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Fire-sale FDI? The Impact of Financial Crises on Foreign Direct Investment

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  • Olga Stoddard
  • Ilan Noy

Abstract

We analyze the evolution of foreign direct investment (FDI) inflows to developing and emerging countries around financial crises. We empirically examine the Fire-Sale FDI hypothesis and describe the pattern of FDI inflows surrounding financial crises. We also add a more granular detail about the types of financial crises and their potentially differential effects on FDI. We distinguish between mergers and acquisitions (M&A) and greenfield investment, as well as between horizontal (tariff jumping) and vertical (integrating production stages) FDI. We find that financial crises have a strong negative effect on inward FDI in our sample. Crises are also shown to reduce the value of horizontal and vertical FDI. We do not find empirical evidence of fire-sale FDI; on the contrary, financial crises are shown to affect FDI flows and M&A activity negatively.

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  • Olga Stoddard & Ilan Noy, 2015. "Fire-sale FDI? The Impact of Financial Crises on Foreign Direct Investment," Review of Development Economics, Wiley Blackwell, vol. 19(2), pages 387-399, May.
    • Handle: RePEc:bla:rdevec:v:19:y:2015:i:2:p:387-399
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    3. Ajide Folorunsho M. & Osinubi Tolulope T., 2020. "Covid-19 Pandemic and Outward Foreign Direct Investment: A Preliminary Note," Economics, Sciendo, vol. 8(2), pages 79-88, December.
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    5. S. Veeramani & Abha Shukla & Mariam Jamaleh, 2020. "Financial theories of foreign direct investment: a review of literature," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(2), pages 185-217, June.
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    7. Kingsley Ikechukwu Okere & Obumneke Bob Muoneke & Favour Chidinma Onuoha & Philip C. Omoke, 2022. "Tripartite relationship between FDI, trade openness and economic growth amidst global economic crisis in Nigeria: application of combined cointegration and augmented ARDL analysis," Future Business Journal, Springer, vol. 8(1), pages 1-23, December.
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    10. Syed Ali Raza & Mohd Zaini Abd Karim, 2018. "Influence of Systemic Banking Crises and Currency Crises on the FDI-Growth Nexus: Evidence from China," Global Business Review, International Management Institute, vol. 19(3), pages 572-589, June.
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    13. Martijn J. Burger & Elena I. Ianchovichina, 2017. "Surges and stops in greenfield and M&A FDI flows to developing countries: analysis by mode of entry," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 153(2), pages 411-432, May.
    14. Yongliang Zhang & Md. Qamruzzaman & Salma Karim & Ishrat Jahan, 2021. "Nexus between Economic Policy Uncertainty and Renewable Energy Consumption in BRIC Nations: The Mediating Role of Foreign Direct Investment and Financial Development," Energies, MDPI, vol. 14(15), pages 1-29, August.
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    16. Cruz, Manuel David & Jha, Chandan Kumar & Kırşanlı, Fatih & Sedai, Ashish Kumar, 2023. "Corruption and FDI in natural resources: The role of economic downturn and crises," Economic Modelling, Elsevier, vol. 119(C).
    17. Arup Kumar Chattopadhyay & Debdas Rakshit & Payel Chatterjee & Ananya Paul, 2022. "Trends and Determinants of FDI with Implications of COVID-19 in BRICS," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 14(1), pages 43-59, January.
    18. Anusha Chari, 2020. "The International Market for Corporate Control," NBER Working Papers 26843, National Bureau of Economic Research, Inc.
    19. Hayakawa, Kazunobu & Hyun-Hoon, Lee & Cyn-Young, Park, 2022. "Impacts of COVID-19 on foreign direct investment," IDE Discussion Papers 831, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    20. Burger, Martijn J. & Ianchovichina, Elena I., 2014. "Surges and stops in FDI flows to developing countries : does the mode of entry make a difference ?," Policy Research Working Paper Series 6771, The World Bank.
    21. Nachiket Thakkar & Kiran Ambreen Ayub, 2022. "External Debt Default and Foreign Direct Investments," Bulletin of Applied Economics, Risk Market Journals, vol. 9(2), pages 223-237.

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    More about this item

    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
    • F29 - International Economics - - International Factor Movements and International Business - - - Other
    • G01 - Financial Economics - - General - - - Financial Crises
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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