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Comprehensive Economics Analysis for Currency Substitution in Developing and Emerging Market Countries

Research Project

Project/Area Number 15K03536
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionDokkyo University (2016-2017)
Fukushima University (2015)

Principal Investigator

Kumamoto Hisao  獨協大学, 経済学部, 准教授 (30375349)

Co-Investigator(Renkei-kenkyūsha) KUMAMOTO Masao  東京経済大学, 経済学部, 教授 (30328257)
Project Period (FY) 2015-04-01 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Keywords新興市場国 / 通貨代替 / DSGEモデル / ベイズ推定 / 開発途上国 / 通貨代替型DSGEモデル / 実質為替相場 / 負債のドル化
Outline of Final Research Achievements

We empirically investigate how currency substitution transmits domestic and foreign monetary policy shocks to domestic countries and evaluate how the central bank respond to real exchange rate movements in three inflation-targeting Latin American countries and Asian countries under currency substitution. Our empirical results are as follows: (1) The domestic monetary policy has a significant impact on the domestic economy, but the foreign monetary policy does not affect the domestic economy to any great extent except Mexico. (2) The domestic monetary policy impact in the domestic economy is mainly through the real interest rate channel, on the other hand, the foreign monetary policy is through the marginal rate of substitution channel. (3) The central banks in sample countries actively respond to the real exchange rate movements to diminish the unpleasant results of real exchange rate volatility.

Report

(4 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Research-status Report
  • 2015 Research-status Report
  • Research Products

    (3 results)

All 2017 2015

All Journal Article (1 results) (of which Peer Reviewed: 1 results,  Open Access: 1 results,  Acknowledgement Compliant: 1 results) Presentation (2 results)

  • [Journal Article] Currency Substitution and Monetary Policy Effects: The Case of Latin American Countries2017

    • Author(s)
      Hisao Kumamoto and Masao Kumamoto
    • Journal Title

      International Journal of Economics and Finance

      Volume: 9 Issue: 2 Pages: 32-45

    • DOI

      10.5539/ijef.v9n2p32

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Presentation] Loan Dollarization and Economic Fluctuations2015

    • Author(s)
      熊本 方雄
    • Organizer
      第22回金融研究会
    • Place of Presentation
      一橋大学(東京都・国立市)
    • Year and Date
      2015-12-10
    • Related Report
      2015 Research-status Report
  • [Presentation] Currency Substitution and Monetary Policy: The Case for Latin American Countries2015

    • Author(s)
      熊本 尚雄
    • Organizer
      2015年度日本金融学会春季大会
    • Place of Presentation
      東京経済大学(東京都・国分寺市)
    • Year and Date
      2015-05-17
    • Related Report
      2015 Research-status Report

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Published: 2015-04-16   Modified: 2019-03-29  

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