur’s dynamic also is important in the choice between industrial sectors.