Empirical Re-examination of Financial Market Models and the Monetary Policy after the Peregulai

佩雷古莱之后金融市场模型和货币政策的实证重新审视

基本信息

批准号：
05451113
负责人：
SHIMIZU Yoshinori
金额：
$ 2.37万
依托单位：
Hitotsubashi University
依托单位国家：
日本
项目类别：
Grant-in-Aid for General Scientific Research (B)
财政年份：
1993
资助国家：
日本
起止时间：
1993 至 1995
项目状态：
已结题

项目摘要

This research is based on a newly created data set for financial market analysis. The obtained results are three folds : (1) findings on the structural change of the financial market, (2) findings on the change in the monetary and proposals on the proper way to conduct the monetary policy responding to the changed financial market environment, (3) proposals to the management of financial institutions, regulations and the financial system.(1), the detailed analysis on the change in the cost and yield structure of financial markets over last 40 years made the role of financial dereguation on the behavior of financial institutions clear. The changed roles of the monetary policy and financial regulations over the last 40 years are also empirically traced and documented based on the obtained data. (2), Using the detailed extensive data set, an empirical examination of the monetary policy in 1980s was made and lessons from the monetary policy of the days of speculative bubbles were drown theoretically and empirically. Based on a theoretical analysis which benefited from the development of the rational expectations theory, a clear prospect and proposal for the monetary policy after the deregulation are presented. (3), Based on the analysis made in part (1), new regulations and supervisory system which fit to the deregulated financial market environment were analyzed. Number of proposals and policy measures to promote the financial market stability and the soundness of financial institutions are presented.In summary, following points are made clear theoretically and empirically ; Under the deregulated market conditions, financial institution's risk management system based on its own responsibility need to be established. In order to support this, the supervisory system has to be re-structured in order to use the market mechanism. A stable monetary policy which ensures a foreseeable and stable economic conditions has to be adopted based on a stable money supply rule.

这项研究基于用于金融市场分析的新创建的数据集。获得的结果是三个方面：（1）关于金融市场结构性变化的发现，（2）关于货币变化的调查结果以及有关遵守货币政策响应货币政策的正确方法的提议，（3）对金融市场的变化的建议，对金融机构，法规，法规，法规和财务状况的详细成本分析的详细成本的管理。金融机构的行为清晰。在过去40年中，货币政策和金融法规的作用也会根据所获得的数据进行经验记录和记录。（2）使用详细的广泛数据集，对1980年代的货币政策进行了经验检查，并从理论上和经验上淹没了投机气泡时代的货币政策的经验。基于从理性期望理论的发展中受益的理论分析，提出了放松管制后的货币政策的明确前景和建议。（3）根据第（1）部分中的分析，分析了适合放松金融市场环境的新法规和监督系统。提出了促进金融市场稳定和金融机构的健全性的建议和政策措施。总而言之，以下几点在理论上和经验上都明确了；在放松管制的市场条件下，金融机构的风险管理系统基于自身的责任需要建立。为了支持这一点，必须重新结构监督系统才能使用市场机制。一项稳定的货币政策，确保必须根据稳定的货币供应规则来采用可预见和稳定的经济状况。