1 Flujos de Inversión Extranjera Directa Consideración especial del caso español Emilio Ontiveros [email protected] www.afi.es GIE, UAM, Diciembre 2009

2 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.

3 3 Formas de IED Direct investment financial flows are composed of: a)Equity capital, b)Reinvested earnings (and undistributed branch profits) c)Other capital.

4 4 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 included under direct investment, other capital); iii) other capital contributions, including non-cash acquisitions of equity (such as through the provision of capital equipment).

5 5 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)

6 6 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

7 7 FDI inflows, global and by groups of economies, 1980–2008 (Billions of dollars)

8 8

9 9

10 10

11 11

12 12 International Merger and Acquisitions, world ( OCDE, dic 09)

13 13 Merger and Acquisitions, firms based in 6 major emerging economies

14 14 Global Mergers and Acquisition Volume as a Percent of Total Global Equity Market Capitalization

15 15

16 16 Economía española. Internacionalización. Apertura y prosperidad

17 17 Economía española. Internacionalización. Tasa de apertura

18 18 Economía española. Internacionalización. IED/PIB

19 19

20 20 Economía española. Beneficios de multinacionales españolas en América Latina, mm$US en 2008 Fuente: Informes de empresas; El Economista América Latina Resto de lugares % en América Latina

21 21

22 22

23 23

24 24

25 25

26 26

27 27

28 28 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.

29 29 Glossary of foreign direct investment terms and definitions http://www.oecd.org/dataoecd/56/1/2487495.pdf