2017 Fiscal Year Final Research Report
Global imbalance, global liquidity and stabilization of international financial system
| Project/Area Number |
26780186
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
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| Research Institution | Yamaguchi University |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Keywords | グローバル流動性 / ネットワーク効果 / 国際銀行ネットワーク |
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| Outline of Final Research Achievements |
Correlation of cross-border bank inflows across countries has increased remarkably since the mid-1990s. By applying a spatial econometric model, whether an intrinsic shock has Global push or Local pull factors, we demonstrate that once cross-border bank inflows of a certain country increase, self-propagation effects amplify the cross-border bank inflows of other countries to a considerable degree. We defined this effect as the Banking Network Multiplier (BNM) effect. Results show that most of the BNM distribution is concentrated in a few countries such as the United Kingdom and the United States. A strong core–periphery structure was confirmed. Therefore, a large share of cross-border bank inflows is not determined by the economic fundamentals of the receiving country. To smooth the rapid boom and bust wave trends of cross-border bank inflows, we demonstrate that financial restrictions on core countries are effective.
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| Free Research Field |
国際金融論
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