| Budget Amount *help |
¥3,210,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥210,000)
Fiscal Year 2007: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2006: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 2005: ¥1,300,000 (Direct Cost: ¥1,300,000)
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| Research Abstract |
The following points were clarified through this research.
First, paper titled 'Formation of Regional Financial and Currency Area: Some Lessons from Europe to Asia' was read in the 3rd Conference of European Union Studies Association-Asia Pacific on December 2005.In the paper, the model of the European Financial and Currency Area (EFCA) was discussed as an indispensable aspect of Asian Integration.
Second, concerning the equity markets that are the indispensable element of the FCA, a paper was submitted to NIRA(National Institute for Research Advancement).It was argued that, from the point of view of European experience, promotion of stock exchanges of home country with high level of liquidity and mutual linkage of them should be pursued in a mid-long term in Asian countries, although the traditional measure of the listing of foreign stock on the financial centers in core countries such as Tokyo will have some positive results as long as many restrictions are still effective. The paper was read on the 67th National Conference of Society for the Economic Studies of Securities, June 2007 as a panelist report.
Thirdly, in the presentation titled 'Possibility of ACU learnt from Euro' in the Oita EU Society 20th Anniversary Symposium on June 2007,it was shown that, although ACU could be of some use as a regional standard of exchange rate etc, the Monetary Union should be pursued in such a limited region as ASEAN5 where economic development is in the same stage and some extent of economic integration is observed.
Fourth, in the book, Contemporary International Finance, we showed that the euro zone where EFCA had been succeeded has expanded steadily in the surrounding area, because of the medium and long term stability of its current balance though it has not substituted dollar in global perspective.
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