| 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)
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| 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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