Tracing the International Transmission of a Crisis through Multinational Firms

被引:4
作者
Biermann, Marcus [1 ]
Huber, Kilian [2 ,3 ]
机构
[1] Bielefeld Univ, Bielefeld, Germany
[2] Univ Chicago, Chicago, IL USA
[3] Univ Chicago, Booth Sch Business, 5807 S Woodlawn Ave, Chicago, IL 60637 USA
关键词
CAPITAL-MARKETS; LEVEL EVIDENCE; AGGREGATE FLUCTUATIONS; FINANCIAL CONSTRAINTS; BUSINESS CYCLES; SHOCKS; INVESTMENT; TRADE; BANKING; ORIGINS;
D O I
10.1111/jofi.13338
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained themselves, and experienced lower real growth. We find that managers were "Darwinist" with respect to international affiliates but "Socialist" in the home country, that internal capital markets transmitted the credit shock more strongly than a nonfinancial shock, and that access to developed credit markets attenuated the real effects. The total real impact of shock transmission through multinationals on foreign economies was large.
引用
收藏
页码:1789 / 1829
页数:41
相关论文
共 50 条
[41]   International contagion through financial versus non-financial firms [J].
Akhtaruzzaman, Md ;
Shamsuddin, Abul .
ECONOMIC MODELLING, 2016, 59 :143-163
[42]   Multinational presence and the export participation of local firms in Ghana [J].
Faruq, Hasan .
APPLIED ECONOMICS LETTERS, 2012, 19 (15) :1515-1519
[43]   Intellectual property rights, multinational firms and technology transfers [J].
Biancini, Sara ;
Bombarda, Pamela .
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2021, 185 :191-210
[44]   Environmental Practices, Digitalization, and Green Innovation in Multinational Firms [J].
Li, Changbo ;
Zhang, Zuoqian ;
De Sisto, Marco ;
Liu, Yanxinkai ;
Lau, Sara Choi Ping .
JOURNAL OF GLOBAL INFORMATION MANAGEMENT, 2023, 31 (01)
[45]   MULTINATIONAL FIRMS, FDI FLOWS, AND IMPERFECT CAPITAL MARKETS [J].
Antras, Pol ;
Desai, Mihir A. ;
Foley, C. Fritz .
QUARTERLY JOURNAL OF ECONOMICS, 2009, 124 (03) :1171-1219
[46]   Exchange rate shocks, multinational firms and access to finance [J].
Sharma, Anisha .
REVIEW OF INTERNATIONAL ECONOMICS, 2024, 32 (03) :907-933
[47]   Multinational firms, peripheral industrialisation and the recovery of national decision centres: the contribution of Celso Furtado [J].
Bianconi, Renata ;
Minda, Alexandre .
EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT, 2014, 21 (02) :304-341
[48]   When firms go international: deliberate or random? [J].
da Silva, Rui Vinhas ;
Ferreira-Lopes, Alexandra ;
Carvalho, Helena ;
Duarte, Jose .
REVIEW OF INTERNATIONAL BUSINESS AND STRATEGY, 2023, 33 (02) :219-245
[49]   Cross-border acquisitions and restructuring: Multinational enterprises and private equity-firms [J].
Baziki, Selva Bahar ;
Norback, Pehr-Johan ;
Persson, Lars ;
Tag, Joacim .
EUROPEAN ECONOMIC REVIEW, 2017, 94 :166-184
[50]   Multinational entry and exit, technology transfer, and international business cycles [J].
Udupa, Gautham .
JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 2024, 166