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Empirical Analysis for Currency Substitution on the Monetary Policy Management in Central and Eastern European Countries

Research Project

Project/Area Number 24730265
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Public finance/Monetary economics
Research InstitutionFukushima University

Principal Investigator

KUMAMOTO Hisao  福島大学, 経済経営学類, 准教授 (30375349)

Co-Investigator(Renkei-kenkyūsha) KUMAMOTO Masao  東京経済大学, 経済学部, 教授 (30328257)
Project Period (FY) 2012-04-01 – 2015-03-31
Project Status Completed (Fiscal Year 2014)
Budget Amount *help
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2014: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Keywords通貨代替 / 開発途上国 / 国際金融論 / 金融政策 / ユーロ諸国 / 中東欧諸国
Outline of Final Research Achievements

We investigated the following analyses: (1) the determinants of currency substitution, (2) the impacts of the degree of currency substitution on nominal exchange rate volatility in Central and Eastern European, Asian and Latin American countries, (3) the extent to which the degree of currency substitution influences on the effects of monetary policy in the DSGE framework. As a result, we showed that the existence of currency substitution should be considered by central banks in currency substitution countries when formulating their monetary policies.

Report

(4 results)
  • 2014 Annual Research Report   Final Research Report ( PDF )
  • 2013 Research-status Report
  • 2012 Research-status Report
  • Research Products

    (9 results)

All 2015 2014 2013

All Journal Article (8 results) (of which Peer Reviewed: 8 results,  Open Access: 6 results,  Acknowledgement Compliant: 6 results) Presentation (1 results)

  • [Journal Article] 通貨代替の経済分析2015

    • Author(s)
      熊本尚雄
    • Journal Title

      一橋大学大学院経済学研究科・博士学位請求論文

      Volume: - Pages: 1-221

    • NAID

      40019973455

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] A Panel Time Series Approach to Currency Substitution2014

    • Author(s)
      Hisao Kumamoto and Masao Kumamoto
    • Journal Title

      Economics and Finance Review

      Volume: 3 Pages: 1-12

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] Currency Substitution and Monetary Policy under the Incomplete Financial Market2014

    • Author(s)
      Masao Kumamoto and Hisao Kumamoto
    • Journal Title

      Japanese Journal of Monetary and Financial Economics

      Volume: 2 Pages: 16-45

    • NAID

      130007676186

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] GMM Estimations of Currency Substitution in Central European Countries2014

    • Author(s)
      Hisao Kumamoto and Masao Kumamoto
    • Journal Title

      Economics and Finance Review

      Volume: 3 Pages: 1-7

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] Does Currency Substitution Affect Exchange Rate Volatility?2014

    • Author(s)
      Hisao Kumamoto and Masao Kumamoto
    • Journal Title

      International Journal of Economics and Financial Issues

      Volume: 4 Pages: 698-704

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] Recent Experiences with Currency Substitution2014

    • Author(s)
      Hisao Kumamoto
    • Journal Title

      International Journal of Financial Research

      Volume: 5 Pages: 1-12

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] 通貨代替の経済分析2014

    • Author(s)
      熊本尚雄・熊本方雄
    • Journal Title

      商学論集

      Volume: 82 Pages: 43-66

    • NAID

      40019973455

    • Related Report
      2013 Research-status Report
    • Peer Reviewed
  • [Journal Article] ユーロ圏における国債市場統合と市場規律2013

    • Author(s)
      熊本尚雄・熊本方雄
    • Journal Title

      商学論集

      Volume: 81巻 Pages: 61-80

    • NAID

      120005257383

    • Related Report
      2012 Research-status Report
    • Peer Reviewed
  • [Presentation] Currency Substitution and Monetary Policy in Inflation-targeting Asian Countries2014

    • Author(s)
      熊本尚雄
    • Organizer
      マクロ金融ワークショップ
    • Place of Presentation
      一橋大学経済研究所(東京都国立市)
    • Year and Date
      2014-10-21
    • Related Report
      2014 Annual Research Report

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Published: 2013-05-31   Modified: 2019-07-29  

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