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Japanese foreign investment and the "Land Bubble"

Werner, Richard A. (1994) Japanese foreign investment and the "Land Bubble" Review of International Economics, 2, (2), pp. 166-178. (doi:10.1111/j.1467-9396.1994.tb00038.x).

Record type: Article


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.

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Published date: 1994


Local EPrints ID: 36571
ISSN: 0965-7576
PURE UUID: ea2fcd94-33d3-4e79-ae6f-c9b1e5878873

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Date deposited: 19 Dec 2006
Last modified: 17 Jul 2017 15:44

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