Theoretical, Empirical and Policy Studies for Financial Network Center: Bankruptcy chains and network management

2022 Fiscal Year Final Research Report

• Project/Area Number: 17K03816
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Hosei University
• Principal Investigator: Miyakoshi Tatsuyoshi 法政大学, 理工学部, 教授 (60166139)
• Project Period (FY): 2017-04-01 – 2023-03-31
• Keywords: 金融ネットワーク / 金融センター / リスク検疫 / 金融支援 / シミレーション / DCC-GARC

Outline of Final Research Achievements

This study (i) elucidates the theory of financial centers into a chain of financial failure model, and (ii) uses the DCC-GARCH model to explore the connectivity of financial markets as lines. and (iii) identifying the centers where many lines gather, conducting empirical research on financial centers, and (iv) which country I studied the policy of the financial center to provide financial public goods to the center and maintain and manage the network. (i) was theoretically elucidated at the Asian Economic Symposium, and (ii) was successfully explained by the DCC-GARCH model in the International Review of Economics and Finance. For (iii), we use those models in the International Review of Economics and Finance to elucidate that Asian financial centers are Singapore and Hong Kong, and for (iv), North American Journal of Economics and Finance, we found that risk-quarantine of high-risk financial instruments in the center country would prevent risk from spreading throughout the network.

Free Research Field

金融論、財政学、マクロ経済学、計量経済学

Academic Significance and Societal Importance of the Research Achievements

この研究は、政策立案者に、国際金融市場の安定を図るための具体的な方策について、理論的・実証的な解説を与える。すなわち、アジア金融市場では、シンガポールセンターに金融商品のリスク管理を行う金融格付け会社を設置してリスクの進入を防ぐ、または、センター内で生ずる金融リスクをセンター外に出さずに経済支援を行い、金融ネットワーク上で、リスクが他国に拡散しないようにすることが、最も効率的な試作である。