| Project/Area Number |
63450084
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| Research Category |
Grant-in-Aid for General Scientific Research (B)
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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 | Yokohama National University |
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Principal Investigator |
NIIDA Hiroshi Yokohama National University, Faculty of Economics, Professor, 経済学部, 教授 (90017947)
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| Co-Investigator(Kenkyū-buntansha) |
YANO Makoto Yokohama National University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (30191175)
KANOH Satoru Yokohama National University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (50114971)
KURASAWA Motonari Yokohama National University, Faculty of Economics, Professor, 経済学部, 教授 (40018057)
YABUSHITA Shiro Yokohama National University, Faculty of Economics. Professor, 経済学部, 教授 (30083330)
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| Project Period (FY) |
1988 – 1990
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| Project Status |
Completed (Fiscal Year 1990)
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| Budget Amount *help |
¥5,200,000 (Direct Cost: ¥5,200,000)
Fiscal Year 1990: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1989: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1988: ¥3,600,000 (Direct Cost: ¥3,600,000)
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| Keywords | Financial Liberalization / Financial Internationalization / Capital Market / Comovement of Capital Markets / Monetary Policy / 銀行取り付け / メインバンク / 株式市場の効率性 / 株式投資行動 / バブル / 競走と規制 / 金融仲介機関 / 先物 / 資本市場の効率性 / 競争と政府規制 / オプション / 資産価格の変動性とカオス / 不完全市場と不完全情報 |
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| Research Abstract |
Issuing the bulk of government bonds after the first oil crisis, the financial liberation began in Japan. Trade friction accelerated this financial liberation and led to the financial internationalization. Around 1988 when this research project started, the liberation and internationalization were much accelerated and caused substantial changes in the Japanese financial market. The purpose of this research project was to understand these circumstances comprehensively and to analyze various issues of the contemporary Japanese financial market theoretically and empirically. The results of this research project was reported in our reserch report and it is summarized as follows.
(1) It is said that the US financial market is developed very well. Thus, comparing the Japanese financial market to the US financial market, we investigated the institutional, historical, and empirical interdependencies between various regulations and the behavior of financial institutions. We also verified the fun
… More
ctional differences between the Japanese financial market to the US financial market.
(2) We examined how the financial liberation and internationalization affected the domestic capital market in view of the costs of capital and the real investment behavior.
(3) We analyzed the effects of the financial liberation and internationalization on the intenational capital movement and the international trade. We also investigated the comovement and the stability of capital markets, foreign exchange markets, and goods markets among countries.
(4) We examined the effectiveness of monetary policy and explored the desirable financial system under the financial liberation and internationalization. We also empirically investigated what macroeconomic factors changed the discount rate of the Bank of Japan.
Our research project may not have achieved all of our original goals. However, as our research report shows, our research derived a lot of new insight on the financial liberation and internationalization in Japan. Less
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