1999 Fiscal Year Final Research Report Summary
Influences of Financial Innovation on Macroeconomy
| Project/Area Number |
09630007
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
ASAKO Kazumi Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (60134194)
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| Co-Investigator(Kenkyū-buntansha) |
TSUBOUCHI Hiroshi Hitotsubashi University, Institute of Economic Research, Associate Professor, 経済研究所, 助教授 (50303045)
FUKAO Kyoji Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (30173305)
TERANISHI Juro Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (70017664)
ITO Takatohi Hitotsubashi University, Institute of Economic Research, Professor (30203144)
HOSONO Kaoru Hitotsubashi University, Institute of Economic Research, Associate Professor (80282945)
KASUYA Munehisa Research Institute for Economics & Business Administration of Kobe University, Associate , Professor (70282944)
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| Project Period (FY) |
1997 – 1999
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| Keywords | Financial innovation / Macroeconomy / Financial system / Bubbles / Asian currency crisis / Japan US interest rate differential / Foreign direct investment / Showa financial crisis |
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| Research Abstract |
Among many one of the main purposes of this research project is to analyze, both theoretically and empirically, the effect of financial innovation on the macroeconomic performances. Our basic stance is to deny the classical neutrality proposition of financial sector on the real economic activity and, on the contrary, to detect the close and feedback relationship between the two. To be more concrete, our research outcomes are summarized as follows.
Asako has surveyed the theoretical development and the historical episodes of macroeconomic stabilization policy in Japan, paying special attentions on the period after the Plaza accord in 1985 throughout which the birth and crash of asset price bubbles heavily affected the Japanese economy. Teranishi has constructed a basic framework of financial system and applied it to the analysis of the effect of financial innovation on the functional income distribution during the inter-war period of Japan.
Ito analyzed the impact of emerging markets such as Mexico and ASEAN countries on the international financial market in view of the high capital mobility. Fukao has surveyed and conducted his own empirical research on the issue of the impact of foreign direct investment on the mid term macroeconomic performances.
Hosono has emphasized the information producing function of Japanese main banks and conducted empirical regression analyses by utilizing the microeconomic panel data. Tsubouchi has proposed and tested the hypothesis that questions whether the future movements of the Japanese exchange rate are reflected in the movements of the Japan-United States interest rate differentials.
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