Empirical Studies about Capital Controls and Exchange Rate Regimes using Policy Evaluation Methods
| Project/Area Number |
26380395
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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 | Kobe City University of Foreign Studies |
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Principal Investigator |
ESAKA Taro 神戸市外国語大学, 外国語学部, 准教授 (60347515)
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2015: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2014: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | 為替制度 / 資本自由化 / 資本規制 / 経済成長 / 財政規律 / 政策評価分析 / 内生性問題 / 反実仮想 / 国際金融 / 経済パフォーマンス / 政策評価 / ミクロ計量経済学 / 因果推論 / 政策の内生性問題 / 為替政策 |
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| Outline of Final Research Achievements |
This study evaluates the effects of capital account liberalization (capital controls) and exchange rate regimes on economic performances using microeconometric policy evaluation methods. Especially, I investigate the effect of capital account liberalization on economic growth using a difference-in-differences (DID) approach (DID with inverse-probability weighted regression-adjustment estimator). Moreover, I examine the causal effect of pegged regimes on fiscal discipline using a synthetic control method. From the results, I find that capital account liberalization significantly increases economic growth when the world economy is booming. While I find heterogeneous treatment effects of pegged regimes on fiscal discipline, pegged regimes (currency unions), on average, enhance fiscal discipline.
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Report
(5 results)
Research Products
(4 results)
