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Foreign Direct Investment and Keiretsu: Rethinking U.S. and Japanese Policy

  • David E. Weinstein

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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File URL: http://www.nber.org/papers/w5612.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5612.

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Date of creation: Jun 1996
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Publication status: published as The Effects of US Trade Protection and Promotion Policies, R. Feenstra, ed.pp. 81-116, (Chicago: University of Chicago Press, 1997).
Handle: RePEc:nbr:nberwo:5612
Note: ITI
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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  1. 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.
  2. Noland, Marcus, 1995. "Why are prices in Japan so high?," Japan and the World Economy, Elsevier, vol. 7(3), pages 255-261, September.
  3. 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.
  4. 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.
  5. 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.
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