International Finance for What?: Financial Centres and 'Growth and Finance' Revisited(Fostering Joint International Research)

2019 Fiscal Year Final Research Report

• Project/Area Number: 16KK0049
• Research Category: Fund for the Promotion of Joint International Research (Fostering Joint International Research)
• Allocation Type: Multi-year Fund
• Research Field: Economic history
• Research Institution: Tohoku University
• Principal Investigator: Sugawara Ayumu 東北大学, 経済学研究科, 准教授 (10374886)
• Project Period (FY): 2017 – 2019
• Keywords: 国際金融 / 国際金融センター / 新興工業国 / 基軸通貨 / ネットワーク / 階層性 / 補完性

Outline of Final Research Achievements

This project, depending on the concepts of network, hierarchy, and complementarity, and clearly including the borrowers’ viewpoint, searches the functions of international financial centres. In consideration of funds flow directions, the centres are divided into three groups: borrowing, lending, and straddle centres. The latest centre is both a lender and an accepter of liquidities. In the framework, I clarify borrowers, lenders, and intermediaries and the interdependence of their needs. As the result, I clarify the relationship between international financial centres and the newly industrializing economies which has self-reinforcing characteristic with using of key currencies in foreign trade finance and long-term capital exports and functioning of international financial centres as depository of liquidities.

Free Research Field

経済史

Academic Significance and Societal Importance of the Research Achievements

研究目的の社会的意義：国際金融の存在自体に対する、それぞれ極端な否定と肯定の見解のギャップを埋める。特に、国際金融が持つ、世界経済におけるインフラという側面を明らかにすることで、国際金融のインフラとしての機能を保全する一方で、危機やモラルハザードなど社会的な批判を生む悪影響を減じていく国際金融規制や制度の構築への貢献を目指す。最終的な目的は、世界の経済的豊かさをより広い範囲に行き渡らせ、かつ持続可能にすることである。