دانلود مقاله ISI انگلیسی شماره 80435
ترجمه فارسی عنوان مقاله

آزمون فرضیه FDI فروش مال التجاره حریق زده برای بحران مالی اروپا

عنوان انگلیسی
Testing the fire-sale FDI hypothesis for the European financial crisis
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80435 2014 24 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 49, Part B, December 2014, Pages 211–234

ترجمه کلمات کلیدی
کسب؛ اتحادیه اروپا؛ بحران مالی؛ سرمایه گذاری مستقیم خارجی؛ مرزی؛ فروش مال التجاره حریق زده
کلمات کلیدی انگلیسی
Acquisition; European Union; Financial crisis; Foreign direct investment; Cross-border; Fire-saleG34; F21; F23
پیش نمایش مقاله
پیش نمایش مقاله  آزمون فرضیه FDI فروش مال التجاره حریق زده برای بحران مالی اروپا

چکیده انگلیسی

Using a panel of corporate transactions in 27 EU countries from 1999 to 2012, we investigate the impact of the financial crisis on the market for corporate assets. In particular, we test the ‘fire-sale FDI’ hypothesis by analyzing the number of cross-border transactions, the price of corporate assets and the impact of credit and macroeconomic conditions. According to the fire-sale FDI hypothesis, countries affected by a crisis attract foreign buyers selling assets at a discount. We find a dampening effect of the crisis on cross-border transactions in all EU countries. Although countries with higher sovereign default risk and lower economic demand attracted more foreign buyers in the crisis, lower domestic credit is associated with less cross-border transactions. Corporate assets in crisis countries are cheaper, particularly if domestic credit is low; however, these findings are not limited to the crisis period. This pattern is strikingly different from the East Asian and Latin American financial crises. Overall, we find little evidence for ‘fire-sale FDI’ suggesting an integrated European market without significant frictions.