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

Short-term and Medium-term Analysis of World Flow of Funds

Research Project

Project/Area Number 03301081
Research Category

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

Allocation TypeSingle-year Grants
Research Field 経済事情及び政策学
Research InstitutionThe Institute of Economic Research, Hitotsubashi University

Principal Investigator

TERANISHI Juro  Hitotsubashi University, The Institute of Economic Research, Professor, 経済研究所, 教授 (70017664)

Co-Investigator(Kenkyū-buntansha) KUBONIWA Masaaki  Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (70111698)
TAKAGI Shinji  Osaka University, Department of Economics, Associate Professor, 経済学部, 助教授 (20226749)
KOMURA Chikara  Seikei University, Department of Economics Professor, 経済学部, 教授 (80138536)
ITO Takatoshi  Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (30203144)
ASAKO Kazumi  Yokohama National University, Department of Economics, Associate Professor, 経済学部, 助教授 (60134194)
Project Period (FY) 1991 – 1992
Project Status Completed (Fiscal Year 1992)
Budget Amount *help
¥12,000,000 (Direct Cost: ¥12,000,000)
Fiscal Year 1992: ¥2,000,000 (Direct Cost: ¥2,000,000)
Fiscal Year 1991: ¥10,000,000 (Direct Cost: ¥10,000,000)
KeywordsPolicy Cordination / Saving-investment Gap / International Flow of Funds / ODA / Cointegration / Unit Root / International Financial System / Former Socialist Economics / 経済協力 / 円経済圏 / 政策協調 / 世界資金循環 / 公的資金フロ- / シンジケ-ト・ロ-ン / 世界資金需給
Research Abstract

Most of the research results obtained are concerned with the building blocks of the econometric and time-series model of international financial linkage, estimation of which comprises the final aim of the study.
As for the time series analysis, a number of outputs were produced; (1) analysis of short-run equilibrium of assets and foreign exchange (2) invention of new methods of testing cointegration and unit root, and (3) analysis of various aspects of international coordination of monetary and fiscal policy. As for the construction of the world model of interrelationship among interest rates,simple VAR models are estimated for Japan, the US and Germany, and are expected to be linked with each other by interest rate parity conditions. This last stage is not yet finalized, however. As for the IS balance model for the world economy, two independent
studies are on-going. One is the estimation of the demand for funds by the ex-socialist economies. Another is the estimation of the demand for … More funds by the ex-socialist economies. Another is the estimation of saving-investment gap in the rest of the world. This latter study is currently saddled with the aggregation problem owing to the absence of adequate deflator of investments for each countries.
With respect to the international financial system, several studies have been completed, Which includes a historical survey of international debt crisis, internationalization of yen, structural changes in Japan's capital export, and Japan's ODA policy.
In sum, our research conducted in the past two years has yielded significant contributions of the related areas, which can be seen by the 23 papers contained in the report of the project. However, as to the task of integrating the results and arriving at policy conclusions, there are still several steps left to be undertaken in the future.
In particular, further efforts are expected to be made in order to arrive at a reasonably reliable estimation of the linked VAR model and the world IS balance model. Less

Report

(3 results)
  • 1992 Annual Research Report   Final Research Report Summary
  • 1991 Annual Research Report
  • Research Products

    (30 results)

All Other

All Publications (30 results)

  • [Publications] 伊藤 隆敏(With Robert F.Engle,Wen-Ling Lin): "Where does the Mereor Shower Come From? The Role of Stochastic Policy Coordination" NBER REPRINT NO.1747. (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 福田 慎一: "Desirable Rules of Monetary Coordination and Intervention Among A Large Number of Countries" The Economic Studies Quarterly. 43. 230-245 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 久保庭 眞彰: "ロシア経済の構造ープレリュードー" 『経済研究』. 43. 337-360 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 寺西 重郎: "累積債務問題の歴史的構図" 『金融』No.543号. 4-12 (1992)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 田中 勝人: "Statistical Analysis of Higher Order Integrated and Cointegrated Processes" Econometric Theory. 9. 36-61 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 高木 信二: "Structural Changes in Japanese Long-term Capital Flows" 『フィナンシャル・レビュー』. (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 寺西 重郎: "『工業化と金融システム』" 東洋経済新報社, 258 (1991)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 高木 信二(編): "Japanese Capital Market" Blackwell, 528 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Takatoshi Ito, Rober F. Engle and Wen-Ling Lin: "Where does the Meteor Shower Come From? The Role of Stochastic Policy Coordination" NBER REPRINT. NO.1747. (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Shinichi Fukuda: "Desirable Rules of Monetary Coordination and Intervention Among A Large Number of Countries" The Economic Studies Quarterly. Vol.43. 230-245 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Masaaki Kuboniwa: "Roshiakeizai no Kozo ---purerudo---" Keizai Kenkyu. Vol.43. 337-360 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Juro Teranishi: "Ruisekisaimu Mondai no Rekishiteki Kozu" Kinyu. No.543. 4-12 (1992)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Katsuto Tanaka: "Statistical Analysis of Higher Order Integrated and Cointegrated Processes" Econometric Theory. Vol.9. 36-61 (1993)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Shinji Takagi: "Structural Changes in Japanese Long-term Capital Flows" Finanshal-rebyu. (1993)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Juro Teranishi: "Kogyoka to Kinyusisutemu" Toyokeizaishinposha. 258 (1991)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] Shinji Takagi: "Japanese Capital Market" Blackwell. 528 (1993)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1992 Final Research Report Summary
  • [Publications] 伊藤 隆敏: "Where does the meteor shower come from?The role of stochastic Policy cordination" Jowrnal of Internatinal Economics. 32. 221-240 (1992)

    • Related Report
      1992 Annual Research Report
  • [Publications] 深尾 享司: "不完全な公共財としての国際援助" 経済研究. 44. 1-14 (1993)

    • Related Report
      1992 Annual Research Report
  • [Publications] 久保庭 真彰: "ロシア経済の構造" 経済研究. 43. 337-360 (1992)

    • Related Report
      1992 Annual Research Report
  • [Publications] 福田 慎一: "Deriable Rules of Monetary Corolination and Interrention Aming a Large Number of Countries" Economic Studies Quarterly. 43. 230-245 (1992)

    • Related Report
      1992 Annual Research Report
  • [Publications] 高橋 一: "Asympototic Exponsions for Es{min(t,m)}and Es{Xmin(t,m)}" Statistical Scienas and Data Analysis:Proceedings of third Pacific Area Statistical Confrence. (1993)

    • Related Report
      1992 Annual Research Report
  • [Publications] 浅子 和美: "資金調達と資金コスト-日本の製造業大企業(1961-1987)" フィナンシャル・レビュー(朱寧氏との共同論文). 23. 73-95 (1992)

    • Related Report
      1992 Annual Research Report
  • [Publications] 寺西 重郎: "累積債務問題の歴史的構図" 『金融』. (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 田中 勝人: "An Alternative Approacl to the Asymptotic Theory of Spurious Regression,Cointegration and Near Cointegration" 『統計数理研究所共同研究リポ-ト』. 31. 43-76 (1991)

    • Related Report
      1991 Annual Research Report
  • [Publications] 高木 信二: "公的資金フロ-" 関西経済研究センタ-報告書. (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 浅子 和美,伊藤 隆敏(with kazunori Sakamoto): "The Rise and Fall of Defiicf in Japan:1965ー1990" Journal of Japanes and Internatinel Ecmnics. 5. 451-472 (1991)

    • Related Report
      1991 Annual Research Report
  • [Publications] 福田 慎一: "Exchange Maket latevention under Multitele Solutims" Journal of Econmic Dynamins and Cantul. 15. 339-352 (1991)

    • Related Report
      1991 Annual Research Report
  • [Publications] 伊藤 隆敏: "経常収支の変動分析ー第2プラザ合意は必要か" 『ESP』. 14-20 (1992)

    • Related Report
      1991 Annual Research Report
  • [Publications] 寺西 重郎: "『工業化と金融システム』" 東洋経済新報社, 258 (1991)

    • Related Report
      1991 Annual Research Report
  • [Publications] 高木 信二(編): "Handbook of Japanese Caprtal Market" Basil Blackwell, (1992)

    • Related Report
      1991 Annual Research Report

URL: 

Published: 1991-04-01   Modified: 2016-04-21  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi