Foreign direct investment and international trade: evidence from the US and Japan
分析日本和美国1996-1999年对多国的对外投资数据，发现外国直接投资总体上创造而非替代贸易，且该效应因国家而异。
This paper examines the question of whether foreign direct investment (FDI) creates or replaces international trade. Theoretical and empirical studies in the past have shown that FDI tends to replace trade, but more recent evidence suggests the opposite, that is, FDI creates and complements trade. We analyse the outward investment of Japan and the United States to 29 and 32 countries respectively for the period 1996 to 1999. Our analysis indicates that trade creating effect dominates on the whole, and that this effect also varies significantly across countries.