For the first time in its history, Latin America can benefit from not one but three major engines of world growth. Until the 1980s, the United States was the region's major trade partner. In the 1990s, a second growth engine emerged with the European investment boom in Latin America. Now, at the...

There is a startling gap between, allegedly, globalization-induced changes in international competition for foreign direct investment (FDI) and recent empirical evidence on the relative importance of determinants of FDI in developing countries. We show that surprisingly little has changed since...