Agarwal, Natasha; Milner, Chris; Riaño, Alejandro - Leverhulme Centre for Research on Globalisation and …
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...