本研究採取固定效果( fixed effect ) panel data模型，分析影響中國大陸外商直接投資( FDI )的決定性因素，共分為三個面向進行實證，第一個面向係按FDI投資區域之不同，而分為東部沿海與中西部地區進行估計；第二個面向則按FDI投資產業之不同，分為三大產業進行分析；第三個面向係以FDI之來源地區為依據，共分為八個主要FDI來源地區探討其決定性因素。 在分區估計方面，透過一般化最小平方法( generalized least squares, GLS )進行估計，得到的結果顯示，東部地區係以市場區位來吸引FDI前來投資，例如市場商機與較高的對外開放程度；而中西部地區則以生產區位來吸引FDI，如低廉的勞動成本、地方基礎建設水準，換言之，兩地區之間在影響FDI的因素上完全不同，另一方面，針對固定效果的觀察發現，地理位置位在東部地區的省市，固定效果明顯高於中西部地區，因此東部地區的確比中西部地區具有較佳的條件以吸引FDI。 若按FDI所投資的三大產業進行實證，以探討FDI之決定性因素，其估計結果顯示，第一產業( 農、林、漁、牧業 ) FDI的影響因素為對外開放程度，具有負面排擠FDI的效果，而第二產業( 製造業、建築業等 ) FDI的影響因素則為市場規模、工資率、高品質勞動力供應與對外開放程度，除工資率為負面影響外，其他因素皆為正向效果，第三產業( 服務業 )因樣本期間中國大陸尚未放寬外資的進入限制，故僅有基礎建設與高品質勞動力供應是影響FDI的決定性因素。 在中國大陸不同來源國FDI之決定性因素方面，實證結果發現，中國大陸高速的經濟成長率會吸引美國、新加坡、台灣的廠商前來投資，低廉的工資水準則形成對美國、南韓、新加坡以及台灣的吸引力，而中國大陸若加強研發能力，可促使美國、日本、南韓、新加坡、台灣增加直接投資，但廠商過度集中所導致的高度競爭環境，卻會排擠掉英國、香港的FDI，本研究也考慮高品質勞動供應的影響，以香港、台灣廠商較注重高品質勞動力是否充分供應，另一方面，對外開放程度的高低對日本、新加坡、香港、台灣的廠商具有正面效果，對德國廠商則有負面影響。 隨著中國大陸加入世界貿易組織( WTO )後，中國政府對外資的政策勢必更加開放，在中國大陸龐大市場與廉價生產要素的誘惑下，預期會有更多外國資金投入中國大陸，中國做為世界工廠的地位將更加穩固，對我國而言，面對中國經濟崛起所導致的全球經濟整合以及產業分工趨勢，我國必須採取正面的態度來思考中國大陸問題，善用本身所具備的充沛資金與研發能力，以及與中國大陸同文同種的優勢，積極進入大陸市場，一方面應用其廉價勞動力，一方面搶佔大陸市場佔有率，將中國大陸做為我國經濟實力的延伸，我國廠商方能在國際競爭潮流下取得生存利基，進而從中國市場打入全球市場，則我國未來的經濟前景必將大有可為！

由於WTO杜哈回合談判正在積極進行，而且東亞各國整合的程度、涵括的領域、融入的國家均有愈來愈深、愈來愈廣的趨勢，相信此兩股貿易自由化風潮對我國商品的競爭力、投資與經貿活動均會產生一定的影響，因此有必要於此進行深入研究。故本研究利用FTAP模型模擬分析(1)東協加三FTA，(2) 杜哈回合談判，以及(3) 東協加三FTA+杜哈回合談判之經濟效果，以便了解上述三個情境對台灣的影響。 本研究實證結果顯示：(1) 東協加三FTA將使台灣的整體福利減少1252.26百萬美元；對總體經濟方面的影響，台灣實質GDP減少0.25%，並使貿易條件惡化0.86%。(2) 杜哈回合談判若順利完成，台灣整體福利將增加4875.09百萬美元。總體經濟方面，台灣實質GDP將成長1.01%，貿易條件將改善1.16%。(3) 在東協加三FTA簽定且杜哈回合談判順利完成下，台灣整體福利增加4211.92百萬美元；總體經濟方面，將使台灣的實質GDP增加0.88%，貿易條件改善0.73%。 另外，本研究發現：(1) 區域貿易協定與多邊貿易協定間，彼此對於福利與產出等效果，會有互相抵消的情況發生。多邊貿易協定的簽定會大幅的削弱區域貿易協定所產生的效果。然而，區域貿易協定卻僅能抵消掉小部分多邊貿易協定所產生的效果。(2) 區域間自由貿易協定的簽定，不但會使區域外的國家遭受福利與產出等總體經濟的損失，並且也會抵消掉多邊貿易協定所產生的各項效果。(3) 若是能儘快完成杜哈回合談判，各國家儘快完成多邊貿易協定，則各個國家對於簽署區域或是雙邊自由貿易協定的意願可能會大大的減低。 / In recent years, WTO has been undertaking Doha Round negotiation. In addition, there is a deepening and widening trend on the integration of South East Asia economies. There two meovements of global trade liberalization might considerably impact investment and international trade activities of Taiwan as well as its international competitiveness. Therefore, investigating the integration of South East Asia regional economy should be reckoned as important. In this light, this thesis, based on the FTAP model, conducts simulation analyses to testify how (1) a free trade agreement among ASEAN plus three nations, (2) the accomplishment of Doha Round and (3) a free trade agreement among ASEAN plus three nations and the accomplishment of Doha Round will influence the economy of Taiwan. The empirical results have shown: (1) ASEAN+3 FTA will decrease Taiwanese welfare by $1,252.26 million dollars. It will also deteriorate the real GDP and TOT of Taiwan by 0.25% and 0.86%. (2) The accomplishment of Doha Round will increase Taiwanese welfare by $4,875.09 million dollars. Additionally, it will improve the real GDP and TOT of Taiwan by 1.01% and 1.16%. (3) ASEAN+3 FTA and the accomplishment of Doha Round together will generate additional $4,211.92 million dollars welfare to Taiwan, and improve the real GDP and TOT of Taiwan by 0.88% and 0.73%, respectively. Moreover, this thesis has found several interesting policy implications. First, the effects of a regional trade agreement and a multilateral trade agreement on welfare and outputs will offset each other. The effect of a multilateral trade agreement is generally greater than the effect of a regional trade agreement. Second, free trade agreements of different regions not only harm the welfare and outputs of countries outside these regions but also offset the benefits provided by the multilateral trade agreement. Finally, considering it may decrease the willingness to develop regional or bilateral free trade agreements, governments should treat the accomplishment of the multilateral trade agreement, such as Doha Round, as the top priority.

1992年鄧小平「南巡」之後，上海房地產業頓時成為全世界投資者所矚目的焦點。伴隨著上海經濟的急速成長、房地產市場的豐厚利潤、以及對人民幣升值的強烈預期，境外資金不斷湧入上海市進行房地產投資。節節高升的房價最終造成中國政府的注意，限制外資進入房地產市場成為大陸宏觀調控的重點。然而外資是否為房價高漲的主因，至今為止依然是爭論不休。到底外資是大陸房地產價格居高不下的罪魁禍首，還是宏觀調控政策下的代罪羔羊，為了清楚了解FDI對大陸房地產價格到底造成何種影響，本文主要研究目的主要有以下兩點：一為探討FDI金額的變動對上海房地產價格波動是否造成影響，二為研究影響上海房價波動的總體經濟因素為何。 根據實證結果顯示，就長期關係而言，外商直接投資、物價、利率、匯率、收入，皆與房價呈現正向關係，股價則與房價呈現反向關係。就短期關係而言，影響房價的因素有外商直接投資、利率、收入、以及房價本身，以上皆與房價呈現正向關係；整體而言短期物價對房價沒有顯著影響，但就個別月份而言，落後兩期的物價指數與房價指數呈現反向關係；短期匯率波動對房價的影響相互抵銷，加總後的影響效果為零，而短期股價則對房價沒有顯著影響，宏觀調控脈絡下的「限外令」並沒能使房市降溫。總的來說，外商直接投資雖對房價有正向影響，但影響最劇的因素卻是匯率與利率，因此外商直接投資並非上海房價飆漲的罪魁禍首，亦不是宏觀調控政策下的代罪羔羊。大陸政府拿外資開刀，其目的不外乎是為了「殺雞儆猴」，借此達到抑制房價的目的。 / The real estate has become a burgeoning industry in Shanghai since the Mainland deceased leader Deng Xiao-ping made his remarkable inspection tour of the South in 1992. Due to the fast growing market and desirable profit, uncountable foreign capital has flowed into the real estate industry of Shanghai. Housing prices have soared and already drew the attention of the authorities, which causes the restraint on real estate investment. Does foreign capital matter to real estate prices? What economic factors cause the movement of real estate prices? The purposes of this paper are to investigate the relationship between foreign direct investment and real estate prices of Shanghai. The empirical result shows: FDI, CPI, interest rate, exchange rate and income have significant positive effects on real estate prices in the long run. Nevertheless, stock market has significant negative effect. In the short run, however, FDI, interest rate, income and housing price itself have significant positive effects on real estate prices. In addition, overall CPI has no effect on real estate prices while some individual months of CPI have negative effect; exchange rate and stock market also have no effect on real estate prices in general. Furthermore, the policy of restraining foreign capital on real estate investment does not induce declining housing prices. To sum up, exchange rate is the main reason that affects real estate prices of Shanghai. FDI is not the “chief criminal” nor a scapegoat, neither. Penalizing the foreign capital is simply a warning from the Mainland government to seize the “hot money” in the real estate market.

<p>Foreign Direct investment (FDI) has been recognized as a vital source of development for African countries, which are mainly capital importing countries. This has led to a quest for effective regulation of the activities of foreign investors in a country while considering the profit making goals of the investors as well. As there is a need to strike a balance between the need to regulate entry and activities of investors and reaping the immense benefits of FDI such as growth and development. The regulation of FDI thus becomes important. However, there is no universal multilateral agreement on Investment (MAI) that binds most states oft the world. What we have is attempts at regional levels to regulate Investment uniformly. This quest has led to debates with many developing countries (Africa Inclusive) resisting attempts to formulate a MAI. This paper will start with an introduction of the importance of FDI as well as the various attempts that have been made to regulate FID on a multilateral level. Then the paper will go on to examine two Bilateral Investment Treaties (BITs) Botswana-China BIT on Promotion and Protection of Investments 2000,Czech-Tunisia BIT for the Promotion and Reciprocal Protection of Investment 1997, and two Free Trade Agreements (FTAs) - Chapter 11 of the North American Free Trade Agreement (NAFTA), 1990 and the investment provisions of the U.S &ndash / Morocco Free Trade Agreement 2004, to identify those trends that are common to these agreements that have been entered into by African countries. It will examine these provisions in line with the rights and obligations they create for the investors as well as the host countries.</p>

In this dissertation, the examination of energy sector development is presented. The purpose is to understand and highlight the importance of financing access for innovation activities, along with the business transparency necessary for firm value and the impact of corruption on capital investments in energy companies. Globally, long-term energy confidence is dependent on energy security and supply. Based on our empirical estimations, we expect there to be an increasing need for understanding financing innovations in the European energy industry. We expect more support for corporate governance integrity within Russia, as Russia is the main energy supplier for the European energy sector. It is expected that corruption will be a dominant issue for countries that are rich in natural resources. The main empirical findings and concluding comments are as follows:  The EU energy sector requires substantial financial support for promoting innovations, especially among ‘younger’ energy companies and those in the newest EU countries.  We expect to see increased discussion and long-term development of corporate governance integrity (transparency and disclosure, in particular) among Russian energy firms based on the long-term investment attractiveness of sustained energy production and supplies to countries that are energy dependent.  We conclude that investment activities in natural resource exploitation are directly linked with the presence of corruption, and that tightening up on corruption should facilitate FDI (foreign direct investment) in the primary industry and enable the effective use of received natural resource gains. To summarise, in this assessment, we empirically studied the EU, Russian and global energy industries, focusing on the issue of the development of energy within three key areas: the examination of financing for innovation, corporate governance integrity and corruption within primary FDI inflows.

Depuis plus de trois décennies, la mobilité internationale des firmes et des facteurs de production compte l‟un des aspects les plus importants de la mondialisation. Les économies deviennent donc de plus en plus interdépendantes. Les investissements directs étrangers (IDE) se placent au centre de ce processus de mondialisation et les firmes multinationales (FMN) sont les principaux acteurs dans les stratégies de développement des pays d‟accueil. Croyant profiter des « spillovers », les pays d‟accueil se trouvent pris dans un processus de concurrence acharnée afin d‟attirer les investisseurs étrangers. Un tel processus conduit les pays d‟accueil à s‟engager dans des programmes d‟amélioration de leurs déterminants économiques et institutionnels d‟une part, et d‟accroître leur ouverture aux échanges internationaux en s‟engageant dans des processus d‟intégration régionale particulièrement dans les zones régionales de libre échange d‟autre part. L‟objectif de cette thèse est d‟évaluer la nature de la relation directe et indirecte entre les institutions ou de la qualité institutionnelle et l‟attractivité dans le cas des pays du sud et de l‟est de la Méditerranée (PSEM). Pour cela nous étudions empiriquement dans un premier temps l‟impact direct des institutions et particulièrement de la gouvernance sur l‟attractivité des PSEM et dans un second temps, nous explorons la nature de la relation indirecte entre l‟attractivité et les institutions via un canal de transmission qui est l‟intégration régionale à partir d‟une étude empirique de l‟impact de l‟intégration régionale sur l‟attractivité des pays de la zone. La qualité des institutions est validée comme déterminant important dans l‟attractivité des pays et dans l‟encadrement des processus d‟intégration régionale. En revanche, dans le cas des PSEM, l‟intégration régionale n‟est pas source d‟attractivité des IDE. Les pays de la zone doivent donc mener des politiques portant sur les institutions afin d‟améliorer leur attractivité vis-à-vis des IDE. / For over three decades, the international mobility of firms and factors of production has one of the most important aspects of globalization. The economies thus become increasingly interdependent. Foreign direct investments (FDI) are placed in the center of this process of globalization and multinational corporations (MNCs) are the main actors in the development strategies of the host country. Believing enjoy the "spillovers", host countries are caught in a process of intense competition to attract foreign investors. This process led the host country to engage in programs to improve their economic and institutional determinants on the one hand, and increase their openness to international trade by engaging in regional integration processes particularly in regional free trade zones on the other. The objective of this thesis is to evaluate the nature of the direct and indirect relationship between institutions or institutional quality and attractiveness in the case of MENA countries. For this we look empirically at first the direct impact of institutions, especially governance on the attractiveness of MENA countries and in a second step, we explore the nature of the indirect relationship between attractiveness and institutions through a channel transmission which is regional integration from an empirical study of the impact of regional integration on the attractiveness of countries in the region. The quality of institutions is validated as an important determinant of the attractiveness of the country and in the supervision of the regional integration process. However, in the case of MENA countries, regional integration is not source of attraction for FDI. The zone countries must pursue policies on institutions to improve their attractiveness vis-à-vis FDI.

This work analyses industry level Foreign Direct Investment (FDI) inflows in order to find out if their determinants are the same for all industries or if they differ and how. The second important question is if various qualitative variables as labour market or product market liberalization or taxation determines flows to individual industries. I analyse seven industries by System GMM model for period from 1994 till 2009. The results suggests that inflows to each industry are driven by distinct set of determinants. While there are nearly non-significant determinants for agriculture among explanatory variables I used, there is many of them significant for services. Concerning qualitative variables, labour market liberalization influence FDI inflows to manufacturing and mining, product market liberalization influence inflows to transportation and electricity, gas and water industry. The level of taxation seem to be significant determinant of FDI inflows to manufacturing. Keywords FDI, Foreign direct investment by industry, Structural reforms, Labour Market, Lib- eralization, GMM, taxation 4

Dans cette thèse, nous étudions empiriquement les liens de causalité, au sens de Granger, entre le développement financier et la croissance économique dans le cadre de l'UEMOA et de la CEDEAO. La plupart des études dans ce domaine sont réalisées dans les domaine temporel. Ici, nous associons les domaines temporel et fréquentiel par l'utilisation de modèles multivectoriels autorégressifs. Pour ce faire, nous utilisons la méthode de décomposition de Geweke (1982, 1984) améliorée par Chen et al. (2008) afin d'obtenir, en plus des relations causales temporelles et fréquentielles, les causalités instantanées et la dépendance. Cette thèse apporte aussi une contribution théorique en proposant une méthode de calcul des p-values plus adaptée aux échantillons de petite taille. Les applications portent d'abord sur les relations causales entre finance et croissance dans les domaines temporel et spectral. Ensuite, nous examinons l'influence de l'inflation sur ces relations. Enfin, nous étudions les relations causales entre croissance et Investissements Directs Etrangers (IDE) conditionnellement au développement financier et à l'ouverture économique. / The framework of Geweke (1982, 1984) improved by Chen et al. (2008)is used in this thesis to conduct Granger causality between finance and growth in the context of West Africa. We adopt the time - and frequency- approaches to bring out instantaneous causality and dependence by employing vector autoregressive models. In this work, we propose p-values computations more suitable for small sample size. Empirical investigations examine, successively, causal links between finance and growth, the impact of inflation on these links, and the conditional relationships between growth and Foreign Direct Investment (FDI) to financial development and economic openness.

O objeto do presente trabalho é a análise das mudanças no regime jurídico do investimento estrangeiro ocorridas na última década. Após o estudo histórico sobre o desenvolvimento desse regime, as quatro tendências que conduziram a elaboração das regras daquele período são examinadas. A primeira delas foi a criação de regimes regionais, como as regras sobre o investimento internacional do NAFT A, ASEAN, APEC e Mercosul. A segunda, as tentativas de estabelecimento de um regime multilateral, como comprovam não só as negociações do MAI e das TRIM\'s, nos quadros da OCDE e OMC, como a consolidação pelo Banco Mundial das Diretivas sobre o investimento direto estrangeiro. Em terceiro lugar, o surgimento de normas internacionais setoriais, a exemplo do Tratado da Carta da Energia. E, por último, o crescimento extraordinário do número de acordos bilaterais sobre a matéria. O estudo leva em consideração a jurisprudência internacional, principalmente as sentenças proferidas pelo CIRDI. O exame dessas quatro tendências é seguido pelo estudo de dois regimes regionais que dizem respeito aos interesses brasileiros: o do Mercosul e o da ALCA. Se comparado com os regimes anteriores, aquele dos anos 90 se distingue por privilegiar a flexibilização das regras sobre o fluxo de capitais e o incremento de seu ganho. Preocupações com regras concernentes à proteção do investimento estrangeiro parecem estar ultrapassadas em razão de dois motivos. Inicialmente, pela implementação de seguros e garantias contra riscos políticos que, além de contornar o risco decorrente das interferências governamentais nos investimentos, também minimizou as discussões sobre as indenizações. Em segundo lugar, pelo endosso dado pela maioria dos países em desenvolvimento às políticas neoliberais -o que inibiu a ação governamental no regime doméstico do investimento internacional- e pela concorrência entre esses países em atrair esse investimento. O direito internacional dos investimentos passou a contar com poucas lacunas, a basear-se menos no costume e a formalizar-se em instrumentos. Questões vitais em décadas anteriores, como aquelas relativas à cláusula Calvo e aos critérios indenizatórios, foram resolvidas por tratados ou pela jurisprudência. Esta tomou-se abundante, consolidando um entendimento conservador. Objetivamente, pouco restou do discurso inflamado dos anos 60 e 70 sobre a NOEI. Desmontou-se o binômio investimento e desenvolvimento, desarticulando-se um sistema anterior chamado de Direito Internacional do Desenvolvimento. Essa desarticulação deu-se por caminhos diversos. O direito internacional dos investimentos, antes objeto de Resolução da ONU, teve seus debates transpostos para outras organização, como o Banco Mundial A preocupação com o desenvolvimento foi realocada de capítulo do Direito Econômico Internacional para o campo dos Direitos Humanos. Das quatro tendências acima, uma delas parece que não terá continuidade: o tratamento setorial da matéria. Todavia, nos próximos anos, as outras três continuarão a ser seguidas: não há indicação de refluxo nos acordos bilaterais; a busca por um regime multilateral irá continuar, como aponta o compromisso assumido na reunião da OMC, em Doha de assinatura das TR!M\'S em 2005; e, finalmente, as negociações da ALCA, que incluem disposições sobre investimentos, indicam continuidade na tendência regional. / The purpose of this work is to analyze the changes introduced in the international legal regime applicable to foreign investment in the last decade. After an historical study on the development of this regime, the four trends that shaped the elaboration of these rules during this period are examined. Firstly, the tendency to the creation of international regional regimes -like NAFTA, Mercosur, ASEAN and APEC\'s special rules on investment- is analyzed. Secondly, the several attempts to establish a multilateral regime on foreign investment -as evidenced by the negotiation of the MAL in the OECD, and of the TRIM\'s, in the WTO, as well as the edition of the Guidelines on Foreign Direct Investment by the Word Bank- are reviewed. In the third place, the international rules applicable to investments in special sectors, as is the case of the Energy Chart Treaty, are focused. Finally, the increase in number of the bilateral treaties is examined. This study takes into account the international jurisprudence, mainly the awards rendered by the lCSID. This exam is followed by the study of two regional regimes that affect Brazilian interests: the Mercosur and the FTAA. If compared with the previous regimes, the one that prevailed in the nineties appears to be more concerned with both the flexibility of the rules on the flow of capitals and the increase of earnings. Concerns about rules on the investment protection have vanished for two main reasons. Initially, the availability of insurance and guaranties against political risks besides minimizing the risks presented by any governmental interference on the investor\'s control over its investment, also contributes to make issues on the value of indemnities irrelevant. In the second place, the majority of the developing countries not just endorsed neo-liberal policies, which made governmental restrictive postures on foreign investment difficult, but have started to compete against each other to attract foreign capitals. The International Law on Investments turned into a system with few gaps, based rather on written treaties than on customary law. Crucial issues of the past few decades, like these related to the Calvo doctrine or to indemnities criteria, were solved by treaties and arbitral decisions. Not only did the jurisprudence become abundant, but also consolidated conservative views on the matter. Objectively, very little remained of the fiery speech on the NEIO. The dual investment and development was undone and the previous system of the International Law of Development collapsed. This collapse was caused by different reasons. The most determining, however, is the fact that the International Law on Investment, based before on customary roles and precariously settled by UN\'s resolutions, were relocated to different fora, like the World Bank. The concern with development switched from an important chapter of the International Economic Law to Human Rights\' domain. Amidst the four trends pointed out in this work, apparently just one will be discontinued in the near future: the sectorial treatment of foreign investment. Nonetheless, the others will continue to be present: there is no evidence of reflux in the signing of bilateral treaties; the search for a multilateral regime will continue, as shown in the commitment made in the WTO Conference of Doha, in 2001, fixing for 2005 the signing of the agreement on TRIM\'s; and finally, the negotiation of FTAA, including dispositions on investments, indicates that the regional tendency will remain.

Made available in DSpace on 2016-04-26T20:48:32Z (GMT). No. of bitstreams: 1 Alexandre da Silva de Oliveira.pdf: 609305 bytes, checksum: adac8ff1178c28a17dec6849f8a4063d (MD5) Previous issue date: 2011-05-17 / ABSTRACTThe research analyzes the Brazilian infrastructure, emphasizing the foreign savings impacts, represented by foreign direct investment (FDI), domestic public and private investments, and regulatory and institutional environment of the 2000s. The research focuses an evaluation of the hypothesis that the Brazilian infrastructure development, characterized by natural monopoly, and the state such as an inducer and regulator of long-term economic growth. The rationale is that public investment mainly from Economic Plan such as Plano de Metas and II PND, increased private national and foreign investments until the 1970s. In contrast, the infrastructure bottleneck due to state intervention lack and economic restructuring of 1980-1990s provided an opportunity for the new cycle of infrastructure investments since 2000s, boosted by the macroeconomic fundamentals consolidation with Plano Real and Brazilian Economic Growth Acceleration (PAC). However, there is an unfavorable environment for domestic and foreign private investment in infrastructure because of Brazilian regulatory uncertainties and low level of public investments. Chapter 1 presents a Keynesian and neoclassical theory review on the investment and savings for a closed economy, but also the growth with foreign savings issue as a development strategy for an open economy, such as in Brazil, followed by FDI review. Besides presents the institutions and regulation impacts on investments and, finally, presents the economic planning and the state role as an economic growth long term promoter. Chapter 2 presents the Infrastructure investments cycles, especially for 1930-1970s, industrialization and Infrastructure investments increasing; 1980-1990s State crisis, macroeconomic imbalances, low infrastructure s investments level and privatization redefining the foreign investment role and; 2000s with the review concerning State as the main economic growth inducer and regulator, the new infrastructure s investments cycle due public funding, focusing the BNDES role. Chapter 3 presents the relationship between the Brazilian and foreign capital infrastructure, with emphasizing on FDI inflows/instocks for Brazil and an international comparison with the other BRIC countries / RESUMOO trabalho analisa a infraestrutura brasileira, com destaque para os impactos da poupança externa, representada pelo investimento direto estrangeiro (IDE), a evolução dos investimentos domésticos, públicos e privados, e o ambiente regulatório e institucional dos anos 2000. A hipótese é que o desenvolvimento da infraestrutura brasileira, por sua característica de monopólio natural, requer um Estado indutor e regulador do crescimento econômico de longo prazo. A justificativa é que os investimentos públicos, principalmente, do Plano de Metas e o II PND, ampliaram os investimentos privados nacionais e estrangeiros em infraestrutura até os anos 1970. Em contraposição, a carência de infraestrutura, em virtude da ausência estatal e da reestruturação produtiva dos anos 1980 e 1990 representou uma oportunidade para o início de um novo ciclo de investimentos em infraestrutura iniciado nos anos 2000, impulsionados pela consolidação dos fundamentos macroeconômicos do Plano Real e pela implementação do Plano de Aceleração do Crescimento (PAC). Contudo, ainda há um ambiente desfavorável aos investimentos privados, nacionais e estrangeiros em infraestrutura em virtude, principalmente, das incertezas regulatórias e do baixo investimento público no país. Isto posto, no capítulo 1 é apresentada uma revisão da teoria keynesiana e neoclássica acerca do investimento e poupança para uma economia fechada, como também a questão do crescimento com poupança externa como estratégia de desenvolvimento para uma economia ao exterior, como é a brasileira. Na sequência são apresentadas algumas notas teóricas acerca dos investimentos diretos estrangeiros (IDE), um resgate dos impactos das instituições e regulação sobre os investimentos e, por fim, apresenta-se o papel do planejamento econômico e do Estado indutor do crescimento econômico de longo prazo. No capítulo 2 são apresentados os ciclos de investimentos em infraestrutura, com destaque para os anos 1930-1970, que marca o início industrialização e ampliação dos investimentos em infraestrutura; 1980-1990 com a crise do Estado, desequilíbrios macroeconômicos, escassez de investimentos públicos em infraestrutura e as privatizações, que redefiniram o papel dos investimentos estrangeiros no país; e os anos 2000, com a retomada do Estado como principal indutor e regulador do crescimento, e o novo ciclo de investimentos em infraestrutura, viabilizado pelo financiamento público, com destaque para o papel do BNDES. Já no capítulo 3 são apresentadas as relações entre a infraestrutura brasileira e o capital externo, com ênfase para um estudo sobre a evolução do IDE para o Brasil e uma comparação internacional com os outros países do BRIC