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Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model

Author

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  • Mariam Camarero

    (University Jaume I and INTECO, Department of Economics, Campus de Riu Sec, E-12080 Castellón (Spain).)

  • Sergi Moliner

    (University Jaume I and INTECO, Department of Economics, Campus de Riu Sec, E-12080 Castellón (Spain))

  • Cecilio Tamarit

    (Corresponding author: University of València and INTECO, Department of Applied Economics II, Av. dels Tarongers, s/n Eastern Department Building E-46022 Valencia, Spain.)

Abstract

In this paper we analyze the determinants of Japanese outward FDI stock for the period 1996-2017. This period is especially relevant as it covers a process of increasing economic globalization and two financial crises. To this aim, we consider a large set of candidate variables based on the theory as well as on previous empirical analysis. Our sample includes a total of 27 host countries. We select the covariates using a data- driven methodology, the Bayesian Model Averaging (BMA) analysis. Moreover, we also analyze whether these determinants change depending on the degree of development (emerging vs developed) or the geographical areas (EU vs East Asia) of the countries considered. We find that Japan's FDI can be explained by a wide variety of variables, that include not only the typical gravitational ones but also institutional and macroe- conomic variables, including those that measure financial development. Moreover, we can observe important differences among the samples analyzed. Whereas in developed, and more precisely, EU countries, horizontal FDI strategies are predominant, for East Asian and emerging countries, there is evidence in favour of vertical FDI.

Suggested Citation

  • Mariam Camarero & Sergi Moliner & Cecilio Tamarit, 2020. "Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model," Working Papers 2007, Department of Applied Economics II, Universidad de Valencia.
  • Handle: RePEc:eec:wpaper:2007
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    More about this item

    Keywords

    Japan; foreign direct investment; Bayesian Model Averaging; gravity; financial develop- ment; institutional quality;
    All these keywords.

    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
    • R39 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other

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