NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Multinational Firms, FDI Flows and Imperfect Capital Markets

Pol Antràs, Mihir A. Desai, C. Fritz Foley

NBER Working Paper No. 12855
Issued in January 2007

---- Acknowledgements -----

The statistical analysis of firm-level data on U.S. multinational companies was conducted at the International Investment Division, Bureau of Economic Analysis, U.S. Department of Commerce under arrangements that maintain legal confidentiality requirements. The views expressed are those of the authors and do not reflect official positions of the U.S. Department of Commerce. The authors thank Gita Gopinath, James Markusen, Aleh Tsyvinski and seminar participants at Boston University, Brown University, Hitotsubashi University, MIT, the NBER ITI program meeting, the New York Fed, Oxford, UC Berkeley, UC Boulder, Universidad de Vigo, Universitat Pompeu Fabra, and the World Bank for helpful suggestions. Davin Chor provided excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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