Macroeconomic analysis of capital inflows to emerging economies: new policy challenges after the global financial crises

2015 Fiscal Year Final Research Report

• Project/Area Number: 24530350
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Kobe University
• Principal Investigator: Kitano Shigeto 神戸大学, 経済経営研究所, 教授 (00362260)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: 新興国 / 資本流入 / 世界金融危機 / 資本移動 / 確率的動学一般均衡モデル

Outline of Final Research Achievements

After the global financial crises, the policy of low interest rates in developed countries caused a surge in capital inflows to emerging market economies. We examined macroeconomic policies that manage capital inflow in emerging economies. We incorporated financial frictions and shocks to growth trends, which are key features of emerging economies, in a conventional dynamic stochastic general equilibrium model. Subsequently, we developed a plausible model to examine macroeconomic policies for capital inflow in emerging economies.

Free Research Field

国際マクロ経済学