Michael Ryan

Michael Ryan

Michael Ryan

Michael Ryan

Ph.D., Indiana University, 2001
Foreign Direct Investment; Multinational Enterprises; International Trade

5418 Friedmann Hall

Michael Ryan's homepage


Dr. Ryan's teaching at the undergraduate level includes courses on the Principles of Microeconomics (Econ 2010) and International Economics (Econ 3800), which surveys the fundamentals of international trade open economy macroeconomics. He also teaches Economics for Elementary Education (Econ 1000), a course designed to prepare students to teach economic concepts to elementary school-aged (K-8) children, as well as prepare them for state teaching certification tests.

At the graduate level, Dr. Ryan primarily teaches International Economics II (Econ 6810), the second course in the Ph.D. sequence in international economics.The course provides an overview of the basic theories and determinants of international trade and a welfare analysis of trade policy. It also provides students with the analytical tools necessary to do applied research on current international economics topics such as classic and "New Trade" trade theory, trade policy, foreign direct investment, multinational enterprises, and economic geography.


Dr. Ryan's research focuses on firm-level determinants of foreign direct investment (FDI). He is specifically interested in the sequential nature of FDI - that is, what determines a firm's decision to become a multinational enterprise, and then what influences their decision to expand their foreign affiliate network. Attention is paid to affiliate geographic location choice as well as how affiliate ownership choice (whole ownership, joint venture) choices change over the firm's investment sequence. Much of his empirical research incorporates firm-level data on Japanese multinational enterprises. This has led Dr. Ryan to recently investigate the role that the Japanese land-price and banking collapse of the early 1990s played on Japanese FDI, with attention paid to how lessons learned from this crisis can be applied to the global economic crisis of 2007-present.

Selected Publications

“Why Do Banks Go Abroad? Evidence Using a Three-Way Error Component Model” (w/ Tamrat Gashaw) Forthcoming, Journal of Economics.

“Firm Productivity and the Foreign-Market Entry Decision” (w/ Horst Raff & Frank Stähler). Forthcoming, Journal of Economics Management and Strategy.

“Productivity Differences and Foreign Market Entry in an Oligopolistic Industry.” (w/ Andrzej Cie?lik). Forthcoming, Open Economies Review.

“Investment History and Market Orientation Effects in the TFP-FDI Relationship” (w/ Jeff Kukulski). World Economy 34(2011): 546-567.

"Exchange Rate Effects on Multinational Activity: Theory and Evidence" (w/ H. Egger & P. Egger). Forthcoming, Review of International Economics.

"Whole versus Shared Ownership of Foreign Affiliates." (w/ H. Raff and F. Stähler). International Journal of Industrial Organization 27 (2009): 572-581.

"Firm Heterogeneity, Foreign Market Entry Mode and Ownership Choice" (w/ A. Cieślik). Japan and the World Economy 21 (2009): 213-218.

"The Choice of Market Entry Mode: Greenfield Investment, M&A and Joint Ventures". (w/ H. Raff and F. Stähler). International Review of Economics and Finance 18 (2009): 3-10.

"FDI Location and Size. Does Employment Protection Legislation Matter?" (w/ D.M. Gross) Regional Science and Urban Economics 38 (2008): 590-605.

"Firm-specific Characteristics and the Timing of Foreign Direct Investment Projects" (w/ H. Raff). Weltwirtschaftliches Archiv/Review of World Economics 144 (2008):1-31.

"'Following' or 'Attracting' the Customer? Japanese Banking FDI in Europe." (w/ M. von der Ruhr). Atlantic Economic Journal 33 (2005): 405-422.

"Location determinants of Japanese multinationals within Poland: Do special economic zones really matter for investment decisions?" (w/ A. Cieślik). Journal of Economic Integration 20 (2005): 475-496.

"Intra- and Inter-industry Linkages in Foreign Direct Investment: Evidence from Japanese Investment in Europe" (w/ D.M. Gross and H. Raff). Journal of the Japanese and International Economies 19 (2005): 110-134.

"Explaining Japanese direct investment flows into an enlarged Europe: A comparison of gravity and economic potential approaches." (w/ A. Cieślik). Journal of the Japanese and International Economies 18 (2004): 12-37.


Department of Economics
5307 Friedmann Hall
Western Michigan University
Kalamazoo MI 49008 USA
(269) 387-5535 | (269) 387-5637 Fax