Monetary and Fiscal Policies under Very Low Interest Rate and Government Debt Accumulation

• Project/Area Number: 22730229
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Economic policy
• Research Institution: Nagasaki University
• Principal Investigator: KUDO Takeshi 長崎大学, 経済学部, 准教授 (70404316)
• Project Period (FY): 2010 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000); Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2010: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: 経済政策 / 政府債務の持続可能性 / 長期経済統計データ / 金融危機 / 財政政策と通貨危機 / 超低金利政策の効果 / 国際資本移動 / マルコフ・スイッチング・モデル / 金融政策の波及チャネル / 量的緩和と信用緩和

Research Abstract

Our perspective from the fiscal policy rule shows that the deterioration of fiscal balance after the 2008 global financial crisis reduces the effects of monetary policy in Japan. Our theoretical analysis on the relationship between fiscal policy and currency crisis verifies that the Argentine currency crisis in 2001 was caused by the violation of budget constraint of public sector. Our perspective from the monetary policy rule verifies that the imperfect capital mobility among the nations caused by serious financial crisis tends to prolong the duration of zero interest rate policy as an optimal monetary policy rule.

Research Products

• [Journal Article] Very Low Interest Rate Policy under Imperfect Capital Mobility (2012)
  • Author(s): Kudo Takeshi
  • Journal Title: 経営と経済 Volume: 第91巻4号 Pages: 119-147
  • NAID: 110009494182
  • URL: http://naosite.lb.nagasaki-u.ac.jp/dspace/handle/10069/28516.
• [Journal Article] Very Low Interest Rate Policy under Imperfect Capital Mobility (2012)
  • Author(s): Takeshi Kudo
  • Journal Title: 経営と経済 Volume: 91(4) Pages: 119-147
  • NAID: 110009494182
• [Journal Article] 財政政策と通貨危機:政策当局の予算制約と政策ルールの視点から (2011)
  • Author(s): 工藤健
  • Journal Title: 経営と経済 Volume: 第91巻1, 2号 Pages: 37-64
  • NAID: 110009487143
  • URL: http://naosite.lb.nagasaki-u.ac.jp/dspace/handle/10069/28489.
• [Presentation] Very Low Interest Rate Policy under Imperfect Capital Mobility (2011)
  • Author(s): Kudo Takeshi
  • Organizer: World Business, Economics and Finance Conference
  • Place of Presentation: Hotel Novotel Bangkok on Siam Square, Bangkok, Thailand
  • Year and Date: 2011-09-27
• [Presentation] Very Low Interest Rate Policy under Imperfect Capital Mobility (2011)
  • Author(s): Takeshi Kudo
  • Organizer: World Business, Economics and Finance Conference
  • Place of Presentation: Hotel Novotel Bangkok on Siam Square
  • Year and Date: 2011-09-27
• [Presentation] Fiscal Discipline and Sustainability of Japan' s Public Debt after the Global Financial Crisis (2011)
  • Author(s): Kudo Takeshi
  • Organizer: World Business, Economics and Finance Conference
  • Place of Presentation: Hotel Novotel Bangkok on Siam Square, Bangkok, Thailand
  • Year and Date: 2011-09-26
• [Presentation] Fiscal Discipline and Sustainability of Japan's Public Debt after the Global Financial Crisis (2011)
  • Author(s): Takeshi Kudo
  • Organizer: World Business, Economics and Finance Conference
  • Place of Presentation: Hotel Novotel Bangkok on Siam Square
  • Year and Date: 2011-09-26
• [Presentation] Fiscal Discipline and Sustainability of Public Debt : An Empirical Analysis using Japanese Long-term Economic Statistics (2011)
  • Author(s): Kudo Takeshi
  • Organizer: 2011 Institution and Economics International Conference
  • Place of Presentation: Fukuoka International Congress Center, Fukuoka, Japan
  • Year and Date: 2011-08-17
• [Presentation] Fiscal Discipline and Sustainability of Public Debt : An Empirical Analysis using Japanese Long-term Economic Statistics (2011)
  • Author(s): Takeshi Kudo
  • Organizer: 2011 Institution and Economics International Conference
  • Place of Presentation: Fukuoka International Congress Center
  • Year and Date: 2011-08-17
• [Remarks] ホームページ等長崎大学教員個人業績
• [Remarks] 長崎大学教員個人業績
  • URL: http://gyoseki.jimu.nagasaki-u.ac.jp/IST?ISTActId=RESULTSJPDetail&ISTKidoKbn=&ISTErrorChkKbn=&ISTFormSetKbn=&ISTTokenChkKbn=&userId=96&search_nendo=
• [Remarks] 東アジアにおける最適な金融システム研究ユニット
  • URL: http://www.nagasaki-u-eastasia.jp/
• [Remarks] 持続可能な東アジア交流圏の構想に向けた人文・社会科学のクロスオーバー
  • URL: http://asia.prj.nagasaki-u.ac.jp/