Japanese foreign investment and the "Land Bubble"
Werner, Richard A. (1994) Japanese foreign investment and the "Land Bubble". Review of International Economics, 2, (2), 166-178. (doi:10.1111/j.1467-9396.1994.tb00038.x).
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Description/Abstract
The aim of this paper is to examine the determinants of Japanese net long-term capital flows in the 1980s and early 1990s. A basic framework is proposed which takes account of Japan's so-called land bubble by incorporating the interaction of land with the banking sector in a macroeconomic portfolio model of capital flows. Empirical evidence is supportive of the hypothesis that land-related bank loans have been a major determinant of Japanese net long-term foreign investment. the hypothesis of substitution between direct and indirect foreign investment also receives support, and areas of future research are mentioned.
| Item Type: | Article |
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| Related URLs: | |
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | University Structure - Pre August 2011 > School of Management |
| Item ID: | 36571 |
| Date Deposited: | 19 Dec 2006 |
| Last Modified: | 02 Mar 2012 12:48 |
| Contributors: | Werner, Richard A. (Author) |
| Date: | 1994 |
| Status: | Published |
| URI: | http://eprints.soton.ac.uk/id/eprint/36571 |
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