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The Stability of an Economic System comprised by a Monetary Union and a Non-member country

Research Project

Project/Area Number 26380330
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Economic policy
Research InstitutionWaseda University

Principal Investigator

Akiba Hiroya  早稲田大学, 政治経済学術院, 名誉教授 (60138576)

Project Period (FY) 2014-04-01 – 2017-03-31
Project Status Completed (Fiscal Year 2016)
Budget Amount *help
¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Keywords通貨同盟 / 安定性
Outline of Final Research Achievements

With my suspicion of inheriting essentially destabilizing factor as the remote but true culprit of its crisis in an economic system comprised by a member country of the European Currency Union and a non-member, theoretical analysis was carried to support an empirical conclusion of no co-integrated relation between macro variables. My constructed open economy macro model consists of three entities (a Monetary Union, a large country, and a small country), each having their own goods and services market and money market, and operating under a floating exchange rate system with free mobility of capital internationally. The second-order non-homogeneous linear difference equation reduced from two dynamic equations for output difference and the exchange rate, it was successfully proved that the destabilizing solution was obtained. Furthermore, it was proved that there may be a case where the system exhibits stability when the UIP condition shows the forward premium puzzle.

Report

(4 results)
  • 2016 Annual Research Report   Final Research Report ( PDF )
  • 2015 Research-status Report
  • 2014 Research-status Report
  • Research Products

    (1 results)

All 2015

All Journal Article (1 results) (of which Peer Reviewed: 1 results,  Open Access: 1 results,  Acknowledgement Compliant: 1 results)

  • [Journal Article] Stability of Monetary Union with Outsiders2015

    • Author(s)
      Hiroya Akiba
    • Journal Title

      Global Economic Review

      Volume: 44 Issue: 2 Pages: 1-16

    • DOI

      10.1080/1226508x.2015.1019537

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant

URL: 

Published: 2014-04-04   Modified: 2018-03-22  

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