2014 Fiscal Year Final Research Report
Deflation, Strong Yen, and Financial Crises
| Project/Area Number |
24243044
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| Research Category |
Grant-in-Aid for Scientific Research (A)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kobe University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
KITANO Shigeto 神戸大学, 経済経営研究所, 教授 (00362260)
KOBAYASHI Teruyoshi 神戸大学, 経済学研究科・(研究院), 准教授 (10387607)
TSURUGA Takayuki 京都大学, 経済学研究科・(研究院), 准教授 (40511720)
JINUSHI Toshiki 神戸大学, 経済学研究科・(研究院), 教授 (60171089)
TAKAHASHI Wataru 大阪経済大学, 経済学部, 教授 (70327675)
TACHIBANA Minoru 大阪府立大学, 経済学部, 准教授 (70405330)
SHIBAMOTO Masahiko 神戸大学, 経済経営研究所, 准教授 (80457118)
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| Project Period (FY) |
2012-10-31 – 2015-03-31
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| Keywords | 金融論 / 財政学 / 経済理論 / バブル / 財政危機 |
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| Outline of Final Research Achievements |
As empirical research, we considered various problems concerning the policies based on quantitative easing adopted in the face of the current worldwide deflationary trend, considered how the adoption of inflation targeting has affected the economic performance after the global financial crisis, and analyzed the mechanisms of real interest fluctuations. In addition, we considered the characteristics of business cycles in emerging economies in Asia, and analyzed the propagation mechanisms of exchange rate adjustments, expansionary monetary policy, and expansionary fiscal policy during the Korekiyo Takahashi period. As theoretical research, we obtained a condition for the nonexistence of bubbles, and modified a standard network model of contagion to analyze situations in which banks hold external risky assets.
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| Free Research Field |
経済学
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