The impact of commodity prices and capital flow variations on exchange rate policy

2014 Fiscal Year Final Research Report

• Project/Area Number: 24530250
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Applied economics
• Research Institution: Kobe University
• Principal Investigator: KINKYO Takuji 神戸大学, 経済学研究科(研究院), 教授 (50527637)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: 資源価格 / 資本移動 / マクロ経済安定政策 / アジア金融協力

Outline of Final Research Achievements

Some of the major finding of the study can be summarized as follows. First, the financial linkages and business cycle synchronization has become stronger in the Asian-Pacific region. Second, the flexibility of exchange rate regimes has increased and equity markets have become more globally and regionally integrated in East Asia. Third, a financial shock is a key determinant of international oil prices and its macroeconomic impact is as important as the impact of other underlying shocks, such as the demand shock. Fourth, although there has been a remarkable progress in East Asia’s regional financial cooperation, its key role as a complementary system for the existing international financial systems should be maintained.

Free Research Field

国際金融