2015 Fiscal Year Final Research Report
A decomposition of global business cycles focusing on developing economies
| Project/Area Number |
25380292
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Tokai University (2015)
Japan Advanced Institute of Science and Technology (2013-2014) |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Keywords | 景気循環の連動性 / 工程間分業 / 生産性 / 為替レートのパススルー |
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| Outline of Final Research Achievements |
According to the research which decomposes global business cycles, it is revealed that many countries have been affected by soaring energy prices, productivity and financial shocks. In terms of productivity shock, however, many developing countries depend on the importing of intermediate goods, and do not result in significant improvements in domestic productivity. Multinational enterprises address processing and assembling activities while exporting and importing half-finished goods. The amount of added value attributed to these economies is relatively small, and the productivity level is inevitably low. The second topic is the exchange rate pass-through which is related to the topic of international synchronization of nominal variables. The pass-through was strongly affected by the changes in Armington elasticity in the 1990s and 2000s. Armington elasticity tends to decrease as the share of demand for imports among total demand for intermediate and capital goods increases.
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| Free Research Field |
国際的景気循環
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