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Financial development and integration in Asia, long-term investment, choice of exchange rate regimes, and Japan's role

Research Project

Project/Area Number 16K03733
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionThe University of Tokyo

Principal Investigator

Kawai Masahiro  東京大学, 大学院公共政策学連携研究部・教育部, 特任教授 (30186051)

Co-Investigator(Kenkyū-buntansha) 西澤 利郎  東京大学, 大学院公共政策学連携研究部・教育部, 教授 (70727768)
Project Period (FY) 2016-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2016: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Keywords国際金融 / アジアの金融発展 / 国際資本移動 / 金融市場の対外開放 / アジア債券市場 / インフラ投資とPPP / プロジェクトファイナンス / 一帯一路とAIIB / 政府開発援助 / 為替レート制度
Outline of Final Research Achievements

The main investigator examined how the degrees of financial market development and its global integration in Asia has evolved over time and analyzed their macroeconomic implications. He obtained an interesting result that if a country pursues global financial integration (i.e., financial market opening) with a low degree of the quality of financial market development, its macroeconomic performance tends to be low. The collaborating investigator examined the implications of financial market development and integration in Asia for infrastructure investment. He obtained the result that the expansion of infrastructure investment financing would require the establishment of domestic financial markets which intermediate domestic savings for investment, while limiting the role of foreign financing to supplementing domestic savings.
The study also examined the role, function, and challenges of China's Belt and Road Initiative and the Asian Infrastructure Investment Bank (AIIB).

Academic Significance and Societal Importance of the Research Achievements

研究成果の学術的、社会的意義は極めて大きい。まず研究代表者による研究成果からは、新興諸国が金融市場の対外開放を行ってマクロ経済パフォーマンスを高めるためには、国内金融市場の量的な発展だけでなく質的な発展を達成することが必要であることが示された。研究分担者による研究成果からは、インフラ投資を活性化させるためには、国内の金融資本市場を整備して、貯蓄を投資に結びつける条件を整えることが欠かせないこと、そうした条件なしに海外資金に依存すると金融的な不安定性が高まる可能性があることが示された。
中国の「一帯一路」は、経済合理性、開放性、透明性、債務の維持可能性、多国間運営の方向に改善すべきことが示された。

Report

(4 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (22 results)

All 2019 2018 2017 2016 Other

All Int'l Joint Research (3 results) Journal Article (10 results) (of which Int'l Joint Research: 5 results,  Peer Reviewed: 7 results,  Open Access: 6 results,  Acknowledgement Compliant: 1 results) Presentation (4 results) (of which Int'l Joint Research: 1 results) Book (5 results)

  • [Int'l Joint Research] Portland State University(米国)

    • Related Report
      2018 Annual Research Report
  • [Int'l Joint Research] Portland State University(米国)

    • Related Report
      2017 Research-status Report
  • [Int'l Joint Research] Portland State University(米国)

    • Related Report
      2016 Research-status Report
  • [Journal Article] Asian Bond Market Development2019

    • Author(s)
      Kawai, Masahiro
    • Journal Title

      RSIS Monograph: Financial Cooperation in East Asia

      Volume: 35 Pages: 1126-1126

    • Related Report
      2018 Annual Research Report
    • Open Access
  • [Journal Article] Quantity and Quality Measures of Financial Development: Implications for Macroeconomic Performance2018

    • Author(s)
      Ito, Hiroyuki and Masahiro Kawai
    • Journal Title

      Public Policy Review

      Volume: 14 Pages: 803834-803834

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Infrastructure Investment and Finance in Asia2018

    • Author(s)
      Nishizawa, Toshiro
    • Journal Title

      Public Policy Review

      Volume: 14 Pages: 925953-925953

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 「一帯一路」構想とAIIBの役割(2016-2018年)2018

    • Author(s)
      河合正弘
    • Journal Title

      運輸と経済

      Volume: 78 Pages: 4957-4957

    • Related Report
      2018 Annual Research Report
  • [Journal Article] Japan’s G20 Presidency for 2019: Potential Agendas and Issues2018

    • Author(s)
      Kawai, Masahiro
    • Journal Title

      Pensamiento Propio

      Volume: 48 Pages: 185203-185203

    • Related Report
      2018 Annual Research Report
    • Open Access
  • [Journal Article] 金融市場の量的・質的な発展: 指標化とマクロ経済的な意義2018

    • Author(s)
      伊藤宏之・河合正弘
    • Journal Title

      財務省財務総合政策研究所『フィナンシャル・レビュー』

      Volume: 133 Pages: 8-35

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] アジアのインフラ投資ファイナンス2018

    • Author(s)
      西澤利郎
    • Journal Title

      財務省財務総合政策研究所『フィナンシャル・レビュー』

      Volume: 133 Pages: 109-132

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Comment on "China's New Role in the International Financial Architecture"2017

    • Author(s)
      Masahiro Kawai
    • Journal Title

      Asian Economic Policy Review

      Volume: 12:2 Issue: 2 Pages: 280-281

    • DOI

      10.1111/aepr.12184

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] ASEAN's Trade and Foreign Direct Investment: Long-term Challenges for Economic Integration2017

    • Author(s)
      Masahiro Kawai and Kanda Naknoi
    • Journal Title

      Singapore Economic Review

      Volume: 62:3 Issue: 03 Pages: 643-680

    • DOI

      10.1142/s0217590818400040

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Trade Invoicing in Major Currencies in the 1970s-1990s: Lessons for Renminbi Internationalization2016

    • Author(s)
      Ito, Hiro and Kawai, Masahiro
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 42 Pages: 123-145

    • DOI

      10.1016/j.jjie.2016.10.005

    • NAID

      210000178585

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Int'l Joint Research / Acknowledgement Compliant
  • [Presentation] Japan's Structural Challenges: Role of Northeast Asian Economic Cooperation2017

    • Author(s)
      Kawai, Masahiro
    • Organizer
      ERINA International Workshop
    • Place of Presentation
      ERINA, Niigata
    • Year and Date
      2017-02-13
    • Related Report
      2016 Research-status Report
  • [Presentation] Will the 21st Century Ba an Asian Century?2017

    • Author(s)
      Kawai, Masahiro
    • Organizer
      National Uiversity of Singapore - Keio University International Workshop
    • Place of Presentation
      Keio University
    • Year and Date
      2017-01-13
    • Related Report
      2016 Research-status Report
  • [Presentation] International Spillovers: Monetary Policy and the Trump Victory2016

    • Author(s)
      Kawai, Masahiro
    • Organizer
      IWEP-CASS Forum
    • Place of Presentation
      IWEP-CASS, Beijing
    • Year and Date
      2016-11-28
    • Related Report
      2016 Research-status Report
  • [Presentation] Managing Financial Openness in Emerging Asia: 20 Years after the Asian Financial Crisis2016

    • Author(s)
      Kawai, Masahiro
    • Organizer
      Society for the Study of Emerging Markets
    • Place of Presentation
      Lee Kuan Yew School, Singapore
    • Year and Date
      2016-10-20
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Book] China and Japan in the Global Economy2018

    • Author(s)
      Masahiro Kawai
    • Total Pages
      208
    • Publisher
      Routledge
    • ISBN
      9781138086166
    • Related Report
      2017 Research-status Report
  • [Book] Regional Public Goods, Global Governance, and Sustainable Development2017

    • Author(s)
      Masahiro Kawai
    • Total Pages
      381
    • Publisher
      Routledge
    • ISBN
      9781138722590
    • Related Report
      2017 Research-status Report
  • [Book] Trade Regionalism in the Asia-Pacific: Developments and Future Challenges2016

    • Author(s)
      Basu Das, Sanchita and Kawai, Masahiro
    • Total Pages
      359
    • Publisher
      ISEAS-Yusof Ishak Institute
    • Related Report
      2016 Research-status Report
  • [Book] Managing Complexity: Economic Policy Cooperation After the Crisis2016

    • Author(s)
      Kawai, Masahiro
    • Total Pages
      416
    • Publisher
      Brookings Institution Press
    • Related Report
      2016 Research-status Report
  • [Book] 中国「一帯一路」構想―および交通インフラ計画について―2016

    • Author(s)
      河合正弘
    • Total Pages
      273
    • Publisher
      科学技術振興機構・中国総合研究交流センター
    • Related Report
      2016 Research-status Report

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Published: 2016-04-21   Modified: 2022-02-21  

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