Multinational firms׳ entry and productivity: Some aggregate implications of firm-level heterogeneity
In: Journal of economic dynamics & control, Volume 61, p. 61-80
ISSN: 0165-1889
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In: Journal of economic dynamics & control, Volume 61, p. 61-80
ISSN: 0165-1889
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Working paper
In: FRB of St. Louis Working Paper No. 2012-054B
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Working paper
In: Pacific economic review, Volume 17, Issue 3, p. 368-390
ISSN: 1468-0106
AbstractWe study the contraction of foreign direct investment (FDI) flows in the United States during the recent financial crisis and show their unusual non‐resiliency, which depends in part on the global nature of the economic recession, but also on the increases in the cost of financing FDI in the economies in which the flows originate. To formally study the effects of external financial conditions on FDI in the United States, we exploit the three dimensions of a panel of US inward FDI flows organized by recipient US industries, source countries and years for the recorded flows. Changes in the cost of finance in the source countries have little or no effect on total inward flows (the sum of equity, debt and reinvested earnings) over the 2006–2010 period. However, US industries characterized by more financial vulnerability experience statistically significant variations in the debt and equity components of inward FDI flows in response to the changes in the cost of capital that occurred in the source countries during the crisis.
In: Pacific Economic Review, Volume 17, Issue 3, p. 368-390
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In: Globalization and Monetary Policy Institute Working Paper No. 324
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Working paper
In: FRB of St. Louis Working Paper No. 2013-029C
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Working paper
In: FRB of St. Louis Working Paper No. 2013-005D
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Working paper
In: FRB of St. Louis Working Paper No. 2012-053C
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Working paper
In: Journal of economic dynamics & control, Volume 43, p. 78-106
ISSN: 0165-1889
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