Spain in the Investment Development Path: Working Paper No; 3740-Bps/94 (Classic Reprint) - Tapa dura

Sinopsis

Excerpt from Spain in the Investment Development Path: Working Paper No; 3740-Bps/94

It is useful to compare the Spanish experience to those of the emerging economies of Europe, East Asia and Latin America that are playing increasingly important roles in fdi. Spain entered the decade of the 19805 with a ratio of inward stock to gdp lower than those for Portugal, Greece, Taiwan, and Brazil, equal to Mexico's, and higher than for Ireland, Chile, Korea or China. Spain's outward stocks in 1980 were much higher than for any of these countries. The Spanish trajectory during the 19805 stands out for the relatively rapid increase both in inward pdi (only China's has been faster, with Portugal's almost as fast), and in outward fbi (though Korea's and again China's have been faster). The only large emerging economy whose ratio of outward-to-inward fdi surpassed Spain's in 1990 was Korea's Relative to gdp, however, Spain's outward stock was in 1990 three times larger than Korea's, and its inward stock six times larger. Unlike Korea, but similarly to Italy, Spain features a much higher number of large service firms than large industrial firms (table which is reflected in the fact that most Spanish outward investment is in services while most of Korea's is in manufacturing or in trading of Korean manufactured goods.

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