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Inter-industry FDI spillovers from foreign banks: Evidence in transition economies
Authors:Shusen Qi  Kent Ngan-Cheung Hui  Steven Ongena
Affiliation:1. School of Management, Xiamen University, Xiamen, China;2. SFI, KU Leuven, NTNU Business School & CEPR, University of Zurich, Zürich, Switzerland
Abstract:
Using a sample of nonfinancial domestic firms in transition economies from Eastern Europe and Central Asia, we examine whether and how inter-industry spillover from foreign direct investment in the banking sector occurs. Our findings show that the innovation pursued by domestic firms benefits from foreign bank penetration. However, these positive inter-industry spillovers surprisingly do not seem to work through enhanced credit access. We further find these positive spillovers to occur mainly for foreign banks that use relationship lending, domestic firms that do not export, and host countries that are less open to the global market.
Keywords:FDI spillovers  foreign banks  innovation  services FDI  transition economies
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