Abstract
1992 referred to the establishment of a unified market, a step in Europe’s progress towards an integrated economy. It is still a keyword today, but ironically it also denotes the year of the break-up of the European Monetary System (EMS). In the latter months of 1992, as certain obstacles to fuller economic integration were being removed, exchange-rate barriers were reintroduced.
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Notes
V.N. Balasubramanyam and D. Greenaway, ‘Economic Integration and Foreign Direct Investment: Japanese investment in the EC’, in Journal of Common Market Studies, 2 (1992).
T. Ozawa, ‘Japanese Multinationals and 1992’, in B. Burgenmeier and J.L. Mucchielli, eds., Multinationals and Europe 1992 — Strategies for the Future (London: Routledge 1991).
The evidence on the relation between the yen-US $ exchange rate and JFDI is clearly outlined in UNCTAD World Investment Report 1994 — Transnational Corporations, Employment and the Workplace (New York: United Nations 1994), p. 47.
See R. Bonavoglia and M. Gresti, Al Servizio dell’industria. Il ruolo della finanza nello sviluppo economico del Giappone (Bologna: Il Mulino 1993).
See note 2; ICE (Istituto nazionale per il commercio estero) Rapporto sul commercio estero (Rome: ICE, 1994).
Data on subsidiaries are drawn from R. Cominotti and S. Mariotti, (eds., Italia multinazionale 1994. Le nuove frontiere dell’internazionalizzazione produttiva (Milan: Etaslibri 1994), and from a questionnaire-based survey, carried out by the author.
This view was originally expressed by M. Itaki and M. Waterson, European Multinationals and 1992, University of Reading Working Papers in International Investment and Business Studies B, 141 (1991), but it is also consistent with explanations of a European division of labour based on regionally integrated corporate networks.
J. Cantwell, ed., Multinational Investment in modern Europe — Strategic interaction in the integrated Community (Aldershot: Edward Elgar 1992).
In 1992, 65.9 per cent of Italian exports went to Europe. For this figure, and for those that outline Italy’s trade, see ICE (Istituto nazionale per il commercio estero) Rapporto sul commercio estero (Rome: ICE, 1993, 1994).
I. Yamazawa, ‘Japan’ in S. Borner and H. Grubel, eds., The European Community after 1992. Perspectives from the outside (London: Macmillan, 1992).
Large firms, where the trade unions were strong, were characterised by tough wage disputes and dependence upon the banking sector. See F. Giavazzi and L. Spaventa, ‘Italy: The Real Effects of Inflation and Disinflation’, Economic Policy (April 1983).
See G. Nardozzi, ed., Il ruolo della banca centrale nella recente evoluzione dell’economia italiana (Milan: Angeli 1993) for a detailed analysis of the Bank of Italy’s industrial policy during the 1980s.
See UNCTC, Transnational Corporations in World Development: Trends and Prospects (New York: United Nations, 1988).
See J.H. Dunning, ‘The Globalisation of Service Activities’, in J.H. Dunning, ed., The Globalisation of Business (London: Routledge, 1993).
This is according to G. Hawawini and M. Schill, ‘The Japanese Presence in the European Financial Services Sector’, in M. Mason and D. Encarnation, eds., Does Ownership Matter? Japanese Multinationals in Europe (Oxford: Oxford University Press (1994), one of the few competitive advantages that Japanese banks do have.
G. Dufey ‘Comment’, in M. Mason and D. Encarnation, eds., Does Ownership Matter? Japanese Multinationals in Europe (Oxford: Oxford University Press, 1994), p. 289.
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© 1996 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Ramazzotti, P. (1996). Italy and Japanese Investment: The Influence of the European Monetary System. In: Darby, J. (eds) Japan and the European Periphery. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25196-4_9
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