Resumen En el contexto de la economía política internacional, el régimen de protección de derechos humanos y el régimen de inversores extranjeros atraviesan tensiones como resultado de una arquitectura jurídica que privilegia la libertad de capitales. Un análisis de contenido del Acuerdo de Escazú revelaría, respecto al acceso a la justicia en temas ambientales, que las personas y la sociedad civil acceden a instancias judiciales y administrativas contempladas en la legislación nacional de cada país, mientras que los inversores extranjeros, bajo la figura de los tratados bilaterales de inversión (TBI) y libre comercio (TLC), recurren a la justicia mediante tribunales de arbitraje internacional que no siempre son independientes, imparciales y que privilegian los intereses del mercado. Esta arquitectura jurídica condiciona el accionar de los Estados frente a la sociedad civil y sus derechos. El Acuerdo de Escazú atraviesa desafíos jurídicos frente al régimen de protección a los inversores, en el cual las garantías económicas limitan las acciones concretas para abordar la crisis climática, proteger el medioambiente o hacer efectivos los derechos humanos.

Abstract In the context of the international political economy, the human rights protection regime and the foreign investor regime are in tension because of a legal architecture that privileges freedom of capital. A content analysis of the Escazú Agreement would reveal, with respect to access to justice in environmental matters, that individuals and civil society have access to judicial and administrative instances contemplated in national legislation, while foreign investors under bilateral investment treaties (BITs) and free trade agreements (FTAs) have access to justice through international arbitration tribunals that are not always independent, impartial and that privilege the interests of the market. This legal architecture conditions the actions of States in relation to society and its rights. The conclusions point out that the Escazú Agreement faces legal challenges in terms of the investor protection regime, where economic guarantees limit concrete actions to address the climate crisis, protect the environment or enforce human rights.

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.

Resumen El objetivo de este artículo es determinar si la inversión de nearshoring en México se explica por la pérdida de participación de China en el mercado estadounidense, resultado de la guerra comercial, o está determinado por otros factores que se han ido gestando desde años atrás, como es el aumento del diferencial de salarios manufactureros entre México y China o por la crisis mundial debido a la pandemia. La estimación de un modelo VEC, con datos trimestrales de 2006 a 2022, indican que la pérdida de participación de China en EUA causa en el sentido Granger aumentos del nearshoring en México y que el aumento del diferencial de los salarios manufactureros entre México y China ha favorecido el nearshoring, pues desde 2012 el costo laboral chino supera al mexicano. La recesión mundial causada por la pandemia y la aplicación de sanciones arancelarias a China desde 2018 no causan el nearshoring.

Abstract The objective of this article is to determine if the nearshoring investment in Mexico is explained by China's loss of participation in the US market, a result of a trade war, or is determined by other factors that have been developing for years, such as the increase in the manufacturing wage differential between Mexico and China or the global crisis due to the pandemic. The estimation of a VEC model, with quarterly data from 2006 to 2022, indicates that the loss of China's participation in the US Granger causes increases in nearshoring in Mexico and that the increase in wage differential in manufacturing between Mexico and China has favored nearshoring investment, since the Chinese labor cost has exceeded the Mexican one since 2012. The global recession caused by the pandemic and the application of tariff sanctions to China since 2018 do not cause nearshoring.

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.

Abstract In this paper the use of expression rights of nature is viewed with a critical approach regarding its effects in other public authorities, including public policies or state policy, such as energetic resources in long term agenda. At first time, those cases have been initiated on a lawsuit inter partes, with effect inter comunis with effect on third parties. For this reason, the whole state assumes the risk of legal international affair related to foreign investment for change material rules related to its economic activities, including obstruction.

Resumen Se presenta un balance crítico de la noción naturaleza sujeto de derechos, cuando se usa esta noción en un fallo interpartes. Esta locución tiene efectos prácticos en otras ramas de poder público, sometiendo al Estado al incumplimiento de compromisos internacionales de protección a la inversión extranjera, al impedir explotar recursos naturales con la introducción de una nueva noción interpretativa, que convierte un objeto en sujeto de derecho, sacándolo del comercio, o variando con la decisión, políticas estatales. Es decir, el efecto inter-comunis del fallo interpartes puede modificar el orden jurídico interno, con efectos contra él y de derechos adquiridos.

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 Investment projects in Cuban industry present problems because they are not developed with the required quality. This paper aims to propose a methodology for carrying out investment projects as a process of technology transfer and assimilation. A compendium of various ways of carrying out investment projects is made, the current state of Cuban investments and their main difficulties are analyzed, and foreign investment, which is the main current form of investment in Cuba. A methodological proposal is developed for carrying out investment projects that includes a series of detailed steps on how investments should be made in Cuba. The main variables of an investment project are analyzed: feasibility, risk analysis and commissioning, in addition to the need to prioritize maintenance as the main thing within the investment project.

RESUMEN Los proyectos de inversión en la industria cubana presentan problemas porque no se desarrollan con la calidad requerida. Este trabajo tiene como objetivo proponer una metodología para la realización de proyectos de inversión como proceso de transferencia y asimilación tecnológica. Se realiza un compendio de varias formas de realización de proyectos de inversión, se analiza el estado actual de las inversiones cubanas y sus principales dificultades y la inversión extranjera que, en la actualidad de Cuba, es la principal forma de inversión. Se desarrolla una propuesta metodológica para la realización de proyectos de inversión que comprende una serie de pasos detallados de cómo se deben realizar las inversiones en Cuba. Se analizan las variables principales de un proyecto de inversión como la factibilidad, el análisis de riesgos y la Puesta en Marcha siendo estos imprescindibles para el desarrollo del proceso inversionista, además de la necesidad de priorizar el mantenimiento como principal dentro de un proyecto de inversión.

Abstract This paper aims to analyze the relationship between agricultural methane and nitrous oxide emissions as a function of per capita gross domestic product (GDP) and its quadratic term in 26 Latin American and Caribbean countries (1990-2019). It also considers the stock of foreign investment to test the polluting paradise hypothesis, agricultural land (AL), and, additionally, methane for nitrous function. The study comprised unit root and cointegration tests. Coefficients were estimated using fully modified least squares (FMOLS), correlated common effects (CCE), and augmented mean group (AMG). Results by FMOLS show statistical evidence of an environmental Kuznets curve in the set of countries for methane and support the polluting paradise hypothesis. However, results from CCE and AMG show the opposite. For nitrous oxide, FMOLS support a U-shaped curve. The above supports a joint environmental policy for both gases, where al is a key element. The previous results must be corroborated with other methods and the studies extended to other countries over time.

Resumen Este trabajo analiza la relación de emisiones agrícolas de metano y óxido nitroso en función del producto interno bruto per cápita y su término cuadrático en 26 países latinoamericanos y del Caribe (1990-2019); considera también el stock de inversión extranjera para probar hipótesis del paraíso contaminante, la superficie agrícola (SA) y el metano para la función de óxido nitroso. El estudio comprendió pruebas de raíz unitaria y cointegración. La estimación de coeficientes se realizó por mínimos cuadrados completamente modificados (FMOLS), efectos comunes correlacionados (CCE) y grupo medio aumentado (AMG). Los resultados por FMOLS muestran evidencia de una probable curva ambiental de Kuznets en el conjunto de países para metano, además sustentan un paraíso contaminante. Los resultados por CCE y AMG indican lo contrario. Para óxido nitroso los resultados de FMOLS apoyan una curva en U. Lo anterior sostiene una política ambiental conjunta de ambos gases, donde la SA es un elemento clave. Los resultados anteriores se tienen que corroborar con otros métodos y extender los estudios a otros países en el tiempo.

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 This paper investigates the positionings and discursive struggles between the key political actors around the expropriation project of Vicentin conglomerate, during the government of Alberto Fernández. As a result of the research work, we found an intense hegemonic struggle around the project. On the one hand, we found a package of discourses that expressed itself in favor of the measure and was condensed in the defense of food sovereignty, the rescue of a strategic company to control prices in the domestic market, regulate the foreign exchange and avoid abrupt devaluations, preserve jobs and guarantee payment to their creditors. In addition, it affirmed that it was an exceptional measure, stressed that Vicentin was bankrupt and accused of fraudulent maneuvers. On the other, we found a discursive package contrary to the project, which invoked as arguments the unconstitutionality of the measure and its negative effects on legal certainty and confidence necessary to attract investment. In addition, it maintained that all Argentines were going to take over the debt of a private company, classified the defense of food sovereignty as an ‘excuse’ or considered that Argentina was on the way to a ‘chavista’ model. Finally, we address the hegemonic impact at the institutional and social level, which generated social protests and a judicialization of politics and ended in the blocking of the project.

Resumen Este trabajo investiga los posicionamientos y disputas discursivas entre los actores políticos clave en torno al proyecto de expropiación del conglomerado Vicentin, durante el gobierno de Alberto Fernández (junio-julio de 2020). Como resultado del análisis empírico-discursivo, encontramos una intensa lucha hegemónica en torno al proyecto. Por un lado, hallamos un paquete de discursos que se expresaba a favor de la medida y se condensaba en la defensa de la soberanía alimentaria, el rescate de una empresa estratégica para regular los precios del mercado interno, controlar las divisas y evitar devaluaciones bruscas, preservar los puestos de trabajo y garantizar el pago a sus acreedores. Además, afirmaba que se trataba de una medida excepcional, destacaba que Vicentin se hallaba en quiebra y acusada de maniobras fraudulentas. Por el otro, encontramos un paquete discursivo contrario al proyecto, que invocaba como argumentos la inconstitucionalidad de la medida y sus efectos negativos sobre la seguridad jurídica y la confianza necesaria para atraer inversiones. Además, sostenía que todos los argentinos tendrían que hacerse cargo de la deuda de una empresa privada, catalogaban como una “excusa” la defensa de la soberanía alimentaria y consideraban que Argentina iba camino a un modelo “chavista”. En la última parte del artículo, abordamos el impacto hegemónico de la medida a nivel institucional y social, que derivó en protestas sociales y una judicialización de la política y concluyó en el bloqueo del proyecto.

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

RESUMO: Este estudo teve como objetivo analisar os determinantes do investimento privado no Brasil entre 1971 e 2019 a partir das peculiaridades das economias emergentes. Essas economias apresentam características distintas daquelas observadas nos países desenvolvidos e que constituem os axiomas que sustentam os estudos empíricos realizados usualmente sobre o tema. A incerteza do ambiente político-econômico, a baixa disponibilidade de crédito, a escassez de divisas, as políticas cambiais e a precariedade da infraestrutura são fatores que influenciam as decisões de investimento do setor privado nas economias emergentes. Portanto, devem fazer parte do estudo empírico. Os resultados da análise econométrica — a partir da metodologia dos Vetores Autorregressivos (VAR) e do Modelo de Correção de Erros (VECM) — indicam que, tanto no curto como no longo prazo, o investimento público complementou o investimento do setor privado (efeito crowding-in ). Esse resultado indica que os investimentos do setor público foram canalizados para infraestrutura ou em áreas em que o setor privado não tinha interesse ou capacidade para atuar. Esse efeito é confirmado pelo resultado positivo que os investimentos em infraestrutura exercem sobre o setor privado no Brasil. RESUMO 197 201 emergentes tema políticoeconômico, políticoeconômico político econômico, econômico político-econômico crédito divisas Portanto empírico VAR (VAR VECM (VECM prazo crowdingin crowding in . ) atuar 19 20 1 2

ABSTRACT: This study aims to analyze the determinants of private investment in Brazil from 1971 to 2019 based on the peculiarities of emerging economies. These economies have characteristics that are different from those observed in developed countries and constitute the axioms that support the empirical studies usually carried out on the subject. The uncertainty of the political-economic environment, the low availability of credit, the scarcity of foreign exchange, exchange rate policies, and the precariousness of infrastructure are factors that influence investment decisions in emerging economies. Therefore, they should be part of empirical studies. The results of the econometric analysis—based on the Autoregressive Vectors (VAR) methodology and the Error Correction Model (VECM)—indicate that, both in the short and long term, public investment complemented private sector investment (crowding-in effect). This result indicates that public sector investments were channeled into infrastructure or into areas in which the private sector had no interest or capacity to act. This effect is confirmed by the positive result that investments in infrastructure have on the private sector in Brazil. ABSTRACT 197 201 subject politicaleconomic political economic environment credit policies Therefore analysisbased analysis VAR (VAR VECMindicate VECM indicate term crowdingin crowding effect. . effect) act 19 20 1 2