| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10545 |
| 来源ID | Working Paper 10545 |
| Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises | |
| Mihir A. Desai; C. Fritz Foley; Kristin J. Forbes | |
| 发表日期 | 2004-06-14 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper studies the effects of financial constraints on firm growth by investigating if large depreciations differentially impact multinational affiliates and local firms in emerging markets. U.S. multinational affiliates increase sales, assets and investment significantly more than local firms during, and subsequent to, currency crises. The enhanced relative performance of multinationals is traced to their ability to use internal capital markets to capitalize on the competitiveness benefits of large depreciations. Investment specifications indicate that increases in leverage resulting from sharp depreciations constrain local firms from capitalizing on these investment opportunities, but do not constrain multinational affiliates. Multinational parents also infuse new capital in their affiliates after currency crises. These results indicate another role for foreign direct investment in emerging markets multinational affiliates expand economic activity during currency crises when local firms are most constrained. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w10545 |
| 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/568174 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,C. Fritz Foley,Kristin J. Forbes. Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises. 2004. |
| 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 | ||
| w10545.pdf（390KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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