This paper examines whether credit constraints affect Chinese ï¬rms’ absorption of productivity spillovers originating from the activity of foreign-owned ï¬rms. Using ï¬rm-level data for 2001-2005, we ï¬nd evidence of positive spillovers originating from foreign-owned ï¬rms...

Mexico experienced a tremendous expansion of its export-processing maquila sector during the 1990s. At the same time, a large proportion of its labor force remains employed in the informal sector. Since one of the main objectives of the maquiladora program was to increase formal employment, we...

This paper provides firm-level evidence on the way in which credit constraints affect FDI spillovers. Using a panel of approximately 20,000 Chinese manufacturing firms over the period 2001-2005, we show that credit constrained domestic firms have lower (even negative) FDI spillovers, with their...

This paper presents a dynamic model of risk-averse producers’ decision to invest in physical capital and to export. The model features irreversible investment, no capital markets and fixed and sunk costs to export. Several features of the distribution of investment rates and export...

This paper studies the link between the political and institutional context and privatization sales prices. The latter serves as a measure for assessing the relative performance of the privatization goals. Whereas this link has been studied theoretically, there are very few, if any, empirical...

This paper uses high-frequency data for publicly-listed Japanese manufacturing firms over the period 2000 to 2010 to show that a greater reliance on foreign market sales increases the conditional volatility of firms’ stock returns. The two margins of global engagement we consider, namely,...

This paper studies the link between the political and institutional context and privatization sales prices. The latter serves as a measure for assessing the relative performance of the privatization goals. Whereas this link has been studied theoretically, there are very few, if any, empirical...

This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers from foreign firms. Using firm-level data for 2001-2005, we find evidence of positive spillovers originating from FDI from countries other than Hong Kong, Macau and Taiwan for non-state...