1992 Fiscal Year Final Research Report Summary
Short-term and Medium-term Analysis of World Flow of Funds
| Project/Area Number |
03301081
|
|---|
| Research Category |
Grant-in-Aid for Co-operative Research (A)
|
| Allocation Type | Single-year Grants |
|---|
| Research Field |
経済事情及び政策学
|
|---|
| Research Institution | The Institute of Economic Research, Hitotsubashi University |
|---|
Principal Investigator |
TERANISHI Juro Hitotsubashi University, The Institute of Economic Research, Professor, 経済研究所, 教授 (70017664)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
KUBONIWA Masaaki Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (70111698)
TAKAGI Shinji Osaka University, Department of Economics, Associate Professor, 経済学部, 助教授 (20226749)
KOMURA Chikara Seikei University, Department of Economics Professor, 経済学部, 教授 (80138536)
ITO Takatoshi Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (30203144)
ASAKO Kazumi Yokohama National University, Department of Economics, Associate Professor, 経済学部, 助教授 (60134194)
|
|---|
| Project Period (FY) |
1991 – 1992
|
| Keywords | Policy Cordination / Saving-investment Gap / International Flow of Funds / ODA / Cointegration / Unit Root / International Financial System / Former Socialist Economics |
|---|
| Research Abstract |
Most of the research results obtained are concerned with the building blocks of the econometric and time-series model of international financial linkage, estimation of which comprises the final aim of the study.
As for the time series analysis, a number of outputs were produced; (1) analysis of short-run equilibrium of assets and foreign exchange (2) invention of new methods of testing cointegration and unit root, and (3) analysis of various aspects of international coordination of monetary and fiscal policy. As for the construction of the world model of interrelationship among interest rates,simple VAR models are estimated for Japan, the US and Germany, and are expected to be linked with each other by interest rate parity conditions. This last stage is not yet finalized, however. As for the IS balance model for the world economy, two independent
studies are on-going. One is the estimation of the demand for funds by the ex-socialist economies. Another is the estimation of the demand for
… More
funds by the ex-socialist economies. Another is the estimation of saving-investment gap in the rest of the world. This latter study is currently saddled with the aggregation problem owing to the absence of adequate deflator of investments for each countries.
With respect to the international financial system, several studies have been completed, Which includes a historical survey of international debt crisis, internationalization of yen, structural changes in Japan's capital export, and Japan's ODA policy.
In sum, our research conducted in the past two years has yielded significant contributions of the related areas, which can be seen by the 23 papers contained in the report of the project. However, as to the task of integrating the results and arriving at policy conclusions, there are still several steps left to be undertaken in the future.
In particular, further efforts are expected to be made in order to arrive at a reasonably reliable estimation of the linked VAR model and the world IS balance model. Less
|
