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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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.
|Digital Object Identifier (DOI):||doi:10.1111/j.1467-9396.1994.tb00038.x|
|Subjects:||H Social Sciences > HG Finance|
|Divisions:||University Structure - Pre August 2011 > School of Management
|Date Deposited:||19 Dec 2006|
|Last Modified:||06 Aug 2015 02:32|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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