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Firms in the Great Global Recession: The Role of Foreign Ownership and Financial DependenceMarcin KolasaNational Bank of Poland; Warsaw School of Economics (SGH) Michal RubaszekNational Bank of Poland; Warsaw School of Economics (SGH) Daria TaglioniEuropean Central Bank (ECB) - Directorate General Economics July 1, 2010 National Bank of Poland Working Paper No. 77 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 firm characteristics account for a heterogeneous response. In particular, 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.
Number of Pages in PDF File: 28 Keywords: global crisis, firm-level data, foreign ownership, financial constraints JEL Classification: C23, E44, F23, G32 working papers seriesDate posted: January 23, 2011 ; Last revised: February 8, 2011Suggested CitationContact Information
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