Flujos de Inversión Extranjera DirectaConsideración especial del caso español

Emilio Ontiveros eontiveros@afi.es

www.afi.es

GIE, UAM, Diciembre 2009

2

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)

8

9

10

11

12

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

15

16

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

17

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

21

22

23

24

25

26

27

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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.

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• Glossary of foreign direct investment terms and definitions

http://www.oecd.org/dataoecd/56/1/2487495.pdf