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1 M&A IMF IMF gold tranche

2 - March IMF IMF IMF ITO The General Agreement on Tariffs and Trade

3 IMF IMF IMF GATT OECD OECD BITs.

4 - March. U I = I (r m, i, Z * r m i Z * (= Z / Z) I / r m > I / i < I / Z * > I f = I f (r mf, i f, Z * f) r mf I f Z * f (= Z / Z)

5 I f / r mf > I f / i f < I f / Z * > r mf > r m > i,i f ; Z * f > Z * EEC

6 - March

7 EEC I = I ( r m, i, Z * ) I = I ( r mf, i f, Z f) * Z * f > Z *

8 - March r mf > r m I f / r mf > I f / i f < i > i f r mf > r m > i > i f n i n i n e,e...e n r il~n i n e j K ij (= e K i + e K i e n K in ) j= n r ij e j K ij (= r i e K i + r i e K i r in e n K in ) j= n r ij e j K ij r i = j= n e j K ij j=

9 m n i n e j K ij j= m n i m i e j K ij i= j= m n j r ij r ij e j K ij i= j= m n r ij e j K ij i= j= r = m n e j K ij i= j= NAFTA WTO

10 - March TRIMs GATS TRIPs IMF IMF IMF

11 A M V D D i(i= ~n) i

12 - March V s r ms D i(i= ~n) D * i(i= ~n) V D D D D n VD = i ( +i) ( +i) n D D D n Vs = r ms ( +r msn ) ( +r msn ) n

13 i D * i(i= ~n) V sn i r msn D * D * D * n V sn = V D = r msn ( +r msn ) ( +r msn ) n D * D * D * n V Dn = i ( +i) ( +i) n M A J.M. Fatemi, N. S. et al., The Dollar Crisis: The United States Balance of Payments and Dollar Stability, Fairleigh Dickinson University Press,, pp. - ; Samuel Pizer and Frederick Cutler, Expansion in the U.S. Investments Abroard, Survey of Current Business, Vol., No., August, p.. J.J. Servan-Schreiber, The American Challenge, New York, Atheneum,.

14 - March A.S. - Harry J. Robinson, The Motivation and Flow of Private Foreign Investment (Investment Series ), International Development Center, Stanford Research Institute, Menlo Park, California,. U.S. Congress, Joint Economic Committee, Report of the Subcommittee on Foreign Economic Policy, Foreign Economic Policy for the s, U.S.G.P.O., Washington, D.C.,, pp. -. The Commission on International Trade and Investment Policy, United States International Economic Policy in an Interdependent World, Report, U.S.G.P.O., Washington, D.C.,, p.. S. IMF S IMF P. P. The Motivation of Private Foreign Investment and Economic Policy On the Behavior of US Multinationals after the Second World War This paper historically and theoretically focused on the motivation of US private foreign investment and economic policy. In the Keynesian world economy, large US firms tried to

15 expand their market through their subsidiaries and affiliates in Europe because the economic growth rate of this area was higher than that of US. However, after the breakdown of the Keynesian world economy, US firms tried to set up their subsidiaries and affiliates in the developing countries in order to cut the costs of production by exploiting cheap labor and using low cost materials. They tried to be multinational by vertical integration and globally organized their manufacturing processes. Nowadays US firms, which are multinationals and international conglomerates, have many divisions globally and try to maximize profit through cross-bordered mergers and acquisitions. The liberalization of international capital flow has become important, and the stock market plays an active role in doing business worldwide. HAGIWARA, Shinjiro Professor, Faculty of Economics, Yokohama National University

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金／金 IMF IMF M&A IMF IMF Gerchenkron Gerchenkron unbalanced growth Gerchenkron Johnson development state Hirschman IMF OECD IMF IMF GDP crony capitalism Krugman IMF capital market-based financial system bank-centered