Investimento direto externo no Brasil: efeitos no crescimento, nas exportações e no emprego

• Autor(a) principal: Fernandes, Elaine Aparecida
• Data de Publicação: 2006
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: LOCUS Repositório Institucional da UFV
• Texto Completo: http://locus.ufv.br/handle/123456789/116
• topic: Investimentos estrangeiros; Crescimento econômico; Exportação; Comércio internacional; Foreign investment; Economic growth; Exports; International trade; CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA INTERNACIONAL::INVESTIMENTOS INTERNACIONAIS E AJUDA EXTERNA

A globalized world economy leads to an increase in international financial transactions as well as in foreign direct investment FDI. In view of such an increase in FDI, one believes there would be a complementarity between this form of external financing and domestic savings, increasing the investment rate of the host economy, advantageously substituting the flows of short-term investment. However, the relation between FDI and fixed gross capital formation in Brazil shows that, despite its improvement, FDI presence does not reflect an increase in investment rate. FDI s ascending behavior was not followed by an increase in the stock fixed gross capital formation, what confirms its low contribution to the increase of the economy investment rate. Regarding Brazilian economy growth, FDI contribution was not as theoretically expected. FDI decomposition analysis shows that most of it was destined to acquisition of already existing assets. Thus, internationalization consisted in transferring assets owned by national companies to foreign investors, without the proportional correspondence of new investments by Brazilian companies in the national economy. Additionally, there was not the generation of additional export revenue, since such investments were concentrated to non-tradable goods-producing sectors or to internal market industrial goods-producing sectors. In this sense, FDI flows did not directly increase the production and export capacity of the Brazilian economy, acting rather as a process of patrimony transference. Regarding employment, increased foreign capital participation in the national economy did not present a well-defined pattern. On the one hand, the extractive industry with greater FDI intensity, increased the number of working personnel along the period under consideration. On the contrary, the transformation industry with greater FDI intensity, diminished considerably the average number of employment positions available. On the other hand, the services sector presented a rather differentiated behavior, compared to the industrial sector, receiving enormous amounts of FDI, with this increase being overall associated to a greater employment availability. It should be emphasized that, contrary to what occurred in the manufacturing sector and despite increased employment availability in the services, wages and other forms of remuneration decreased rather expressively. Within this context, search for employment increases, with reduction of the average number of industrial employment openings and increase in the average number of services sector employment openings. Finally, it is important to observe that the process of direct investment in Brazil did not result in a greater participation of these companies in the country installed capacity nor of its products in the world trade. However, there was a considerable increase of the economy s external liabilities and of the Brazilian economy as consumer of intermediary goods produced abroad. Despite this inefficacy in terms of generating foreign exchange, it should be stressed that through FDI, enormous technological deficiencies were eliminated, leading to significant improvement in services productivity and quality. In this sense, one should consider the formulation of a new foreign investment policy, integrated to the industrial and foreign trade policies. Therefore, Brazil must be prepared to increase its capacity to receive global market suppliers, without excluding the incentives provided by the local and regional markets.