Expansion and Globalization of Financial Markets, and Financial System, Monetary Policy; Theory, Practice, and International Comparison

金融市场的扩张和全球化、金融体系、货币政策；

基本信息

批准号：
02301093
负责人：
MIKITANI Ryoichi
金额：
$ 4.03万
依托单位：
Kobe University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Co-operative Research (A)
财政年份：
1990
资助国家：
日本
起止时间：
1990 至 1991
项目状态：
已结题

项目摘要

Final Research Results are to be published as a book titled World Financial Deregulation and Monetary Policy. Its first part deals with theories of monetary policy; it surveys standard literatures and shows the most recent developments. In the macro chapter, "the neutrality of money" is highlighted and, the theoretical developments are summarized, from the Keynesian --Monetarist debate to the recent New Classical-- New Keynesian debate. In the micro chapter, "the asymmetry of information" is the central concept; problems like the opotimality of the debt contract, credit rationing, and bank run are treated theoretically. In the chapter of international coordination, the possibility of adverse results caused by macro policy coordination is emphasized, and the justification for the BIS regulation is theoretically clarified, both using the game theoretic approach.The second part has nine chapters on the country case studies; Japan, USA, Canada, Germany, France, England, Australia, and EC. … More The evolution of financial system reforms, and the corresponding changes in monetary policy regimes, and the resulting macroeconomic performances are summarized for each country with clear division of time periods.The third part compares the country case studies and tries to extract lessons from them. Firstly, among final policy goals, most countries gave top priority to high employment till the mid 70s and did so to low inflation since then to the mid 80s; but, currently, they are divided into two groups, the inflation-first group and the pragmatic group which adjust policy priorities corresponding to economic situations. Secondly, the history of the operating strategies shows the same pattern; "the discretion" was common till the mid 70s, and "the rule" was common since then till the mid 80s; currently, the pragmatic group adopts "the discretion" and the inflation-first group adapts "the rule". However, the distance between the two procedures have been lessened; neither groups no longer utilize the extreme strategies. Finally, it is asserted that the macroeconomic performances are not evidently different between the two groups. It might be the results of the significant convergence in the ways of policy operation but we must wait until future large shocks to evaluate the two directions fully. Less

最终研究结果将作为《世界金融放松管制和货币政策》一书出版，其第一部分涉及货币政策理论；它调查了标准文献，并在宏观章节“货币中性”中展示了最新进展。重点介绍了从凯恩斯主义-货币主义争论到最近的新古典-新凯恩斯主义争论的理论发展，在微观章节中，“信息不对称”是诸如最优性等核心概念。在国际协调章节中，从理论上探讨了债务契约、信贷配给和银行挤兑等问题，强调了宏观政策协调带来不利结果的可能性，并从理论上阐明了BIS监管的合理性。第二部分有九章国家案例研究；日本、美国、加拿大、德国、法国、英国、澳大利亚和欧盟……更多金融体系改革的演变以及货币政策制度的相应变化。宏观经济表现是第三部分对各国案例进行比较并从中汲取教训。首先，在最终的政策目标中，直到70年代中期，大多数国家都将高就业放在首位。从那时起一直到80年代中期，它们都处于低通胀状态；但目前，它们分为两组，即通胀优先组和根据经济形势调整政策重点的务实组。 “自由裁量权”很常见到了70年代中期，“规则”一直普遍存在，直到80年代中期，实用主义派采取“自由裁量权”，通货膨胀优先派采用“规则”，但两者之间存在着距离。最后，可以断言，两者的宏观经济表现并无明显差异，这可能是政策操作方式显着趋同的结果，但我们必须等到这一点。未来充分评估两个方向的大冲击较少。