Trade theorists have come to understand that their theory is ambiguous on the question : are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...

Analysis of Chinese aid programs in Africa shows repeated patterns from the Japanese aid programs in China that occurred decades prior. Chinese aid in Africa has two main similarities with the strategic goals of the Japanese aid program: mutual economic benefit and political influence

Economic freedom affects wellbeing as numerous studies have shown. But there are differences among countries: while in some countries a low level of economic freedom already leads to high wellbeing, the same level of economic freedom in other countries may not be sufficient to achieve even...

We estimate the impact of the COVID-19 crisis on business failures among small and medium-size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost minimization and measure each firm’s liquidity shortfall during and...

This paper argues that Japanese Foreign Direct Investment (FDI) in China plays a critical role in home and host country's bilateral trade imbalances with the U.S. Using six cross-sectional panel data from 1981 to 2007, we find strong evidence in support of the role of Japanese FDI in mounting...

This paper finds that a country's affinity with a foreign country has a positive effect on foreign direct investment flows from it to that country, by analyzing Japanese foreign direct investment outflows during the period of 1995–2009. A rise in a country's affinity with a foreign country is...

The purpose of this paper is two-fold: First, to examine a) ongoing East Asian integration in terms of intra-regional financial cooperation, b) the proliferation of intra-regional free trade agreements with extra-regional economies and cross-border foreign direct investment flows c) and...

Cluster policies have attracted increasing attention worldwide, but only a few studies have focused on their management by local cluster organizations. We investigate the relationship between national cluster policies and their management by local cluster organizations from a comparative...