| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13557
|
| DP13557 Host-Country Financial Development and Multinational Activity |
| Kamran Bilir; Kalina Manova
|
| 发表日期 | 2019-02-28
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | This paper evaluates the influence of host-country financial conditions on the global operations of multinational firms. Using detailed U.S. data, we establish that financial development in a country is associated with relatively more entry by multinational affiliates, as well as with higher aggregate affiliate sales to the local market, back to the U.S. and to third destinations, with these effects being more pronounced in financially more vulnerable sectors. At the level of individual affiliates, by contrast, these forces are associated with relatively lower local sales and higher return and third-country sales. Yet at both aggregate and affiliate levels, the share of local sales in total sales is smaller, while the shares of U.S. and third-country sales are both bigger. These empirical regularities hold when using fixed effects to account for unobserved differences across country-years, sectors, and parent firms. We show theoretically that these patterns are consistent with host-country financial development affecting multinationals' incentives for horizontal, vertical and platform FDI through two channels: a financing effect that induces affiliate entry and expansion by improving their access to external finance, and a competition effect that reorients affiliate sales away from the local market due to increased entry by credit-constrained domestic firms. |
| 主题 | International Macroeconomics and Finance
; International Trade and Regional Economics
|
| 关键词 | Financial development
Multinational activity
Fdi
Heterogeneous firms
Credit constraints
|
| URL | https://cepr.org/publications/dp13557
|
| 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/542412
|
推荐引用方式
GB/T 7714 |
Kamran Bilir,Kalina Manova. DP13557 Host-Country Financial Development and Multinational Activity. 2019.
|
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