<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-6346</journal-id>
<journal-title><![CDATA[Semestre Económico]]></journal-title>
<abbrev-journal-title><![CDATA[Semest. Econ.]]></abbrev-journal-title>
<issn>0120-6346</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Medellín]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-63462019000300131</article-id>
<article-id pub-id-type="doi">10.22395/seec.v22n52a6</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Riesgo soberano e inversión extranjera directa en Colombia, 2003-2018]]></article-title>
<article-title xml:lang="en"><![CDATA[SOVEREIGN RISK AND DIRECT FOREIGN INVESTMENT IN COLOMBIA, 2003-2018]]></article-title>
<article-title xml:lang="pt"><![CDATA[RISCO SOBERANO E INVESTIMENTO ESTRANGEIRO DIRETO NA COLÔMBIA, 2003-2018]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramos]]></surname>
<given-names><![CDATA[Cristina Isabel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Medellín  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2019</year>
</pub-date>
<volume>22</volume>
<numero>52</numero>
<fpage>131</fpage>
<lpage>159</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-63462019000300131&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-63462019000300131&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-63462019000300131&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este estudio examina el efecto del riesgo soberano sobre los flujos de inversión extranjera directa en Colombia, durante el período 2003-2018. Son utilizados datos trimestrales sobre el Embig (Emerging Market Bond Index Global) como proxy del riesgo soberano, IED y un grupo de variables de control. Mediante un análisis de regresión con MCO y MMG se encuentra que el riesgo soberano tiene un fuerte impacto en la entrada de inversión foránea, explicando alrededor del 22 % de la variación total en la IED. Se ratifica, además, el efecto sustancial del riesgo soberano sobre la IED con una función impulso respuesta. Al controlar por la tasa de apertura y el ICCO, se concluye que la confianza de los agentes privados y el grado de comercio internacional también son determinantes en la atracción de flujos de capital foráneos. CLASIFICACIÓN JEL: F21, F23, G32, C32. CONTENIDO: Introducción; 1. Revisión de literatura; 2. La inversión extranjera directa en Colombia; 3. Metodología; 4. Estimación y resultados; 5. Robustez y consideraciones finales; 6. Conclusiones; Bibliografía.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This study examines the effect of the sovereign risk upon the flow of direct foreign investments in Colombia during the 2003-2018 period. For this three-month data about the Embig (Emerging Market Bond Index Global) is used as proxy for the sovereign risk, IED and a group of control variables.Through a regression analysis with MCO and MMG it is found that the sovereign risk has a strong impact in the entrance of foreign investment, serving as an explanation for the 22 % of the total IED variation. It is also ratified the substantial effect of the sovereign risk over the IED with an impulse-answer function. By controlling via the openness rate and the ICCO, it is concluded that the private agents trust and the international commerce grade are determining in the attraction of foreign capital flows. JEL CODE: F21, F23, G32, C32. CONTENTS: Introduction; 1. Literature revision; 2. Direct foreign investment in Colombia; 3. Methodology; 4. Estimation and result; 5. Sturdiness and final considerations; 6. Conclusions; Bibliography]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Este estudo analisa o efeito do risco soberano sobre os fluxos de investimento estrangeiro direto na Colômbia, entre 2003 e 2018. São utilizados dados trimestrais sobre o Emerging Market Bond Index Global (Embig) como proxy do risco soberano, IED e um grupo de variáveis de controle. Por meio de uma análise de regressão com MCO e MMG, encontra-se que o risco soberano tem um forte impacto na entrada de investimento estrangeiro, o que explica ao redor de 22 % da variação total na IED. Além disso, reafirma-se o efeito substancial do risco soberano sobre a IED com uma função impulso-resposta. Ao controlar pela taxa de abertura e pelo ICCO, conclui-se que a confiança dos agentes privados e o grau de comércio internacional também são determinantes na atração de fluxos de capital estrangeiro. CLASSIFICAÇÃO JEL: F21, F23, G32, C32. CONTEÚDO: Introdução; 1. Revisão de literatura; 2. Investimento estrangeiro direto na Colômbia; 3. Metodologia; 4. Estimativa e resultados; 5. Robustez e considerações finais; 6. Conclusões; Bibliografia.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Inversión extrajera directa]]></kwd>
<kwd lng="es"><![CDATA[Embig]]></kwd>
<kwd lng="es"><![CDATA[series de tiempo]]></kwd>
<kwd lng="es"><![CDATA[riesgo soberano]]></kwd>
<kwd lng="es"><![CDATA[Colombia]]></kwd>
<kwd lng="en"><![CDATA[Direct foreign investment]]></kwd>
<kwd lng="en"><![CDATA[Embig]]></kwd>
<kwd lng="en"><![CDATA[time series]]></kwd>
<kwd lng="en"><![CDATA[sovereign risk]]></kwd>
<kwd lng="en"><![CDATA[Colombia]]></kwd>
<kwd lng="pt"><![CDATA[Investimento estrangeiro direto]]></kwd>
<kwd lng="pt"><![CDATA[Embig]]></kwd>
<kwd lng="pt"><![CDATA[séries de tempo]]></kwd>
<kwd lng="pt"><![CDATA[risco soberano]]></kwd>
<kwd lng="pt"><![CDATA[Colômbia]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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