Foreign Direct Investment in Japan : 1899-1930

概要

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Historically, foreign direct investment (FDI) in Japan (as compared with developing countries in the past and present) was very small both in terms of the absolute amount and the share in the total foreign capital inflows. This paper focuses on a period (1899-1930) that was characterized by relatively free capital mobility and examines why FDI was so little despite the absence of explicit government measures against it. Noting that most of the FDI in Japan in this period took the form of a joint venture between a foreign company and its Japanese counterpart, the paper develops a simple geometrical model for analyzing Japanese companies' decision (regarding whether or not to accept FDI). A condition under which Japanese companies will not accept FDI is derived. Some quantitative and anecdotal evidences consistent with this condition are also presented.
大東文化大学の論文
2004-03-31