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Discussion Paper Details

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Title: The growth of multinational firms in the Great Recession

Author(s): Vanessa Alviarez, Javier Cravino and Andrei A. Levchenko

Publication Date: November 2016

Keyword(s): great recession and multinational firms

Programme Area(s): International Macroeconomics and Finance and International Trade and Regional Economics

Abstract: Using a large firm-level dataset, this paper studies multinational firms' performance during the Great Recession. Foreign multinationals grew faster than local firms outside of the crisis, but slower during the crisis. Industry and size differences between domestic and foreign-owned firms account for much of this slowdown. However, multinationals from different countries performed differently during the crisis. The paper then assesses the role of multinationals in the global recession using a quantitative model. Had multinationals' relative performance remained unchanged during the crisis, the median country's aggregate growth would have been 0.12% higher, with a range of -0.13 to 0.5% across countries.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=11637

Bibliographic Reference

Alviarez, V, Cravino, J and Levchenko, A. 2016. 'The growth of multinational firms in the Great Recession'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=11637