Foreign Direct Investment and External Financing Conditions: Evidence from Normal and Crisis Times
研究了来源国和目的地国的外部融资条件在正常时期和危机时期对外国直接投资的影响，发现金融发展在正常时期促进脆弱行业的FDI，但在2008-2010年金融危机期间反而导致这些行业的FDI相对下降更多。
Abstract In this paper, we investigate the effects that external financing conditions in source and destination countries have on foreign direct investment (FDI) in normal and crisis times, using a difference‐in‐differences approach. We find that the financial development of the source and destination countries has a strong positive impact on the relative volume of FDI in financially vulnerable sectors in normal times. However, during the 2008–2010 global financial crisis, the relative volume of FDI in financially vulnerable sectors fell relatively more in financially developed source and destination countries, most notably if these countries experienced a credit crisis.