Tracing the International Transmission of a Crisis through Multinational Firms
研究发现德国母公司遭受信贷冲击后，通过内部借贷从海外子公司抽血，导致子公司资金紧张、增长放缓，且这种冲击传导对国外经济影响很大。
ABSTRACT We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained themselves, and experienced lower real growth. We find that managers were “Darwinist” with respect to international affiliates but “Socialist” in the home country, that internal capital markets transmitted the credit shock more strongly than a nonfinancial shock, and that access to developed credit markets attenuated the real effects. The total real impact of shock transmission through multinationals on foreign economies was large.