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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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