The Emergence of Latin Multinationals

CEPAL Review, No. 95, pp. 7-30, 2008

24 Pages Posted: 17 Dec 2008

Multiple version iconThere are 2 versions of this paper

Date Written: August 1, 2008


The corporate world has changed remarkably in the past 10 years. New multinationals are appearing in countries with emerging markets such as Brazil, India, China, South Africa and Mexico, which are not only top recipients of foreign capital, but have fast become major investors themselves. An important part of the remarkable story of emerging multinationals has been the eruption of world-class Latin multinationals (or multilatinas) from Mexico and Brazil, in particular, following the path taken by their Spanish counterparts in the 1990s. In all these cases, classical push and pull factors have been driving their emergence. But a decisive helping hand for these multilatinas over the past decade has been the declining cost of capital. This financial dimension is driving the leap from overseas sales to overseas acquisitions, a phenomenon that will be explored in this article.

Keywords: multinationals, Latin America, investment, multilatinas

JEL Classification: F21, R42

Suggested Citation

Santiso, Javier, The Emergence of Latin Multinationals (August 1, 2008). CEPAL Review, No. 95, pp. 7-30, 2008, Available at SSRN:

Javier Santiso (Contact Author)

ESADE Business School ( email )

Mateo Inurria 27
Madrid, 28036

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