A Study on external imbalances and adjustment mechanism in the Eurozone
| Project/Area Number |
25380393
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Kyoto University |
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Principal Investigator |
Iwamoto Takekazu 京都大学, 経済学研究科(研究院), 教授 (80223428)
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 資本フロー / 国際投資ポジション / グローバル流動性 / シャドーバンキング / ユーロ / 国際収支 / 評価効果 / グローバルインバランス / 経常収支 / 対外不均衡 |
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| Outline of Final Research Achievements |
This study investigated the contrasting capital flows between the US and Europe and between the US and Asian countries before and after the GFC. Based on our analysis, we conclude that a significant impact on the GFC was not current account imbalances, equal to the net capital flows from Asian surplus countries to the US as a deficit country (global saving glut), but the gross capital flows between US and Europe, both of which run current account deficits.
Furthermore, we realized that the gross capital flows from the US to Europe represented the raising of funds through the US MMFs by European banks’ US branches and subsidiaries and then shipping them to their headquarters. These gross capital flows are to a large extent regarded as global liquidity, especially non-core liabilities, supplied by the US shadow banking system, which has two functions: securitization and collateral intermediation.
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Report
(4 results)
Research Products
(18 results)
