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Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance

Alfaro, Laura - 2011

We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world responded to the crisis relative...

Persistent link: https://www.econbiz.de/10012461517

Financial Development and the Instability of Open Economies

Aghion, Philippe - 2004

This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit...

Persistent link: https://www.econbiz.de/10012468447

Foreign Direct Investors in Three Financial Crises

Lipsey, Robert E. - 2001

In each of three financial and exchange rate crises, Latin America in 1982, Mexico in 1994, and East Asia in 1997, direct investment inflows into the affected countries have behaved differently from other forms of investment, and U.S. manufacturing affiliates have behaved differently from other...

Persistent link: https://www.econbiz.de/10012470645

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2018

We quantify the role of financial factors that have contributed to sluggish investment in Europe in the aftermath of the 2008-2009 crisis. Using a big data approach, we match the firms to their banks based on banking relationships in 8 European countries over time, obtaining over 2 million...

Persistent link: https://www.econbiz.de/10012453161

Financial Frictions and Fluctuations in Volatility

Arellano, Cristina - 2016

During the recent U.S. financial crisis, the large decline in aggregate output and labor was accompanied by both a tightening of financial conditions and a large increase in the dispersion of growth rates across firms. The tightened financial conditions manifested themselves as increases in...

Persistent link: https://www.econbiz.de/10012455690

The Political Economy of the U.S. Mortgage Default Crisis

Mian, Atif - 2008

We examine the determinants of congressional voting behavior on two of the most significant pieces of federal legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic Stabilization Act of 2008. We find evidence that...

Persistent link: https://www.econbiz.de/10012464179

A Fistful of Dollars : Lobbying and the Financial Crisis

Igan, Deniz - 2011

Has lobbying by financial institutions contributed to the financial crisis? This paper uses detailed information on … financial institutions' lobbying and mortgage lending activities to answer this question. We find that lobbying was associated … with more risk-taking during 2000-07 and with worse outcomes in 2008. In particular, lenders lobbying more intensively on …

Persistent link: https://www.econbiz.de/10012461582

The International Propagation of Economic Downturns Through Multinational Companies : The Real Economy Channel

Bena, Jan - 2020

We study how non-financial multinational companies propagate economic declines from their subsidiaries located in countries experiencing an economic downturn to subsidiaries in countries not experiencing one. We find that investment is 18% lower in subsidiaries of these parents relative to the...

Persistent link: https://www.econbiz.de/10012481177

Multinationals and the High Cash Holdings Puzzle

Pinkowitz, Lee - 2012

Defining as normal cash holdings the holdings a firm with the same characteristics would have had in the late 1990s, we find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms held less cash than comparable foreign firms in the...

Persistent link: https://www.econbiz.de/10012460539

Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates

Matvos, Gregor - 2011

When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on US conglomerates we empirically verify that...

Persistent link: https://www.econbiz.de/10012460940

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