Panorama Económico y Social de la Comunidad de Estados Latinoamericanos y Caribeños, 2015

Este Panorama Económico y Social de la Comunidad de Estados Latinoamericanos y Caribeños es una contribución de la Comisión Económica para América Latina y el Caribe (CEPAL) a la Cuarta Cumbre de Jefes de Estado y de Gobierno de la Comunidad de Estados de América Latina y el Caribe (CELAC), (Quito, enero de 2016).

Economic and Social Panorama of the Community of Latin American and Caribbean States 2015

This edition of the Economic and Social Panorama of the Community of Latin American and Caribbean States is a contribution by the Economic Commission for Latin America and the Caribbean (ECLAC) to the fourth Summit of Heads of State and Government of the Community of Latin American and Caribbean States (CELAC), to be held in Quito in January 2016. This document continues the work carried out since the first summit of CELAC held in Santiago and is a testimony to our ongoing commitment to work in collaboration with the countries of the region.

Revista CEPAL no. 118

Número especial por los 40 años de la Revista CEPAL

Inversión extranjera directa y desigualdad de los ingresos en América Latina. Un análisis sectorial

En este trabajo se analiza la relación entre la inversión extranjera directa (ied) y la desigualdad de los ingresos en América Latina. En particular, se estima el efecto de la ied desde una perspectiva sectorial y se identifican tres grandes sectores: primario, industria manufacturera y servicios. Mediante un panel de datos para 13 economías en el período 1980-2009, se encontró evidencia empírica de un efecto positivo de la ied en la desigualdad de los ingresos provocada por aquellas inversiones localizadas en los sectores de servicios e industria manufacturera.

La Inversión Extranjera Directa en América Latina y el Caribe 2016

El presente informe La Inversión Extranjera Directa en América Latina y el Caribe es la edición correspondiente a 2016 de la serie anual que publica la Unidad de Inversiones y Estrategias Empresariales de la División de Desarrollo Productivo y Empresarial de la Comisión Económica para América Latina y el Caribe (CEPAL).

O Investimento Estrangeiro Direto na América Latina e no Caribe 2016. Documento informativo

O presente relatório, O Investimento Estrangeiro Direto na América Latina e no Caribe, é a edição correspondente a 2016 da série anual publicada pela Unidade de Investimentos e Estratégias Empresariais da Divisão de Desenvolvimento Produtivo e Empresarial da Comissão Econômica para a América Latina e o Caribe (CEPAL).

Multilatinas na global economy. historical characterization, sectorial and space

The successive crises for which has passed in the world economy since the years 1970, together with the United States 'hegemonic crisis, have created the conditions for the reordering and the construction of a multipolar world, with the increasing importance of some peripheral countries into the world economy, particularly with regard to capital flows. This article represents an effort to bring to light the analysis on the decrease of importance of developed countries in world investment flows and corresponding increase in the relevance of some peripheral countries. The objective underlying the text is understanding the expansion of space circuits of production of multinational companies in Latin America (Multilatinas) at different spatial scales, by means of an analysis of the temporal, spatial and sectoral dimensions of the investments. The methodological procedures adopted covered survey, selection and bibliographic data compilation, reading in international organizations (UNCTAD and ECLAC), systematization of data, analysis of data in the light of the theoretical reflections.

Le strategie di internazionalizzazione delle imprese distrettuali: un'analisi comparata di tre diversi sistemi locali di produzione in Emilia Romagna

Since the Nineties, the process of globalization has caused a sharp increase in the real and financial integration of the worldwide economy, reducing the obstacles to international trade and minimizing the cost of transaction. The entrance of foreign firms in the domestic market has deeply modified the competitive situation of Italian enterprises, which have been forced to change their strategies in order to cope with those of the new competitors. In this scenario, internationalization is no longer one of the different strategic options available for the firm, but it becomes a forced choice to maintain or acquire a competitive advantage sustainable over time. Internationalization strategies of SMEs, however, are hindered by the shortage of financial resources and entrepreneurial skills, therefore this kind of firms tends toward light forms of foreign expansion, like export and subcontracting. Despite this, many studies have demonstrated that the district localisation increases the firms’ productivity and innovative capacity, so their competiveness both at a domestic and international level. The majority of these empirical contributions has focused mainly on the analysis of commercial flows, confirming that district enterprises reach a superior international performance compared to their external competitors. On the contrary, only few works have tried to evaluate the existence of a district effect on the firms’ ability to invest abroad, but the obtained results are not straightforward. One of the reason of these conclusions is that the phenomena has been analysed without taking into account the differences existing between districts in terms of enterprises’ dimension, diffusion of industrial groups and, above all, the sector of productive specialization, because the technological content of production could improve the innovativeness of district firms, allowing them to adopt advanced forms of internationalisation as foreign direct investments (FDI). The aim of the thesis is to further investigate the district effect on internationalisation, trough an econometric analysis of the international strategies carried out by firms localised in three different local system of production characterised by different technological specialization.

Industrial Restructuring in the Budapest agglomeration

The major 'motor' of the recent Hungarian industrial development has been foreign direct investment, particularly by multinational companies. This has stimulated the development process, as shown by the dynamism of production, exports and profitability of industry in Budapest. On the other hand, this has also led to a split of the industrial sphere into its foreign and domestic sections, or into foreign-owned companies and domestic SMEs. The major question asked in this project is where is Hungarian industry heading and will the gap between the contracting domestic part and the foreign multinationals continue to widen or will they be joined in a much more favourable scenario. Barta sees this as a question of whether Hungary can avoid the 'dead-end street' of South Asian industrialising countries, and instead move towards a new Eastern European or Hungarian model. He concludes that Budapest industry does not follow any given model and indeed its development probably cannot be seen as a 'model' proper in itself, but is, or will be, a mixture of different elements. This would be a welcome fusion of Hungary's rich human resources of accumulated knowledge with foreign direct investment. Budapest would play an exceptional role in such a process, as the gateway for foreign output to the rest of the country. The share of industry in the Budapest economy will continue to decrease, but it will become a more modern and profitable sector. It will also fulfil a technological transfer role between the developed world and the Hungarian countryside (or even a larger region of central and eastern Europe). Barta predicts that Budapest industry will develop a special structure, with a large subcontractor network supporting the large foreign enterprises, and alongside this industrial districts formed by SMEs.

Financial decision making about found oil and gas in Ghana : real options vs. traditional methods

This research is a study of the use of capital budgeting methods for investment decisions. It uses both the traditional methods and the newly introduced approach called the real options analysis to make a decision. The research elucidates how capital budgeting can be done when analysts encounter projects with high uncertainty and are capital intensive, for example oil and gas production. It then uses the oil and gas find in Ghana as a case study to support its argument. For a clear understanding a thorough literature review was done, which highlights the advantages and disadvantages of both methods. The revenue that the project will generate and the costs of production were obtained from the predictions by analysts from GNPC and compared to others experts’ opinion. It then applied both the traditional and real option valuation on the oil and gas find in Ghana to determine the project’s feasibility. Although, there are some short falls in real option analysis that are presented in this research, it is still helpful in valuing projects that are capital intensive with high volatility due to the strategic flexibility management possess in their decision making. It also suggests that traditional methods of evaluation should still be maintained and be used to value projects that have no options or those with options yet the options do not have significant impact on the project. The research points out the economic ripples the production of oil and gas will have on Ghana’s economy should the project be undertaken. These ripples include economic growth, massive job creation and reduction of the balance of trade deficit for the country. The long run effect is an eventually improvement of life of the citizens. It is also belief that the production of gas specifically can be used to generate electricity in Ghana which would enable the country to have a more stable and reliable power source necessary to attract more foreign direct investment.

Input Price Variation Across Locations and a Generalized Measure of Cost Efficiency

We propose a nonparametric model for global cost minimization as a framework for optimal allocation of a firm's output target across multiple locations, taking account of differences in input prices and technologies across locations. This should be useful for firms planning production sites within a country and for foreign direct investment decisions by multi-national firms. Two illustrative examples are included. The first example considers the production location decision of a manufacturing firm across a number of adjacent states of the US. In the other example, we consider the optimal allocation of US and Canadian automobile manufacturers across the two countries.

Mexico: A new heavy weight in a global world

In the last three decades, obesity has been gaining recognition as a serious public health problem in Mexico. This epidemic developed insidiously in a country that was still focused on chronic under-nutrition in the population. During that same period, macro-economic reforms projected Mexico into the global economic arena. Foreign investments, trade in goods and services, and technological transfers were promoted through participation in numerous trade agreements between Mexico and other countries. The North American Trade Agreement (NAFTA), signed in 1994, promised an integrated market between the three North American countries: Canada, the United States, and Mexico. Although these trade policies were likely to have effects on the available food supply in Mexico, this association has not been elucidated. In this case study, we examine how these trade liberalization policies may have influenced the food supply in Mexico.^ Information on the trade of food commodities between the United States and Mexico and the nature of foreign investment in Mexico was compiled using public data available through American, Mexican, and other international published reports for 1986 through 2011. After the implementation of NAFTA, an increase in trade and investments was observed between Mexico and its two North American partners, but most of the trade increase occurred between the US and Mexico. Since the liberalization of trade policies between these counties, exports of fruit and vegetables into the U.S. from Mexico have increased, while exports of cereals, fats, vegetable oils, meat, dairy products and processed foods from the U.S. into Mexico have increased. During this same time period, there has been an increase in the foreign direct investment in the food industry in Mexico, as well as changes in the types and amounts of dietary energy available on a population level. Specifically, between 1990 to 2006, the dietary energy supply per person has increased 6.1% available animal protein has increased 35.8%, and available fat has increased 18.9%.^ Thus, this case study suggests that the recent changes in food-related industries through foreign direct investment and market liberalization may be likely contributors to the obesogenic food environment in Mexico. Although this initial case study provides interesting data, whether trade liberalization policies should be considered hazardous for health as a distal determinant of the obesity epidemic needs to be further examined using a more stringent study design or further follow up of the US Mexico trade data.^

Minería metalífera en Santa Cruz : Empleo y matriz productiva

El presente estudio se propone realizar una caracterización de la minería metalífera en la Provincia de Santa Cruz. Esta actividad comenzó a desarrollarse en esa provincia desde mediados de los años 90 y, hasta la fecha, creció en forma sostenida como consecuencia del cruce de una serie de circunstancias favorables: a) las modificaciones en la legislación, que favorecieron la inversión minera al equiparar en oportunidades a la República Argentina con Chile y el Perú, países con un elevado desarrollo minero gracias a la importante inversión externa directa; b) el potencial minero de la provincia; c) la crisis en el sector lanero -especialmente en la meseta central de la provincia- que llevó a un despoblamiento de los campos de actual explotación minera, lo que redujo la potencial conflictividad entre la minería y la ganadería y facilitó a la nueva actividad la adquisición de propiedades a bajos precios, presentándola, además, como un sector generador de empleo; d) la lejanía de los yacimientos mineros de los centros poblados de la provincia, que favoreció un consenso social superior al verificado en otras regiones del país. En la actualidad, en un contexto de aumento generalizado de los precios internacionales de las commodities, se observa un constante incremento de la actividad minera en la Provincia de Santa Cruz. Ello ha conducido a la incorporación de nuevas tecnologías de producción para la recuperación mineral y a dar impulso a nuevas explotaciones

Minería metalífera en Santa Cruz : Empleo y matriz productiva

El presente estudio se propone realizar una caracterización de la minería metalífera en la Provincia de Santa Cruz. Esta actividad comenzó a desarrollarse en esa provincia desde mediados de los años 90 y, hasta la fecha, creció en forma sostenida como consecuencia del cruce de una serie de circunstancias favorables: a) las modificaciones en la legislación, que favorecieron la inversión minera al equiparar en oportunidades a la República Argentina con Chile y el Perú, países con un elevado desarrollo minero gracias a la importante inversión externa directa; b) el potencial minero de la provincia; c) la crisis en el sector lanero -especialmente en la meseta central de la provincia- que llevó a un despoblamiento de los campos de actual explotación minera, lo que redujo la potencial conflictividad entre la minería y la ganadería y facilitó a la nueva actividad la adquisición de propiedades a bajos precios, presentándola, además, como un sector generador de empleo; d) la lejanía de los yacimientos mineros de los centros poblados de la provincia, que favoreció un consenso social superior al verificado en otras regiones del país. En la actualidad, en un contexto de aumento generalizado de los precios internacionales de las commodities, se observa un constante incremento de la actividad minera en la Provincia de Santa Cruz. Ello ha conducido a la incorporación de nuevas tecnologías de producción para la recuperación mineral y a dar impulso a nuevas explotaciones

Minería metalífera en Santa Cruz : Empleo y matriz productiva

El presente estudio se propone realizar una caracterización de la minería metalífera en la Provincia de Santa Cruz. Esta actividad comenzó a desarrollarse en esa provincia desde mediados de los años 90 y, hasta la fecha, creció en forma sostenida como consecuencia del cruce de una serie de circunstancias favorables: a) las modificaciones en la legislación, que favorecieron la inversión minera al equiparar en oportunidades a la República Argentina con Chile y el Perú, países con un elevado desarrollo minero gracias a la importante inversión externa directa; b) el potencial minero de la provincia; c) la crisis en el sector lanero -especialmente en la meseta central de la provincia- que llevó a un despoblamiento de los campos de actual explotación minera, lo que redujo la potencial conflictividad entre la minería y la ganadería y facilitó a la nueva actividad la adquisición de propiedades a bajos precios, presentándola, además, como un sector generador de empleo; d) la lejanía de los yacimientos mineros de los centros poblados de la provincia, que favoreció un consenso social superior al verificado en otras regiones del país. En la actualidad, en un contexto de aumento generalizado de los precios internacionales de las commodities, se observa un constante incremento de la actividad minera en la Provincia de Santa Cruz. Ello ha conducido a la incorporación de nuevas tecnologías de producción para la recuperación mineral y a dar impulso a nuevas explotaciones