2015 Fiscal Year Final Research Report
Foreign capital flows, long-term interest rates, and monetary policy operating procedures in emerging economies
| Project/Area Number |
25380413
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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 |
Money/ Finance
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| Research Institution | Ritsumeikan University (2015)
Kyoto Sangyo University (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 | 国際資本移動 / 長期金利 / 金融政策運営 / 世界金融危機 / 新興国 / 東南アジア諸国 |
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| Outline of Final Research Achievements |
This project analyzed two issues, namely (1) the influences of foreign capital flows on long-term interest rates in emerging economies and (2) monetary policy operating procedures in Asian countries. The findings from our analysis are as follows. First, the shock of foreign capital flows on long-term interest rates is greater in emerging economies after the Global Financial Crisis (GFC) than in small advanced economies. Second, monetary policy operating procedures in four Southeast Asian countries are changed after the GFC.
Those imply that foreign capital flows after the GFC have impacts on long-term interest rates and monetary policy operating procedures in emerging economies. Therefore, capital flows resulting from changes in the monetary policies of major economic powers may create some difficulty in the monetary policy operations of emerging economies.
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| Free Research Field |
経済学
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