| Project/Area Number |
18K11835
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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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| Review Section |
Basic Section 80010:Area studies-related
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| Research Institution | Institute of Developing Economies, Japan External Trade Organization |
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Principal Investigator |
SAITO Jun 独立行政法人日本貿易振興機構アジア経済研究所, 地域研究センター中東研究グループ, 研究員 (80450550)
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| Project Period (FY) |
2018-04-01 – 2023-03-31
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| Project Status |
Completed (Fiscal Year 2022)
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| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Keywords | 国際金融 / 株式市場 / 労働者送金 / 直接投資 / 湾岸アラブ諸国 / 中東 / 東南アジア / GCC諸国 / 発展途上国 |
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| Outline of Final Research Achievements |
This study considered GCC countries as suppliers of funds and examined how Middle Eastern and North African countries and Asian countries, which have close relations with GCC countries in labor remittances and direct investment, are influenced by GCC countries through their stock markets. Specifically, we analyzed the linkage of stock prices using a VAR model and obtained the following results. First, we found that direct investment recipient countries (Middle East and North African countries) were more likely to be affected through the stock markets of GCC countries than labor remittance recipient countries (Asian countries). Second, we found that the degree of stock price linkage is not necessarily correlated with the size of the amount of worker remittances or direct investment.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究の成果によって、湾岸アラブ諸国市場が、周辺国市場に影響力を与えることができるほど「地域内金融センター」になりつつあることを部分的に立証することができた。また、中東北アフリカ諸国の経済発展において、国内金融市場と湾岸アラブ金融市場の役割を探るという点でも既存研究と一線を画する成果となった。これまで中東北アフリカ諸国の経済発展の要因分析は、人口資源や地下資源の賦存状況、欧米諸国からの直接投資の役割を重視するものが多かった。本研究では、国内外の金融市場や金融システムが中東北アフリカ諸国の経済発展に与える影響についても新たな知見を加えることができた。
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