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Foreign Direct Investors in Three Financial Crises

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Robert E. Lipsey

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Abstract

In each of three financial and exchange rate crises, Latin America in 1982, Mexico in 1994, and East Asia in 1997, direct investment inflows into the affected countries have behaved differently from other forms of investment, and U.S. manufacturing affiliates have behaved differently from other firms in their host countries. Inflows of direct investment into the crisis countries have been much more stable than inflows of portfolio or other forms of investment. U.S. manufacturing affiliates have switched their sales from host-country to export markets to a greater extent and for a longer period than other host-country firms. They have switched markets partly by more sharply curtailing their local sales, at least in terms of U.S. dollar values. In the cases where we have the data, U.S. affiliates have also tended to sustain their capital expenditure levels during the crises.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8084.

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Date of creation: Jan 2001
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Handle: RePEc:nbr:nberwo:8084

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Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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References listed on IDEAS
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  1. Robert E. Lipsey, 1995. "Trade and Production Networks of U.S. MNCs and Exports by Their Asian Affiliates," NBER Working Papers 5255, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Garrick Blalock & Paul Gertler & David I. Levine, 2005. "Financial Constraints on Investment in an Emerging Market Crisis: An Empirical Investigation of Foreign Ownership," Center for International and Development Economics Research, Working Paper Series 1064, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
  2. Itay Goldstein & Assaf Razin, 2003. "An Information-Based Trade Off Between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency, and Welfare," NBER Working Papers 9426, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Williamson, John, 2002. "Proposals for Curbing the Boom-Bust Cycle in the Supply of Capital to Emerging Markets," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  4. Wendy Carlin & Andrew Charlton & Colin Mayer, 2008. "Multinational Ownership and Subsidiary Investment," OFRC Working Papers Series 2008fe05, Oxford Financial Research Centre. [Downloadable!]
  5. Dionisius A. Narjoko & Raymond Atje, 2007. "The Effects of Agricultural Trade Liberalisation under the Doha Development Agenda with Special Reference to the Asia Pacific Region: A Brief Survey," Working Papers 3207, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
  6. Kitty K. Chan & Edward R. Gemayel, 2004. "Risk Instability and the Pattern of Foreign Direct Investment in the Middle East and North Africa Region," IMF Working Papers 04/139, International Monetary Fund. [Downloadable!]
  7. Andrei A. Levchenko & Paolo Mauro, 2006. "Do Some Forms of Financial Flows Help Protect from Sudden Stops?," IMF Working Papers 06/202, International Monetary Fund. [Downloadable!]
  8. Rui Albuquerque, 2004. "The Composition of International Capital Flows: Risk Sharing Through Foreign Direct Investment," International Finance 0405004, EconWPA. [Downloadable!]
    Other versions:
  9. Itay Goldstein & Assaf Razin, 2005. "An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment," NBER Working Papers 11757, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Mughal, Mazhar, 2008. "Boon or bane- role of FDI in the economic growth of Pakistan," MPRA Paper 16468, University Library of Munich, Germany. [Downloadable!]
  11. Bruce Blonigen, 2005. "A Review of the Empirical Literature on FDI Determinants," Atlantic Economic Journal, International Atlantic Economic Society, vol. 33(4), pages 383-403, December. [Downloadable!] (restricted)
  12. Karimi, Mohammad sharif & Yusop, Zulkornain & Siong Hook , Law, 2009. "Location decision for foreign direct investment in ASEAN countries (A TOPSIS Approach)," MPRA Paper 15000, University Library of Munich, Germany. [Downloadable!]
  13. Itay Goldstein & Assaf Razin, 2005. "Foreign Direct Investment vs. Foreiegn Portfolio Investment," NBER Working Papers 11047, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Bruce A. Blonigen, 2005. "A Review of the Empirical Literature on FDI Determinants," NBER Working Papers 11299, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  15. Peter Berezin & Elcior Santana & A. Salehizadeh, 2002. "The Challenge of Diversification in the Caribbean," IMF Working Papers 02/196, International Monetary Fund. [Downloadable!]
  16. Itay Goldstein & Assaf Razin & Hui Tong, 2008. "Liquidity, Institutional Quality and the Composition of International Equity Outflows," NBER Working Papers 13723, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Soliman, Mohamed M., 2005. "The Effect of Currency Crises on Foreign Direct Investment Activity in Emerging Markets," Review of Applied Economics, Review of Applied Economics, vol. 1(2). [Downloadable!]
  18. Maite Alguacil & Ana Cuadros & Vicente Orts, 2004. "Does saving really matter for growth? Mexico (1970-2000)," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(2), pages 281-290. [Downloadable!]
  19. Ralph Kozlow, 2006. "Globalization, Offshoring, and Multinational Companies: What Are the Questions, and How Well Are We Doing in Answering Them?," BEA Papers 0031, Bureau of Economic Analysis. [Downloadable!]
  20. Lionel Artige & Rosella Nicolini, 2006. "Evidence on the Determinants of Foreign Direct Investment. The Case of Three European Regions," CREPP Working Papers 0607, Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège. [Downloadable!]
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