Spain and the United States - Real Instituto Elcano

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THE SPANISH PLAYERS IN THE UNITED STATES 63 Exhibit 3.2. Total stock of Spanish Investment Abroad by the Immediate Investing Country of Destination
64 SPAIN AND THE UNITED STATES Latin America was a natural first choice for Spanish companies keen to invest abroad. 1 As well as the companies’ own push factors, there were several pull factors. Two of them were purely economic: liberalization and privatization opened up sectors of the Latin American economy that were hitherto off limits, and there is an ongoing need for capital to develop the region’s infrastructure. Two are cultural: the first is the common language and the ease, therefore, with which management styles can be transferred. Another attraction is the sheer size of the Latin American market and its degree of underdevelopment. The macroeconomic fundamentals of Latin America as a whole and some countries in particular, such as Mexico, had also become sounder, making the region a less risky place to invest. Lastly, democracy was gradually taking root in an increasing number of countries. Exhibit 3.3. Spanish Net Investment Abroad. Top 10 Immediate Host Countries* The European market is much nearer to Spain but much more expensive than Latin America, while the US market is further away, more developed (thus offering fewer opportunities) and is generally more expensive to enter than Europe. The banks, for example, have been able to buy market share in Latin America much more cheaply than in mature European markets. BBVA’s Research Department roughly calculated, on the basis of the stock market capitalization of each country’s biggest banks and their share of deposits at the end of 1999, that a 1% share of the German deposit market in 1999 cost 1. This subject is dealt with in much more detail in my last book, Spanish Direct Investment in Latin America: Challenges and Opportunities (Elcano Royal Institute, 2003). See www.realinstitutoelcano.org/publicaciones/libros/SpanishDirect.pdf.
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Spain and the United States The Que
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Published by the Real Instituto Elc
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ACKNOWLEDGEMENTS This is the third
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CONTENTS Preface ..................
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PREFACE Once again, our long-time c
Page 11 and 12: CHAPTER 1 OVERVIEW Had it not been
Page 13 and 14: OVERVIEW 13 French of more than two
Page 15 and 16: OVERVIEW 15 committed Protestant, a
Page 17 and 18: OVERVIEW 17 money was used to purch
Page 19 and 20: OVERVIEW 19 Later, the runway at Ro
Page 21 and 22: OVERVIEW 21 a much more balanced re
Page 23 and 24: OVERVIEW 23 The position of the Eis
Page 25 and 26: OVERVIEW 25 The first such school i
Page 27 and 28: OVERVIEW 27 significant proportion.
Page 29 and 30: OVERVIEW 29 3,631 in 2003 (the four
Page 31 and 32: OVERVIEW 31 forces were not happy a
Page 33 and 34: OVERVIEW 33 It is fair to say that,
Page 35 and 36: OVERVIEW 35 sovereign Basque state)
Page 37 and 38: OVERVIEW 37 by those countries for
Page 39 and 40: OVERVIEW 39 was the main instigator
Page 41 and 42: OVERVIEW 41 magnitude needed in a
Page 43 and 44: OVERVIEW 43 The Spanish decision in
Page 45 and 46: OVERVIEW 45 There was a flurry of v
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APPENDIX 1 CLASSIFICATION OF US COM
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Keith Walking Floor Europe Jeld-Wen
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Valeant Pharmaceuticals Intl. Wyeth
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Packaging Equipment & Materials Alc
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Inc. FedEx Corporation Logfret Inc.
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150 Candela Hermanos Colomer Group
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152 Security & Safety Equipment BTV
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154 APPENDIX 4 NET SPANISH DIRECT I
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156 APPENDIX 6 FOREIGN DIRECT INVES
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Spain and the United States - Real Instituto Elcano

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