Now showing items 1-19 of 19

    • Corporate Debt, Firm Size and Financial Fragility in Emerging Markets 

      Alfaro, Laura; Asis, Gonzalo; Chari, Anusha; Panizza, Ugo (Elsevier BV, 2019-05)
      The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a ...
    • Debt Redemption and Reserve Accumulation 

      Alfaro, Laura; Kanczuk, Fabio (Springer Science and Business Media LLC, 2019-06)
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves ...
    • Deregulation, Misallocation, and Size: Evidence from India 

      Alfaro, Laura; Chari, Anusha (University of Chicago Press, 2014)
      This paper examines the impact of the deregulation of compulsory industrial licensing in India on firm size dynamics and reallocation of resources within industries. Following deregulation, resource misallocation declines, ...
    • Do Prices Determine Vertical Integration? 

      Alfaro, Laura; Conconi, Paola; Fadinger, Harald; Newman, Andrew F. (Oxford University Press (OUP), 2015-12-01)
      What is the relationship between product prices and vertical integration? While the literature has focused on how integration affects prices, this paper provides evidence that prices can affect integration. Many theories ...
    • Foreign Direct Investment: Effects, Complementarities, and Promotion 

      Alfaro, Laura (2014-11-06)
      In 1996, Intel Corporation announced the construction of a semiconductor assembly plant in Costa Rica. Production started in 1998. Intel’s investment was six times what had been the annual foreign direct investment (FDI) ...
    • The Global Agglomeration of Multinational Firms 

      Alfaro, Laura; Chen, Maggie Xiaoyang (Elsevier, 2014)
      The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What ...
    • Health Externalities and Policy: The Role of Social Preferences 

      Alfaro, Laura; Faia, Ester; Lamersdorf, Nora; Saidi, Farzad (Institute for Operations Research and the Management Sciences (INFORMS), 2022-09)
      Social preferences facilitate the internalization of health externalities, for example, by reducing mobility during a pandemic. We test this hypothesis using mobility data from 258 cities worldwide alongside experimentally ...
    • Internalizing Global Value Chains: A Firm-Level Analysis 

      Alfaro, Laura; Antras, Pol; Chor, David; Conconi, Paola (2015-09-25)
      In recent decades, technological progress in information and communication technology and falling trade barriers have led firms to retain within their boundaries and in their domestic economies only a subset of their ...
    • Internalizing Global Value Chains: A Firm-Level Analysis 

      Alfaro, Laura; Antràs, Pol; Chor, Davin; Conconi, Paola (University of Chicago Press, 2019-04)
      In recent decades, advances in information and communication technology and falling trade barriers have led firms to retain within their boundaries and in their domestic economies only a subset of their production stages. ...
    • Lessons Unlearned? Corporate Debt in Emerging Markets 

      Alfaro, Laura; Asis, Gonzalo; Chari, Anusha; Panizza, Ugo (2017-06-28)
      This paper documents a set of stylized facts about leverage and financial fragility in the nonfinancial corporate sector in emerging markets since the Global Financial Crisis (GFC). Corporate debt vulnerability indicators ...
    • Location Fundamentals, Agglomeration Economies, and the Geography of Multinational Firms 

      Alfaro, Laura; Chen, Maggie Xiaoyang (2016-08-22)
      Multinationals exhibit distinct agglomeration patterns which have transformed the global landscape of industrial production (Alfaro and Chen, 2014). Using a unique worldwide plant-level dataset that reports detailed location, ...
    • On the Direct and Indirect Real Effects of Credit Supply Shocks 

      Alfaro, Laura; García-Santana, Manuel; Moral-Benito, Enrique (Elsevier BV, 2021-03)
      We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate ...
    • The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment 

      Alfaro, Laura; Chari, Anusha; Kanczuk, Fabio (2014-11-06)
      In aftermath of the global financial crisis of 2008–2009, emerging-market governments have increasingly restricted foreign capital inflows. The data show a statistically significant drop in cumulative abnormal returns for ...
    • The Real Exchange Rate, Innovation and Productivity 

      Alfaro, Laura; Cuñat, Alejandro; Fadinger, Harald; Liu, Yan-Ping (Oxford Academic, 2023-04)
      We build a dynamic heterogeneous-firm model in which real depreciations raise export demand and the cost of importing intermediates, and also affect borrowing constraints and the profitability of engaging in research and ...
    • Selection and Market Reallocation: Productivity Gains from Multinational Production 

      Alfaro, Laura; Chen, Maggie X. (American Economic Association, 2018-05-01)
      Assessing productivity gains from multinational production has been a vital topic of economic research and policy debate. Positive productivity gains are often attributed to productivity spillovers; however, an alternative, ...
    • Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling 

      Alfaro, Laura (2015-02-19)
      Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested ...
    • Sovereigns, Upstream Capital Flows and Global Imbalances 

      Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym (Wiley-Blackwell, 2014)
      We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we ...
    • Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance 

      Alfaro, Laura; Chen, Maggie (American Economic Association, 2012)
      We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how ...
    • Undisclosed Debt Sustainability 

      Alfaro, Laura; Kanczuk, Fabio (American Economic Association, 2022-05-01)
      Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not ...