Akiko Tamura

Department of Economics
Hosei University
4342 Aihara-machi
Machida, Tokyo 194-0298
Tel: 042-783-2595;
Fax: 042-783-2611

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NBER Working Papers and Publications

February 1996Japanese and U.S. Exports and Investment as Conduits of Growth
with Jonathan Eaton: w5457
We develop a simple model of the choice between exploiting a technology in another country via export and via direct foreign investment. The model points to the destination country's size, level of technological sophistication, and distance from the source as factors in the decision. Moreover, it suggests that the effects of these variables may not only be nonhomogeneous but nonmonotonic as well. We use the model as a basis for estimating Japanese and U.S. exports and DFI positions around the world. Consistent with the theory we find that the importance of DFI relative to exports grows with population, although, contrary to our theory, the elasticity of DFI, as well as exports, with respect to population is less than one. We find that distance tends to inhibit DFI much less than it inh...

Published: Financial Deregulation and Integration in East Asia, Takatoshi Ito and Anne O. Kruger, eds., University of Chicago Press, 1996, pp. 51-72

January 1996Japanese and U.S. Exports and Investment as Conduits of Growth
with Jonathan Eaton
in Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, Takatoshi Ito and Anne O. Krueger, editors
March 1995Bilateralism and Regionalism in Japanese and U.S. Trade and Direct Foreign Investment Patterns
with Jonathan Eaton: w4758
We apply a modified 'gravity model' incorporating measures of factor endowments to analyze Japanese and U.S. bilateral trade flows and direct foreign investment positions with a sample of around 100 countries for the period 1985-1990. Country features that our analysis takes into account are population, income, the land-labor ratio, the average level of education, and region. We find that features of a country associated with more trade with either Japan or the United States also tend to be associated with more DFI from Japan or the United States. U.S. economic relations with Japan and Western Europe provide an important exception. Despite U.S. concern about its trade deficit with Japan, we find Japan to be much more open to the United States, not only as a source of imports, but also ...

Published: Journal of the Japanese and International Economies, vol. 8, no. 4, December 1994, pp. 478-510. citation courtesy of

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