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Financial Liberalization. Internationalization and Capital Market

Research Project

Project/Area Number 63450084
Research Category

Grant-in-Aid for General Scientific Research (B)

Allocation TypeSingle-year Grants
Research Field Public finance/Monetary economics
Research InstitutionYokohama National University

Principal Investigator

NIIDA Hiroshi  Yokohama National University, Faculty of Economics, Professor, 経済学部, 教授 (90017947)

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)
Project Period (FY) 1988 – 1990
Project Status Completed (Fiscal Year 1990)
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)
KeywordsFinancial 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
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

Report

(4 results)
  • 1990 Annual Research Report   Final Research Report Summary
  • 1989 Annual Research Report
  • 1988 Annual Research Report
  • Research Products

    (27 results)

All Other

All Publications (27 results)

  • [Publications] 新飯田 宏: "流通分野と競争政策" エコノミア. 99. 25-37 (1988)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 新飯田 宏: "不当廉売規制と競争政策" ー岩田規久男・石川経夫編ー日本経済研究. 245-261 (1988)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 藪下 史郎: "メインバンクの理論" TCER コンファレンス提出論文. (1991)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 倉沢 資成: "企業金融理論とエイジェンシ-アプロ-チ" 伊藤元重・西村和雄編 応用ミクロ経済学. 89-120 (1989)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 浅子和美・加納悟: "日本の財政金融政策の政策目標と制御可能制:1968ー1986" ファイナルシャルレビュ-. 11. 43-81 (1989)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 矢野 誠: "経済援助におけるトランスファ-・パラドックス" 伊藤元重・西村和雄編 応用ミクロ経済学. 173-192 (1989)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 新飯田 宏: "国際経済の読み方" 東洋経済, 226 (1988)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 倉沢 資成: "株式市場" 207 (1988)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1990 Final Research Report Summary
  • [Publications] 新飯田 宏: "Review Article“Measurement of Services in an InputーOutput Framework" by K.UNO" Zeitschrift fur Nationalokonomie(Jounal of Economics). 53. (1991)

    • Related Report
      1990 Annual Research Report
  • [Publications] 藪下 史郎: "メインバンクの理論" TCERコンファレンス(1991年3月)提出論文. (1991)

    • Related Report
      1990 Annual Research Report
  • [Publications] 奥野 正寛編著,倉沢 資成: "金融市場と「情報の経済学」" 現代経済学のフロンティア(日本経済新聞社). 111-150 (1990)

    • Related Report
      1990 Annual Research Report
  • [Publications] 加納 悟,李志東(共著): "A Method of Exploring the Mechanism of Inflationary Expectations Based on Qualitative Survey Data" Journal of Business and Economic Statistics. 8. 395-403 (1990)

    • Related Report
      1990 Annual Research Report
  • [Publications] 矢野 誠: "Von Neumann Facets and the Dynamic Stability of Perfect Foresight Equilibrium Paths in Neoーdassical Trade Models" Zeitschrift fur Nationalokonomie(Journal of Economics). 51. 27-69 (1990)

    • Related Report
      1990 Annual Research Report
  • [Publications] 新飯田宏(三島万里と共著): "日本の流通と物価政策 流通系列化をめぐる問題を中心に" “日本の流通"所収. (1990)

    • Related Report
      1989 Annual Research Report
  • [Publications] 薮下史郎: "貸付契約と非対象的情報:固定金利についての一考察" エコノミア. 40. (1989)

    • Related Report
      1989 Annual Research Report
  • [Publications] 薮下史郎: "メインバンクと競走的貸付市場 メインバンクの一理論" YOKOHAMA NATIONAL UNIVERCITY DISUSSION PAPLR. 89-5. (1989)

    • Related Report
      1989 Annual Research Report
  • [Publications] 倉沢資成: "資本市場の効率性 日本における実証研究の展望" ファイナンシャル・レビュ-.

    • Related Report
      1989 Annual Research Report
  • [Publications] 加納悟(浅子和美,佐野尚史と共著): "株価とバブル" “日本の株価地価"所収.

    • Related Report
      1989 Annual Research Report
  • [Publications] 加納悟(浅子和美と共著): "日本の財政金融政策の政策目標と制御可能性:1968-1986" ファイナンシャル・レビュ-. 11. (1989)

    • Related Report
      1989 Annual Research Report
  • [Publications] 新飯田宏: 岩田規久男・石川経夫 編 日本経済研究. 245-261 (1988)

    • Related Report
      1988 Annual Research Report
  • [Publications] 新飯田宏: エコノミア. 99. 25-37 (1988)

    • Related Report
      1988 Annual Research Report
  • [Publications] 藪下史郎: Discussion Paper 88-4、Yokohama National Univercity.

    • Related Report
      1988 Annual Research Report
  • [Publications] 倉沢資成: エコノミア. 99. 56-58 (1988)

    • Related Report
      1988 Annual Research Report
  • [Publications] 加藤竜太、倉沢資成: エコノミア. 98. 21-31 (1988)

    • Related Report
      1988 Annual Research Report
  • [Publications] 加納悟: エコノミア. 98. 48-55 (1988)

    • Related Report
      1988 Annual Research Report
  • [Publications] 新飯田宏: "国際経済の読み方" 東洋経済, 1-226 (1988)

    • Related Report
      1988 Annual Research Report
  • [Publications] 倉沢資成: "株式市場" 講談社, 1-207 (1988)

    • Related Report
      1988 Annual Research Report

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Published: 1988-04-01   Modified: 2016-04-21  

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