This paper intends to analyse trade finance access for Chilean services companies, and whether it is perceived as an obstacle in their internationalization process. Through a survey we try to assess companies' perceptions, controlling for their subsectors, size, export level, amongst other variables. The role of financial institutions and government agencies will be included in the study. The first section reviews the relevant literature on trade finance. In the second section, we present an overview of trade finance for services exports instruments available in the main world economies. The third section will present the methodological approach, results of the survey and its analysis. Finally, some conclusions and policy recommendations will be drawn.
El comercio de servicios, su evolución y creciente participación en el desarrollo de lospaíses, en conjunto con el renovado debate del papel de las políticas de desarrollo productivo,han abierto un área que requiere un mayor examen y comprensión. Este artículorevisa el estado del arte de la discusión en materia de comercio de servicios y desarrollo,fundamentalmente las repercusiones que la ausencia de una definición única sobre serviciosy la insuficiencia en las estrategias de política pública en este sector puedan teneren las trayectorias de desarrollo de los países.
The increasing investment flows within Latin American countries is a recent experience. In this context, Brazil has become a relevant investment pole for Chile, although capitals from that country represent a low percentage of overall investment. This paper examines Brazilian investments in Chile, with special reference to perceptions of public, academic and governmental actors involved in developing investment. There is consensus on benefits of brazilian investment for Chile and that the country continues to be attractive for foreign capitals. However, the small size of its market, labor conflicts and costs, and the fact that it is inadequately prepared to act as a hub for the rest of the world, urgently requires reformulating the chilean scenario for investors. Finally, some topics for a bilateral agenda in this field are proposed. ; El crecimiento de los flujos de inversión extranjera directa entre los países de América Latina es un fenómeno reciente. En este contexto, Brasil se ha convertido en importante polo de atracción de inversiones para Chile, a pesar de que los capitales provenientes de ese país representan un bajo porcentaje del total recibido. El presente artículo examina las inversiones brasileñas en Chile, con especial referencia a las percepciones de los principales actores de los sectores público, académico y privado involucrados en el proceso de inversión, tanto chilenos como brasileños. Si bien en Chile hay consenso en la importancia de atraer capitales brasileños y en que el país continúa siendo un destino atractivo para los inversionistas, el reducido tamaño de su mercado, los recientes conflictos laborales y los altos costos así como el hecho de que el país no esté adecuadamente preparado para convertirse en una plataforma de exportaciones plantean la necesidad de reformular el escenario para hacerlo más atractivo para los inversionistas. Finalmente, se proponen temas para una posible agenda de carácter bilateral en esta materia.
The multilateral trading system's ffuture is a major concern for individual countries policy definition. The suspensión of the Doha Round negotiations seems to be jeopardizing the system, although it is still too early to reach any definitive conclusión. This document reviews the main difficulties underlying the suspensión of negotiations and the eventual consequences for the system of a more sustained impasse or the outright failure of the process. Moreover, the paper underlines the negotiating positions of the Latin American and Caribbean countries, identifying differences and commonalities within the region as well as the various negotiating blocks established according to the «variable geometry» approach. Notwithstanding the apparently mixed political mosaic of the región there is a significant number of areas which could contribute to defining a common position vis a vis such elements of negotiations as agriculture, NAMA, services and trade facilitation. ; El futuro del sistema multilateral de comercio es actualmente tema de preocupación para las definiciones de política de los países. La suspensión de las negociaciones de la Ronda de Doha parece haber puesto en jaque al sistema, a pesar a que aún es demasiado pronto para llegar a una conclusión definitiva. Este documento revisa sus principales causas y los riesgos que el sistema enfrenta ante una posible extensión de ésta o un fracaso definitivo de la Ronda. Asimismo, se identifican las posiciones divergentes y coincidentes que los países de América Latina y el Caribe han tenido hasta ahora, y los distintos bloques negociadores que han formado bajo el enfoque de «geometría variable». A pesar del heterogéneo mosaico político de la región existe un significativo número de temas que permitirían definir una postura común en ciertos aspectos de la negociación, como ser agricultura, NAMA, servicios y facilitación del comercio.
Trade in services and its positive relation with countries' development has been a consideration in the design of public policies. In particular, since the return of democracy, it has been pointed out by Chilean authorities the intention to improve services exports to add value and diversify its basket. Since the first decade of the 2000 the State has implemented a series of programs and strategies directed to achieve these objectives. However, the matrix remains anchored in natural resources, particularly copper. Although trade in services has increased, it has not done so as expected. In order to understand the reasons why public policies intend to promote the service sector have failed achieving their objective, this work has interviewed experts from the public, private and academic sector, international organizations and NGOs to collect their perception on policies to promote services exports implemented in the period 1990 – 2014. For a better understanding of the results, three overlapping levels are distinguished, in a logical hierarchy from greater to lesser extent: Level I: Considerations on economic doctrines and corporate cultures. Level II: Considerations on the specificity of service industry and economic considerations. Level III: Considerations on specific policies and instruments. Some conclusions and recommendations are presented at the end.
Economic development process implies, among other things, export expansion beyond natural resources and towards more knowledge intensive sectors. However, a common problem within developing countries is the lack of economic and political elite's 'entrepreneurial push' in order to diversify such exports. The Chilean economy is not an exception as its export basket is still characterized as being anchored in natural resources. This feature has persisted despite the prevailing consensus on the importance of diversifying the economy towards new industrial and service sectors, both beyond and within natural resources. This paper focuses on the causes of the absence of such an 'entrepreneurial push', looking into the failure of the development of a services export sector in the country. Through a qualitative exploratory analysis of elite ' s perceptions, we study the predominant hypothesis among key stakeholders. We argue that the rentier character of the economic elite and the lack of State support for productive transformation are the main causes of both Chile's export stagnation and the incapacity to diversify towards more knowledge intensive sectors such as services. ; Comisión Nacional de Investigación Cientifica y Tecnológica (CONICYT) CONICYT FONDECYT 11170126
