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International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis, especially if it is skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect a country's degree of credit crunch faced by its non-financial firms during the 2008-09 crisis. Using data on 14307 non-financial firms in 44 countries, we find that, on average, the decline in stock price was more severe for firms that are intrinsically moredoi:10.2139/ssrn.1632061 fatcat:agsyyxestnc55ceiqtviig4sni