| Project/Area Number |
08303010
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kobe University |
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Principal Investigator |
ISHIGAKI Kennichi Kobe University, Research Institute for Economics and Business Administration, Professor, 経済経営研究所, 教授 (40047486)
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| Co-Investigator(Kenkyū-buntansha) |
FUJIWARA Kennya Kobe University, School of Business Administration, Associate Professor, 経営学部, 助教授 (30229067)
UE Katsuya University of Marketing and Distribution Sciences, Factory of Information Scienc, 情報学部, 助教授 (10203423)
MIYAO Ryuzo Kobe University, Research Institute for Economics and Business Administration, A, 経済経営研究所, 助教授 (40229802)
JINUSHI Toshiki Kobe University, Department of Economics, Associate Professor, 経済学部, 助教授 (60171089)
MIKITANI Ryoichi Kobe Gakuin University, Department of Economics, Professor, 経済学部, 教授 (30030670)
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| Project Period (FY) |
1996 – 1997
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| Project Status |
Completed (Fiscal Year 1997)
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| Budget Amount *help |
¥2,900,000 (Direct Cost: ¥2,900,000)
Fiscal Year 1997: ¥700,000 (Direct Cost: ¥700,000)
Fiscal Year 1996: ¥2,200,000 (Direct Cost: ¥2,200,000)
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| Keywords | central bank / independence / monetary policy / accountability / price stability |
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| Research Abstract |
The results of our research project, "Independence of Central Bank" will be published from Toyokeizai-shinpousha in May. 1998. The Book is composed of three sections, 17 chapters. In the first section, the old Bank of Japan Act and the new one are compared each other, and some important points of New Act and an appropriate monetary policy are examined. Political pressure from domestic and international Authorities and the effects on monetary policy performance are analyzed. In the second section, we make theoretical surveys on the independence of the central bank and examines statistically the results between performance and the independence. In the third section, we make discussion on some important central banks --- Federal Reserve Bank of America, Bank of England, Deutsche BundesBank, Reserve Bank of New Zealand and so on --- in advanced countries and makes clear of the relation between independence and monetary policy performance. We get the following important results from this research
1. The relation between the independence of central bank from governments is, generally speaking, positive.
2. The independence 0f central banks is being raised in the advanced countries based on worse inflation experiences in 1970's and 80's. In some countries such as New Zealand, France, Japan and England, New Central Bank Acts are established to raise it. I other countries such as Canada and Australia, new agreements between the Government and the central bank contribute the increase of independence of the central banks.
3. The new Bank of Japan Act increases its independence from the Japanese Government, however there are some weak points such as lack of accountability.
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