FDI Spillovers and the Role of Local Financial Markets: Evidence from Mexico∗
نویسنده
چکیده
This paper presents new microeconomic evidence on the link between financial sector development, financial globalization and productivity. Using data of Mexican manufacturing firms operating in 1991, 1998 and 2000 it is found that in general, larger firms benefit from FDI in their same region of activity. However, domestic firms only enjoy productivity increases from FDI if they are relatively large and located in financially developed regions. All the findings are robust to instrumenting for financial development using historical conditions.
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