Firms in the great global recession: The role of foreign ownership and financial dependence

Marcin Kolasa, Michał Rubaszek and Daria Taglioni ()

No 77, NBP Working Papers from Narodowy Bank Polski

Abstract: This paper investigates the channels through which the global crisis of 2008- 2009 spread to economic activity of an emerging, fast growing economy with sound macroeconomic fundamentals. On the basis of Polish firm-level data we find that a number of individual f irm characteristics account for a heterogeneous response. In p articular, foreign ownership appears to have provided a higher degree of resilience to the crisis. Our results indicate that this effect might be due to intra-group lending mechanisms supporting affiliates facing external credit constraints.

Keywords: global crisis; firm-level data; foreign ownership; financial constraints; internal capital market (search for similar items in EconPapers)
JEL-codes: C23 E44 F23 G32 (search for similar items in EconPapers)
Pages: 28
Date: 2010
New Economics Papers: this item is included in nep-bec and nep-ifn
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Citations: View citations in EconPapers (42)

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Journal Article: Firms in the great global recession: The role of foreign ownership and financial dependence (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpmis:77

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