As raízes financeiras do investimento direto estrangeiro: notas sobre a experiência brasileira recente

Resumo

This article focuses on some frequently neglected aspects of the
relationship between financial globalization and the growing level of foreign
direct investment (FDI). Actually, financial globalization and institutional
investors have an increasing importance in non-financial entrepreneurs
decisions, who act under short run horizons in search of quick and high
assets returns. Foreign direct investments, as considered like a long run's
type of investment, are usually analyzed only on their productive aim. But,
in a "financial dominated economy" as says Chesnais, the organization of
the capitalism leads to a predominance of assets transfer rather than of
wealth creation. At FDI’s level, the growing part of international mergers
and acquisitions and the important participation of international investors
on privatization processes show that buying and selling assets is
preferable than creating new ones, and it's also valuable for multinational
groups. This article tries to incorporate at Dunning's FDI theory some
elements to contemplate this new reality. On a second part, it examines
the Brazilian's recent evolution on FDI inflows, which shows a pattern
marked for the financial globalization that’s very different than that viewed
in other moments of Brazilian economic history.