ECB's non-standard measures and its effects on real and financial variables
Project/Area Number |
25380416
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Money/ Finance
|
Research Institution | Kansai University |
Principal Investigator |
|
Project Period (FY) |
2013-04-01 – 2016-03-31
|
Project Status |
Completed (Fiscal Year 2015)
|
Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2013: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
|
Keywords | 欧州中央銀行 / 量的緩和政策 / マイナス金利政策 / 欧州債務危機 / 欧州危機 / 非標準的政策 / 資産買取プログラム / マイナス金利 / コミュニケーション政策 / CDSプレミアム / 伝染効果 / 時系列分析 / ユーロ危機 / EU経済 |
Outline of Final Research Achievements |
This study investigates frameworks and effects of Non-standard monetary policy by European Central Bank since 2010. At first, for the sake of certification of affection from European Debt Problems, we empirically study fluctuate factors of Sovereign CDS premium as representative sovereign risk variables. Secondly, we investigate contagion effects of the CDS premium, contagion ones of fiscal deficits, and affection of real economy by the European crisis. First our conclusion is that European Debt Crisis was diffused by investor's behavior which depends on their sentiments. Second one is that this crisis deteriorated the Euro Economy through the declined real investments. Final one is that non-standard easing by European Central Bank restored European financial markets, not real economy. Therefore, the easing policy is limited.
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Report
(4 results)
Research Products
(10 results)