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The purpose of this paper is to lay out future scenarios related to the impact of the intensification of competition between universities and research centres of OECD countries on the stocks and flows of university graduates in Latin America. In conditions of intensified competence, it is possible that the ways in which Latin American countries, universities and university professionals participate in the processes of international mobility will change significantly. This paper proposes different scenarios, combining hypotheses about the global dynamics of skilled mobility and migration of graduate students (conditioned by the behaviour of the demand in developed countries), about their main impacts on Latin America, and about the responses that Latin American governments and universities could make to face this process. [ABSTRACT FROM AUTHOR]