| Project/Area Number |
61301074
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| Research Category |
Grant-in-Aid for Co-operative Research (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kobe University |
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Principal Investigator |
NORITAKE Yasuo Kobe Univ.:Faculty of Economics:Professor, 経済学部, 教授 (50030656)
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| Co-Investigator(Kenkyū-buntansha) |
FUJITA Seiichi Kobe Univ.:Faculty of Economics:Ass.Professor, 経済学部, 助教授 (40135778)
KATAYAMA Sadao Shiga Univ.:Faculty of Economics:Professor, 経済学部, 教授 (50024899)
MIKITANI Ryoichi Kobe Univ.:Faculty of Economics:Professor, 経済学部, 教授 (30030670)
FUJITA Masahiro Kobe Univ.:Research Institute for Econ & Business Administration Professor, 経済経営研究所, 教授 (50031381)
NAKANISHI Ichiro Chubu Univ.:Faculty of International Relation:Professor, 国際関係学部, 教授 (50046728)
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| Project Period (FY) |
1986 – 1988
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| Project Status |
Completed (Fiscal Year 1988)
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| Budget Amount *help |
¥11,900,000 (Direct Cost: ¥11,900,000)
Fiscal Year 1988: ¥3,000,000 (Direct Cost: ¥3,000,000)
Fiscal Year 1987: ¥4,000,000 (Direct Cost: ¥4,000,000)
Fiscal Year 1986: ¥4,900,000 (Direct Cost: ¥4,900,000)
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| Keywords | Global Flow of Funds / Global Financial Surplus and Deficit / International Capital Movement / International Financial Market / Balance of Payments / Financial Globalization / International Creditor and Debtor / 債権国と債務国 / 国際資金不足分析 |
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| Research Abstract |
1. This project aims, firstly to investigate the position and the cause of global financial surplus and deficit, and secondly to complete the global flow-of-funds accounts.
2. In 1980s the scale of global financial surplus and deficit has increased and its structure has dramatically changed. Financial surplus of OPEC countries has diminished and the U.S. has become the largest deficit nation.
3. The nature of global fund-flow has also changed. Financial deregulation in major industrial countries has allowed capital to move promptly among those countries and has increased the scale of the global financial circulation compared with global industrial circulation.
4. The special features of global financial circulation are (i) fund-flow into developing countries has shrunk after the debt crisis in Mexico in 1982, (ii) the form of capital flow has changed from the bank loan via euro-currency market into portfolio investment (securitization).
5. Lack of data prevented our initial project to complete the flow-of-funds account among G5 countries. The followings are the important points we got from this project.
(1) Recent portfolio investment has the tendency of short term operation. Trading volume is very large compared with net movement, and net ratio is becoming small and small.
(2) Large current account deficit of the U.S. has been financed by massive capital inflow. The important point is who (private investors or monetary authorities) invest in what form (direct investment, investment on government securities or corporate securities.)
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