Fire-sale FDI or Business as Usual?
---- Acknowledgments ----
We thank Jean-Louis Arcand, Nicolas Berman, Satya P. Das, Iftekhar Hasan, Beata Javorcik, Andrei Levchenko, Ugo Panizza, Jing Zhang, and seminar participants at the University of Michigan Finance Day, the University of Vienna, the Bank of Portugal, HEC Lausanne, IHEID, the 2010 MEA Meetings, and the Indian Statistical Institute for comments. We are grateful to our discussant Uday Rajan for his thoughtful suggestions. Maggie Jim, Stela Rubinova, Argyn Toktamyssov, and Jingjing Xia provided excellent research assistance. Linda Tesar gratefully acknowledges the support of the Ile-de-France DIMeco program. Linda Tesar acknowledges support from the Ile-de-France DIMeco program, which supported her research and teaching while as a visitor at the Paris School of Economics during the academic year 2011-12. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Bank of Canada, or the Bank of Canada's Governing Council.