Determinantes do investimento direto estrangeiro no Brasil, período de 1999 a 2019: Análise de longo prazo via método de estimação ARDL

Abstract

The objective of this research is to investigate how the flow of Foreign Direct Investment (FDI) in Brazil, from 1999 to 2019, was influenced by some of its main determinants. After identifying the existence of stationary series together with nonstationary series, the Bounds test was used for the analysis of cointegration between variables and autoregressive distributed lag models (ARDL) for long-term estimation. Although some of the results found in the study did not have the statistical relevance necessary to give robustness to the analyzes, in general, the results were relevant and consistent with the theoretical framework taken as the basis for the study. Foreign direct investments were more sensitive to long-term elasticities regarding trade liberalization, Brazil risk, and exchange rate, respectively