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29 J. Common Mkt. Stud. 1 (1990-1991)

handle is hein.journals/jcmks29 and id is 1 raw text is: Journal of Common Market Studies Volume XXIX 0021-9886 $3.00 No. 1 September 1990 Japanese Direct Investments in the EC - Response to the Internal Market 1993? BERNHARD HEITGER and JURGEN STEHN* Kiel Institute of World Economics Introduction Japanese direct investments in Europe are growing in importance. After a period of relative stagnation in the 1970s, foreign direct investments from Japan since the mid-eighties have risen at least as fast as those devoted to Asia and the United States, where the Japanese traditionally have spent the largest amounts. The same seems to be true for Japanese investments in European manufacturing industries, which now also seem to be rising significantly. With persistent high unemployment rates in Europe, and improved employment opportunities brought about by foreign direct investments, the interest in the determinants and future developments of the Japanese presence in Europe has grown rapidly. This article tries to identify the determinants of Japanese direct investments and to evaluate some future perspectives. The article is organized as follows. The first section gives data on the current situation and on recent developments in Japanese direct investments in Europe. In the second section some hypotheses about the determinants of foreign direct investments are formulated. The next section contains empirical tests and, finally, conclusions are drawn about the future allocation of Japanese foreign direct investments in the light of the completion of the European Single Market in 1993. *The authors are grateful for the helpful comments offered by two anonymous referees and the editor.

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