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FDI in the Restructuring of the Japanese Economy

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  • Magnus Blomstrom
  • Denise Konan
  • Robert E. Lipsey

Abstract

This paper examines how inward and outward foreign direct investment (FDI) have influenced the restructuring of the Japanese economy and can be expected to continue to do so in the future. We find that outward investment has helped Japanese firms to sustain foreign market shares and contributed to the restructuring of the Japanese economy away from older industries. By shifting from exporting to affiliate production, there has been a geographical reallocation of the activities of Japanese firms, particularly those of multinational manufacturing firms. However, Japanese outward FDI is still not very large relative to the Japanese economy, despite the rapid growth since the mid-1980s, and there is still scope for significant increase when compared with the levels of most other OECD countries. Inward FDI will presumably have an even stronger impact on the restructuring of the Japanese economy. Although the stock of inward foreign direct investment is still very small, there are important changes under way. Deregulation has opened up much of the industrial and service sectors to foreign multinationals.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7693.

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Date of creation: May 2000
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Publication status: published as Blomstrom, Magnus, Byron Gangnes, and Sumner La Croix. Japan's new economy: Continuity and change in the twenty-first century. Oxford and New York: Oxford University Press, 2001.
Handle: RePEc:nbr:nberwo:7693

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  1. Lipsey, Robert E. & Blomström, Magnus & Ramstetter, Eric, 1995. "Internationalized Production in World Output," Working Paper Series in Economics and Finance 80, Stockholm School of Economics.
  2. Takatotshi Ito, 1996. "Japan and the Asian Economies: A 'Miracle' in Transition," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 205-272.
  3. David E. Weinstein, 1996. "Foreign Direct Investment and Keiretsu: Rethinking U.S. and Japanese Policy," NBER Working Papers 5612, National Bureau of Economic Research, Inc.
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Cited by:
  1. René BELDERBOS & FUKAO Kyoji & ITO Keiko & Wilko LETTERIE, 2010. "Global Fixed Capital Investment by Multinational Firms," Discussion papers 10044, Research Institute of Economy, Trade and Industry (RIETI).
  2. Corduneanu, Carmen & Iovu, Laura Raisa, 2007. "Foreign Direct Investment and Regional Development in Romania," MPRA Paper 12926, University Library of Munich, Germany.
  3. Fukunari Kimura & Kozo Kiyota, 2004. "Enhancing the Benefits for India and Other Developing Countries in the Doha Development Agenda Negotiations," Working Papers 510, Research Seminar in International Economics, University of Michigan.

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