Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/107904 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1992
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
We use Japanese microdata to examine how financial market frictions affect foreign direct investment (FDI). The Japanese land price bubble and banking trouble in the late 1980s and early 1990s serve as a quasi natural experiment to identify two possible transmission channels from financial shocks to FDI: (i) a collateral channel, whereby changes in the value of collateral affect investors' ability to borrow; and (ii) a lending channel, whereby changes in bank health affect banks' ability to lend. We find evidence that both transmission channels are statistically significant and economically important.
Schlagwörter: 
foreign direct investment
multinational enterprise
financing
credit rationing
collateral
bank health
Japan
JEL: 
F23
L20
Dokumentart: 
Working Paper

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