| Project/Area Number |
17K03816
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Hosei University |
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Principal Investigator |
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| Project Period (FY) |
2017-04-01 – 2023-03-31
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| Project Status |
Completed (Fiscal Year 2022)
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| Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2017: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 金融ネットワーク / 金融センター / リスク検疫 / 金融支援 / シミレーション / DCC-GARC / DCC-GARCH / ネットワーク理論 / 金融公共財モデル / 金融破綻連鎖モデル / グラフ理論 / 金融論 |
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| Outline of Final Research Achievements |
This study (i) elucidates the theory of financial centers into a chain of financial failure model, and (ii) uses the DCC-GARCH model to explore the connectivity of financial markets as lines. and (iii) identifying the centers where many lines gather, conducting empirical research on financial centers, and (iv) which country I studied the policy of the financial center to provide financial public goods to the center and maintain and manage the network. (i) was theoretically elucidated at the Asian Economic Symposium, and (ii) was successfully explained by the DCC-GARCH model in the International Review of Economics and Finance. For (iii), we use those models in the International Review of Economics and Finance to elucidate that Asian financial centers are Singapore and Hong Kong, and for (iv), North American Journal of Economics and Finance, we found that risk-quarantine of high-risk financial instruments in the center country would prevent risk from spreading throughout the network.
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| Academic Significance and Societal Importance of the Research Achievements |
この研究は、政策立案者に、国際金融市場の安定を図るための具体的な方策について、理論的・実証的な解説を与える。すなわち、アジア金融市場では、シンガポールセンターに金融商品のリスク管理を行う金融格付け会社を設置してリスクの進入を防ぐ、または、センター内で生ずる金融リスクをセンター外に出さずに経済支援を行い、金融ネットワーク上で、リスクが他国に拡散しないようにすることが、最も効率的な試作である。
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