Formation of Asian Regional Economy and Erosion of Dollar-Standard System : Empirical researches on Asianization of trade, investment, and finance

在本课题中，首先，以日本和韩国企业在亚洲的业务为参照，对它们的生产、流通、筹资、结算方式和制度进行了实际研究。然后，在此基础上，对日元国际化、亚洲金融流动的变化、亚洲金融市场的发展以及美元和日元在亚洲的角色变化等问题进行了实证和理论研究，取得了如下成果：（1）对亚洲经济增长与资本自由化的考察（关于APEC贸易投资自由化、外商直接投资（EDI）及其对亚洲经济发展的影响等）;（2）亚洲经济增长与日本的贸易投资问题（FDI与资本流动的因果关系或非因果关系、亚洲经济增长对日元国际化的互动影响等）（3）日韩企业在亚洲的投资及其对亚洲金融和结算市场和体系的影响（日本跨国公司在亚洲的投资和筹资方式、亚洲生产和物流体系的形成及其对亚洲结算体系的影响、韩国企业的结算和美元等）。作为该项目的报告之一，我们正在出版一本书，名为《跨国公司在亚洲的投资与日元的国际化》（日文）。

In this project, first of all, we practically made researches on Japanese and Korean firms'production, distribution, fund-raising, and settlement methods and/or systems with reference to their Asian business operations. Then, on this basic investigation, we have empirically and theoretically studied on internationalization of Japanese yen, changes of Asian financial flows, development of Asian financial markets, and changing roles of Dollar and Yen in Asia.There are several fruits as follows :(1) examination on Asian growth and capital liberalization (argument about APEC's liberalization of trade and investment, foreign direct investment (EDI) and its impacts on Asian economic development, etc.) ;(2) Asian growth and Japan's trade and investment issues (causality or non-causality between FDI and capital flows, interactive effects of Asian growth towards Yen-internationalization, etc.) ;(3) Japanese and Korean firms'Asian investments and their impacts on Asian financial and settlement markets and systems (Japanese MNCs'Asian investment and fund-raising methods, formation of Asian production and physical distribution systems and their impact on the Asian settlement system, Korean firms settlement and dollar, etc.).We are publishing a book entitled multinational Firms'Asian Investment and Internationalization of Yen (in Japanese) as one of the reports of this project.