Spanish Direct Investment in Latin America, 1960-2002

Introduction From the end of the Civil War (1936-39) to 1959, Spain underwent a period of autarky. The country was virtually cut off from the rest of the world. In 1959, a decree was launched underlying the conditions for a gradual opening of the Spanish economy to the outside. In 1960, a flow of inward foreign direct investment (FDI) began and, to a lesser extent, some outward Spanish FDI. In terms of capital flow Spain was a net recipient of FDI until the second half of the 1990s, at which point the net investment position (outward less inward) was positive.