We examine how foreign macroprudential tightening transmits through multinational firms' internal capital markets. Using subsidiary exposure to countercyclical capital buffer (CCyB) increases, we find that while bank credit to subsidiaries falls 10 percent, parents fully substitute this via...

This paper investigates how competition for skilled labour from foreign multinational corporations (MNCs) affects the alignment of wages and labour productivity in domestic firms. Using linked employer- employee records, worker data, and firm-level customs declarations from South Africa,...

Although the climate impact of carbon abatement is geographically invariant, this paper documents limited geographic fungibility in voluntary carbon markets. Firms disproportionately retire offsets in countries where they operate. The paper contrasts an Information Channel, whereby local...

Climate change threatens the future of the next generations and is already causing widespread destruction in the present through an increasing number of natural disasters. A new model of production and consumption based on sustainability is required, especially in the fashion industry-the second...

In the context of rural sustainability and poverty alleviation within the developing world, a key dilemma facing the international community is to identify suitable strategies and mechanisms to bring multiple stakeholders together to work in efficient and sustainable ways. This paper focuses on...