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Japanese Foreign Direct Investment and Regional Trade

  • Gabrielle Lipworth
  • Tamim Bayoumi

We examine the relationship between Japanese FDI outflows, domestic and foreign fixed investment, and the exchange rate. The results indicate that aggregate FDI outflows have been driven by investment in Japan and the exchange rate, while the geographic distribution of such investment has been influenced by foreign economic conditions. We also find that FDI outflows have a temporary impact on exports but a permanent effect on imports. We find no evidence that behavior with respect to East Asia differs from that with respect to North America or Europe.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/103.

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Length: 35
Date of creation: 01 Aug 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/103
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  1. Caves, Richard E, 1971. "International Corporations: The Industrial Economics of Foreign Investment," Economica, London School of Economics and Political Science, vol. 38(149), pages 1-27, February.
  2. Carmen Reinhart & Mohsin S. Khan, 1995. "Capital Flows in the APEC Region," IMF Occasional Papers 122, International Monetary Fund.
  3. Kenneth A. Froot, 1991. "Japanese Foreign Direct Investment," NBER Working Papers 3737, National Bureau of Economic Research, Inc.
  4. Kojima, Kiyoshi, 1973. "A Macroeconomic Approach to Foreign Direct Investment," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 14(1), pages 1-21, June.
  5. Kenneth A. Froot & Jeremy C. Stein, 1989. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," NBER Working Papers 2914, National Bureau of Economic Research, Inc.
  6. Caves, R.E., 1993. "Japanese Investments in the United States: Lessons for the Economic Analysis of Foreign Investment," Harvard Institute of Economic Research Working Papers 1652, Harvard - Institute of Economic Research.
  7. Dixit, Avinash K, 1989. "Hysteresis, Import Penetration, and Exchange Rate Pass-Through," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 205-28, May.
  8. Takatoshi Ito & Tamim Bayoumi & Peter Isard & Steven A. Symansky, 1996. "Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region," IMF Occasional Papers 145, International Monetary Fund.
  9. Phedon Nicolaides & Stephen Thomsen, 1991. "Can Protectionism Explain Direct Investment?," Journal of Common Market Studies, Wiley Blackwell, vol. 29(6), pages 635-643, December.
  10. Kojima, Kiyoshi & Ozawa, Terutomo, 1984. "Micro- and Macro-Economic Models of Direct Foreign Investment : Toward a Synthesis," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 25(1), pages 1-20, June.
  11. Kogut, Bruce & Chang, Sea Jin, 1991. "Technological Capabilities and Japanese Foreign Direct Investment in the United States," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 401-13, August.
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