In this paper, we examine empirically whether hard infrastructure, in the form of more highways and railroads, or soft infrastructure, in the form of more market-oriented institutions through deeper reform, lead to more foreign direct investment (FDI) in China. We use data of outward FDI from...

Introduction: A mere decade ago Japan’s financial system, and especially its banking system, was not only the largest but the strongest in the world. Nine of the world’s top ten banks in asset size were Japanese; the Big Four Japanese securities companies were the world’s largest; and its...