Macroeconomic policy and policy infrastructure in emerging countries

2014 Fiscal Year Final Research Report

• Project/Area Number: 24530339
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Kinki University
• Principal Investigator: KUNIMUNE Kozo 近畿大学, 経済学部, 教授 (50450490)
• Co-Investigator(Kenkyū-buntansha): KASHIWABARA Chie JETROアジア経済研究所, 研究グループ長 (00450502)
• Co-Investigator(Renkei-kenkyūsha): INOUE Takeshi 南山大学, 総合政策学部, 准教授 (20450546) ; NGUYEN Hung Quoc 兵庫県立大学, 経済学部, 准教授 (80625153)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: マクロ経済政策 / 新興国 / 政策決定過程 / グローバル金融危機 / 東アジア / 東南ｱｼﾞｱ / 南アジア

Outline of Final Research Achievements

Comparing to developed countries, emerging economies attain higher economic growth but suffer from high volatility. The same goes for their current accounts. In addition, they suffer from exogenous shocks such as sudden change of world trade flows or disturbance in international financial markets. Therefore, building the good configuration of policy implementation, or policy infrastructure, should be a priority to safeguard their economic development. In so doing, first, we should foster markets, including financial markets, and promote their maturation. Second, we should create appropriate institutional arrangement in policy decision-making and make sure the existence of good division of labor between different policies. Third, we should maintain proper management of foreign reserves and exchange rate policy. Finally, we should create new framework of international macroeconomic policy coordination which involves major emerging countries.

Free Research Field

開発経済学