表題番号：2022C-261
日付：2023/04/04
研究課題Why does Japan invest so little in securities in East Asia?
| 研究者所属（当時） | 資格 | 氏名 | |
|---|---|---|---|
| （代表者） | 国際学術院 大学院アジア太平洋研究科 | 准教授 | 菊地 朋生 |
| （連携研究者） | Kwansei Gakuin University | Assistant Professor | Satoshi Tobe |
- 研究成果概要
- The distance between the reporting country and the counterparty country is significant in a basic gravity model for portfolio investment assets, FDI assets and gross exports when we cover all the reporting countries or when we select Korea, China, and the United States as a reporting country in our samples. When we select Japan as a reporting country, the distance is still significant for FDI assets and gross exports but not for portfolio investment assets. This shows the uniqueness of Japan's portfolio investments across countries: 1) it deviates from the world's "average" and 2) it cannot be explained by a basic gravity model that explains Japan's FDI asset allocation and exports. Based on these observations, this paper investigates factors including institutional qualities, risks of issuers, and sizes of bond and equity markets in counterparty countries that can explain and highlight the uniqueness of Japan's portfolio investment asset allocation across countries. Lastly, we estimate if Japan's portfolio investments have achieved above-average returns.