El trabajo examina la "microeconomia" de la Convertibilidad, con el objetivo de analizar los determinantes del heterogeneo desempeflo em- presario en el sector manufacturero en aquella etapa. Si bien el anlisis confirma que las filiales de las empre

DANIEL CHUDNOVSKY,; ANDRÉS LÓPEZ

CAMBRIDGE JOURNAL OF ECONOMICS

Oxford Journals

Año: 2004 vol. 28 p. 635 - 652

0309-166X

Market-seeking strategies predominate in the recent FDI boom in MERCOSUR countries. In the trade performance of transnational corporation affiliates a sort of ?asymmetric integration? is clearly visible: they produce for the internal market and, to some extent, for the regional one, while import inputs and final goods from developed countries (and a significant part of these trade flows is intra-firm). Thus, even if affiliates obtained productivity gains in the 1990s, they have not yet been reflected in a significant increase in exports, and even less in extra-regional exports. Hence, the foreign direct investment boom seemingly has not yet contributed to a better insertion of MERCOSUR countries into the world economy.