2011 Fiscal Year Final Research Report
Fluctuations of Commodity Prices and Financial Crisis in Resource-Rich Countries
| Project/Area Number |
21330080
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Musashi University |
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Principal Investigator |
OHNO Sanae 武蔵大学, 経済学部, 教授 (40307145)
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| Co-Investigator(Kenkyū-buntansha) |
ITO Nariyasu 武蔵大学, 経済学部, 教授 (60203155)
KAGRAOKA Yusho 武蔵大学, 経済学部, 教授 (40328927)
CHANO Tsutomu 武蔵大学, 経済学部, 教授 (10532195)
TOGO Ken 武蔵大学, 経済学部, 教授 (30308019)
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| Project Period (FY) |
2009 – 2011
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| Keywords | 資源ブーム / 海外資本流入 / ガバナンス / 価格の共変動 / 商品先物市場 / 為替変動 / 資本規制 / ダイナミック・ファクター・モデル |
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| Research Abstract |
The objectives of this research projects are two-fold. The first objective is to examine determinants of commodity prices and characteristics of price movements. We found that commodity prices have become more susceptible to liquidity expansion(or liquidity squeeze) and more correlated with stock prices. Second objective is to investigate the determinants of foreign capitalflows into resource-rich countries. It is revealed that the commodity price boomand foreign exchange rate flexibility promote short-term speculative capital inflows, which might aggravate the resource curse.
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