Investimento Estrangeiro Direto e Desnacionalização do Capital nas Agroindustriais

Resultados e Indutores Macroeconômicos

Abstract

This paper discusses the possible implications of the denationalization of capital process on macroeconomic variables in Brazil, using agribusiness as a proxy for this movement. Based on a post-Keynesian macroeconomic theoretical framework and a literature review on international trade and the macroeconomic conditions that favor productive internationalization, it was identified that Brazil offers a macroeconomic environment largely favorable to the entry of foreign capital, both for speculative and productive purposes. Empirically, through Central Bank databases on the external sector and sectoral analyses, it was identified that a large part of this capital entered Brazil in the form of mergers and acquisitions of already established national companies, promoting a massive exchange of administrative control. The results point to an increase in imports of goods and intra-firm financing, a reprimarization of the export agenda, and chronic deficits in the current account balance, forcing the country to increasingly transfer resources abroad in the form of interest payments and property rights, thus reinforcing the macroeconomic challenges arising from foreign relations.