"The Great Retrenchment" and Regimes of Regional Integration: Testing Political Economic Systems

2015 Fiscal Year Final Research Report

• Project/Area Number: 24243041
• Research Category: Grant-in-Aid for Scientific Research (A)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic policy
• Research Institution: Kwansei Gakuin University
• Principal Investigator: KOHSAKA Akira 関西学院大学, 国際学部, 教授 (00205329)
• Co-Investigator(Kenkyū-buntansha): ABE Shigeyuki 同志社大学, 政策学部, 教授 (60140076) ; OGAWA Eiji 一橋大学, 大学院商学研究科, 教授 (80185503) ; KIMURA Fukunari 慶応義塾大学, 経済学部, 教授 (90265918) ; FUKAGAWA Yukiko 早稲田大学, 政治経済学術院, 教授 (30306485) ; SATO Kiyotaka 横浜国立大学, 大学院国際社会科学研究院, 教授 (30311319) ; MIENO Fumiharu 京都大学, 東南アジア研究所, 教授 (40272786) ; OTSUKI Tsunehiro 大阪大学, 大学院国際公共政策研究科, 教授 (40397633) ; NAGANO Mamoru 成蹊大学, 経済学部, 教授 (20508858) ; ENYA Masahiro 金沢大学, 経済学経営学系, 准教授 (70340867) ; OKABE Misa 和歌山大学, 経済学部, 准教授 (20434649) ; HOJO Masakazu 新潟大学, 人文社会・教育科学系, 准教授 (30362601) ; SHIHO Kei 関西学院大学, 国際学部, 准教授 (90452721)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: 地域統合レジーム / 国際資本フロー / グローバル金融危機 / 東アジア / 欧州 / マクロ金融リンケージ / 産業配置 / バリューチェーン

Outline of Final Research Achievements

The Great Retrenchment of capital flows after the global financial crisis revealed the development dynamism of East Asian regime of regional integration as compared to European counterpart. First, as to macro-financial aspects, while Europe exposed the structural vulnerability of a common currency system without fiscal federalism, East Asia, free from common currency and based on the experience of the Asian financial crisis, has successfully established macro-financial policy regimes, which is exchange rate and financial stability oriented as against the volatility of international capital flows. Second, as to the real aspect of trade and investment, while the endogenous dynamism of trend wage growth is transforming industrial location in East Asia, the value-chain linkage of these two regions interestingly started to deepen through declining link cost due to technological innovation and trade policy as well.

Free Research Field

社会科学(経済学)