Monetary Policy Regimes in Emerging Economies: Liberation from Macroeconomic Policy Trilemma

2014 Fiscal Year Final Research Report

• Project/Area Number: 23653067
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Applied economics
• Research Institution: Kwansei Gakuin University
• Principal Investigator: KOHSAKA Akira 関西学院大学, 国際学部, 教授 (00205329)
• Co-Investigator(Renkei-kenkyūsha): OGAWA Eiji 一橋大学, 大学院商学研究科, 教授 (80185503) ; SATO Kiyotaka 横浜国立大学, 大学院国際社会科学研究院, 教授 (30311319) ; SHINKAI Junichi 大阪大学, 大学院国際公共政策研究科, 特任研究員 (10571648)
• Project Period (FY): 2011-04-28 – 2015-03-31
• Keywords: マクロ金融政策レジーム / マクロ政策のトリレンマ / 国内金融システム / マクロ経済ショック波及メカニズム / マクロ金融リンケージ / 東アジア新興市場国 / グローバル金融危機 / 地域金融協力

Outline of Final Research Achievements

Since the global financial crisis urged us to reexamine the risk of free capital mobility, it has been widely perceived that monetary policy regimes pursuing unconditional capital liberalization needed to be reconsidered even in emerging economies. Upon this background, this research, examined possible alternatives to monetary policy regimes robust to high capital mobility.　As a consequence, it is found that the East Asia can be highly assessed to have built up new macro-financial policy regimes based on harsh experiences of the Asian Crisis. They are eclectic but pragmatic apart from conventional policy management with flexible exchange rates and perfect capital mobility. In fact, they tactfully managed both exchange rates and capital flows.　The anatomy of these functions helped us present promising alternative policy options in the field of monetary policy regimes in emerging economies.

Free Research Field

国際経済学