KOKUSAI KEIZAI

Globalizing Capital and International Monetary Regimes

Sadayoshi Takaya

2009 Volume 2009 Issue 60 Pages 5-28
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.01.t

JOURNAL FREE ACCESS

Show abstractHide abstract

Purposes of this paper are to study theoretically competition of international currencies, and to clarify a future situation of international monetary regime. For the purposes, after we make a clear synergy effects the functions of international currencies have, a dynamic model with decreasing cost function for international currencies competition is suggested to investigate stability of an international monetary regime.
The implication from our model is that the larger an effect of network exterreality is, the more unstable international monetary regime is, by the reason of hard international currencies competition. For the sake of preventing such instability, monetary authorities should cooperate internationally on monetary policies and supervision.

View full abstract

Download PDF (2769K)
Comment

Kenji Iwata

2009 Volume 2009 Issue 60 Pages 29-31
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.02.i

JOURNAL FREE ACCESS

Download PDF (290K)
Global Imbalances and the Dollar

Kazuo Mizuno

2009 Volume 2009 Issue 60 Pages 32-54
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.03.m

JOURNAL FREE ACCESS

Show abstractHide abstract

The US strong dollar policy (‘a strong dollar is in the interest of the country’), which had sought disengagement from the constraints of external imbalances since 1995, ended an historical mission in 2007 when the subprime loan crisis occurred and US investment banks collapsed or became commercial banks. That mission was to transform post-16th century capitalism whereby capital and the nation are integrated to global capitalism in which capital transcends the nation. The process has re-focused US attention on the issue of global imbalances and the dollar has weakened.

View full abstract

Download PDF (2184K)
Comment

Takekazu Iwamoto

2009 Volume 2009 Issue 60 Pages 55-57
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.04.i

JOURNAL FREE ACCESS

Download PDF (544K)
Foreign Exchange Regimes in Emerging Markets and Empirical Analysis on Emerging Asian Foreign Exchange System

Etsuko Katsu

2009 Volume 2009 Issue 60 Pages 58-85
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.05.k

JOURNAL FREE ACCESS

Show abstractHide abstract

After the collapse of the Lehman Brothers in September of 2008, global markets have got into turmoil all over the world. Emerging markets, which have benefited most from the financial Globalization, also experienced a great depreciation of their foreign exchange rates and deep decline of their stock prices. With the recession in United States, a further depreciation of dollar exchange rates made a suspicious of the sustainability of current dollar standard monetary system in the world.
In this paper, we explore the various developments in Asian exchange regimes in emerging Asia, focusing on the relationship between exchange rates and global capital market volatility, using quantitative analysis on estimating elasticities of Asian exchange rates. With the empirical result, we conclude that the possibility of the near future Asian common currency system is less than expected.

View full abstract

Download PDF (6764K)
Comment

Hidefumi Yamagami

2009 Volume 2009 Issue 60 Pages 86-89
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.06.y

JOURNAL FREE ACCESS

Download PDF (590K)

Globalization and Income Inequality

Shujiro Urata

2009 Volume 2009 Issue 60 Pages 90-108
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.07.u

JOURNAL FREE ACCESS

Show abstractHide abstract

The impacts of globalization on income (in) equality are analyzed from two perspectives. One is income equality between and among countries and the other is within a country. Using the results of the previous studies, this paper finds that globalization widened income gap between low-income and high-income countries, while it had mixed impacts on the within country income inequality among different types of countries. Globalization widened income gap in high income countries, while it reduced income gap in low income countries. The analysis found that availability of high skilled workers plays a key role in the determination of the impacts of globalization on income equality.

View full abstract

Download PDF (2047K)
Comment

Osamu Ishida

2009 Volume 2009 Issue 60 Pages 109-111
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.08.i

JOURNAL FREE ACCESS

Download PDF (284K)
Financial Institution and Firm Heterogeneity: Effects of International Capital Movement and Costly Trade in Goods on Industrial Structures

Taiji Furusawa

2009 Volume 2009 Issue 60 Pages 112-129
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.09.f

JOURNAL FREE ACCESS

Show abstractHide abstract

Building on an earlier version of Furusawa and Yanagawa (2009), this paper argues that financial imperfection causes firm heterogeneity in productivity. In the existence of fixed costs of exporting, international trade in goods increases the number of high-tech firms while it decreases the number of low-tech firms in each of the symmetric countries. International capital movements, on the other hand, leads to a capital inflow to a financially developed country expanding its industry that requires ex post investment, while it leads to a capital outflow from a financially undeveloped country shrinking its industry.

View full abstract

Download PDF (2005K)
Comment

Yasuhiro Sato

2009 Volume 2009 Issue 60 Pages 130-132
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.10.s

JOURNAL FREE ACCESS

Download PDF (290K)
International Trade and Firm Heterogeneity: Development of New Theory and Evidence

Ryuhei Wakasugi

2009 Volume 2009 Issue 60 Pages 133-153
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.11.w

JOURNAL FREE ACCESS

Show abstractHide abstract

The recent studies on international trade are developing in two aspects. One is the introduction of firm heterogeneity to the analysis of international trade, and another is the introduction of offshore sourcing to the analysis of international transaction and firm’s organization. This paper aims to present author’s recent empirical studies of the internationalization of heterogeneous firms by following up the current theoretical studies. Results of the empirical examination of Japanese firms confirm that only a few firms of high productivity are internationalized and conduct offshore sourcing. With some exceptions, the results of author’s empirical investigation support the theoretical propositions that the pattern of internationalized firms on exporting, FDI and offshore sourcing is sorted by the order of productivity level.

View full abstract

Download PDF (2721K)
Comment

Kazuhiro Igawa

2009 Volume 2009 Issue 60 Pages 154-156
Published: 2009
Released on J-STAGE: December 22, 2011

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2009.12.i

JOURNAL FREE ACCESS

Download PDF (274K)

Register with J-STAGE for free!