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Cambridge Journal of Economics 2004 28(5):635-652; doi:10.1093/cje/beh029
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Cambridge Journal of Economics, Vol. 28, No. 5, © Cambridge Political Economy Society 2004; all rights reserved

Transnational corporations' strategies and foreign trade patterns in MERCOSUR countries in the 1990s

Daniel Chudnovsky and Andrés López*

Address for correspondence: Daniel Chudnovsky, Centro de Investigaciones para la Transformación (CENIT), Cavia 3094, Buenos Aires, Argentina; email dany{at}fund-cenit.org.ar

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.

Key Words: Foreign direct investment • Multinational corporations • Regional integration • Trade

JEL classifications: F23, F21, F15

Manuscript received December 21, 2001; final version received October 14, 2002.


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