Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit
提出相对信贷获取假说，利用银行和企业层面数据，发现日本银行财务困境显著减少了日本企业对美国的直接投资，解释了1990年代日元升值但FDI下降的异常现象。
During the 1980's, theories were developed to explain the striking correlation between real exchange rates and foreign direct investment (FDI). However, this relationship broke down for Japanese FDI in the 1990's, as the real exchange rate appreciated while FDI plummeted. We propose the relative access to credit hypothesis and show that unequal access to credit by Japanese firms contributes to the explanation of declining Japanese FDI. Using bank-level and firm-level data sets, we find that financial difficulties at banks were economically and statistically important in reducing the number of FDI projects by Japanese firms into the United States.