| 研究実績の概要 |
The project has two significant achievements in FY2022.
First, a paper titled “financial openness and financial market development” is published in Journal of Multinational Financial Management, a journal indexed in the Web of Science. This paper examines the linkages between financial openness (i.e., the degree to which a country is open to international capital flows) and financial market development (i.e., banking sector, bond market, and stock market) in 164 countries during 1960-2020. In this paper, we use new measures of financial openness and financial development, which, unlike prior studies, gauge a country’s financial openness and financial development relative to the benchmark country, i.e., the United States. We find that the relationships between financial openness and the development of the domestic banking sector and the stock market are positive and bidirectional while the relationship between financial openness and bond market development is negative and bidirectional. The findings from this study provide policymakers with more empirical evidence on the (net) benefits of financial openness on financial development, enabling them to formulate better policies for developing a country’s financial markets.
Second, I disseminated research results and exchanged opinions with scholars and students in Japan and Thailand, including (i) students in the cross-cultural organizational behavior course at 学習院大学 and (ii) scholars from Thammasat Business School, Sirindhorn International Institute of Technology, and Chulalongkorn University.
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