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

1987年以来，美元币值的剧烈波动和伴随美元贬值的纽约股市的暴跌，不仅对美国经济造成了严重影响，而且对包括日本、东南亚和大洋洲国家在内的世界金融市场也造成了严重影响。我们的共同研究最初计划进行4年，从上个财政年度开始，目的是调查日本金融机构与海外金融机构之间的相互关系，特别是纽约、悉尼、新加坡和香港的金融机构，并寻求制定合作的最佳方式。我们的研究过程如下。我们把研究人员分成两个小组;（1）主要关注金融市场的小组和（2）主要关注资本市场的小组，分别对金融市场和资本市场进行实况调查。 ...更多信息 本课题组与新加入的安井健、田中光、石田茂、神石和山守等研究人员合作，对资本市场的发展进行了研究。我们将利用科比大学经济经营研究所的计算机中心，通过对银行、证券公司、保险公司的问卷调查，进行实况调查和信息分析，对日本可以实施的国际货币政策提出一些建议。于本财政年度，上述各小组分别举行三次研究会议及两次联合会议。在这些会议上，我们共同讨论和努力的问题，如如何以适当的速度促进日本金融和资本市场的国际化，以及所谓的日本货币的理想数量。我们还继续构建专门针对几个地区和主要货币的资金流量表。少

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