| Budget Amount *help |
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
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| Outline of Final Research Achievements |
This research aims to design the global prudence policy especially focusing on the current account, capital account and external credit. The rapid expansion of the global imbalances in the mid-2000s was already recognized by the international organizations and we clarified this point by document retrieval. In terms of the global prudence policy on the capital account, we developed open economy simulation model (DSGE) and simulated the effect of the capital control on the national welfare. The effect was quite ambiguous and therefore it seems to be difficult to control capital account from the global perspective in spite of its importance of the global monitoring. Increase of cross border credit by banks is also indispensable target to the global monitoring. We examined empirically the determinants of international lending by European banks and reconfirmed that global prudence policy on the cross border credit becomes increasingly important.
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