Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model Averaging
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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INVESTIGACIONMetadatos
Título
Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model AveragingFecha de publicación
2021-01-22Editor
ElsevierISSN
0922-1425Cita bibliográfica
CAMARERO, Mariam; MOLINER, Sergi; TAMARIT, Cecilio. Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model Averaging. Japan and the World Economy, 2021, vol. 57, p. 101058.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://www.sciencedirect.com/science/article/pii/S0922142521000050?dgcid=rss_sd ...Versión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
In this paper we analyse the determinants of Japanese outward FDI stock for the period 1996–2017. This period is especially relevant as it covers a process of increasing economic globalization and two financial crises. ... [+]
In this paper we analyse the determinants of Japanese outward FDI stock for the period 1996–2017. This period is especially relevant as it covers a process of increasing economic globalization and two financial crises. To this aim, we consider a large set of candidate variables based on the theory as well as on previous empirical analysis. Our sample includes a total of 27 host countries. We select the covariates using a data-driven methodology, the Bayesian Model Averaging (BMA) analysis. Moreover, we also analyse whether these determinants change depending on the degree of development (emerging vs developed) or the geographical areas (EU vs East Asia) of the countries considered. We find that Japan's FDI can be explained by a wide variety of variables, that include not only the typical gravitational ones but also institutional and macroeconomic variables, including those that measure financial development. Moreover, Japanese FDI can be explained by both horizontal and vertical FDI motives in the groups of countries analysed. However, in developed, and more precisely, EU countries, horizontal FDI strategies are predominant, whereas for East Asian and emerging countries, there is more evidence in favour of vertical FDI. [-]
Publicado en
Japan and the World Economy Volume 57, March 2021, 101058Entidad financiadora
Ministerio de Ciencia, Innovación y Universidades (Spain) | Generalitat Valenciana | European Commission
Código del proyecto o subvención
ECO2017-83255-C3-3-P | PROMETEO 2018/102 | 611032-EPP-1-2019-1-ES-EPPJMO-CoE
Derechos de acceso
© 2021 Elsevier B.V. All rights reserved.
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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