Theoretical and empirical research on fluctuations in the value of US dollars and financial situation in financial and capital markets in the Pacific basin

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Sharp fluctuations in the value of US dollar since 1987 and the sudden and heavy fall of the New York stock market, involving the depreciation of US dollar, have brought serious impacts on not only the US economy but also the rest of the world including the financial markets in Japan and the countries in the southeast Asia and the Oceania. Our joint research, which originally planned to make for 4 years, started last fiscal year for the purposes of investigating the mutual relationship between finacial institutions in Japan and overseas financial institutions, particularly those in New York, Sydney, Singapore and Hong Kong, and seeking the optimal way of formulating their cooperation. The procedures of our research are as follows. We divided our research members to two sub-groups; (1) the one which is mainly concerned with financial markets and (2) the other which is mainly concerned with capital markets, and these groups respectively made fact-finding studies with respect to financial … More and capital markets with the following researchers who newly took part in our research group as collaborators, H.Yasui, K.Tanaka, M.Ishida, T.Jinushi and N.Yamori. We are going to propose some recommendations concerning international monetary policy which Japan can implement, based on the fact-finding studies and the analysis of information through a questionnaire for banks, stock companies and insurance companies by making use of the computer center at Research Institute for Economics and Business Administration, Kobe University. This financial year each group mentioned above held research meetings three times and the united meetings were held twice. In those meetings we discussed and worked together about the problems like in what way the internationalization of financial and capital markets in Japan could be prompted at an appropriate speed and the desirable volume of so-called Japan money. We also continue to construct money flow tables specialized to several regions and main currencies. Less