, passive investment, and active investment of multinational firms, using high-quality administrative data on virtually all … multinational affiliates. Additionally, an ACE increases intra-group lending and other forms of passive investment but has no … effects on production investment of multinational affiliates. The findings indicate that a unilateral implementation of an ACE …

Purpose - The study extends the debate on finance versus institutions in the promotion of investment documented by … investment, notably: political, economic and institutional governances. Financial indicators of depth, allocation efficiency … governance as a better determinant of private investment than financial intermediary development. Moreover, the evidence of …