¿La corrupción disuade o atrae la inversión extranjera directa en América Latina?

• Autor: Cedano Requena, Carolyne Gianella
• Formato: tesis de grado
• Fecha de Publicación: 2019
• Institución: Universidad de Lima
• Repositorio: ULIMA-Institucional
• Lenguaje: español
• OAI Identifier: oai:repositorio.ulima.edu.pe:20.500.12724/10559
• Enlace del recurso: https://hdl.handle.net/20.500.12724/10559
• Nivel de acceso: acceso abierto
• Materia: Investments, Foreign; Corruption; Latin America; Inversiones extranjeras; Corrupción; América Latina; https://purl.org/pe-repo/ocde/ford#5.02.01

In an environment in which the competitiveness to attract foreign investment is growing, the interest in literature to determine the relationship between corruption and FDI has given rise to two contrary theories. The first indicates that corruption can behave as an incentive to FDI and the second as a deterrent. However, there are theoretical aspects such as the endogeneity of the variables, the long-term relationship and the difference between FDI flows and stocks, in which Latin America has not deepened. For this reason, the present study aims to determine whether corruption has had a positive or negative effect on the attraction of FDI in Latin America, for the period 1998 - 2017. Specifically, it seeks to identify if there is a double causality relationship between the variables. Also, determine whether the short-term effect differs from the long-term effect and finally, check whether the result varies depending on whether you use the flows or the stock of FDI to measure the effect. Using a static data panel, the results suggest that the impact of FDI has been negative. Thus, an increase in 1 unit in the lag of corruption would generate a drop in FDI between 11% and 38%. In turn, through a VAR panel and the Granger causality test, evidence has been found of a bilateral relationship between these variables and the absence of a long-term relationship. In the same way, the findings could suggest that using FDI stocks to measure the impact of corruption on FDI in the region could lead to erroneous and contradictory results, since the methodology for estimating it varies widely between countries.