| Budget Amount *help |
¥5,070,000 (Direct Cost: ¥3,900,000、Indirect Cost: ¥1,170,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2011: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Research Abstract |
(1)We estimate the spillover from advanced countries and international financial markets to developed countries, namely African countries, during the global financial crisis. From the onset of sub-prime crisis in the U.S., the spillovers among Africa are negligible and the spillovers from European countries exceeded those from the U.S.
(2)We measure the life-time of orders in the EBS foreign exchange markets. We propose the life-time analysis in which life-time of orders are regressed on (i)order volume, (ii)quote spread from market best quote, (iii)cumulated volume in the order book, (iv)market speed. In addition to finding these variables statistically significant, we also find foreign exchange intervention measured by minute interval significantly reduce the life-time of orders.
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