A new open economy macroeconomic analysis of the global financial crisis

• Project/Area Number: 26380293
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Osaka City University
• Principal Investigator: KUBO Akihiro 大阪市立大学, 大学院経済学研究科, 准教授 (90554882)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Project Status: Completed (Fiscal Year 2016)
• Budget Amount: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000); Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
• Keywords: グローバル金融危機 / 外国為替介入 / 金融政策 / 新しい開放マクロ経済学 / マクロ実証分析

Outline of Final Research Achievements

In this project, I examined the effect of monetary policy to the global financial crisis, then exploring the asymmetry of foreign exchange intervention to depreciation and appreciation. I found that the effect of the foreign exchange intervention is stronger during the post-crisis period than during the mid-crisis period. I also found that foreign exchange intervention was supplement for economic revival from the crisis.

Research Products

• [Journal Article] The macroeconomic impact of foreign exchange intervention: An empirical study of Thailand (2017)
  • Author(s): Akihiro Kubo
  • Journal Title: International Review of Economics and Finance Volume: 49 Pages: 243-254
  • DOI: 10.1016/j.iref.2017.02.001
  • Peer Reviewed / Acknowledgement Compliant
• [Presentation] Do central banks target the exchange rates? Recent experience in emerging Asia (2016)
  • Author(s): Akihiro Kubo
  • Organizer: The 2016 Asian Meeting of the Econometric Society
  • Place of Presentation: Doshisha University (Kyoto, Japan)
  • Year and Date: 2016-08-11
  • Int'l Joint Research
• [Presentation] Do central banks target the exchange rates? Recent experience in emerging Asia (2016)
  • Author(s): Akihiro Kubo
  • Organizer: The 2016 Annual Meeting of the ALLIED SOCIAL SCIENCE ASSOCIATIONS
  • Place of Presentation: San Francisco (United States of America)
  • Year and Date: 2016-01-03
  • Int'l Joint Research
• [Presentation] Did central banks respond to currency depreciation during the global financial crisis? (2015)
  • Author(s): Akihiro Kubo
  • Organizer: Eastern Economic Association
  • Place of Presentation: New York, USA
  • Year and Date: 2015-02-28 – 2015-03-02
• [Presentation] Did central banks respond to currency depreciation during the global financial crisis? (2014)
  • Author(s): Akihiro Kubo
  • Organizer: East Asian Economic Association
  • Place of Presentation: Bangkok, Thailand
  • Year and Date: 2014-11-01 – 2014-11-02