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2001 Fiscal Year Final Research Report Summary

An Theoretical and Empirical Research on Economic and International Impact of the Euro

Research Project

Project/Area Number 11630097
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionKobe University

Principal Investigator

FUJITA Seiichi  Graduate School of Economics, Kobe University, Professor, 経済学研究科, 教授 (40135778)

Co-Investigator(Kenkyū-buntansha) TAKAHAMA Mitsunobu  Faculty of Commerce, Meiji Univ., Associate Professor, 商学部, 助教授 (70287879)
Project Period (FY) 1999 – 2001
KeywordsEuro / International Currency / Foreign Exchange Rate Policy / Optimum Currency Area / Asymmetric Real Shock / Regional Division of Labor / Dollar Standard / 複数基軸通貨体制
Research Abstract

Fujita made researches on the international impact of the introduction of the Euro.
(1) The Euro can't become a dominant international currency as the DM at the first stage, because roles of the DM as an international currency was based mainly on the diversity of currencies in the trade or capital transactions within the EMS countries and such diversity disappear when the Euro is introduced.
(2) At the second stage the Euro will be used as an international currency mostly in the EU accession countries and some African countries, through such roles as denomination currency, standard currency, intervention currency, reserve currency.
(3) The bipolar system of Dollar Area and Euro Area has two different impacts on the international monetary system. The first possibility is the instability of Dollar-Euro exchange rate through huge amount of portfolio shift among the Dollar and the Euro. The second possibility is the stability of the international monetary system through the regulation on the US current account deficits.
Takahama made researches on the impact of the Euro on Euro zone economies through re-examinations of Optimum Currency Area.
(1) The main economic effect of the monetary union is the control of inflation in the case of higher-inflation countries, but for low-inflation countries such as Germany economic effects of the monetary union may be small. Convergentョ of rate of inflation is not the condition but the outcome of the monetary union.
(2) After the introduction of the Euro, the economic loss of individual countries depend on the divergence of industrial structure of the particular countries. If the trade integration within the Euro zone promotes the divergence of industries among participating countries, the economic loss will increase.

  • Research Products

    (15 results)

All Other

All Publications (15 results)

  • [Publications] 藤田誠一: "欧州単一通貨ユーロと国際通貨体制"経済学研究(九州大学). 66巻4号. 65-79 (2000)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 藤田誠一: "EMSからEMUへ:国際通貨体制へのインプリケーション"社会科学(同志社大学人文科学研究所. 65号. 93-115 (2000)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 藤田誠一: "ユーロの国際通貨制度上の意義"国際金融. 1073号. 48-54 (2001)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 高浜光信: "通貨投機の自己実現性について:第1世代モデルにおける複数均衡"明大商学論叢. 82巻1号. 241-252 (2000)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 高浜光信: "通貨同盟への参加と純利得の発生:最適通貨圏理論の再検討"明治大学社会科学研究所紀要. 38巻2号. 143-157 (2000)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 高浜光信: "通貨同盟のコストベネフィット分析:最適通貨圏理論と信認輸入仮説の融合"明治大学社会科学研究所 ディスカッションペーパー. J2002-2. 1-18 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 田中素香, 藤田誠一: "ユーロと国際通貨体制"日本経済評論社(未定). (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Seiichi Fujita: "The international Aspects of the Euro"Kokumin keizai zasshi. Vol. 181 No. 1. 19-32 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Seiichi Fujita: "The Euro and the International Monetary System"Keizaigaku kenkyuu (Kyushu University). Vol. 66 No. 4. 65-79 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Seiichi Fujita: "From the EMS to the EMU"Shakaikagaku (Doshisha University). No. 65. 93-115 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Seiichi Fujita: "Some Controversial Issues on International Currencies"Konan keizaigaku ronshu (Konan University). Vol. 42 No. 1. 1-31 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Seiichi Fujita: "Impacts of the Euro on International Monetary System"International Finance. No. 1073. 48-54 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Mitsunobu Takahama: "On the Self-Fullfilling Nature of Currency Crisis"Meijishogakuronshu (Meiji University). Vol. 82 No. 1. 241-53 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Mitsunobu Takahama: "The Merit of Monetary Union"Shakai kagaku kenkyushokiyou (Meiji University). Vol. 38 No. 2. 143-57 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Mitsunobu Takahama: "Cost-Benefit Analysis of Monetary Union"Discussion Paper, Meiji University. J2002-2. 1-18 (2002)

    • Description
      「研究成果報告書概要(欧文)」より

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Published: 2003-09-17  

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