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This paper examines the link between a firm's ownership of productive assets and its choice of foreign-market entry strategy. We find that, controlling for industry- and country-specific characteristics, the most productive firms (i.e., those owning the most assets) will enter through greenfield...
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on loan and equity ownership to address the impact of the Japan-specific bank-firm relations and bank control on the …
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This article presents a systematic and extensive empirical study on the presence of Markov switching dynamics in three dollar-based exchange rates. A Monte Carlo approach is adopted to circumvent the statistical inference problem inherent to the test of regime-switching behavior. Two data...
Persistent link: https://www.econbiz.de/10002521054
This paper analyses the impact of asymmetric preferences with respect to inflation and output by policymakers on interest-rate reaction functions and test for their existence. A modified New Keynesian framework which makes it possible to identify the dominant type of asymmetry is developed and...
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During the past three decades, Japan's current account experienced five large swings. The yen appreciated considerably … in periods when the current account boomed, and it depreciated whenever Japan's external performance weakened. However … regularities. It argues that as a result of the large movements of the current account, the flows of cash between Japan and ist …
Persistent link: https://www.econbiz.de/10001913499
through the 1990s. We also test our maintained hypothesis of rational expectations using asset price data for Japan over the …
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