Influences of Financial Innovation on Macroeconomy

本研究的主要目的之一是从理论和实证两个方面分析金融创新对宏观经济运行的影响。我们的基本立场是否定金融部门对实体经济活动的经典中立命题，相反，要发现两者之间的密切关系和反馈关系。更具体地说，我们的研究成果概括如下：浅子考察了日本宏观经济稳定政策的理论发展和历史插曲，特别关注了1985年广场协议后的一段时期，在那段时间里，资产价格泡沫的产生和破裂对日本经济造成了严重影响。Teranishi构建了一个金融体系的基本框架，并将其应用于分析日本战间时期金融创新对功能性收入分配的影响。鉴于资本的高度流动性，分析了墨西哥和东盟国家等新兴市场对国际金融市场的影响。福雄对外商直接投资对中期宏观经济表现的影响进行了调查和实证研究，细野幸男强调了日本主要银行的信息生产功能，并利用微观经济面板数据进行了实证回归分析。Tsubouhi提出并测试了一种假设，即质疑日本汇率未来的变动是否反映在日美利差的变动中。

Among many one of the main purposes of this research project is to analyze, both theoretically and empirically, the effect of financial innovation on the macroeconomic performances. Our basic stance is to deny the classical neutrality proposition of financial sector on the real economic activity and, on the contrary, to detect the close and feedback relationship between the two. To be more concrete, our research outcomes are summarized as follows.Asako has surveyed the theoretical development and the historical episodes of macroeconomic stabilization policy in Japan, paying special attentions on the period after the Plaza accord in 1985 throughout which the birth and crash of asset price bubbles heavily affected the Japanese economy. Teranishi has constructed a basic framework of financial system and applied it to the analysis of the effect of financial innovation on the functional income distribution during the inter-war period of Japan.Ito analyzed the impact of emerging markets such as Mexico and ASEAN countries on the international financial market in view of the high capital mobility. Fukao has surveyed and conducted his own empirical research on the issue of the impact of foreign direct investment on the mid term macroeconomic performances.Hosono has emphasized the information producing function of Japanese main banks and conducted empirical regression analyses by utilizing the microeconomic panel data. Tsubouchi has proposed and tested the hypothesis that questions whether the future movements of the Japanese exchange rate are reflected in the movements of the Japan-United States interest rate differentials.