RESUMEN Para las economías en desarrollo el diseño de políticas con respecto al financiamiento externo es realmente complejo. El estallido y posterior evolución de la crisis derivada de la pandemia de COVID-19 a inicios del 2020 afectó, en primer lugar, a las economías en desarrollo que debieron enfrentarse a una compleja situación interna y restricción al financiamiento internacional. El presente trabajo describe el complejo escenario internacional que dificulta el acceso al financiamiento externo y se detiene en el caso cubano, en el cual un conjunto de factores internos y externos dificultan de manera extrema el acceso a recursos financieros imprescindibles para la recuperación y el desarrollo del país. El análisis se centra en el financiamiento proveniente de fuentes privadas y en particular en dos de sus principales instrumentos, la inversión extranjera directa y las remesas.

ABSTRAC For developing economies, the design of policies regarding external financing is really complex. The outbreak and subsequent evolution of the crisis derived from the outbreak of the COVID-19 pandemic at the beginning of 2020 affected, first of all, developing economies that had to face a complex internal situation and restriction on international financing. This work describes the complex international scenario that makes access to external financing difficult and focuses on the Cuban case in which a set of internal and external factors make it extremely difficult to access essential financial resources for recovery and development from the country. The analysis focuses on financing from private sources and in particular on two of its main instruments, foreign direct investment and remittances.

ABSTRACT This research aimed to suggest practical strategies for Mexico's economic development through the trend of nearshoring. It involved identifying, analyzing, and organizing the causes of the conflict between China and the USA over international trade and exploring the opportunities that nearshoring to Mexico can offer. Qualitative research methods were applied, and documentary research techniques were used based on two study objects: a) the Sino-American dispute over international trade and b) nearshoring to Mexico. Nearshoring to Mexico is driven by various factors, including tariff benefits from Free Trade Agreements, low labor costs in manufacturing companies, and a stable exchange rate. Therefore, Mexico needs to encourage the development of industrial parks, implement an effective Public Security Policy, offer tax incentives to attract Foreign Direct Investment and improve port, road, and air infrastructure to take full advantage of this trend.

RESUMEN Esta investigación tuvo como objetivo sugerir estrategias prácticas para el desarrollo económico de México a través de la tendencia del nearshoring. Implicó identificar, analizar y organizar las causas del conflicto entre China y Estados Unidos sobre el comercio internacional y explorar las oportunidades que puede ofrecer el nearshoring a México. Se aplicaron métodos de investigación cualitativos y se utilizaron técnicas de investigación documental basadas en dos objetos de estudio: a) la disputa chino-estadounidense sobre el comercio internacional y b) el nearshoring a México. El nearshoring a México está impulsado por varios factores, incluidos los beneficios arancelarios de los Tratados de Libre Comercio, los bajos costos laborales en las empresas manufactureras y un tipo de cambio estable. Por lo tanto, México necesita fomentar el desarrollo de parques industriales, implementar una Política de Seguridad Pública efectiva, ofrecer incentivos fiscales para atraer Inversión Extranjera Directa y mejorar la infraestructura portuaria, vial y aérea para aprovechar al máximo esta tendencia.

Resumo Nos últimos cinco anos, três Acordos de Livre Comércio (ALCs) emblemáticos completaram dez anos: o ALC República Dominicana-América Central-Estados Unidos, o acordo com a China e o Acordo de Associação com a União Europeia. Discute-se a importância da avaliação comparativa do desempenho desses ALCs como referências na política comercial da Costa Rica. Para cada um desses acordos, são avaliados diferentes impactos multidimensionais em áreas comerciais e não comerciais. Os resultados comerciais são analisados em termos quantitativos de exportações, importações, balança comercial, diversificação da oferta exportável e investimento estrangeiro direto. Mas, além disso, para cada um desses acordos, são estudados componentes não comerciais de enorme importância, refletidos em resultados sem precedentes, como a quebra de monopólios estatais, como foi o caso do TLC com os Estados Unidos. Este estudo se concentra na avaliação dos impactos específicos de cada acordo, com o objetivo de fornecer uma análise original de resultados que são apresentados como discordantes e assimétricos.

Résumé Au cours des cinq dernières années, trois accords de libre-échange (ALE) emblématiques ont fêté leur dixième anniversaire : l’ALE entre la République dominicaine, l’Amérique centrale et les États-Unis, l’accord avec la Chine et l’accord d’association avec l’Union européenne. L’importance de l’évaluation comparative des performances de ces ALE en tant que points de référence de la politique commerciale du Costa Rica est discutée. Pour chacun de ces accords, différents impacts multidimensionnels dans les domaines commerciaux et non commerciaux sont évalués. Les résultats commerciaux sont analysés en termes quantitatifs d’exportations, d’importations, de balance commerciale, de diversification de l’offre exportable et d’investissement étranger direct. Mais, pour chacun de ces accords, des composantes non commerciales d’une importance considérable sont également étudiées, se traduisant par des résultats sans précédent, tels que la rupture de monopoles d’État, comme ce fut le cas pour l’accord de libre-échange avec les États-Unis. Cette étude se concentre sur l’évaluation des impacts spécifiques de chaque accord, avec l’objectif de fournir une analyse originale de résultats présentés comme discordants et asymétriques.

Abstract Over the last five years, three emblematic Free Trade Agreements (FTAs) marked their tenth anniversary: the Dominican Republic-Central America-United States FTA, the agreement with China and the Association Agreement with the European Union. The importance of the comparative evaluation of the performance of these FTAs as benchmarks in Costa Rican trade policy is discussed. For each of these agreements, different multidimensional impacts in both trade and non-trade areas are assessed. Trade results are analyzed in quantitative terms of exports, imports, trade balance, diversification of the exportable supply and foreign direct investment. But, also, for each of these agreements, non-trade components of enormous importance are studied, reflected in unprecedented results, such as the breaking of state monopolies, as was the case of the FTA with the United States. This study focuses on the evaluation of the specific impacts of each agreement, with the objective of providing an original analysis of results that are presented as discordant and asymmetrical.

Resumen En el transcurso del último quinquenio, tres emblemáticos Tratados de Libre Comercio (TLC) cumplieron 10 años de vigencia: el TLC suscrito entre República Dominicana-Centroamérica-Estados Unidos, el acuerdo con China y el Acuerdo de Asociación con la Unión Europea. Se plantea la importancia de la evaluación comparativa del desempeño de estos TLC como puntos de referencia en la política comercial costarricense. Para cada uno de estos acuerdos se valoran diferentes impactos multidimensionales tanto en ámbitos comerciales como no comerciales. Los resultados comerciales se analizan en términos cuantitativos de exportaciones, importaciones, balanza comercial, diversificación de la oferta exportable e inversión extranjera directa. Pero, también, para cada uno de estos acuerdos, se estudian componentes no comerciales de enorme transcendencia reflejados en resultados inéditos, como la ruptura de monopolios estatales, cual fue el caso del TLC con Estados Unidos. Este estudio se enfoca en la evaluación de impactos específicos de cada acuerdo, con el objetivo de ofrecer un análisis original de resultados que se presentan como discordantes y asimétricos.

Abstract The aim of this paper is to examine the effect of economic openness on wage dispersion. To this end, using a fixed effects panel model, we evaluate the impact of exports and foreign direct investment (FDI), as well as productivity and education, on wage dispersion in 14 economic subsectors in Mexico during the period 1999-2021. The main findings show that: i) increasing exports tend to diminish wage dispersion; ii) the flow of FDI seems to increase wage dispersion; iii) productivity and the heterogeneity of the productive network are determining factors in the dynamics of average wages. In this context, it is important to implement a variety of industrial and labour policies to effectively absorb the dynamic advantages associated with economic openness, such as the reduction of wage dispersion.

Resumen El objetivo de esta investigación es analizar el efecto de la apertura económica en la dispersión salarial. Con este fin, mediante un modelo panel de efectos fijos, evaluamos el impacto de las exportaciones y la inversión extranjera directa (IED), así como de la productividad y la educación, sobre la dispersión salarial en 14 subsectores económicos de México durante el periodo 1999-2021. Los resultados principales muestran que: i) el incremento de las exportaciones reduce la dispersión salarial; ii) el flujo de IED parece inducir un aumento de la dispersión salarial; iii) la productividad y la heterogeneidad de la malla productiva constituyen factores determinantes de la dinámica de las remuneraciones medias. En este contexto, es importante instrumentar una miscelánea de política industrial y laboral que permita absorber en forma efectiva las ventajas dinámicas asociadas con la apertura económica, como la reducción de la dispersión salarial.

Abstract Purpose: This study aims to examine foreign direct investment (FDI) factors and develops a rational framework for FDI inflow in Western European countries such as France, Germany, the Netherlands, Switzerland, Belgium and Austria. Design/methodology/approach: Data for this study were collected from the World development indicators (WDI) database from 1995 to 2018. Factors such as economic growth, pollution, trade, domestic capital investment, gross value-added and the financial stability of the country that influence FDI decisions were selected through empirical literature. A framework was developed using interpretable machine learning (IML), decision trees and three-stage least squares simultaneous equation methods for FDI inflow in Western Europe. Findings: The findings of this study show that there is a difference between the most important and trusted factors for FDI inflow. Additionally, this study shows that machine learning (ML) models can perform better than conventional linear regression models. Research limitations/implications: This research has several limitations. Ideally, classification accuracies should be higher, and the current scope of this research is limited to examining the performance of FDI determinants within Western Europe. Practical implications: Through this framework, the national government can understand how investors make their capital allocation decisions in their country. The framework developed in this study can help policymakers better understand the rationality of FDI inflows. Originality/value: An IML framework has not been developed in prior studies to analyze FDI inflows. Additionally, the author demonstrates the applicability of the IML framework for estimating FDI inflows in Western Europe.

Abstract Purpose: This paper makes a novel attempt to estimate the potential impact of credit risk on foreign direct investment (FDI hereafter), thereby focusing on a completely unexplored area in the existing empirical literature. Design/methodology/approach: To provide a comprehensive understanding of the relationship between credit risk and FDI inflows, the study incorporates all the eight-member economies of the South Asian Association of Regional Cooperation (SAARC hereafter) and analyzes a panel data set, over the period 2011 to 2019, extracted from the World Development Indicators, using the suitable econometric techniques for the efficient estimations of the specified models. Findings: The results indicate a negative and statistically significant relationship between the credit risk of the banking sectors and FDI inflows. Similarly, market size and inflation rate appear to be the two other main factors behind the increasing FDI inflows in the SAARC member economies. Interestingly, the size of the market became irrelevant in attracting FDI inflows when the Indian economy is excluded from the sample due to its higher economic weight. On the other hand, FDI inflows are not dependent on the level of trade openness, with most of the specifications showing either an insignificant or negative coefficient of the variable. Practical implications: The obtained results are unique and robust to alternative methodologies, and hence, the SAARC economies could consider them as the critical inputs in formulating the appropriate policies on FDI inflows. Originality/value: The findings are unique and original. The authors have established a relationship between credit risk and FDI for the first time in the SAARC context.

Abstract Although globalization is an interdisciplinary subject, phenomena such as foreign direct investments (FDI) are thought of as belonging to the economic sphere. In this article, we draw from the global production network model and the New Economic Sociology of FDIs to test the embeddedness of economic action. We've designed a least likely case study from an FDI in the auto industry, evaluating Nissan Motor Co.’s decision-making process to build an automobile factory in Brazil. Our findings support the sociopolitical embeddedness hypothesis. The paper contributes to the literature of Economic Sociology when we argue that, despite the "always embedded" assumption, Nissan's investment decision was progressively embedded in time and space. subject (FDI sphere article action Weve We ve industry Co.s Cos Co. s Co decisionmaking making Brazil hypothesis that always assumption Nissans space

Resumo Embora a globalização seja um tema interdisciplinar, fenômenos como o investimento estrangeiro direto (IED) são pensados como pertencentes à esfera econômica. Neste artigo nos amparamos no modelo de Redes Globais de Produção e na Nova Sociologia Econômica dos IEDs para testar o enraizamento da ação econômica. Para tal, desenhamos um estudo de caso least likely de um IED da indústria automotiva, avaliando o processo decisório da Nissan Motor Co. de construir uma fábrica no Brasil. Nossos resultados corroboram a hipótese do enraizamento sociopolítico. O artigo contribui com a literatura da Sociologia Econômica ao argumentar que, apesar da premissa “sempre enraizada”, a decisão de investimento da Nissan foi enraizada progressivamente no tempo e no espaço. interdisciplinar (IED econômica tal automotiva Co Brasil sociopolítico que sempre enraizada, , enraizada” espaço

Purpose Foreign subsidiaries incur substantial institutional conformity costs because they have to respond to host-country institutional pressures (Slangen & Hennart, 2008). The purpose of this paper is to study this type of cost from institutional and regulatory perspectives. The authors argue that these costs decrease when the host country adopts concepts of international regulations that multinationals may be familiar with due to their own home country regulation experience. This prior regulatory experience gives foreign subsidiaries an advantage of foreignness (AoF), which can offset their liability of foreignness (LoF). Design/methodology/approach This study compared the returns on assets of 35 domestic firms with those of foreign subsidiaries in the Brazilian energy industry between 2002 and 2021, using regression dynamic panel data. Findings The existence of a relationship between the international regulatory norm and the Brazilian regulator has transformed the LoF into an advantage of foreignness to compete with local energy firms. The results also suggest that the better the regulatory quality of the subsidiary’s country of origin, the better its performance in Brazil, as it can reduce compliance costs. Finally, the greater the psychic distance between Brazil and the foreign subsidiary’s home country, the worse its performance. Research limitations/implications The research suggests that one of the keys to competitiveness in host countries is local regulatory ties. Prior international regulatory experience gives foreign subsidiaries an asset of foreignness (AoF). This result complements the current institutional and regulatory foreignness studies on emerging economies (Cuervo-Cazurra & Genc, 2008; Mallon et al., 2022) and the institutional asymmetry between home and host country (Mallon & Fainshmidt, 2017). Practical implications This research suggests that one of the keys to competitiveness in host countries is local regulatory ties. Prior international regulatory experience gives foreign subsidiaries an asset of foreignness (AoF). This result complements the current institutional and regulatory foreignness studies on emerging economies (Cuervo-Cazurra & Genc, 2008; Mallon et al., 2022) and the institutional asymmetry between home and host country (Mallon & Fainshmidt, 2017). The practical implication is that the relationship between conformity costs, capital budget calculation and strategic planning for internationalization will be related to the governance quality of the home country of multinationals. The social implication is that a country interested in attracting more direct foreign investment to areas that need foreign technology transfer and resources may consider adopting international regulatory standards. Social implications The social implication is that a country interested in attracting more direct foreign investment to areas that need foreign technology transfer and resources may consider adopting international regulatory standards. Originality/value This research discuss firm and local regulator tie is one of core competitiveness in host countries (Yang and Meyer, 2020). This study also complements the current institutional and regulatory foreignness studies in emerging economy (Cuervo-Cazurra & Genc, 2008; Mallon et al., 2022). Second, prior regulatory experience of multinational enterprise in similar environment can affect its foreign affiliate performance (Perkins, 2014). Third, this study confirms current literature that argues that knowledge and ability to operate in an institutionalized country can be transferred from parent to affiliate. In the end, this study investigates whether AoF persists when host governments improve the governance of their industries. hostcountry Slangen Hennart 2008. 2008 . 2008) perspectives AoF, , (AoF) LoF. (LoF) Designmethodologyapproach Design methodology approach 3 200 2021 data subsidiarys subsidiary s origin Finally limitationsimplications limitations ties AoF. CuervoCazurra Cuervo Cazurra Genc al al. 2022 Fainshmidt 2017. 2017 2017) standards Originalityvalue Originality value Yang Meyer 2020. 2020 2020) 2022. Second Perkins, Perkins (Perkins 2014. 2014 2014) Third end industries (AoF (LoF 20 202 201 2

Alternative dispute resolution (ADR) in Africa is growing and flourishing but the region is not a global leader in conflict resolution. The African region still has many challenges to overcome. The region has the potential to expand, grow and thrive with foreign direct investment to boost its economies and ensure stability for its infrastructure. The African region is rich in many natural resources, but, unfortunately, interstate conflict causes instability to social, political and economic rights. This article explores the weaknesses and challenges within the African region with a view to activating the potential of the region to become a global leader in alternative dispute resolution. The enforcement and implementation mechanisms of alternative dispute resolution require an evaluation of current systems to ensure that there is an animate thrust of dispute resolution. The African systems have their strengths, but an evaluation of any system always exposes weaknesses. Corruption within the African region is a common theme, since government does not play an active role in deterring corruption, and this causes the public to mistrust all initiatives that stem from government influence. The article discusses the situation in four African countries, showing that corruption, lack of education and a lack of skilled ADR practitioners cause a dysfunctional system that cannot embrace ADR. For an ADR system to function smoothly, numerous ADR practitioners are needed to resolve conflict competently. Furthermore, a selective system of favouring laws that support only the government as opposed to investors causes an imbalance, and discourages investors from investing in Africa. A way needs to be paved, not to negate international practices relating to investor disputes, but rather to work holistically with national laws, to harmonise laws and overcome any conflict of law within the region.

Resumo Após ter se tornado o principal parceiro comercial do Brasil em 2009, a China passou a exercer papel fundamental sobre a entrada de investimentos em setores estratégicos da economia brasileira. Durante os anos de 2005 a 2022, o IED acumulado chinês no país atingiu a marca de US$ 79 bilhões, com predominância em petróleo e gás (37%) e energia elétrica (33%). Diante desse quadro, o objetivo do artigo consistiu em analisar a intensificação dos investimentos da China no Brasil, tomando por base as estratégias mais amplas de internacionalização do capital chinês. O estudo identificou uma concentração maior em setores de energia, o que, por um lado, deriva não apenas da busca chinesa por tais recursos mundo afora, mas também de características do Brasil no período estudado, e que, por outro, implica em formas distintas de participação do capital chinês no país, seja via fusões e aquisições, como no setor elétrico, ou concessões de exploração, no caso de petróleo e gás. 2009 brasileira 200 2022 US 7 bilhões 37% 37 (37% 33%. 33 33% . (33%) quadro que lado afora estudado outro aquisições elétrico exploração 20 202 3 (37 (33% 2 (3 (33 (

Abstract After becoming Brazil’s main trading partner in 2009, China began to play a fundamental role in the entry of investments into strategic sectors of the Brazilian economy. During the years 2005 to 2022, accumulated Chinese FDI in the country reached the mark of US$79 billion, with a predominance in oil and gas (37%) and electrical energy (33%). Given this situation, the objective of the article was to analyze the intensification of China’s investments in Brazil, based on broader strategies for the internationalization of Chinese capital. The study identified a greater concentration in energy sectors, which, on the one hand, derives not only from the Chinese search for such resources around the world, but also from characteristics of Brazil in the period studied, and which, on the other, implies different forms participation of Chinese capital in the country, whether through mergers and acquisitions, as in the electricity sector, or exploration concessions, in the case of oil and gas. JEL: F21, F23, O54. Brazils s 2009 economy 200 2022 US79 US 79 US$7 billion 37% 37 (37% 33%. 33 33% . (33%) situation Chinas which hand world studied other acquisitions sector concessions JEL F21 F F23 O54 O 20 202 US7 7 US$ 3 (37 (33% F2 O5 2 (3 (33 (

Abstract Foreign direct investment (FDI) has been seen by the literature as an influential factor in the technological evolution of host countries' innovation ecosystems, where several developing nations, such as Brazil, aim to attract FDI to potentialize their development through innovative output. However, the evidence on whether FDI configures a source of positive or negative influence on regional innovation capabilities is mixed. Furthermore, despite the existence of studies regarding emerging economies, there is a gap when it comes to the regional level in Brazil. We intend to contribute to the literature by examining whether multinational enterprises (MNEs) induce high or low-intensity innovations regionally in this last context. Thus, this study aims to complement academic investigations by analyzing the influence of MNEs on regional innovation intensity in Brazil in the state of São Paulo using a unique regional-level FDI database in a panel ranging from 2010 to 2016. FDI and AC demonstrated a positive effect on high-intensity innovation, specifically invention patents, with no observable influence on low-intensity innovation, such as utility models and certificates of addition. These findings corroborate various regression specifications and alternative estimation methods explored throughout the academic literature. (FDI countries ecosystems nations output However mixed Furthermore economies (MNEs lowintensity low context Thus regionallevel 201 2016 highintensity patents addition 20 2

Resumo O investimento estrangeiro direto (IED) tem sido visto pela literatura como um fator influente na evolução tecnológica dos ecossistemas de inovação dos países anfitriões, com várias nações em desenvolvimento, como o Brasil, buscando atrair IED para potencializar seu desenvolvimento por meio da produção inovadora. Entretanto, as evidências sobre se o IED configura uma fonte de influência positiva ou negativa sobre as capacidades regionais de inovação são variadas. Além disso, apesar da existência de estudos sobre economias emergentes, há uma lacuna quando se trata do nível regional no Brasil. Pretendemos contribuir com a literatura examinando se as empresas multinacionais (EMNs) regionais induzem inovações de alta ou baixa intensidade nesse último contexto. Assim, este estudo visa a complementar as investigações acadêmicas, analisando a influência das EMNs na intensidade da inovação regional no Brasil, no estado de São Paulo, usando um banco de dados exclusivo de IDE em nível regional em um painel que vai de 2010 a 2016. Os resultados mostraram um impacto positivo de FDI e capacidade empresarial de absorção de tecnologias na inovação de alta intensidade, efeito que não se repetiu para a de baixa intensidade. Essas descobertas corroboram várias especificações de regressão e métodos de estimativa alternativos explorados em toda a literatura acadêmica. (IED anfitriões Brasil inovadora Entretanto variadas disso emergentes (EMNs contexto Assim acadêmicas Paulo 201 2016 acadêmica 20 2

BACKGROUND: Countries in the Southern African Development Community (SADC) region have experienced low growth coupled with high levels of poverty and inequality. Economic growth has been touted as one of the major factors to deal with these problems. However, the lack of financial resources has hampered the efforts to achieve high levels of growth. This has therefore resulted in the countries putting much effort on attracting foreign capital AIM: The study aims to investigate the extent to which financial development (FSD), financial openness, and institutional quality determine the inflow of foreign direct investment (FDI) in the SADC region SETTING: The study focuses on 15 countries in the SADC region from 2008 to 2022 METHOD: The study employs the Generalised Method of Moments (GMM) technique given the problem of endogeneity between the variables of interest RESULTS: The findings from the study indicate that FSD and financial openness are important factors determining the flow of FDI to the SADC region. On the other hand, the effect of institutions was found to be significant when taking into account the state of FSD and financial openness CONCLUSION: Policymakers are encouraged to focus on enhancing institutional frameworks, promoting FSD, and increasing financial openness to optimise capital inflows CONTRIBUTION: The study contributes to the available studies by incorporating the role that is played by institutional quality and financial openness to the modelling. This becomes important as the region aims at attracting more foreign capital so as to improve growth as domestic capital supply falls short of domestic capital demand

ABSTRACT The study analyzes the impact of crime violence on economic growth in Mexico. A quantitative approach was adopted with a cross-section in 2022. Multiple linear regression and multinomial logistic models were used to evaluate how government spending, gross capital formation, foreign direct investment and homicides affect the Gross Domestic Product per capita and the classification of states into high-, middle- and low-income levels. In a base scenario of 796.8 average homicides, the probability of medium income is 51.28%, low income is 23.13%, and high income is 25.57%. An increase to 1000 homicides increases the probability of low income to 33.48% and reduces that of middle income to 48.95% and high income to 17.55%. A decrease to 100 homicides reduces the probability of low income to 4.08% and increases that of high income to 58.20%. These findings highlight the importance of effective policies to reduce violence and improve public safety, favoring economic development and social well-being.

RESUMEN El estudio analiza el impacto la violencia del crimen en el crecimiento económico en México. Se adoptó un enfoque cuantitativo con corte transversal en 2022. Se emplearon modelos de regresión lineal múltiple y logística multinomial para evaluar cómo el gasto de gobierno, la formación bruta de capital, la inversión extranjera directa y los homicidios afectan el Producto Interno Bruto per cápita y la clasificación de los estados en niveles de ingreso alto, medio y bajo. En un escenario base de 796.8 homicidios promedio, la probabilidad de ingresos medios es del 51.28%, bajos del 23.13% y altos del 25.57%. Un aumento a 1000 homicidios incrementa la probabilidad de ingresos bajos a 33.48% y reduce las de ingresos medios a 48.95% y altos a 17.55%. Una disminución a 100 homicidios reduce la probabilidad de ingresos bajos a 4.08% y aumenta la de ingresos altos a 58.20%. Estos hallazgos subrayan la importancia de políticas efectivas para reducir la violencia y mejorar la seguridad pública, favoreciendo el desarrollo económico y el bienestar social.

Abstract Foreign Direct Investment in Mexico has been of relevance in determining economic growth in Mexican states. Despite being positive for the country, FDI has been limited by prevailing insecurity in different states, which had historically attracted this kind of investment. States in the northern border and in the center have usually attracted the greatest amount of FDI. Through SpVAR we quantified investment and insecurity spillovers in each state and its neighboring states, and we show that the push-in effect has been larger than the push-out effect in Mexico.

Resumen La Inversión Extranjera Directa (IED) en México ha contribuido a determinar el crecimiento económico en los estados. A pesar de que el flujo de estas inversiones ha sido positivo, la inseguridad ha limitado la entrada de inversiones en zonas que históricamente habían atraído IED. Los estados que han concentrado mayor inversión del exterior se localizan en la frontera norte y algunos en el centro del país. Mediante el SpVAR cuantificamos las derramas que la inversión e inseguridad han generado en los estados y sobre sus vecinos cercanos, mostramos que el efecto push-in ha sido más importante que el efecto push-out.

Abstract One of the characteristics of the Pacific Alliance is the implementation of open regionalism which is shared within the member countries as a strategic policy for the commercial development in an internationally competitive scenario. Foreign Direct Investment represents a tool used in these mechanisms, with which we can evaluate the performance of the Alliance. Therefore, this paper aims to analyze the impact of the mechanism in local governments, from its creation to the present time, in terms of institutional capabilities related to public services, mobility, urban development and environmental impact, taking the cities of San Luis Potosí in Mexico and Medellín in Colombia as case studies. Through a qualitative methodology, supported in the revision of official information, we can conclude that local governments do not possess a desirable degree of governance which could face the impacts that the international dynamics have in these cities.

Resumen La Alianza del Pacífico posee como característica la implementación del regionalismo abierto, la cual es compartida por los países miembros como política estratégica para el desarrollo comercial en un escenario competitivo internacional. Una de las herramientas utilizadas en estos mecanismos es la Inversión Extranjera Directa, con la cual se evalúa su trascendencia. Este trabajo tiene como objetivo analizar el impacto de dicho mecanismo en los gobiernos locales, desde su creación hasta la actualidad, en términos de las capacidades institucionales relacionadas con los servicios públicos, movilidad, desarrollo urbano e impacto ambiental, tomando como casos de estudio las ciudades de San Luis Potosí en México y Medellín en Colombia. A través de una metodología cualitativa basada en observación in situ en las ciudades de Medellín y San Luis Potosí, y apoyada en la revisión de información oficial, se concluye que los gobiernos locales no poseen un grado deseable de gobernabilidad que pueda hacerle frente a los efectos que las dinámicas internacionales tienen en estas ciudades.