Investimento direto estrangeiro e o desempenho das exportações brasileiras

Abstract

Foreign direct investment and the performance of Brazilian exports. Brazil, in the 1990s, assumed a remarkable position as a host of foreign direct investment. It is worth mentioning that the service sector received the highest proportion of foreign investment. This market seeking strategy was responsible for the growth of the Brazilian imports. The results are confirmed by the performance of foreign enterprises into different groups of activities. Those enterprises with majority of foreign capital have increased their imports the most from 1995 to 2000. Therefore, during the 1995-2000 period, this study does not support the view that foreign investment has directly improved the performance of the Brazilian exporting sector.Keywords: Foreign direct investment, exports and transnational enterprises. JEL Classification: F23.A década de 1970 foi marcada por um grande afluxo de IDE para a economia brasileira. Os fatores determinantes dessa abundância na oferta de IDE estavam ligados à orientação para o crescimento econômico e à consolidação de um regime político não-discriminador do capital estrangeiro. Entretanto, durante os anos 1980, houve reversão desse fluxo de capital, determinada, entre outros fatores, pela falta de credibilidade devido ao não-cumprimento das obrigações da dívida externa, pela excessiva instabilidade econômica, pelo esgotamento do modelo de substituição de importações e pelo aumento das incertezas associadas a sucessivos planos antiinflacionários.A partir da década de 1990 ocorre uma extraordinária recuperação do cres-

Allocation of foreign direct investment across brazilian states

“…Laplane & Sarti (1997), for instance, emphasize the sectoral reallocation of FDI over the 90's, as the participation of services increased at the same time that the share of the industrial sector suffered a reduction. This is in line with more recent evidence provided by Fernandes & Campos (2008), who explored the CCEP data to find that sectors receiving the largest amount of FDI in Brazil were not those responding for the larger share of exports -in particular, foreign investments have caused the opposite effect, i.e., have been allocated to import-oriented sectors.…”

Productivity spillovers from foreign direct investment in the Brazilian processing industry

“…During the 1980s, there was a reversal of capital flows, essentially from the lack of credibility due to non-accomplishment of external obligations, economic instability and increased uncertainty associated with anti-inflationary plans. Starting in the 1990s there was an extraordinary recovery of FDI flow growth, reflecting the financial globalization effects and mergers and acquisitions (M&A) possibilities due to the opening and privatization of the Brazilian economy (Fernandes & Campos, 2008).…”

Can foreign direct investment contribute to sustainable development? The role of Brazilian organisations involved in investment promotion (2002-2016)

“…Industrial sectors which have little engagement in export activities due to their intrinsic characteristics (such as beverages) or peculiarities in the Brazilian case (such automobiles) have also accounted for a substantial share of FDI entering Brazil during the period (Fernandes & Campos, 2008;Sarti & Laplane, 2002). It is worth noting that despite greater trade liberalisation from the 1990s, many sectors of the economy still enjoy relevant levels of protection from international competition, such as the automotive sector, situation which stimulates tariff-jumping FDI 12 (Rodriguez-Pose & Arbix, 2000).…”

“…FDI can be an adequate tool to promote development, as long as companies operating in a location raise exports, strengthen competitive advantages and increase production capacity, for example (Antônio Corrêa de Lacerda, 2003). A good number of researchers argue that governments should seek to attract, particularly, investments which will result in higher export levels (Carminati & Fernandes, 2013;Egan, 2015;Fernandes & Campos, 2008;Gregory & Oliveira, 2005; Antonio Corrêa de Lacerda, 2004; Antônio Corrêa de Lacerda, 2003;M. Laplane et al, 2001;Sarti & Laplane, 2002).…”

“…Generally, these studies found limited impacts on exports and intense impacts on imports. Fernandes and Campos (2008) analysed the profile of FDI in Brazil for the period between 1995 and 2000 and found that exporting sectors have been receiving relatively fewer FDI inflows than sectors which have trade deficits and sectors with little foreign trade involvement, which suggests that foreign investments did not have positive impacts on Brazilian exports. Sarti and Laplane (2003, pp.…”