| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Outline of Final Research Achievements |
Japan, China, Germany, and some other countries obtain too large current account surpluses and accumulate too big external assets to be explained by a usual economic theory. This global imbalance has been hotly debated internationally. Ueda and Hattori (2018, 2019) summarized the debate primarily based on existing literature and analyses by the International Monetary Fund.
Monge-Naranjo and Ueda (2017) proposed a new theory to justify the global imbalance. Specifically, they proposed an international macroeconomic model in which fast-industrializing countries accumulate their external assets rapidly under the hard currency constraint. This theory turns out complex and makes further analysis or simulation study difficult. Still, we keep working on it further as the next step.
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