Multinationals as Stabilisers? Economic Crisis, Access to Finance, and Employment Growth
This article examines the comparative response of multinationals and domestic firms to an economic crisis, using the empirical setting of a well defined case of economic slowdown in Chile. We find that employment in manufacturing plants has been drastically reduced during the economic crisis. Our findings reveal that multinationals are more likely to exit contributing to the employment contraction during the crisis, but surviving foreign firms experience lower employment reductions than domestic enterprises. These results are not fully consistent with the idea that multinationals are less affected by an economic crisis and that they may act as stabilisers.
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Volume (Year): 48 (2011)
Issue (Month): 7 (June)
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- Girma, Sourafel & Görg, Holger, 2006.
"Evaluating the Foreign Ownership Wage Premium Using a Difference-in-Differences Matching Approach,"
CEPR Discussion Papers
5788, C.E.P.R. Discussion Papers.
- Girma, Sourafel & Gorg, Holger, 2007. "Evaluating the foreign ownership wage premium using a difference-in-differences matching approach," Journal of International Economics, Elsevier, vol. 72(1), pages 97-112, May.
- Sourafel Girma & Holger Görg, 2006. "Evaluating the foreign ownership wage premium using a difference-indifferences matching approach," The Institute for International Integration Studies Discussion Paper Series iiisdp165, IIIS.
- Andrew B. Bernard & Fredrik Sjoholm, 2003. "Foreign Owners and Plant Survival," NBER Working Papers 10039, National Bureau of Economic Research, Inc.
- Flamm, Kenneth, 1984. "The volatility of offshore investment," Journal of Development Economics, Elsevier, vol. 16(3), pages 231-248, December.
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