Workshop on International Macroeconomics(科研基盤研究 (C)「先進国の金融政策正常化により新興国において発生するリスクに対するマクロ経済政策」/神戸大学金融研究会/国際金融研究部会/RIEBセミナー共催)
Workshop on International Macroeconomics (Jointly supported by Grant-in-Aid for Scientific Research (C) / Monetary Economics Seminar of Kobe University / Workshop on International Finance / RIEB Seminar)

日時
(Date&Time)
2018年12月7日(金)14:30 ~ 17:00 (Friday, December 7, 2018, 2:30pm-5:00pm)
会場
(Place)
神戸大学経済経営研究所 会議室(研究所新館2階)
Meeting Room at RIEB (Annex, 2nd Floor)
報告言語
(Language)
英語 (English)
対象
(Intended Audience)
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。
The seminar is primarily for the workshop members. But non-members are also welcome to attend.
備考
(Note)
論文のコピーは共同研究推進室にてご用意いたします。
Copies of the paper will be available at the Office of Promoting Research Collaboration.

セミナーへ参加を希望される方はお手数ですが、お名前・ご所属・ご連絡先(メールアドレス)を開催日の1週間前までに共同研究推進室へご連絡ください。
If you would like to attend this seminar, please email us at Office of Promoting Research Collaboration your name, affiliation, email address by a week before the workshop.

14:30 ~ 15:10 (2:30pm~3:10pm)

報告者
(Speaker)
北野 重人 (Shigeto KITANO)
所属
(Affiliation)
神戸大学経済経営研究所(RIEB. Kobe University)
論題
(Topic)
Gains from Policy Cooperation in Capital Controls and Incompleteness of Financial Markets
要旨
(Abstruct)
We examine how the degree of incompleteness of financial markets affects welfare gains from policy cooperation in capital controls. We find that when financial markets are more incomplete, global welfare deteriorates under the Nash equilibrium, while global optimal policy mitigates the welfare loss due to the financial market inefficiency. When financial markets are more incomplete, the welfare gap between the Nash equilibrium and global optimal policy increases, and then welfare gains from policy cooperation in capital controls become larger.

15:20 ~ 16:00 (3:20pm~4:00pm)

報告者
(Speaker)
永易 淳 (Jun NAGAYASU)
所属
(Affiliation)
東北大学大学院経済学研究科(Guraduate School of Economics, Tohoku University)
論題
(Topic)

Intra-temporal Substitution between Tradable and Nontradable Goods: An Implication for the Backus-Smith Puzzle

要旨
(Abstruct)
Using survey-based Japanese household data, we estimate the elasticity of intra-temporal substitution (EIS) between tradable and nontradable goods. Thus, this research is related to the Backus-Smith puzzle (1993), which states that the nontradable sector and low substitution between these two types of goods are the reasons for non-conformance to the purchasing power parity theory. Among other conclusions, we find that the EIS is low and close to zero when properly estimated, thereby providing evidence in favor of this puzzle. Furthermore, we confirm that consumption behavior differs among households with different social backgrounds. Based on these findings, we conclude that prices are less decisive factors in determining the consumption composition than what the standard economic theories predict. In contrast, social factors such as age and family size are more directly associated with consumers' allocation of goods and services.

16:10 ~ 17:00 (4:10pm~5:00pm)

報告者
(Speaker)
Gilles DUFRENOT
所属
(Affiliation)
Faculty of Economics and Management, Aix-Marseille University
論題
(Topic)
Does International Financial Integration Increase the Standard of Living in Africa : A Frontier Approach
要旨
(Abstruct)
We investigate whether a higher financial integration with the rest of the world can help the African countries reduce their production inefficiency and/or push up their efficient frontier of production. We use two alternative empirical approaches based, respectively, on a stochastic frontier analysis and quantile regressions. We provide evidence of heterogeneous situations across countries and time. This paper proposes a new approach for defining, at the aggregate level, a link between financial openness and production efficiency. We show that one size does not fit all: international financial integration can increase or decrease African countries' standard of living.
討論者
(Discussant)
吉田 裕司/滋賀大学経済学部(Yushi YOSHIDA / Faculty of Economics, Shiga University)
杉本 喜美子/甲南大学マネジメント創造学部(Kimiko SUGIMOTO / Hirao School of Management, Konan University)