• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

Expansion and Globalization of Financial Markets, and Financial System, Monetary Policy; Theory, Practice, and International Comparison

Research Project

Project/Area Number 02301093
Research Category

Grant-in-Aid for Co-operative Research (A)

Allocation TypeSingle-year Grants
Research Field Public finance/Monetary economics
Research InstitutionKobe University

Principal Investigator

MIKITANI Ryoichi  Kobe Univ.: Faculty of Economics: Professor, 経済学部, 教授 (30030670)

Co-Investigator(Kenkyū-buntansha) HONDA Yuzo  Kobe Univ.: The School of Business Administration, 経営学部, 教授 (80137249)
FUJIWARA Kenya  Hiroshima Univ.: Faculty of Economics: Ass. Professor, 経済学部, 助教授 (30229067)
UE Katsuya  Univ. of Marketing and Distribution Sciences: Faculty of Information Science: Le, 情報学部, 講師 (10203423)
JINUSHI Toshiki  Kobe Univ.: Faculty of Economics: Ass. Professor, 経済学部, 助教授 (60171089)
ISHIGAKI Kenichi  Kobe Univ.: Research Institute for Economics and Business Administration: Profes, 経済経営研究所, 教授 (40047486)
山上 宏人  神戸市外国語大学, 外国語学部, 教授 (00094524)
Project Period (FY) 1990 – 1991
Project Status Completed (Fiscal Year 1991)
Budget Amount *help
¥6,300,000 (Direct Cost: ¥6,300,000)
Fiscal Year 1991: ¥2,500,000 (Direct Cost: ¥2,500,000)
Fiscal Year 1990: ¥3,800,000 (Direct Cost: ¥3,800,000)
KeywordsMonetary Policy / Financial System Reform / Deregulation / International Comparison / Monetarism / Keynesian / New Classical School / New Keynesian School / 金融システム / 金融革新 / 金融制度改革(自由化) / 金融市場統合化
Research Abstract

Final Research Results are to be published as a book titled World Financial Deregulation and Monetary Policy. Its first part deals with theories of monetary policy; it surveys standard literatures and shows the most recent developments. In the macro chapter, "the neutrality of money" is highlighted and, the theoretical developments are summarized, from the Keynesian --Monetarist debate to the recent New Classical-- New Keynesian debate. In the micro chapter, "the asymmetry of information" is the central concept; problems like the opotimality of the debt contract, credit rationing, and bank run are treated theoretically. In the chapter of international coordination, the possibility of adverse results caused by macro policy coordination is emphasized, and the justification for the BIS regulation is theoretically clarified, both using the game theoretic approach.
The second part has nine chapters on the country case studies; Japan, USA, Canada, Germany, France, England, Australia, and EC. … More The evolution of financial system reforms, and the corresponding changes in monetary policy regimes, and the resulting macroeconomic performances are summarized for each country with clear division of time periods.
The third part compares the country case studies and tries to extract lessons from them. Firstly, among final policy goals, most countries gave top priority to high employment till the mid 70s and did so to low inflation since then to the mid 80s; but, currently, they are divided into two groups, the inflation-first group and the pragmatic group which adjust policy priorities corresponding to economic situations. Secondly, the history of the operating strategies shows the same pattern; "the discretion" was common till the mid 70s, and "the rule" was common since then till the mid 80s; currently, the pragmatic group adopts "the discretion" and the inflation-first group adapts "the rule". However, the distance between the two procedures have been lessened; neither groups no longer utilize the extreme strategies. Finally, it is asserted that the macroeconomic performances are not evidently different between the two groups. It might be the results of the significant convergence in the ways of policy operation but we must wait until future large shocks to evaluate the two directions fully. Less

Report

(3 results)
  • 1991 Annual Research Report   Final Research Report Summary
  • 1990 Annual Research Report
  • Research Products

    (24 results)

All Other

All Publications (24 results)

  • [Publications] 石垣 健一: "オーストラリアにおける金融政策の運営方式の変遷" 国民経済雑誌. 165-6. 41-58 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 久保田 哲夫: "安定貨幣・中立貨幣論争のもう一つの視点" 関西学院大学経済学論究. 45-5. 37-56 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 瀧川 好夫: "信用収縮について" 神戸大学経済学研究年報. 38. 55-85 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 地主 敏樹: "カナダの金融制度と金融政策" 神戸大学経済学研究年報. 38. 87-123 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 藤田 誠一: "基軸通貨制度と非対称性" 国民経済雑誌. 165-1. 95-114 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 藤原 賢哉: "銀行の危険資産選択と政策当局の「評判」の効果についてー銀行救済の裁量とルールー" 広島大学経済論叢. 15-1. 213-232 (1991)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 三木谷 良一・石垣 健一: "世界の金融自由化と金融政策(仮題)" 東洋経済新報社, 300 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] Ishigaki, Kenichi: "The Evolution of Monetary - Policy Operation Procedures in Australia" The Kokumin-keizai Zassi. 165-6. 41-58 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] Kubota, Tetsuo: "Another Aspect of Stable Money vs. Neutral Money Controversy" The journal of Economics of Kwansei Gakuin University. 45-4. 37-56 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] Takigawa, Yoshio: "On Credit Crunches" The Annal's of Economic Review Kobe University. 38. 55-85 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] Jinushi, Toshiki: "The Canadian Financial System and Monetary Policy" The Annals of Economic Review Kobe University. 38. 87-123 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] Fujita, Seiichi: "Key Currency System and the Assymmetry" The Kokumin-keizai Zassi. 165-1. 95-114 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] Fujiwara, Kenya: "The Effectiveness of Reputation in a Model of Bank Failures and Rescues (Rules and Discretion of Bailout)" The Hiroshima Economic Review. 15-1. 213-232 (1991)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1991 Final Research Report Summary
  • [Publications] 地主 敏樹: "カナダの金融制度と金融政策" 神戸大学経済学研究年報. 38. 87-123 (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 瀧川 好夫: "信用収縮について" 神戸大学経済学研究年報. 38. 55-85 (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 藤原 賢哉: "銀行の資産選択と政策当局の「評判」の効果についてー銀行救済の裁量とル-ルー" 広島大学経済論叢. 15ー1. 213-232 (1991)

    • Related Report
      1991 Annual Research Report
  • [Publications] 久保田 哲夫: "安定貨幣・中立貨幣論争のもう一つの視点" 関西学院大学経済学研究会 経済学論究. 45ー4. 37-56 (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 藤田 誠一: "基軸通貨制度と非対称性" 国民経済雑誌. 165ー1. 95-114 (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 三木谷 良一,石垣 健一編著: "「世界の金融自由化と金融政策」" 東洋経済新報社, 250 (1993)

    • Related Report
      1991 Annual Research Report
  • [Publications] 三木谷 良一: "EC経済論" 経済学研究のために. 第5版. (1991)

    • Related Report
      1990 Annual Research Report
  • [Publications] 石垣 健一: "1980年代のオ-ストラリアの金融システム" 経済経営研究年報. 40ー2. (1991)

    • Related Report
      1990 Annual Research Report
  • [Publications] 本多 佑三: "Chow Tests in Linear Simultaneous Equation:The Case of Deficient Observation" Journal of Structural Change and Economic Dynamics. (1991)

    • Related Report
      1990 Annual Research Report
  • [Publications] 地主 敏樹: "カナダの金融システム" 経済学研究年報に執筆予定. 38. (1992)

    • Related Report
      1990 Annual Research Report
  • [Publications] 宇恵 勝也: "フランスの信用機関と監督機構" 社会科学論集(愛知教育大学社会科学会). 30号. 1-20 (1990)

    • Related Report
      1990 Annual Research Report

URL: 

Published: 1990-04-01   Modified: 2016-04-21  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi