IT and Financial Systems in the 21st Century

21 世纪的 IT 和金融系统

基本信息

批准号：
15203016
负责人：
SHIMIZU Yoshinori
金额：
$ 31.45万
依托单位：
Hitotsubashi University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (A)
财政年份：
2003
资助国家：
日本
起止时间：
2003 至 2006
项目状态：
已结题

项目摘要

In this research project we have investigated the main theme on "IT. and Financial Systems in the 21st Century" from 2003 to 2006. We invited foreign collaborating researchers (Thyler Shumway (University of Michigan and Stanford University), Luchia Christova (Bank for International Settlements), Jeniffer Corbett (Australian National University), Inchul Kim (Sung Kyun Kwan University) and others) to the two international conferences that were held on March 18, 2005 and February 20, 2007 at Hitotsubashi University to make presentation of their own papers. Also we received useful comments from them on our members' papers to revise the papers into academically better ones. The papers that we made presentation of as this research project's performance clarify how the IT revolution has effects on financial service industry and its surroundings from a variety of viewpoints. Concretely, the research project used to theoretical and empirical analyses to consider effects developments of IT on (1) surroundings of the Japanese financial industry, (2) consumer behavior, firm behavior, financial institution's behavior, and (3) policy reactions of policy-makers. Regarding Effects on the surroundings around financial industry, the developments of IT are diversifying financial products and accelerating speed of transmitting information. Both the diversifying financial products and accelerating speed of transmitting information enhance efficiency in financial transactions for households as investors, firms as borrowers, and financial institutions as financial intermediaries. On one hand, it is pointed out investors might act in a fashion of non-economic behavior from a viewpoint of behavioral economics. Moreover, this research project pointed out that a market-based monetary policy is necessary for efficient financial markets with accelerating speed of transmitting information.

In this research project we have investigated the main theme on "IT. and Financial Systems in the 21st Century" from 2003 to 2006. We invited foreign collaborating researchers (Thyler Shumway (University of Michigan and Stanford University), Luchia Christova (Bank for International Settlements), Jeniffer Corbett (Australian National University), Inchul Kim (Sung Kyun Kwan University) and others) to the two international conferences that were held on 2005年3月18日和2007年2月20日在休多达斯大学，介绍了自己的论文。同样，我们也收到了他们对会员论文的有用评论，将论文修改为学术上更好的论文。我们提出的论文作为该研究项目的绩效阐明了IT革命从各种观点对金融服务行业及其周围环境产生影响。具体而言，该研究项目用于理论和经验分析，以考虑对IT的发展影响（1）日本金融行业的环境，（2）消费者行为，公司行为，金融机构的行为以及（3）政策制定者的政策反应。关于对金融行业周围环境的影响，IT的发展正在使金融产品多样化并加速传输信息的速度。多元化的金融产品和传输信息的加速速度都提高了家庭作为投资者，作为借款人的公司和金融机构作为金融中介机构的金融交易效率。一方面，从行为经济学的角度来看，投资者可能会以非经济行为的方式行事。此外，该研究项目指出，基于市场的货币政策对于以加速传输信息速度的有效金融市场是必要的。