Inter‐industry FDI spillovers from foreign banks: Evidence in transition economies
研究了东欧和中亚转型经济体中，外国银行进入对本土非金融企业创新的跨行业溢出效应，发现这种正面效应并非通过信贷渠道实现，而是与关系型贷款、非出口企业和市场开放度低的国家相关。
Abstract Using a sample of nonfinancial domestic firms in transition economies from Eastern Europe and Central Asia, we examine whether and how inter‐industry spillover from foreign direct investment in the banking sector occurs. Our findings show that the innovation pursued by domestic firms benefits from foreign bank penetration. However, these positive inter‐industry spillovers surprisingly do not seem to work through enhanced credit access. We further find these positive spillovers to occur mainly for foreign banks that use relationship lending, domestic firms that do not export, and host countries that are less open to the global market.