Working Paper
Troubled banks, impaired foreign direct investment: the role of relative access to credit
Rosengren, Eric S.; Peek, Joe; Klein, Michael W. (2000)
The relative wealth hypothesis of Froot and Stein (1991), motivated by the aggregate correlation between real exchange rates and foreign direct investment (FDI) observed in the 1980s, cannot explain one of the major shifts in FDI in the 1990s: the continued decline in Japanese FDI during a period of stable stock prices and a rapidly appreciating yen. However, when the relative wealth hypothesis is supplemented with the relative access to credit hypothesis proposed in this study, we are able to show that unequal access to credit by Japanese firms can explain the FDI puzzle in the 1990s. We ...
Working Papers , Paper 00-4

Journal Article
Japanese capital outflows
Glick, Reuven (1990)
FRBSF Economic Letter

Monograph
Foreign investment in Asia: cooperation and conflict between the United States and Japan
Sherk, Donald R. (1973)
Monograph , Paper 17

Journal Article
Slower growth for foreign banks?
Zimmerman, Gary C. (1991)
FRBSF Economic Letter

Journal Article
Japanese capital flows in the 1980s
Glick, Reuven (1991-04)
Economic Review , Issue Spr , Pages 18-31