<?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>0121-6805</journal-id>
<journal-title><![CDATA[Revista Facultad de Ciencias Económicas: Investigación y Reflexión]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.fac.cienc.econ.]]></abbrev-journal-title>
<issn>0121-6805</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas Universidad Militar Nueva Granada]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-68052020000200009</article-id>
<article-id pub-id-type="doi">10.18359/rfce.4202</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Inversión extranjera directa y crecimiento económico en Colombia]]></article-title>
<article-title xml:lang="en"><![CDATA[Foreign Direct Investment and Economic Growth in Colombia]]></article-title>
<article-title xml:lang="pt"><![CDATA[Investimento estrangeiro direto e crescimento econômico na Colômbia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cerquera-Losada]]></surname>
<given-names><![CDATA[Óscar Hernán]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rojas-Velásquez]]></surname>
<given-names><![CDATA[Libardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Buenos Aires Universidad Surcolombiana ]]></institution>
<addr-line><![CDATA[Neiva ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Icesi Universidad Surcolombiana ]]></institution>
<addr-line><![CDATA[Cali Valle del Cauca]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>28</volume>
<numero>2</numero>
<fpage>9</fpage>
<lpage>26</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-68052020000200009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-68052020000200009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-68052020000200009&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo busca analizar empíricamente la relación entre la inversión extranjera directa (IED) y el crecimiento económico para el caso colombiano, empleando datos de series de tiempo observados durante el periodo 2000-2019. Para esto se realiza un análisis de cointegración y se estima un modelo vectorial de corrección de errores (VEC), en el cual se incluye la formación bruta de capital como variable adicional de control. Asimismo, se realizan pruebas de causalidad entre las variables y se estiman funciones de impulso-respuesta con el fin de determinar cómo responde una variable ante cambios en otras variables. Los resultados muestran que la inversión extranjera y el crecimiento económico guardan una relación de equilibrio de largo plazo. Se identificó que el crecimiento económico es muy importante para atraer mayores flujos de inversión. Sin embargo, la inversión extranjera tiene un efecto moderado sobre el crecimiento económico. Además, existe una relación de causalidad unidireccional que va del crecimiento económico a la inversión extranjera, es decir, el aumento de los flujos de inversión foránea no se traduce necesariamente en mayor crecimiento económico. Estos resultados, de una u otra forma, contradicen la opinión ampliamente aceptada de que un aumento de la IED puede ser importante para mejorar el crecimiento económico, lo que refuerza la idea de que el éxito de la IED en los países depende de las condiciones iniciales de cada economía.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article seeks to analyze empirically the relationship between foreign direct investment (FDI) and economic growth in Colombian using data from various time series observed during 2000-2019. A cointegration test is performed, and a vector error correction (VEC) model is employed, including gross capital formation as an additional control variable. Causality tests are carried out among variables, and impulse-response functions are assessed for how they respond to changes in other variables. The results reveal that FDI and economic growth are in a longterm equilibrium relationship. We identified that economic growth is significant in attracting more investment flows. However, fdi has a moderate effect on economic growth. There is also a one-way causal relationship that goes from economic development to FDI. In other words, increased FDI flows do not necessarily translate into considerable economic growth. These results contradict the widely accepted view that an increase in FDI can improve economic growth and reinforce the idea that the success of FDI in countries depends on the initial conditions of each economy.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: este artigo pretende analisar empiricamente a relação entre o investimento estrangeiro direto (IED) e o crescimento econômico para o caso colombiano, utilizando dados de séries de tempo observados durante o período 2000 e 2019. Para isso, é realizada uma análise de cointegração e é estimado um modelo vetorial de correção de erros (VEC, na sigla inglesa), no qual é incluída a formação bruta de capital como variável adicional de controle. Além disso, são realizados testes de causalidade entre as variáveis e são estimadas funções de impulso-resposta com o objetivo de determinar como responde uma variável ante mudanças em outras variáveis. Os resultados mostram que o investimento estrangeiro e o crescimento econômico são muito importantes para atrair maiores fluxos de investimento. Contudo, o investimento estrangeiro tem um efeito moderado sobre o crescimento econômico. Além disso, existe uma relação de causalidade unidirecional que vai do crescimento econômico ao investimento estrangeiro, isto é, o aumento dos fluxos de investimento estrangeiro não é traduzido necessariamente em maior crescimento económico. Esses resultados, de uma ou de outra forma, contradizem a opinião amplamente aceita de que um aumento do IED pode ser importante para melhorar o crescimento econômico, o que reforça a ideia de que o sucesso do IED nos países depende das condições indiciais de cada economia.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[inversión extranjera directa]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[formación bruta de capital]]></kwd>
<kwd lng="es"><![CDATA[cointegración]]></kwd>
<kwd lng="es"><![CDATA[causalidad]]></kwd>
<kwd lng="en"><![CDATA[foreign direct investment]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
<kwd lng="en"><![CDATA[gross capital formation]]></kwd>
<kwd lng="en"><![CDATA[cointegration]]></kwd>
<kwd lng="en"><![CDATA[causality]]></kwd>
<kwd lng="pt"><![CDATA[investimento estrangeiro direto]]></kwd>
<kwd lng="pt"><![CDATA[crescimento econômico]]></kwd>
<kwd lng="pt"><![CDATA[formação bruta de capital]]></kwd>
<kwd lng="pt"><![CDATA[cointegração]]></kwd>
<kwd lng="pt"><![CDATA[causalidade]]></kwd>
</kwd-group>
</article-meta>
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