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Resumen
Los años 80 se caracterizaron por una marcada expansión de los mercados internacionales en la forma de Inversión Extranjera Directa (en adelante IED) (Kahouli & Maktouf, 2015). Posteriormente, en la década de los 90, los Acuerdos Comerciales Regionales (ACR) comienzan a proliferar en América Latina gracias a las políticas aperturistas que caracterizaron dicho periodo (Aguilera et al., 2017). Varios ACR contienen un capítulo de inversión en el cual se plantean condiciones y características para promover la inversión en distintos sectores entre países miembros, por lo que se esperaría un aumento en la IED después de la entrada en vigencia de un ACR. Dicho esto, el presente capítulo plantea un modelo de gravedad para determinar el impacto que los ACR han tenido en la IED bilateral, con datos de la Conferencia de las Naciones Unidas sobre Comercio y Desarrollo (UNCTAD, por sus siglas en inglés), de 26 países de América Latina y el Caribe, durante el período de 1990 a 2017. Como es costumbre en modelos básicos de gravedad, las variables de control incluyen distancia, el tamaño del país -tanto emisor como receptor de IED- (PIB real), y el poder adquisitivo de la población –también en ambas economías- (PIB per cápita). Los resultados muestran una relación positiva y significativa de los flujos de IED con el PIB; una relación positiva con el PIB per cápita del país emisor y negativa con aquel del país receptor; y una relación negativa con la distancia entre los países socios. La existencia de ACR aparece como significativa solo en el período de 1990 a 1999 que, como se señaló anteriormente, coincide con el período de apertura económica de la región.
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