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Is the foreign capital leaving industrialized countries? The case of Spain

By Carlos M. Fernández-Otheo and Rafael Myro


Within the present scenario of world economic integration and opening of markets, a restructuring of the international localisation of firms is underway. This is giving rise to processes of foreign direct capital divestment in some of the most developed countries that have, to a greater extent, based their development onthe provision of resources and technology from abroad via foreign direct investment. At the moment, there is not enough information to approach the magnitude and consequences of this process which complements and overlaps this other of recolation of firms. This study analyze the case of one of the most characteristic countries, Spain, looking for a capture of the importance and effects of the referred process. Here, the foreign divestment, which has grown very fast, is, and has been particulary until now, the consequence of an intense process of intrasector restructuring of the activities of non-residents companies, in which companies owned by residents also take part asa ctive buyers. The most negative effect comes from the fact that some extremly high-tech activities dedicated to international trade and with great influence in the internal market have left the national territory.foreign direct investment, divestment, international investment, multinational firms, manufacturing, Spain, Europe.

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