| Budget Amount *help |
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2013: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2012: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2011: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
The analysis of five cases involving unconventional measures (i.e., the Private Sector Involvement (PSI) (typically, the maintenance of credit exposures to crisis countries) and capital outflow restrictions) to cope with international financial crises triggered by an abrupt capital flow reversal (cases composed of four PSI cases in Korea, Brazil, Turkey and the Central and Eastern European countries (“Vienna Initiative”)) and one capital outflow restriction case in Iceland) have given implications such that these unconventional measures, if implemented effectively, can contribute to reducing capital outflows and stabilizing currency, and thereby help mitigate negative effects of the crisis on the real economy. It is also suggested that it will be an important task to reconcile the economic framework for the advanced economies which embraces the principle of free flow of capital and the risk control measures that may be adopted, particularly by small open advanced economies.
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