Foreign Firms and Export Performance in Developing Countries: Lessons from the Debt Crisis
Robert E. Lipsey
This paper compares U.S.-owned affiliates with other firms in developing
countries with respect to the shifts in sales from home to export markets in
response to the debt crisis of the early 1980s. The U.S. affiliates in
heavily indebted countries increased their exports and the share of their
production exported more rapidly than other firms did after 1982, while
affiliates in less indebted countries did neither. However, a large part of
the shift in sales by affiliates in the heavily indebted countries involved
sharp reductions in local sales, often larger than the growth in exports.
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