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The International Propagation of Economic Downturns Through Multinational Companies: The Real Economy Channel / Jan Bena, Serdar Dinc, Isil Erel.
- Format:
- Book
- Author/Creator:
- Bena, Jan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w27873.
- NBER working paper series no. w27873
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We study how non-financial multinational companies propagate economic declines from their subsidiaries located in countries experiencing an economic downturn to subsidiaries in countries not experiencing one. We find that investment is 18% lower in subsidiaries of these parents relative to the same-industry, same-country subsidiaries of parents that are headquartered in the same parent country but do not have a subsidiary in a country experiencing an economic downturn. The employment growth rate in the affected subsidiaries is zero or negative while it is 1.4% in the subsidiaries of unaffected parents. The aggregate industry-level sales and employment are also negatively impacted in the countries of the affected subsidiaries.
- Notes:
- Print version record
- September 2020.
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