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( Joseph D. Alba ),( Peiming Wang ),( Woon Yee Ho ) 세종대학교 경제통합연구소 2007 Journal of Economic Integration Vol.22 No.2
We use data on 317 Japanese firms to examine the effect of relative access to credit and relative wealth on the Japanese firm`s rate of foreign direct investment (FDI) in the United States. Using the zero-inflated negative binomial model, we find that multiple rating downgrades of a firm`s main bank significantly affected the Japanese firm`s rate of FDI in the United States. This result holds for firms with the highest 20% of bonds-to-liabilities ratio indicating that banking problems in Japan affected even firms who could have financed their FDI with bonds. We also find that the firm`s rate of FDI is affected by the firm`s relative wealth.
Terms-of-Trade Shocks and the Current Account
( Wai Mun Chia ),( Joseph D. Alba ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2005 Journal of Economic Integration Vol.20 No.4
We investigate the relationship between terms-of-trade shocks and the current account of a small open economy in the presence of imperfect competition and nominal price rigidities in the nontraded sector. We show that a temporary terms-of-trade improvement results in a current account surplus since the increase in consumption of traded goods is smaller than the magnitude of terms-of-trade shock. This result is consistent with the well-known Harberger-Laursen-Metzler effect. However, the effects of permanent term-of-trade shocks on current account depend mainly upon the intra- and intertemporal elasticities of substitution in consumption. When prices are perfectly flexible, permanent terms-of-trade shocks have no dynamic effects on the current account.