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Cambridge Journal of Economics Advance Access originally published online on February 2, 2007
Cambridge Journal of Economics 2007 31(3):393-411; doi:10.1093/cje/bel046
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Right arrow F21 - International Investment; Long-Term Capital Movements
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© The Author 2007. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Externalities from foreign direct investment in the Mexican retailing sector

Cédric Durand*

* Lyon I University, CEMI-EHESS and CEPN Paris

Address for correspondence: CEPN-CNRS-UMR7115, UFR de Sciences Economiques, 99 ave. Jean-Baptiste Clément, 93430 VILLETANEUSE, France; email: cdurand{at}ehess.fr

This contribution to the discussion on the impact of foreign direct investment in developing countries is based on an empirical study of the consequences of transnational corporations' presence in the Mexican retailing sector, particularly Wal-Mart. First, it is shown that the arrival of foreign firms accelerates the modernisation but has a negative impact on local firms' performance as well as local worker remuneration as a result of the growing competitive pressure in the sector. Second, the changes that occurred in supply chain governance and the tremendous increase of imports initiated by Wal-Mart are described, and some probable implications for local suppliers are suggested.

Key Words: Foreign direct investment • Retailing • Mexico • Spillovers • Trade

JEL classifications: F23, L14, O19, O54

Manuscript received April 11, 2005; final version received April 7, 2006.


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