Foreign Direct Investment and Keiretsu: Rethinking Us and Japanese Policy
This paper focuses on two issues. First, a reexamination of the data on the level of foreign direct investment (FDI) in Japan suggests that foreign firms sell five to six times more in Japan than is commonly believed. Previous studies severely underestimated the stock of FDI in Japan due to poor data. Second, after finding that even after adjusting for various factors the level of FDI in Japan is still low, the paper explores explanations for this phenomenon. A second main conclusion is that government tax and financial policy continues to inhibit foreign takeovers through the promotion of stable shareholding.
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- Takatoshi Ito & Masayoshi Maruyama, 1990.
"Is the Japanese Distribution System Really Inefficient?,"
NBER Working Papers
3306, National Bureau of Economic Research, Inc.
- Takatoshi Ito & Masayoshi Maruyama, 1991. "Is the Japanese Distribution System Really Inefficient?," NBER Chapters, in: Trade with Japan: Has the Door Opened Wider?, pages 149-174 National Bureau of Economic Research, Inc.
- Noland, Marcus, 1995. "Why are prices in Japan so high?," Japan and the World Economy, Elsevier, vol. 7(3), pages 255-261, September.
- Roe, Mark J., 1990. "Political and legal restraints on ownership and control of public companies," Journal of Financial Economics, Elsevier, vol. 27(1), pages 7-41, September.
- Encarnation, Dennis J. & Mason, Mark, 1990. "Neither MITI nor America: the political economy of capital liberalization in Japan," International Organization, Cambridge University Press, vol. 44(01), pages 25-54, December.
- Edward M. Graham & Paul R. Krugman, 1993. "The Surge in Foreign Direct Investment in the 1980s," NBER Chapters, in: Foreign Direct Investment, pages 13-36 National Bureau of Economic Research, Inc.
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