Most studies on foreign direct investment (FDI) are nested within periods of economic prosperity. Our study investigates the impact of FDI spillovers on productivity during the global financial crisis (2006–2014) and the accompanying credit shortage. A dynamic panel analysis of firm-level data from two neighbouring but distinct transition economies, Croatia and Slovenia, reveals that the impact of the crisis may go as far as halting the process of learning through spillovers if firms have difficulties in accessing external funds. The implications of the study may prove particularly beneficial to policy makers grappling with the economic crisis following the COVID-19 pandemic.

大多数关于外国直接投资 (FDI) 的研究都发生在经济繁荣时期。我们的研究调查了全球金融危机（2006-2014 年）和随之而来的信贷短缺期间 FDI 溢出对生产力的影响。对来自两个相邻但截然不同的转型经济体克罗地亚和斯洛文尼亚的公司层面数据的动态面板分析表明，如果公司难以获得外部资金，危机的影响可能会停止通过溢出效应学习的过程。这项研究的意义可能证明对应对 COVID-19 大流行后经济危机的决策者特别有益。