| Project/Area Number |
01301074
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| Research Category |
Grant-in-Aid for Co-operative Research (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
一般理論
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| Research Institution | Keio University |
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Principal Investigator |
OHYAMA M. Keio Univ., Economics Professor, 経済学部, 教授 (10051517)
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| Co-Investigator(Kenkyū-buntansha) |
SHIOZAWA. S. Keio Univ., Economics, Asso. Professor, 経済学部, 助教授 (90146564)
DEI F. Kobe Univ., Asso. Professor, 経営学部, 助教授 (90093541)
YOSHINO N. Keio Univ., Economics, Professor, 経済学部, 教授 (50128584)
MAKI A. Keio Univ., Commerce, Professor, 商学部, 教授 (20051906)
NISHIMURA K. Univ. of Kyoto, Professor, 経済研究所, 教授 (60145654)
矢野 誠 横浜国立大学, 経済学部, 助教授 (30191175)
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| Project Period (FY) |
1989 – 1991
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| Project Status |
Completed (Fiscal Year 1991)
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| Budget Amount *help |
¥6,600,000 (Direct Cost: ¥6,600,000)
Fiscal Year 1991: ¥1,500,000 (Direct Cost: ¥1,500,000)
Fiscal Year 1990: ¥2,500,000 (Direct Cost: ¥2,500,000)
Fiscal Year 1989: ¥2,600,000 (Direct Cost: ¥2,600,000)
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| Keywords | capital market / current account / capital movements / direct investment / exchange rates / monetary and fiscal policies / policy coordination / business cycle / 金融自由化・国際化 / 購買力平価 / 対外債務 / 資本移動 / 経済成長 / 国際分業 / 経常収支不均衡 / 為替レ-ト決定理論 / 交易条件 / 債務累積 |
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| Research Abstract |
In recent years the world has experienced growing current account deficits, wild fluctuations in exchange rates, acceleration of international direct investments, international linkages of national monetary and fiscal policies and international synchronization of business cycles. These new developments are related to the liberalization and internationalization of national capital markets promoted through 1980's. The purpose of the present study is to develop international macroeconomic models incorporating international capital markets which enable us to explain these new developments and to explore their implications for economic wilfare of nations. We may also use the models to reconsider a country's external economic policies and international economic coordination. The major results of this study are as follows.
(i) A simple monetary model of international trade and finance is developed to illustrate that exchange rate changes have little role to play in adjusting current account imbalances (Ohyama). (ii) The international transmission of business cycle is shown to be affected by the pattern of international specialization (Nishimura and Yano). (iii) The dynamic behavior of a country's external debt is analyzed : it may be either monotonic or cyclical depending on the interst-rate schedule she faces in international capital markets (Nishimura and Ohyama). (iv) The effects of fiscal and monetary policies on the real exchange rate and current account balances are investigated in the context of alternative models of trade and finance (Takabashi and Shiozawa). (v) There are also analyses of international direct investment, purchasing power parity and liberalization of domestic capital markets in Japan (Dei, Maki and Yoshino).
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