FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies |
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Authors: | Nina Vujanović Nebojša Stojčić Iraj Hashi |
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Affiliation: | 1. Centre for Macroeconomic and Financial Research and Prognosis, Central Bank of Montenegro, Montenegro;2. University of Dubrovnik, Department of Economics and Business, Dubrovnik, Croatia;3. Staffordshire University Business School, Stoke-on-Trent, United Kingdom |
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Abstract: | Most studies on foreign direct investment (FDI) are nested within periods of economic prosperity. Our study investigates the impact of FDI spillovers on productivity during the global financial crisis (2006–2014) and the accompanying credit shortage. A dynamic panel analysis of firm-level data from two neighbouring but distinct transition economies, Croatia and Slovenia, reveals that the impact of the crisis may go as far as halting the process of learning through spillovers if firms have difficulties in accessing external funds. The implications of the study may prove particularly beneficial to policy makers grappling with the economic crisis following the COVID-19 pandemic. |
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Keywords: | FDI Knowledge spillovers Productivity Transition economies Economic crisis |
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