Fear of Floating and Optimal Exchange Rate Policy in Emerging Economies

• Project/Area Number: 24730273
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Public finance/Monetary economics
• Research Institution: Kyushu University
• Principal Investigator: NAKAMURA Chikafumi 九州大学, 経済学研究科(研究院), 講師 (70612571)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Project Status: Completed (Fiscal Year 2014)
• Budget Amount: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000); Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2012: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 為替政策 / 小国開放経済 / 外貨建て資金調達 / 信用制約 / Fear of Floating

Outline of Final Research Achievements

This research analyzes impacts of exchange rate risks in international trade and finance on emerging economies, and verifies which risk has a more serious impact. Our results suggest that in the fear of floating discussions, irrespective of trade openness and exchange rate pass-through, exchange rate policies to defuse exchange rate risks in finance stabilizes macroeconomic volatilities more efficiently.

Research Products

• [Journal Article] New Keynesianモデルにおけるインフレ率と失業率の関係 (2015)
  • Author(s): 中村周史
  • Journal Title: 経済学研究 Volume: 81 Pages: 151-162
• [Journal Article] Exchange rate risks in a small open economy (2014)
  • Author(s): Chikafumi NAKAMURA
  • Journal Title: Proceedings of The Eighth International Symposium on Multinational Business Management Volume: -
  • Peer Reviewed
• [Journal Article] ユーロ圏危機が世界のマクロ経済に及ぼす影響 (2013)
  • Author(s): 中村周史
  • Journal Title: 日経研月報 Volume: 424 Pages: 14-23
• [Presentation] 小国開放経済における失業と為替の関係 (2014)
  • Author(s): 中村周史
  • Organizer: 日本応用経済学会2014年秋季大会
  • Place of Presentation: 中央大学（東京都八王子市）
  • Year and Date: 2014-11-15
• [Presentation] Exchange rate risks in a small open economy (2014)
  • Author(s): Chikafumi NAKAMURA
  • Organizer: The Eighth International Symposium on Multinational Business Management
  • Place of Presentation: Nanjing University（Nanjing Jiangsu P.R.China）
  • Year and Date: 2014-06-13
• [Book] "Asian Currencies in the Global Imbalance and Global Financial Crisis"(in The Oxford Handbook of the Economics of the Pacific Rim, edited by Inderjit Kaur and Nirvikar Singh) (2014)
  • Author(s): Eiji Ogawa and Chikafumi Nakamura
  • Publisher: Oxford University Press
• [Book] グローバル・インバランスと国際通貨体制（中村周史：第1章「グローバル・インバランスとマクロ経済の関係」，pp.1-39） (2013)
  • Author(s): 小川英治編著
  • Total Pages: 280
  • Publisher: 東洋経済新報社
• [Book] 国際経済の論点（中村周史：第13章「為替変動の恐怖」，pp199-212） (2012)
  • Author(s): 馬田啓一、木村福成編
  • Total Pages: 259
  • Publisher: 文眞堂