Securitización e inversiones extranjeras: control del riesgo de ciertas inversiones para la seguridad nacional del Estado (Securitization and Foreign Investment: Screening of Foreign Investment on National Security Grounds)

Abstract

Spanish Abstract: El aumento constante de las inversiones extranjeras durante las últimas décadas ha venido acompañado de un cambio en sus parámetros. El origen de las inversiones varía, como lo hace su naturaleza y destino. La posibilidad de que sectores clave de la economía del Estado receptor acaben en manos de inversores extranjeros, en ocasiones pertenecientes o controlados por un Estado extranjero, es vista con prevención en muchos países y acentúa la creciente oposición al libre comercio y a la inversión extranjera. La limitada respuesta — ex post — ofrecida por el marco normativo internacional lleva a los Estados a diseñar respuestas ex ante, dirigidas a controlar ciertas inversiones que por su origen, condición o destino pueden resultar potencialmente riesgosas para su seguridad nacional.

English Abstract: Foreign investment has increased steadily during the last decades. This fact has come accompanied by a change in some of its basic traits: its origin, its nature or its destination have also varied overtime. Today, when free trade and foreign investment are increasingly subject to criticisms in many places, the possibility for key sectors of the economy of the State to be controlled or owned by foreign investors, in many cases sovereign investors, is approached with prevention in many countries of the world. The limited — ex post — response provided by the international legal framework on investment forces States to explore new instruments to control foreign investment proposals that may endanger their national security due to its origin, nature or destination, among others.

Note: Downloadable document is in Spanish.

Keywords: foreign direct investment, national security, securitization, control of foreign direct investment, screening systems of evaluation of foreign investment

JEL Classification: D92, E2, F21, G11, G23, G24, H54, O16, P33, P45