通过跨国公司追踪危机的国际传播

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE
MARCUS BIERMANN, KILIAN HUBER
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引用次数: 0

摘要

我们的研究表明,跨国公司通过其内部资本市场在各国间传递冲击。我们研究了德国母公司受到的信贷供应冲击。德国境外的国际联营公司通过内部借贷为母公司提供支持,但自身却受到了财务限制,实际增长率下降。我们发现,管理者对国际子公司是 "达尔文主义者",但在母国却是 "社会主义者",内部资本市场对信贷冲击的传导比非金融冲击更强,而进入发达信贷市场则削弱了实际影响。通过跨国公司传递的冲击对外国经济的总体实际影响很大。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Tracing the International Transmission of a Crisis through Multinational Firms

Tracing the International Transmission of a Crisis through Multinational Firms

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.

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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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