Financial Internationalization and Financial Linkage between East-Asian Region and Advanced countries

金融国际化及东亚地区与发达国家的金融联系

• 批准号: 09630092
• 负责人: MIYAKOSHI Tatsuyoshi
• 金额: $ 1.92万
• 依托单位: Niigata University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1997
• 资助国家: 日本
• 起止时间: 1997 至 1999
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-09630092/
• 关键词: Financial Crisis; Contagion of Crisis; Financial Linkage; 金融危機; 国際的資本移動; 為替レート・金利; 東アジア諸国; 主要先進国

We applied recent development of nonstationary time series analysis and other statistical technique to our research: unit root-cointegration analyses, error correction model (ECM) and others. We obtained some new finding. (I) It is found that there was a strong financial linkage from advanced countries to East Asian countries, through testing an exchange rates determination among those countries. (ii) It is found that there exists a financial linkage among East-Asian countries, through examining the causes of Asian financial crisis in 1997. (iii) It is also found that there was a strong financial linkage among advanced countries, by testing an exchange rates determination. Thus, because of financial internationalization, the financial linkage over countries becomes strong. This finding suggests that financial shocks and volatility cause capital flight and exchange rates crisis. Moreover, the crisis transmits and reduces all countries to financial instability immediately. Also, this finding proposes that policy coordination for exchange rates, stocks and interest rates are desired over the world.

我们将非平稳时间序列分析的最新发展和其他统计技术应用到我们的研究中：单位根协整分析、误差修正模型(ECM)等。我们得到了一些新的发现。(I)通过测试发达国家与东亚国家之间的汇率决定，发现这些国家之间存在着很强的金融联系。(2)通过对1997年亚洲金融危机成因的考察，发现东亚国家之间存在金融联系。(Iii)通过测试汇率决定，还发现发达国家之间有很强的金融联系。因此，由于金融国际化，各国之间的金融联系变得更加紧密。这一发现表明，金融冲击和波动导致了资本外逃和汇率危机。此外，这场危机会立即传导并降低所有国家的金融不稳定。此外，这一发现表明，世界各国都希望在汇率、股票和利率方面进行政策协调。

项目成果

宮越 龍義: "アジア金融危機の要因"金融構造研究. 33-43 (1999)

宫越达义：“亚洲金融危机的因素”金融结构研究33-43（1999）。

Miyakoshi Tatsuyoshi: "The monetary approach to the exchange rate"Applied Economics Letters. (Forthcoming). (2000)

宫越达吉：《汇率的货币方法》《应用经济学快报》。

Miyakoshi Tatsuyoshi: "Trade-off between Pensions and Jobs for Elderly"Asian Economic Journal. 13巻・1号. 93-107 (1999)

宫越达义：“老年人养老金和工作之间的权衡”《亚洲经济杂志》第 13 卷，第 1 期 93-107（1999 年）。

Miyakoshi Tatsuyoshi: "Trade-off between Pensions and Jobs for Elderly"Asian Economic Journal. 13. 93-107 (1999)

宫越达义：“老年人养老金和工作之间的权衡”《亚洲经济杂志》。

宮越龍義: "アジア金融危機の要因"金融構造研究. 21号. 33-43 (1999)

宫越达义：《亚洲金融危机的因素》《金融结构研究》，21, 33-43 (1999)。