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Abstract

We evaluate Japan's inward and outward FDI performance using theoretical benchmarks based on the premise that management teams headquartered around the world bid for the production facilities located in each country. Our model incorporates the assumption that bids are inversely proportionate to distance. It accurately predicts the multilateral shares of FDI stocks for most important countries. The theory predicts lower shares of FDI for Japan than its share of the world economy. Japan's actual share of outward FDI exceeds its inward share -as the model predicts- but both currently lie below the benchmark predictions.

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File URL: http://hi-stat.ier.hit-u.ac.jp/research/discussion/2004/pdf/D04-58.pdf
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Bibliographic Info

Paper provided by Institute of Economic Research, Hitotsubashi University in its series Hi-Stat Discussion Paper Series with number d04-58.

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Date of creation: Dec 2004
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Handle: RePEc:hst:hstdps:d04-58

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Related research

Keywords: Foreign direct investment; gravity; mergers and acquisitions; openness;

Other versions of this item:

Find related papers by JEL classification:

• F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
• F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

This paper has been announced in the following NEP Reports:

• NEP-ALL-2005-02-20 (All new papers)
• NEP-IFN-2005-02-20 (International Finance)
• NEP-SEA-2005-02-20 (South East Asia)

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Cited by:

1. Davies, Ronald B. & Ionascu, Delia & Kristjánsdóttir, Helga, 2007. "Estimating the Impact of Time-Invariant Variables on FDI with Fixed Effects," Working Papers 02-2007, Copenhagen Business School, Department of Economics.
   
   • Ronald B. Davies & Delia Ionascu & Helga Kristjánsdóttir, 2008. "Estimating the Impact of Time-Invariant Variables on FDI with Fixed Effects," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 144(3), pages 381-407, October.
   • Ronald B. Davies & Delia Ionascu & Helga Kristjánsdóttir, 2007. "Estimating the Impact of Time-Invariant Variables on FDI with Fixed Effects," The Institute for International Integration Studies Discussion Paper Series iiisdp228, IIIS.
   • Ronald B. Davies & Delia Ionascu & Helga Kristjánsdóttir, 2007. "Estimating the Impact of Time-Invariant Variables on FDI with Fixed Effects," University of Oregon Economics Department Working Papers 2007-8, University of Oregon Economics Department, revised 01 May 2007.
2. Head, Keith & Ries, John, 2008. "FDI as an outcome of the market for corporate control: Theory and evidence," Journal of International Economics, Elsevier, vol. 74(1), pages 2-20, January.
3. Görg, Holger & Hijzen, Alexander & Manchin, Miriam, 2007. "Cross-Border Mergers & Acquisitions and the Role of Trade Costs," CEPR Discussion Papers 6397, C.E.P.R. Discussion Papers.
4. Hijzen, Alexander & Görg, Holger & Manchin, Miriam, 2008. "Cross-border mergers and acquisitions and the role of trade costs," European Economic Review, Elsevier, vol. 52(5), pages 849-866, July.
   
   • Alexander Hijzen & Holger G�rg & Miriam Manchin, 2006. "Cross-border mergers and acquisitions and the role of trade costs," European Economy - Economic Papers 242, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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