1980년대 이후 전세계･미국･일본 해외직접투자의 특징적 변화

This study analyzed the characteristic changes of Outward FDI(OFDI) since 1980s in the world, US, and Japan, which has grown under the global openness and liberalization. After global OFDI statistics of investment scale, investor countries, investing industries, and cross-border M&A being analyzed, four conclusions were found. First, global OFDI has increased both nominally and in real term. The end of the Brettonwoods system in 1970s, neo-liberalism in the 1980s, institutional changes such as China’s economic opening, communist bloc’s transformation into market economy, and inaugurations of NAFTA·EU·WTO in 1990s have promoted global OFDI. Second, the major investor countries has expanded from two-pole, to three-pole, and to quadruple-pole. Until early 1980s, it was a two-pole with the US and Europe joined. Since the mid-1980s, it became a triad with the US, Europe, and Japan included. Japan appeared as a major investor with strong Yen. Now, it has become a quadruple with globalized China added. The US has maintained its top position since World War II. However, the share of the US and Japan has decreased due to the OFDI increase by Europe and China. Third, non-manufacturing has become the mainstream OFDI sector. This has been accelerated by the de-regulations of services industries, the expansion of international exchanges, privatization of state-owned companies in ex-communist bloc and their Inward FDI attraction of services industries, increased importance of R&D·design·marketing and reduction of manufacturing cost. Fourth, cross-border M&A has became active since 1980s. The US led this trend and Japan kick-started cross-border M&A since the mid 1980s. It can be inferred that the looming protectionism could discourage OFDI through the reverse function of global openness and liberalization.