2004 Fiscal Year Final Research Report Summary
Creation of Financial Infrastructures for ICT Revolution and Economic Growth in the EU
| Project/Area Number |
14530111
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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 |
Public finance/Monetary economics
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| Research Institution | KYUSHU UNIVERSITY |
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Principal Investigator |
IWATA Kenji KYUSHU University, Faculty of Economics, Professor, 大学院・経済学研究院, 教授 (50261483)
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| Co-Investigator(Kenkyū-buntansha) |
TANAKA Soko CHUO University, Faculty of Economics, Professor, 経済学部, 教授 (20094708)
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| Project Period (FY) |
2002 – 2004
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| Keywords | EU(European Union) / ICT / IT Revolution / Long Wave / Flow of Funds / Securities Market |
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| Research Abstract |
This research consists of (1)developments of the information and communication industry and their impact on European Economy, (2)long-term time series analysis of flow of funds in EU member states and (3)the evaluation of EU policies for the formation of financial infrastructure serving for the development of ICT industry and long teem EU growth. The findings obtained through three year's research are as follows.
First, although the information and communication industry have grown in the EU, these developments have not brought about the rise of productivity and boosted the potential growth rate, which was observed in the United States in the latter half of the 1990's. As for the financial area, the burst of the bubbles in Europe in 2000 at the stock markets, especially those related to the high-tech and to the communication etc, has proved that the changes of the main deficit unit from government sector to the business enterprise sector that were widely observed in may European countries in the latter half of the 1990's, were transitory phenomenon caused on a weak base such as the growth of US economy and bubbles of the fragile asset markets.
Thirdly, the FSAP(Financial Services Action Plan) and the reform of legislation process in the securities field by the EU were understood as one of important policies to create financial infrastructures for the development of the information and communication industry and for deepening growth rate of Europe. However, the stagnation of European Economy, especially those observed in Germany, after the burst of the bubble in 2000, these EU initiatives have not brought about any positive result The present stage is the period of crucial review of the "Lisbon Strategy" itself, which had provided a base for the individual policies in the finial field shown above.
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