flujos de inversión extranjera directa consideración especial del caso español emilio ontiveros...
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Flujos de Inversión Extranjera DirectaConsideración especial del caso español
Emilio Ontiveros eontiveros@afi.es
www.afi.es
GIE, UAM, Diciembre 2009
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Definición de IED
Direct investment flows are transactions between a direct
investor in one economy and a direct investment enterprise in
another economy, and among affiliated direct investment
enterprises that are in a direct investment relationship, other
than those that are resident in the same economy.
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Formas de IED
• Direct investment financial flows are composed of:
a) Equity capital,
b) Reinvested earnings (and undistributed branch profits)
c) Other capital.
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Formas de IED, Equity capital
Equity capital comprises:
i) equity in branches;
ii) all shares in subsidiaries and associates (except non-participating preference [preferred] shares,which are treated as debt securities and includedunder direct investment, other capital);
iii) other capital contributions, including non-cashacquisitions of equity (such as through the provisionof capital equipment).
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Formas de IED, Reinvested earnings
Reinvested earnings and undistributed branch profits comprise,
in proportion to equity held, direct investors’ shares of:
i) earnings that foreign subsidiaries and associated enterprises
do not distribute as dividends (reinvested earnings),
ii) earnings that branches and other unincorporated enterprises
do not remit to direct investors (undistributed branch profits)
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Other capital: covers the borrowing or lending of funds between
i) direct investors resident in one economy and their
subsidiaries, branches, and associates resident in other
economies;
ii) enterprises within a group of related direct investment
enterprises that are resident in different economies. The
instruments covered include loans, debt securities, suppliers’
(trade) credits, financial leases, and non-participating
preference [preferred] shares which are treated as debt
securities
Formas de IED, Other capital
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FDI inflows, global and by groups of economies, 1980–2008 (Billions of dollars)
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10
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International Merger and Acquisitions, world ( OCDE, dic 09)
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Merger and Acquisitions, firms based in 6 major emerging economies
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Global Mergers and Acquisition Volume as a Percent of Total Global Equity Market Capitalization
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Australia
Austria
Belgium
Canada
Czech Republic
Denmark
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Italy
Japan
Korea
Luxembourg
Mexico
Netherlands
New Zealand
Norway
PolandPortugal
Slovak Republic
Spain
SwedenSwitzerland
Turkey
United Kingdom
United States
0%
50%
100%
150%
200%
250%
300%
350%
400%
0 10.000 20.000 30.000 40.000 50.000 60.000 70.000
PIB pc
Ta
sa
de
ap
ert
ura
Economía española. Internacionalización. Apertura y prosperidad
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Evolución de la tasa de apertura de la Economía Española(Exportaciones + Importaciones) / PIB
0%
10%
20%
30%
40%
50%
60%
70%
19
71
19
73
19
75
19
77
19
79
19
81
19
83
19
85
19
87
19
89
19
91
19
93
19
95
19
97
19
99
20
01
20
03
20
05
20
07
Economía española. Internacionalización. Tasa de apertura
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Economía española. Internacionalización. IED/PIB
19
20
Economía española.Beneficios de multinacionales españolas en América Latina, mm$US en 2008
Fuente: Informes de empresas; El Economista
AméricaLatina
Resto delugares
% en América Latina
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Bibliografía
• Gordo, Esther, Martín, César y Tello, Patrocinio (2008) La internacionalización de las empresas españolas a través de la
inversión extranjera directa Banco de España, enero 2008
• OECD (2005) Measuring Globalisation OECD Handbook on Economic Globalisation Indicators, OECD, Paris
• Santiso Guimaras, Javier (2007). La internacionalización de las empresas españolas: hitos y retos N.º 839 ICE Noviembre-Diciembre 2007.
29
• Glossary of foreign direct investment terms and definitions
http://www.oecd.org/dataoecd/56/1/2487495.pdf
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