Sovereign default and FDI transactions: Evidence from Argentina

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-08-29 DOI:10.1016/j.econlet.2024.111940

引用次数: 0

Abstract

This paper investigates the effect of sovereign debt default on foreign direct investment (FDI) transactions by US firms into Argentina following the Argentine sovereign default in 2019–20. Using the synthetic control approach, we find that the number of FDI transactions decreased by approximately 60% after the Argentine default with a particularly pronounced decline in the non-manufacturing sector. By examining the changes in the number of transactions, we provide a more precise picture of the cost of sovereign default, capturing the FDI activity of small firms better.

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主权违约与外国直接投资交易：阿根廷的证据

本文研究了2019-20年阿根廷主权债务违约后，主权债务违约对美国企业对阿根廷的外国直接投资（FDI）交易的影响。利用合成控制法，我们发现阿根廷违约后，外国直接投资交易数量减少了约 60%，其中非制造业的下降尤为明显。通过研究交易数量的变化，我们可以更准确地反映主权违约的成本，更好地捕捉小型企业的外国直接投资活动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.