TY  - BOOK
AU  - Lehmann,Alexander
TI  - Foreign direct investment in emerging markets : : income, repatriations and financial vulnerabiblities 
T2  - IMF working paper
U1  - 332.673 21
PY  - 2002///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - CRISIS FINANCIERA
KW  - MERCADOS EMERGENTES
KW  - INVERSIONES DIRECTAS
KW  - INVERSIONES EXTRANJERAS
N1  - Bibliografía: p. 29-30
N2  - Based on U.S. dataq,the returns on foreign direct investment in emerging markets are shown to be substatially higher than would be suggested by official balance of payments statistics. This paper identifies the determinants ofr FDI profitability in 43 industrialized and developing countries. After financial leverage and the effect of tax minimizing income transfers are controlled for, host country risk and market openness are found to rise affiliate returns on equity and returns on sales. In the context of a number of financial crises during the 1990s, income repatriations are shown to be pro-cyclical, throgh the effect of host country recessions is mitigated through continued spending on fixed capital and a re-direction of affiliate sales towards export markets
UR  - http://www.imf.org/external/pubs/ft/wp/2002/wp0247.pdf
ER  -