| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
The major findings of the study are: (1) Financial openness has a positive effect on financial development in the long run, but may have a negative effect in the short run. The adverse short-run effects of financial openness are associated with a lower degree of banking competition; (2) Financial development will reduce inequality in the long run, while it can increase inequality in the short run. The adverse short-run effects of financial development are associated with the vulnerabilities of countries in terms of their greater susceptibility to crises and poor quality of governance；(3) A banking sector characterized by a high degree of competition and larger margin of safety is less affected by the cross-border impacts of financial stress shocks；(4) Asian currencies’ co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015.
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