Potential for Inward Foreign Direct Investment in Japan
---- Acknowledgments ----
We benefited from useful discussion with Kenta Yamanouchi. We also thank Shin-ichi Fukuda, Keith Head, Tomohiko Inui, Hirokazu Ishise, Banri Ito, Keiko Ito, Tadashi Ito, Masayuki Kudamatsu, Hiroshi Mukunoki, Takeshi Murooka, Naoto Jinji, Ayumu Tanaka, Yasuyuki Todo, an anonymous referee and participants at the 2018 spring meeting of the Japan Society of International Economics, TRIO Conference and seminars at Osaka University and Gakushuin University. Kozo Kiyota gratefully acknowledges financial support from the Japan Society for the Promotion of Science (JSPS), Grant-in-Aid (JP16H02018, JP18H03637). All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.