O impacto do investimento direto estrangeiro no crescimento da economia brasileira, 1986-2009

• Ano de defesa: 2010
• Autor(a) principal: Carminati, João Guilherme de Oliveira
• Orientador(a): Fernandes, Elaine Aparecida
• Banca de defesa: Cassuce, Francisco Carlos da Cunha , Toyoshima, Sílvia Harumi
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Viçosa
• Programa de Pós-Graduação: Mestrado em Economia
• Departamento: Desenvolvimento econômico e Políticas públicas
• País: BR
• Palavras-chave em Português: Investimento direto estrangeiro; Crescimento econômico; Brasil
• Palavras-chave em Inglês: Foreign direct investment; Economic growth; Brazil
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA INTERNACIONAL
• Link de acesso: http://locus.ufv.br/handle/123456789/3250

There are several determinants of foreign direct investment (FDI), such as the availability of adequate infrastructure, the exchange rate of the host country, the development of the financial system of the domestic economy, economic stability, taxation, the degree of economic openness, among many others. However, the impact that FDI has on economic growth is determined by the degree of development of these determinants. The aim of this study is to examine the relationship between FDI flows and economic growth. Specifically, we seek to examine to what extent the flow of incoming FDI in Brazil responded to changes in the coefficients of its main determinants in the period of 1986 to 2009. The database is the Institute of Applied Economic Research (IPEA). The methodology used is the Structural Autoregressive Vector Model (Structural VAR) using the procedure developed by Bernanke (1986). The results indicate, first, for a positive relationship between foreign direct investment and economic growth. On the other hand, we highlight a set of three variables that exert a role in attracting this type of investment: infrastructure, exchange rate and development of the financial system. The impact that FDI plays in the Brazilian economy, although positive and significant, is presented in a low level. The impairment may be related to some factors, such as the finding that FDI is primarily directed to the service sector of the economy. Furthermore, a significant portion of FDI directed to Brazil entered through mergers and acquisitions during the privatization process started in the 1990s, not through new investments. In addition, factors such as the inadequate availability of infrastructure may be related to the low contribution of FDI on economic growth, suggesting that the formulation of public policies that seek to economic growth should direct efforts in the supply of appropriate infrastructure to causes that the IDE has a more vigorous growth performance of the product. Therefore, public policies for growth should go hand in hand with policies that encourage the flow of incoming foreign investment in the national economy, while these actions need to be in line with the main determinants of FDI in Brazil.