No. 43 (2015)
Artículos
Impacto de la repatriación de utilidades de la IED estadounidense en América Latina
Abstract
Se estima el efecto de largo plazo de la repatriación de utilidades de la inversión extranjera directa estadounidense sobre un conjunto de economías latinoamericanas, siguiendo una metodología de cointegración de panel. Los resultados sugieren que la inversión en capital físico, empleo, gasto público en educación y la repatriación de utilidades de la IED impactan en la actividad económica de la región. En particular, la repatriación muestra signo negativo, constituyéndose en una barrera al crecimiento económico en la región. Por ende, una regulación que propicie competitivamente las reinversiones en las economías favorecería el desempeño económico en esos países.References
- Acharya, Debashis; Amanulla, S., y Joy, Sara (2009), “Financial development and economic growth in Indian states: an examination”, International Research Journal of Finance and Economics, 24 (2), pp. 117-130.
- Agostini, Claudio, y Jalile, Ileana (2009), “Efectos de los impuestos corporativos en la inversión extranjera en América Latina”, Latin American Research Review, 44 (2), pp. 84-108.
- Alfaro, Laura; Chanda, Areendam; Kalemli-Ozcan, Sebnem, y Sayek, Selin (2004), “FDI and economic growth: the role of local financial markets”, Journal of International Economics, 64 (1), pp. 89-112.
- Allen, Franklin; Bernardo, Antonio, y Welch, Ivo (2000), “A theory of dividends based on tax clienteles”, The Journal of Finance, 55 (6), pp. 2499-2536.
- Altzinger, Wilfried (2008), “The profitability of Austrian foreign direct investment-reinvestment or repatriation?”, FIW Research Reports Series 010.
- Barry, Frank. (2005), “FDI, transfer pricing and the measurement of r&d intensity”, Research Policy, 34 (5), pp. 673-681.
- Blomstrom, Magnus, y Kokko, Ari (2003), “The economics of foreign direct investment incentives”, Stockholm School of Economics Working Paper 168.
- Blomstrom, Magnus, y Wolff, Edward (1994), “Multinational corporations and productivity convergence in Mexico”, NBER Working Paper 3141.
- Blouin, Jennifer; Krull, Linda, y Robinson, Leslie (2012), “Is US multinational repatriation policy influenced by reporting incentives? The Accounting Review, 87 (5), pp. 1-19.
- Borensztein, Eduardo; Gregorio, José de, y Lee, Jong-Wha (1995), “How does foreign direct investment affect economic growth?”, NBER Working Paper 5057.
- Brada, Josef, y Tomšík, Vladimir (2009), “The foreign direct investment financial life cycle: evidence of macroeconomic effects from transition economies”, Emerging Markets Finance and Trade, 45 (3), pp. 19-34.
- Breitung, Jorg (2005), “A parametric approach to the estimation of cointegration vectors in panel data”, Econometric Reviews, 24 (2), pp. 151-173.
- Breitung, Jorg, y Pesaran, M. Haasxhem (2005), “Unit Roots and Cointegration in Panels”, CESIFO Working Paper Series 1565.
- Carrillo, Jorge, y Gomis, Redi (2011), “Firmas multinacionales en México. Un primer mapeo”, Frontera Norte, 46 (23), pp. 35-60.
- CEPAL (2014), Foreign Investment in Latin America and The Caribbean, Santiago de Chile, Comisión Económica para América Latina y El Caribe.
- Clausing, Kimberly (2001), “The impact of transfer pricing on intrafirm trade”, en J. Hines (ed.), International Taxation and Multinational Activity, s.l., University of Chicago Press.
- Chakrabarti, Avik (2001), “The determinants of foreign direct investment: sensitivity analyses of cross-country regressions”, Kyklos, 54 (1), pp. 91-102.
- Chandra, Purna, y Sahoo, Pravakar (2007), “Export-led growth in South Asia: a panel cointegration analysis”, International Economic Journal, 21 (2), pp. 155-175.
- Choi, In (2001), “Unit root tests for panel data”, Journal of International Money and Finance, 20 (1), pp. 249-272.
- Daniels, Joseph; Hejazi, Walid y Ruhr, Marc von der (2004), “Regional vs global financing strategies for US MNE”, en Rugman, Alan (ed.), North American Economic and Financial Integration: Research in Global Strategic Management, vol. 10, s.l., Oxford University Press.
- Desai, Mihir; Foley, Fritz, y Hines, James. (2001), “Repatriation taxes and dividend distortions”, National Tax Journal, 54:4, pp. 829-852.
- (2002), “Dividend policy inside the firm”, nber Working Paper 8698.
- Dunning, John (1993), Multinational enterprises and the global economy, s.l., Addison Wesley.
- Dussel, Enrique (1997), La economía de la polarización. Teoría y evolución del cambio estructural de las manufacturas mexicanas, Jus/UNAM.
- Dussel, Enrique; Galindo, Luis, y Loría, Eduardo (2003), Condiciones y efectos de la inversión extranjera directa y del proceso de integración regional en México durante los años noventa: Una perspectiva microeconómica, BID/UNAM.
- Echavarría, Juan (2005), “Impuestos a las utilidades e inversión extranjera directa en Colombia”, documento de trabajo del Banco de la República 025.
- Engle, Robert, y Granger, Clive (1987), “Cointegration and error correction: representation, estimation and testing”, Econometrica, 55 (2), pp. 251-276.
- Fritsch, Winston y Franco, Gustavo (1991), “Inversión extranjera directa y pautas de la industrialización y el comercio exterior en los países en desarrollo: Notas con referencia a la experiencia brasileña”, Desarrollo Económico, 30 (120), pp. 523-547.
- Gligo, Nicolo (2007), “Políticas activas para atraer inversión extranjera directa en América Latina y el Caribe”, Serie Desarrollo Productivo 175, CEPAL.
- Granato, Leonardo, y Oddone, Carlos (2007), “La protección internacional del inversos extranjero a través de los acuerdos bilaterales de inversión”, Tendencias, 8 (2), pp. 43-66.
- Groen, Jan, y Kleibergen, Frank. (2003), “Likelihood-based cointegration analysis in panels of vector error correction models”, Journal of Business and Economic Statistics, 21 (1), pp. 295-318.
- Gropp, Reint, y Kostial, Kristina (2000), “The disappearing tax base: is foreign direct investment eroding corporate income taxes?”, European Central Bank Working Paper 31.
- Graham, John; Hanlon, Michelle, y Shevlin, Terry (2011), “Real effects of accounting rules: evidence from multinational firms´ investment location and profit repatriation decisions”, Journal of Accounting Research, 49 (1), pp. 137-185.
- Hall, Peter, y Soskice, David (2001), “An introduction to varieties of capitalism”, en P. Hall y D. Soskice (eds), Varieties of capitalism: the institutional foundations of comparative advantage, s.l., Oxford University Press.
- Higginbottom, Andy (2013), “The political economy of foreign investment in Latin America dependency revisited”, Latin American Perspectives, 30 (20), pp. 1-23.
- Hines, James, y Hubbard, Glenn (1990), “Coming home to America: dividend repatriations by US multinationals”, en A. Razin y J. Slemrod (eds.), Taxation in the global economy, s.l., University of Chicago Press.
- Ibarra-Caton, Marilyn, y Mataloni, Raymond (2014), Direct investment positions for 2013. Country and industry detail, Bureau of Economic Analysis [pdf]. Consultado el 20 de febrero de 2015, en: http://www.bea.gov/scb/pdf/2014/07%20July/0714_direct_investment_positions.pdf.
- Ishii, Yasunori (2006), “Multinational firms and strategic fdi subsidies”, Review of International Economics, 4 (2), pp. 292-305.
- Kao, Chihwa (1999), “Spurious regression and residual based tests for cointegration in panel data”, Journal of Econometrics, 90 (1), pp. 1-44.
- Kliman, Andrew (2012), “The falling profitability of US multinational corporations abroad. Implications for an understanding of global profitability and the Great Recession”, Marxism 21, 6 (1), pp. 218-255.
- Kok, Recep, y Acikgoz, Bernur (2009), “Analyses of fdi determinants in developing countries”, International Journal of Social Economics, 36 (2), pp. 105-123;
- Larsson, Rolf; Lyhagen, Johan, y Löthgren, Mickael (2001), “Likelihood-based cointegration tests in heterogeneous panels”, Econometrics Journal, 4 (1), pp. 109-142.
- Lehmann, Alexander (2002), “Foreign direct investment in emerging markets: Income, repatriations and financial vulnerabilities”, imf Working Paper 02/47.
- Lehmann, Alexander, y Mody, Ashoka. (2004), “International dividend repatriations”, imf Working Paper 04/5.
- Lipsey, Robert (2002), “Home and host effects of FDI”, NBER Working Paper 9293.
- Love, James, y Lage-Hidalgo, Francisco (2000), “Analysing the determinants of us direct investment in Mexico”, Applied Economics, 32 (1), pp. 1259-1267.
- Lucas, Robert (1993), “On the determinants of direct foreign investment: evidence from east and South Asia”, World Development, 21 (3), pp. 391-406.
- Lundan, Sasrianna (2006), “Reinvested profitability as a component of fdi: an analytical review of the determinants on reinvestment”, Transnational Corporations, 15 (3), pp. 33-64.
- Markusen, James, y Venables, Anthony (1999), “Foreign direct investment as a catalyst for industrial development”, European Economic Review, 43 (1), pp. 335-356.
- McCoskey, Suzanne, y Kao, Chihwa (1998), “A residual-based test of the null of cointegration in panel data”, Econometric Reviews, 17 (2), pp. 57-84.
- Mencinger, Joze (2003), “Does foreign direct investment always enhance economic growth?”, Kilkos, 56 (4), pp. 491-508.
- Morales, Josefina. (2010), “Inversión extranjera directa y desarrollo en América Latina”, Problemas del Desarrollo, 41 (163), pp. 141-156.
- Morales, Lorena; Guerrero, Patricia, y López, Mauricio. (2009), “Una evaluación de las políticas promocionales de inversión extranjera directa en América Latina”, Lecturas de Economía, 71:2, pp. 141-168.
- Mortimore, Michael (2006), Globalización y empresas transnacionales: ¿Oportunidades para el desarrollo?, Santiago de Chile, CEPAL.
- (2009), “Arbitraje internacional basado en cláusulas de solución de controversias entre los inversionistas y el Estado en acuerdos internacionales de inversión: desafíos para América Latina y el Caribe”, Serie Desarrollo Productivo CEPAL 188. Obersteiner, Erich (1973), “A decision model for the allocation of foreign funds to dividend remittances and foreign investment in a multinational corporate system with wholly-owned foreign manufacturing subsidiaries”, The Journal of Finance, 28 (1), pp. 221-222.
- Pedroni, Peter (1995), “Panel cointegration; asymptotic and finite sample properties of pooled time series tests, with an application to the PPP hypothesis”, Indiana University Working Papers in Economics 95-013.
- (1997), “Panel cointegration; asymptotic and finite sample properties of pooled time series tests, with an application to the PPP hypothesis: new results”, Indiana University Working Paper 97-04.
- (1999), “Critical values for cointegration tests in heterogeneous panels with multiple regressors”, Oxford Bulletin of Economics and Statistics, 61 (1), pp. 653-670.
- (2000) “Fully modi?ed ols for heterogeneous cointegrated panels”, en B. Baltagi (ed.), Nonstationary panels, panel cointegration, and dynamic panels, s.l., Elsevier.
- Pelegrín, Ángels (2002), “Inversión extranjera directa”, Papeles de Economía Nonstationary panels, panel cointegration, and dynamic panelsEspañola, 0 (93), pp. 122-134.
- Phillips, Peter, y Hansen, Bruce (1990), “Statistical inference in instrumental variables regressions with I(1) processes”, Review of Economic Studies, 57 (2), pp. 99-125.
- Rodas, Mauricio (2005), “Los regímenes de la inversión extranjera directa y sus regulaciones ambientales en México y Chile”, Serie Estudios y Perspectivas CEPAL 27, pp. 69.
- Romer, Paul (1990), “Endogenous technological change”, Journal of Political Economy, 98 (95), pp. 71-102.
- Rugman, Alan, y Verbeke, Alain (2001), “Subsidiary specific advantages in multinational enterprises”, Strategic Management Journal, 22 (3), pp. 237-250.
- Shatz, Howard, y Venables, Anthony (2000), “The geography of international investment”, World Bank Policy Research Working Paper 2338.
- Slaughter, Matthew (2003), “Host-country determinants of us foreign direct investment into Europe”, en H. Herrmann y R. Lipsey (eds.), Foreign direct investment in the real and financial sector of industrial countries, s.l.. Springer.
- UNCTAD (2013), World Investment Report 2013: Global value chains. Investments and trade for development, Suiza, unctad.