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...

The Jamaican Entrepôt -- Joining the International System -- Institutionalizing International Trade, 1867-1904 -- Colombia and the Emerging Latin American Market, 1904-1910 -- Internationalizing Banking and Insurance, 1886-1939 -- Tropical Oil and the Andian National Corporation, 1918-1945 --...

This paper evaluates the influence of host-country financial development on the global operations of multinational firms. Using detailed U.S. data, we provide evidence that host-country financial development increases entry by multinational affiliates, while also decreasing affiliate sales in...