全球智库信息集成服务系统(G2TT): Global Capital Flows and Financing Constraints

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w8887
来源ID	Working Paper 8887
	Global Capital Flows and Financing Constraints
	Ann E. Harrison; Inessa Love; Margaret S. McMillan
发表日期	2002-04-11
出版年	2002
语种	英语
摘要	Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets. Combininb a unique cross-country firm-level panel with time-series data on restrictions on international transactions and capital flows, we find that different measures of global flows are associated with a reduction in firm-level financing constraints. First, we show that one type of capital inflow--DFI--is associated with a reduction in financing constraints. Second, we test whether restrictions on international transactions affect firms' financing constraints. Our results suggest that only one type of restriction--those on capital account transactions--negatively affect firms' financing constraints. We also show that multinational firms are not financially constrained and do not appear to be sensitive to the level of DFI. This implies that DFI eases financing constraints for non-multinational firms. Finally, we show that DFI only eases financing constraints in the non-G7 countries.
主题	International Economics ; International Factor Mobility
URL	https://www.nber.org/papers/w8887
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/566495
推荐引用方式 GB/T 7714	Ann E. Harrison,Inessa Love,Margaret S. McMillan. Global Capital Flows and Financing Constraints. 2002.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w8887.pdf（237KB）	智库出版物		限制开放	CC BY-NC-SA	浏览