IED en los países del MERCOSUR: ganadores y perdedores en los acuerdos ALCA y UE-MERCOSUR

The purpose of this paper is to analyze some additional issues related to foreign direct investment (FDI) and to the development of regional integration agreements (RIA).Firstly, we include additional variables to those that are generally considered in the gravity models of FDI determinants (they are related to the external sector and to the relative size of economies that are involved in each bilateral elationship).Secondly, the analysis of “winners” and “losers” is disaggregated at country level (in terms of total received FDI), with the purpose to consider possible effects of agreements on each MERCOSUR country in the frame work of ALCA and MERCOSUR-EU. The form that FDI among countries adopts allows us to profile winners and losers related to FDI flows in the framework of regional integration agreements. FDI increase could be associated to external creation of FDI. At the same time it is observed a greater elasticity of bilateral FDI flows related to foreign trade. If ALCA and MERCOSUR-EU agreements would increase trade flows –as is foreseeable- those flows would have a positive impact on FDI flows, and predominant forms of expansion would be open/resource seeking forms. In this framework and in relation to its potential to capture FDI, Brazil would be the only “winner” inside the bloc and Argentina would be probably the “loser”. In small economies Uruguay is near to be a “winner” and Paraguay a “loser”.Foreign Direct Investment, Economic Integration, Multinational Enterprises.

Los determinantes de la IED y el impacto del MERCOSUR

This paper analyze the factors that determine the receipt of foreign direct investment (FDI) by the Mercosur’s countries, specially the roll played by the regional integration process. After taking account of a conceptual framework, which concludes in an econometric model, with the methodology used by Bittencourt & Domingo (1996), regressions were estimated in several panels for the dependent variables: total FDI, FDI corrected (less mergers and acquisit ions and privatizations), FDI from United States and FDI in manufacturing. The joint panel (forty years and four countries) confirm that we can identify a “model” of Mercosur’s FDI receipts. The internal market dynamism, the export performance and the macroeconomic stability have importance as FDI determinants. FDI corrected and FDI from United States, presented an structural change in 1986. The regional integration process impact the FDI with significant and positive net effects. These flows seem to prefer the bigger countries. The results of the panels by sector show that the internal market size and dynamic are the principal variables to define the investor’s choice between economic sectors and countries. The Mercosur’s dynamic also is important in the choice between industrial sectors.

La inversión extranjera directa en Uruguay en los años 1990: Estrategias empresariales

The flows of FDI to Latinamerica have been increased in the 90's. In the case of Uruguay, it has not received a great amount, but the participation of foreign capital in some economic activities is important. This paper analizes the business strategy of some TNCs in Uruguay in the frame of the regional integration and liberalization processes which have determined an important transformation in foreign enterprises seeking for more efficiency and better export performance. This transformation has involved more business concentration and specialization but not business diversification. Finally, the regional integration uncertainty and the changes in the rules of play of some economic activities, like telecommunications and energy, will determine the amount of future investments.

Influence of maintenance actions in the drying stage of a paper mill on CO2 emissions

Greenhouse gases from industrial activities have become a global problem. Emissions management is being developed to raise awareness of the importance of controlling pollution in general and atmospheric emissions in particular. In 2017, the deficit of the rights of issuance in the industrial sectors increased up to 8.3% (verified emissions in 2017 versus allocation in 2017). This trend will increase more at the end of Phase III due to a progressive reduction in allocation. Phase IV will be much more restrictive in allocating emission rights than Phase III. The extra cost of this deficit reinforces the need for industry in general to reduce CO2 and for the paper industry to reduce GHG emissions and generate credits. Old factories are typically identified as sources of pollution in addition to being inefficient compared to new factories. This article discusses the possibilities of-fered by maintenance actions, whose integration into a process can successfully reduce the environmental impact of industrial plants, particularly by reducing the CO2 equivalent emissions (CO2-eq units henceforth CO2) they produce. This case study analyzes the integration of maintenance rules that enable significant thermal energy savings and consequently CO2 emissions reduction associ-ated with papermaking. Managing Key Performance Indicators (KPIs), such as the amount of cold water added to the boiler circuit and the conditions of the air blown into the dryer section hood, can be used as indicators of CO2 emissions generated. The control of the water and temperature reduces these emissions. A defined measure—in this case, t CO2/t Paper—indicates an achievement of a 21% reduction in emissions over the past 8 years.The authors thank the Spanish Ministry of Science, Innovation and Universities for supporting through RTI2018-102215-B-I00 project

The Emergence of new Successful Export Activities in Uruguay

El proyecto “El surgimiento de nuevas actividades exportadoras exitosas en América Latina” busca identificar los elementos claves en el proceso de descubrimiento de nuevas oportunidades de exportación en diferentes países de la región, con el objetivo de proponer políticas y reformas que permitan aumentar el ritmo de descubrimientos, en particular teniendo en cuenta la importancia relativa de diversas fallas de mercado. El enfoque general del estudio puede resumirse en que “los mercados se desempeñan bien al brindar señales de la rentabilidad de actividades que ya existen, pero su desempeño es pobre cuando se trata de actividades que podrían existir pero no existen. Aun si estas actividades no son nuevas en el sentido de que están presentes en economías más ricas, los productores se ven enfrentados a una considerable incertidumbre respecto a los costos y la productividad bajo las condiciones del mercado local. Introducirse en estos nuevos sectores típicamente requiere un inversor pionero, que indica a otros la rentabilidad de dichas actividades. Llamamos a este proceso de descubrir la estructura de costos interna de la economía auto-descubrimiento” (Hausmann y Rodrik, 2003). “En el proceso de auto-descubrimiento abundan las externalidades de información, debido a que la información de costos descubierta por un empresario no puede conservarse en forma privada. Si la empresa pionera resulta rentable, esto es fácilmente observable por otros. Los imitadores entran entonces en la actividad, la renta del productor establecido se disipa y se establece un nuevo sector. Si, por el contrario, el pionero quiebra, las pérdidas son soportadas en su totalidad por el empresario. En consecuencia, la actividad empresarial de esta naturaleza no es una actividad con alta recompensa: las pérdidas son privadas mientras las ganancias se socializan. Por tanto, los mercados no proporcionan suficiente actividad empresarial en actividades nuevas” (Hausmann, Rodríguez-Clare y Rodrik, 2006). El estudio realizado para Uruguay consistió en analizar cuatro actividades exportadoras nuevas para el país, en el contexto del marco teórico propuesto por el BID y siguiendo la metodología común establecida para todos los casos incluidos en el proyecto regional. Asimismo, en el marco de este estudio se construyó una base de datos armonizada de las exportaciones uruguayas de bienes a nivel de producto y empresa, que permite analizar la actividad exportadora a nivel de empresa, producto y mercado de destino en las últimas dos décadas. La disponibilidad de series de tiempo consistentes permitió superar las limitaciones de información que provocaban en las estadísticas los cambios introducidos en la clasificación de productos en cuatro oportunidades (1985, 1993, 1997, 2002). Este estudio busca una mejor comprensión de estos problemas en el caso de Uruguay, presentando, en primer término, una visión de conjunto del desempeño exportador de Uruguay y su política comercial, y un análisis de la actividad exportadora a nivel de firma. En segundo lugar se analizan en profundidad cuatro sectores: software, forestal, caviar y esturión, y vacunas de origen animal a partir de los cuales se extraen lecciones de políticas públicas.exportaciones, fallas de mercado, fallas de coordinación, proceso de auto-descubrimiento, software, sector forestal, vacunas de origen animal, caviar y esturión

Surgimiento de actividades de exportación exitosas en Uruguay: cuatro casos específicos

En este trabajo se presenta el análisis de cuatro casos específicos de surgimiento de cuatro actividades de exportación exitosas de Uruguay: software de computación, productos madereros, caviar y carne de esturión, y vacunas para animales. En cada uno de esos casos específicos se trata cómo empresas, asociaciones y varios gobiernos a varios niveles han manejado crisis de mercado y facilitado el suministro de los bienes públicos necesarios para cada actividad. El análisis de estos casos específicos presenta además una descripción de las características de los actores principales en cada ramo de actividad así como las externalidades positivas que brindan a los emuladores, especialmente la difusión de conocimientos sobre exportación. También se presenta en cada área un caso opuesto de actividad menos exitosa (electrónica, vino, carne de rana y biotecnología, respectivamente) así como una sección sobre implicaciones de políticas.Agriculture, Exports, Manufacturing, Services, Uruguay

Efectos de Derrames de Comercio de las Empresas Transnacionales en la Industria Manufacturera Uruguaya (1990-2000)

The objective of this paper is to measure, through econometric techniques, the existence of trade spillovers from Transnational Corporations present in Uruguayan’s manufacturing sector in 1990-2000. The principal conclusions are that the export behavior of TNC affiliates is more significant than that of local firms, but this does not mean that there are important trade spillovers. The presence of TNC affiliates does not imply a greater export propensity. Between 1997 and 2000 the TNC affiliates presented a higher import propensity than local firms and there are not evidences of spillovers. In the 1990-96 period this relationship would be different, and a greater presence of TNC seems to impact positively on the import propensity of both national firms and TNC’s affiliates.Multinational Enterprises, Foreign Direct Investment, trade spillovers

Complementación productiva en la industria automotriz en el MERCOSUR. El caso uruguayo

Three periods could be found in the development of automobile industry in Uruguay since the seventieth: the first with the production oriented to the local market as result of import substitution policies; the second (since the nineties and regional integration) where automobile production was exported to the region and automobile importations supplied the local market; and the third, since the crisis, when production fell dramatically and a new stage appears where new alliances and activities emerge. This paper analyzes different issues about automobile industry in Uruguay. It outlines that the future of this industry has a great grade of incertitude that is associated with the regulations that will be adopted in the framework of MERCOSUR agreement and with the bilateral agreements that Uruguay could sign with its neighbors in the period previous to the common automobile policy. This common policy must go forward an intra-zone free trade and common rules with third countries. In this context, it is important the stability of agreements and rules that support credibility and investment processes which allow significant increases in productive capacity.automobile industry; regional integration, enterprise strategy