| Project/Area Number |
03301074
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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 Gijuku University |
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Principal Investigator |
IMURA Kiyoko Keio Gijuku Univ.,Dept.of Economics,Professor, 経済学部, 教授 (60051174)
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| Co-Investigator(Kenkyū-buntansha) |
SHIGETA Sumio Shizuoka Univ.,Dept.of Economics,Professor, 人文学部, 教授 (50022182)
KITAMURA Hiromoto Fukushima Univ.,Dept.of Economics,Professor, 経済学部, 教授 (90091850)
MASUDA Toshio Hosei Univ.,Dept.of Economics,Professor, 経済学部, 教授 (70061190)
FUJITA Akio Kanazawa Univ.,Dept.of Economics,Professor, 経済学部, 教授 (40039805)
TSURUTA Mistuhiko Chuo Univ.,Dept.of Commerce,Professor, 商学部, 教授 (50055133)
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| Project Period (FY) |
1991 – 1992
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| Project Status |
Completed (Fiscal Year 1992)
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| Budget Amount *help |
¥4,000,000 (Direct Cost: ¥4,000,000)
Fiscal Year 1992: ¥2,000,000 (Direct Cost: ¥2,000,000)
Fiscal Year 1991: ¥2,000,000 (Direct Cost: ¥2,000,000)
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| Keywords | floating exchange rate system / key currency / Japan-U.S. economic relations / Japan-U.S. economic friction / trade imbalance / high technology / technological development / EC / 基軸通貨 / 変動相揚制 / 日米経済摩察 / 技術開発力 |
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| Research Abstract |
The objective of the project was to analyze the Expanding International Disequilibrium under the Floating Exchange Rate System. First, we recognized that this expansion has fundamentally been caused by the fact that the United States was surpassed by Japan in technical innovation in micro electronics and the industrialization of high technology. This led to the creation of a large imbalance in the current accounts of the two nations.
Second, we examined the free trade policy for financial markets as urged by the U.S. This policy accelerated the disequilibrium by reinforcing international speculative activities. The U.S.tried to adjust to the expanding disequilibrium by means of international agreements and manipulation of exchange rates, but this only resulted in a more expanded disequilibrium.
In addition to these considerations, problems relating to the Gulf War and the disorganization of socialist systems in Eastern Europe and Russia, which were unanticipated at the start of this project, were also considered. The Gulf War aggravated tendencies towards deindustrialization and twin deficits in the U.S.economy, but the strong military performance and expression of political power ended up supporting the position of the dollar, which complicated the problem of international disequilibrium. The U.S. has also been trying to expand the global capitalist system through economic supports for Eastern Europe and Russia, which has helped to expand the disequilibrium in capitalist countries.
In other words, the floating exchange rate system has increasingly come to be dominated by international policies and military power. Any improvement in the functioning of the system will not be realized unless the U.S.restores it's domestic industries and resolves it's deficit problems.
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