Transformation of the World Finance and World Economy - Accumulation of maneyed and real capital on the world scale in the period of the floating-rate system

1988 Fiscal Year Final Research Report Summary

• Project/Area Number: 62301076
• Research Category: Grant-in-Aid for Co-operative Research (A)
• Allocation Type: Single-year Grants
• Research Field: Public finance/Monetary economics
• Research Institution: TOHOKU UNIVERSITY
• Principal Investigator: MURAOKA Shunzo Faculty of Economics, Professor (Tohoku University), 経済学部, 教授 (60004181)
• Co-Investigator(Kenkyū-buntansha): SATO Hideo Iwate University, Faculty of Culture and Social Science, Associate Professor, 人文社会学部, 助教授 (40133897) ; OOYA Shigeo Seinan Gakuin University, Faculty of Commerce, Associate Professor, 商学部, 助教授 (40125513) ; HAMADA Masayuki Hokkaido University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (80156405) ; SASAKI Takao Hokkaido University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (70091692) ; TANAKA Soko Tohoku University, Faculty of Economics, Professor, 経済学部, 教授 (20094708)
• Project Period (FY): 1987 – 1988
• Keywords: floating exchange rate / market integration of the EC / securitization / Euro money market / regionalism / protectionism / finance liberalisation / アジアNIES / インド工業化 / MNC

Research Abstract

1. In this project we analize how the world economy in the period of floating exchange rate has been developed. In this period the finance liberalization became a tide of the developed economies. So money capital transfer from one national economy to another. This makes our analysis set on the world scale. At the same time we must watch the mobility of persons which has a decisive effect on regionalism today.
2. The most important point in the development of world economy during the period is low economc growth of the developed economies, especially the European Community economies. It made money capital of this region to go to the united states in 1980s which strengthened stagnation of European economy. In contrast Japanese and later Asia Nies economy could record relatively high economic growth on its technical innocation of microelectronics. The aggressive export fron these countries to Europe and america Awakened regionalism in those regions. The accumulation of money capital in Euro-currency market has helped this process.
3. We alalyse extensively aspects of accumulation of real and money capital on the world scale. As a conclusion we show a prospect that the world economy would conquer its low economic growth since the first shock with the integration of the EC and that inbalance of real and money capital accumulation would be revised if the US would recongnise its role of world economy.