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The relationship between regional saving and investment is examined to measure the extent of capital mobility. The relationship between total regional saving and investment is significantly negative in Canada and the United Kingdom, in contrast to the significant positive relationship found across countries. The difference is attributed to government subsidies to poor regions. The relationship between personal saving and private investment is insignificant in the U.K. and Germany and is negative in Canada which suggests that capital is mobile for individuals. The relationship between retained earnings and private investment is significantly positive in the U.K. and Canada suggesting capital immobility for firms but a test for the presence of regional corporate liquidity constraints yields no effects.

Investments: General --- Macroeconomics --- Public Finance --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Macroeconomics: Production --- Corporate Finance and Governance: General --- International Factor Movements and International Business: General --- Aggregate Factor Income Distribution --- Public finance & taxation --- Corporate finance --- Private savings --- Private investment --- Public investment spending --- Production growth --- Corporate investment --- National accounts --- Expenditure --- Production --- Income --- Saving and investment --- Public investments --- Economic theory --- United Kingdom

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We trace Japanese corporate investment across different types of firms over the past decades and estimate the main determinants of investment. We find that there are differences in investment behavior between firms expanding abroad and those operating mainly in domestic markets. On the back of a trend increase in production offshoring, investment by large companies, especially those in the transportation sector, is more positively associated with cash flow while responding less to Q ratio. These findings are consistent with the subdued recovery of private investment in recent years despite booming stock markets and the large build up of cash holdings by Japanese corporates.

Investments: General --- Macroeconomics --- Money and Monetary Policy --- Industries: Manufacturing --- Investment --- Capital --- Intangible Capital --- Capacity --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Corporate Finance and Governance: General --- Industry Studies: Manufacturing: General --- Financial Crises --- Monetary economics --- Corporate finance --- Manufacturing industries --- Economic & financial crises & disasters --- Currencies --- Corporate investment --- Manufacturing --- Private investment --- Global financial crisis of 2008-2009 --- Money --- National accounts --- Economic sectors --- Financial crises --- Saving and investment --- Global Financial Crisis, 2008-2009 --- Japan

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We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms.

Foreign exchange rates --- Econometric models. --- Finance: General --- Foreign Exchange --- Investments: General --- Money and Monetary Policy --- Investment --- Capital --- Intangible Capital --- Capacity --- Open Economy Macroeconomics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- General Financial Markets: General (includes Measurement and Data) --- Corporate Finance and Governance: General --- Currency --- Foreign exchange --- Monetary economics --- Finance --- Corporate finance --- Real exchange rates --- Real effective exchange rates --- Currencies --- Emerging and frontier financial markets --- Corporate investment --- Money --- Financial markets --- National accounts --- Financial services industry --- Saving and investment --- United States

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Emerging from the ruins of the Second World War, the Japanese economy has grown at double-digit rate throughout much of the 1950's and 1960's, and, when the oil crisis of the 1970's slowed growth throughout the industrialized world, Japanese growth throughout the industrialized world, Japanese growth rates remained relatively strong. There have been many attempts by scholars from a wide range of disciplines to explain this remarkable history, but for economists interested in the quantitative analysis of economic growth and the principal question addressed is how Japan was able to grow so rapidly. The contributors focus their efforts on the accurate measurement and comparison of Japanese and U.S. economic growth. Assuming that any sustained increase in real GNP must be due either to an increase in the quantity of capital and labor used in production or to the more efficient use of these inputs, the authors analyze the individual contributions of various factors and their importance in the process of output growth. These essays extend the methodology of growth analysis and offer many insights into the factors leading to the superior performance of the Japanese economy. They demonstrate that growth is a complex process and no single factor can explain the Japanese 'miracle.'

Economic structure --- United States --- Japan --- JP / Japan - Japon --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 338.023 --- 380.23 --- Arbeidsproductiviteit. --- Vorming van internationale prijzen. Internationale gelijkheden en verschillen. Concurrentievermogen. --- Conferences - Meetings --- Industrial productivity --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Congresses --- Arbeidsproductiviteit --- Vorming van internationale prijzen. Internationale gelijkheden en verschillen. Concurrentievermogen --- japan, economy, growth, oil crisis, industry, capital, labor, production, competition, canada, automotive, manufacturing, electrical machinery, research and development, strike, taxes, taxation, corporate, investment, income, trade, business, economics, finance, nonfiction, price shocks, energy, firms, productivity, workforce, management. --- United States of America

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We trace Japanese firms’ behavior over the last decades using aggregate corporate balance sheet data. Financial health of Japanese corporate sector has improved and firms paid back significant amount of debt and rebuilt their liquidity buffers. They also expanded abroad while the pace of corporate investment moderated. Regarding the latter, model estimates on aggregate corporate investment over the post bubble period show that expectation about future profitability, in particular medium-term demand outlook, has been the major driver, implying that a successful implementation of structural reforms could have positive impact even in the near term by improving the medium-term demand outlook.

Financial statements --- Corporations, Japanese --- Management. --- Accounting --- Corporate Finance --- Financial Risk Management --- Investments: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Corporate Finance and Governance: General --- Public Administration --- Public Sector Accounting and Audits --- International Financial Markets --- Corporate finance --- Financial reporting, financial statements --- Macroeconomics --- Finance --- Ownership & organization of enterprises --- Corporate investment --- Private investment --- Asset valuation --- Corporate sector --- National accounts --- Public financial management (PFM) --- Asset and liability management --- Economic sectors --- Saving and investment --- Finance, Public --- Asset-liability management --- Business enterprises --- Japan