This paper explores the macroeconomic determinants of Spanish foreign directinvestment in Latin America during the 1990s and 2000s. We use pull-push factors models inorder to analyse Spanish capital boom. Previous researches had explored microeconomicdeterminants of Spanish FDI, while this paper tried to contribute using panel data econometrics toevaluate the macroeconomic dimension of the same phenomena. We conclude that both factorswere important, particularly economic growth in Spain and the strength of its corporations(push factors); and the privatization process, exchange rates, internal demand, GDP level andeconomic growth in Latin American countries (pull-factors).