The main objective of this paper is to investigate the responses of the ingression of the Foreign Direct Investments (FDI) in Brazil to changes in the levels of its main determinants in the period from 1980 to 2004. After identifying that the series were nonstationary, it was used the cointegration approach and the estimation of a Vector Error Correction Model (Vec Model). The esteem coefficients had been statistically significant and had presented the expected signals. It was evidenced that the variables to which the FDI ingression presented greater sensitivity is risk-Brazil, the degree of commercial opening of the economy and the tax of Brazilian inflation.
foreign direct investments; Brazil; cointegration; VecM