This paper introduces two datasets, AUGAMA, a panel of European firms for the period 1996-2011, and EUMULNET, a European Multinational Network data set. These datasets are constructed on the basis of the Amadeus database issued by Bureau Van Dijk Electronic Publishing. We document the process of...

This paper investigates the effect of foreign direct investment on the productivity of local firms. We decompose traditional country-wide spillover measures in different components according to both distance between foreign and domestic firms and timesince- foreign-entry. We find larger and...

This study measures the effect of foreign direct investment (FDI) on the productivity of local firms. Unlike earlier studies, our empirical approach does not require that FDI manifests immediate or permanent effects. We find that foreign entry initially affects productivity of local competitors...

This study investigates the effect of foreign direct investment (FDI) on the productivity of local firms. In contrast to existing literature our empirical approach does not require FDI to have immediate or permanent effects. We find that foreign entry initially negatively affects local...

In this paper a semiparametric stochastic metafrontier approach is used to obtain insight into firm-level competitiveness in Europe. We differ from standard TFP studies at the firm level as we simultaneously allow for inefficiency, noise and do not impose a functional form on the input-output...

We contribute to the investment-cash ow sensitivity debate by creating a new index to identify the supply of finance to firms. We find that firms that are considered constrained according to our index pay a higher interest rate on their debt, and display the highest investment-cash fl ow...

This paper develops and estimates a small macroeconomic model of the Russian economy. The model is tailored to analyse the impact of the oil price, the exchange rate, private sector confidence and fiscal policy on economic performance. Simulations suggest that the Russian economy is vulnerable...

We analyze productivity spillovers of FDI on domestic companies, both within and across industries. In the identification of intraindustry spillovers, we separate out labor market effects from other effects. Interindustry spillovers are identified through upstream, downstream, and...

We examine the determinants of FDI stocks of ‘old’ EU-members in ten accession countries. Our partial adjustment framework results in a dynamic panel data analysis. In addition to the traditional variables, such as market potential and unit labour costs, we find institutional development to...

This paper tests whether there is a macroeconomic cost of a reform reversal during transition. A reform reversal is defined as a downgrading in the level of an average reform indicator. This is important both from an empirical and a theoretical point of view. In the standard empirical framework...