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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.

在本研究项目中，我们调查了2003年至2006年的主题“IT和21世纪的金融体系”。我们邀请了国外的合作研究人员（Thyler Shumway（密歇根大学和斯坦福大学），Luchia Christova（国际清算银行），Jeniffer Corbett（澳大利亚国立大学），Inchul Kim（成均馆大学）等）参加了2005年3月18日和2月20日举行的两次国际会议，2007年在一桥大学发表论文。此外，我们还收到了他们对我们成员的论文的有用意见，以修改论文，使其在学术上更好。作为本研究项目的成果，我们发表的论文从各种角度阐明了IT革命对金融服务业及其周边地区的影响。具体而言，本研究通过理论分析和实证分析，考察了IT的发展对（1）日本金融业的环境、（2）消费者行为、企业行为、金融机构行为、（3）政策制定者的政策反应的影响。从对金融业周边环境的影响来看，信息技术的发展使金融产品多样化，信息传递速度加快。金融产品的多样化和信息传递速度的加快提高了作为投资者的家庭、作为借款者的企业和作为金融中介的金融机构的金融交易效率。一方面，从行为经济学的角度，指出投资者的行为可能是一种非经济行为。此外，本研究项目指出，以市场为基础的货币政策是必要的有效的金融市场，加快信息传递的速度。