Analysis of Hollowing out in the Economies of US and Japan : CGE Model with Domestic Investment, Direct Investment, and International Trade

点击翻译按钮获取中文摘要

1. Similar to the case in US,the hollowing out of the Japanese economy becomes prevalent policy issue. The purpose of this research is to analyze empirically the relative or absolute decrease in the weight of manufacturing industry in Japan, after the structural adjustments through direct investment from Japan to Asian countries. We investigated the detail data of international trade, direct investment, and Japanese industry to find structural adjustment of Japanese industry.2. The following topics are foucused(1) A position of Japanese economy in the international division of labor, following the global activities of Japanese firms of trades and investments.(2) A vertical division of labor (division of labor of production processes) between Japan and ASEAN countries, following expansion of direct investments and intra-industry trade.(3) Evaluate alternative regional economic integration, such as APEC,ASEAN,and NAFTA,take into account the hollowing out of Japanese economy.3. The main r … More esults, which we got, are as follows.(1) Manufacturing products with high-tech and labor intensive technology are increasing in an intra-industry trade between Asian developing countries and developed countries.(2) To avoid a hollowing out of economy, Japan must increase competitiveness of technology and knowledge intensive products and processes and take parts of those products or processes as an exports in intra-industry trade. This also increase the roll of Japan as a mediator between US and Asia.(3) Japan can increase a competitiveness of some service industries through deregulation or increasing market competition. This can increase activities in foreign countries and direct investment to reduce a pressure of the hollowing out of Japanese economy.(4) There exist many types of regional integration in Asia-Pacific, and those have their own rolls for developments, and helpful for Japanese economy.4. Some of our papers are reported at the international conferences, in Thailand, Korea, Hong-Kong, and US.The output of CGE-model is still insufficient for the use of our purpose of analysis, and thus we depend more on international trade, direct investment, and industry data. Less