NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Host-Country Financial Development and Multinational Activity

Kamran Bilir, Davin Chor, Kalina Manova

NBER Working Paper No. 20046
Issued in April 2014, Revised in February 2019

---- Acknowledgments ----

We thank Pol AntrĂ¡s, Bruce Blonigen, Xuehui Han, Elhanan Helpman, Beata Javorcik, Catherine Mann, Marc Melitz, Daniel Trefler, Jonathan Vogel, David Weinstein, Daniel Xu, Stephen Yeaple and Bill Zeile for their valuable feedback. Thanks also to audiences at Georgetown, Harvard, LMU Munich, Toronto, the World Bank, CUHK, HKPU, UIBE, the 2008 CESifo-NORFACE Seminar, the 2009 Asia Pacific Trade Seminars, the 2009 Midwest International Economics Group Meeting, the 2012 AEA Annual Meeting, the 2013 West Coast Trade Workshop, the 2013 Princeton IES Workshop, the 2013 NBER ITI Summer Institute, the 2013 Brandeis Summer Workshop, ERWIT 2014, and the 2016 ADB Conference on Economic Development. We acknowledge C. Fritz Foley and Stanley Watt, who contributed to earlier versions of this paper. Mari Tanaka provided excellent research assistance. The statistical analysis was conducted at the 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 or the National Bureau of Economic Research. We have no relevant sources of funding to disclose.

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