The presence of Spanish companies in Latin America became a phenomenon of important economic and social consequences in the 1990s. Three fourths of the capital invested by Spanish firms occurred in banking, energy and telecommunications. These three industries make up the economic infrastructure of a market and, therefore, investments in those sectors have important implications for the future economic development of the host countries. A detailed sectoral analysis shows that the arrival of the Spanish investors was not a spontaneous phenomenon. Rather, it was a defensive move by the Spanish firms, supported by the Spanish government, to gain access to new markets in advance of the internal liberalization in the European Union, which would make the Spanish firms come into direct competition with large and supposedly more competitive European firms. The structural reforms implemented by ...

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The presence of spanish companies in Latin America became a phenomenon of important economic and social consequences in the 1990s. Three fourths of the capital invested by Spanish firms occurred in banking, energy and telecommunications. These three industries make up the economic infrastructure of a market and, therefore, investments in those sectors have important implications for the future economic development of the host countries. A detailed sectoral analysis shows that the arrival of the Spanish investors was not a spontaneous phenomenon. Rather, it was a defensive move by the Spanish firms, supported by the Spanish government, to gain access to new markets in advance of the internal liberalization in the European Union, which would make the Spanish firms come into direct competition with large and supposedly more competitive European firms. The structural reforms implemented by t...

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