In the past, it was customary for both national and international companies to provide different kinds of occupational pension schemes for employees as an additional incentive. Unlike US and Swiss companies, German corporations retained the money collected from occupational pension schemes in...

Recent literature on multinational firms has stressed the importance of low productivity as a barrier to the cross-border expansion of firms. But firms may also need external finance to shoulder the costs of entering foreign markets. We develop a model of multinational firms facing real and...