2023 Fiscal Year Final Research Report
Structural changes and stability of international capital flows in Asia
| Project/Area Number |
20K01741
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Yamagata University |
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Principal Investigator |
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| Project Period (FY) |
2020-04-01 – 2024-03-31
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| Keywords | 国際資本移動 / アジア |
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| Outline of Final Research Achievements |
Observations of capital outflows for Asian countries in response to the last three financial shocks found no firm evidence of a reduction in the magnitude of outflows in terms of securities investment. It is once again clear that the vulnerability of Asian countries to capital outflows has improved significantly over the past quarter century, but the impact of external financial shocks cannot be insulated.
Relatively large growth in outward investment by Asian countries confirmed aspects of their transformation into capital providers. There were no signs of a recession in the position of Asian countries when their importance was measured by eigenvector centrality. An extended measurement of density, which measures network cohesion, found that the intra-regional flow of funds increased even taking into account the increase in US interest rates.
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| Free Research Field |
国際金融論
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| Academic Significance and Societal Importance of the Research Achievements |
本研究は国際金融システムの安定性という国際金融研究における主要な研究潮流の中に位置づけられる。この研究潮流において通貨危機によって甚大な経済損失を被ったアジア諸国の金融市場の脆弱性は重要な研究対象であった。
本研究により資本流出について証券投資には依然として脆弱性が存在することが分かった。また、ネットワーク分析を導入することにより国際金融ネットワークを分析する新たな手法の確立に貢献した。
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