Journal
EMERGING MARKETS REVIEW
Volume 11, Issue 4, Pages 341-357Publisher
ELSEVIER
DOI: 10.1016/j.ememar.2010.06.001
Keywords
Global crisis; Firm-level data; Foreign ownership; Financial constraints; Internal capital market
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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. (C) 2010 Elsevier By. All rights reserved.
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