| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11454 |
| DP11454 Multinational Firms and International Business Cycle Transmission | |
| Andrei Levchenko; Javier Cravino | |
| 发表日期 | 2016-08-22 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We investigate how multinational firms contribute to the transmission of shocks across countries using a large multi-country firm-level dataset that contains cross-border ownership information. We use these data to document two novel empirical patterns. First, foreign affiliate and headquarter sales exhibit strong positive comovement: a 10% growth in the sales of the headquarter is associated with a 2% growth in the sales of the affiliate. Second, shocks to the source country account for a significant fraction of the variation in sales growth at the source-destination level. We propose a parsimonious quantitative model to interpret these findings and to evaluate the role of multinational firms for international business cycle transmission. For the typical country, the impact of foreign shocks transmitted by all foreign multinationals combined is non-negligible, accounting for about 10% of aggregate productivity shocks. On the other hand, since bilateral multinational production shares are small, interdependence between most individual country pairs is minimal. Our results do reveal substantial heterogeneity in the strength of this mechanism, with the most integrated countries significantly more affected by foreign shocks. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | International business cycle comovement Multinational firms |
| URL | https://cepr.org/publications/dp11454 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540268 |
| 推荐引用方式 GB/T 7714 | Andrei Levchenko,Javier Cravino. DP11454 Multinational Firms and International Business Cycle Transmission. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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