Updated on 2024/05/11

写真a

 
TAKAYA,Sadayoshi
 
Organization
Faculty of Business and Commerce Professor
Title
Professor
Contact information
メールアドレス
External link

Degree

  • Doctor (Economics) ( 1999.6 )

Research Interests

  • International Currency

  • 金融リテラシー

  • International Finacial System reforms

  • 環境金融

  • EUタクソノミー

  • ESG金融

  • グリーンディール

  • 対外債務危機

  • 時系列分析

  • 通貨危機

  • ユーロ危機

  • 欧州債務危機

  • コルレス契約

  • 基軸通貨の交代

  • 国際資本移動

  • 外国為替

  • グローバリゼーション

  • 貨幣の進化

  • 電子マネー

  • 国際通貨制度史

  • 貨幣論

  • 国際通貨システム

  • 基軸通貨

  • EU経済

  • 欧州経済

  • Liquidity in the Stock Markets

  • ユーロ

  • International Macroeconomics

  • EMU

Research Areas

  • Humanities & Social Sciences / Economic policy  / 欧州経済、ヨーロッパ経済

  • Humanities & Social Sciences / Money and finance  / 国際金融

  • Humanities & Social Sciences / Economic history  / 国際通貨制度史

Education

  • Kobe University   Graduate School, Division of Economics

    - 1991

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  • Kobe University   Faculty of Economics

    - 1986

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  • Kobe University   Graduate School, Division of Economics

    1991

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    Country: Japan

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Research History

  • Kansai University   Faculty of Business and Commerce   Professor

    2004.4

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    Country:Japan

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  • Kindai University   Faculty of Economics   Professor

    2003.4 - 2004.3

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  • Kindai University   Professor

    2001.4 - 2003.3

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  • Kindai University   Associate Professor (as old post name)

    1994.4 - 2001.3

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  • 近畿大学商経学部   専任講師

    1991.4 - 1994.3

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Professional Memberships

Committee Memberships

  • 日本学術会議   日本学術会議連携会員  

    2023.10   

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    Committee type:Academic society

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  • 大阪府・大阪市   国際金融都市OSAKA推進委員会アドバイザー  

    2021.5 - Present   

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  • 日本EU学会   理事長  

       

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Papers

  • 欧州経済のリスクとEU経済戦略

    髙屋 定美

    小川英治編著『ポストコロナの世界経済―グローバルリスクの構造変化』第5章、東京大学出版会   133-170   2023.8

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  • 欧州グリーンディールと金融機関の役割

    髙屋 定美

    アジア太平洋研究所研究資料   23-04 55-71   2023.3

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  • グリーンディールと欧州中央銀行の役割

    髙屋 定美

    『欧州グリーンディールとEU経済の復興』文眞堂、所収   177-196   2023.2

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  • EUタクソノミーが与えるEU域内の金融・経済活動への影響

    髙屋 定美

    『欧州グリーンディールとEU経済の復興』所収、文眞堂   225-256   2023.2

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  • EUタクソノミーの実施と、EU域内の金融・経済活動への影響

    髙屋 定美

    アジア太平洋研究所資料   22-04、87-121   2022.3

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  • 欧州でのマイナス金利政策の影響とCOVID-19からの回復

    髙屋 定美

    本多佑三・家森信善編著『ポストコロナとマイナス金利下の地域金融』所収、中央経済社   184-201   2022.2

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  • 欧州経済リスク ー新型コロナウイルス感染拡大、ブレグジット、、そしてユーロ圏金融市場のリスク

    髙屋 定美

    小川英治編『グローバルリスクと世界経済-政策不確実性による危機とリスク管理-』東京大学出版会   113-154   2021.7

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  • 欧州のマイナス金利政策の動向と EU 経済への影響

    髙屋 定美

    アジア太平洋研究所『マイナス金利環境下における地域金融機関の現状と課題』所収   127-155   2021.3

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  • EUの結束は綻びるのか? ―ブレグジット、COVID-19に揺れるEU

    髙屋 定美

    国際問題   第696号、19-29ページ   2020.11

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  • 貨幣の形態進化と信頼の深化

    髙屋 定美

    鎮目雅人編『信用貨幣の生成と展開』慶應義塾大学出版会   389-421   2020.8

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  • 英国による金本位制復帰の選択に関する政策過程の実証分析

    髙屋 定美, 前田 直哉

    関西大学商学論集   第64巻 第2号   2019.9

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  • 国際通貨としてのユーロの位置づけ――ユーロはドルに挑戦できるのか?

    髙屋 定美

    『グローバリゼーションと基軸通貨:ドルへの挑戦』東京大学出版会、第3章。   2019.7

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  • ポンドネットワークの盛衰 -国際通貨のネットワーク効果、協働効果、履歴効果の観点から-」

    髙屋 定美

    信用理論研究   第37巻、63-82   2019.5

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  • 欧州中央銀行による金融政策と銀行監督政策の理論的分析-ECBは物価安定と金融安定を同時に達成できるのか-

    髙屋 定美

    同志社商学   第70巻第6号、311-324   2019.3

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  • 「ユーロはドルに挑戦できるのか? ~国際通貨としてのユーロの位置づけ~

    髙屋 定美

    日経研月報   2017年12月号 14-25   2017.11

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  • The experience of negative interest rate from Euro zone and European small countries

    TAKAYA,Sadayoshi

    第24巻、105-132   2017.11

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  • マイナス金利下での欧州生命保険会社の資産管理の研究

    髙屋 定美

    かんぽ財団平成29年度調査研究報告書   https://www.kampozaidan.or.jp/CL01_03/263_S1.pdf   2017.10

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  • 英国離脱の背景と欧州統合へのインパクト

    髙屋 定美

    ECO-FORUM   Vol.32, No.1 ( 1 )   19 - 26   2016.12

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    Language:Japanese   Publisher:統計研究会  

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  • 欧州における不動産投資信託とマクロプルーデンシャル政策の可能性

    髙屋 定美

    信託研究奨励金論集   第37号 pp.164-182   2016.11

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  • 欧州中央銀行の非標準的金融緩和策が欧州経済に与える影響

    髙屋 定美

    世界経済評論   2016年11・12月号   2016.11

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  • 欧州金融市場でCDSプレミアムが国債利回りを動かしたのか

    高屋 定美

    経済学論叢(中央大学)   第55巻 第5・6号 145-164   2015.3

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  • The Effects of Non-standard Monetary Policies by ECB during European Debt Crisis : An Application of VAR Model

    第59巻第4号 ( 4 )   25 - 63   2015.3

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  • Contagion Effects in CDS Markets during European Debt Crisis

    第59巻 第2号、65-84 ( 2 )   65 - 84   2014.9

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  • 欧州債務危機は伝染したのか?

    高屋 定美

    関西大学商学論集,   第59巻 第1号、112-134   2014.6

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  • What Determinants did affect Sovereign CDS Premia during the Financial Turmoils ? : An Empirical Study on determinants of European Sovereign CDS Premia

    第58巻 第4号, 89-106 ( 4 )   89 - 106   2014.3

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  • 欧州ソブリン危機の欧州統合に与える影響— 今後の欧州経済ガバナンスの検討を中心に — Reviewed

    高屋 定美

    国際経済 日本国際経済学会   1-29   2013.12

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  • European Debt Crisis has Restrained Capital Formations in the Debtor Countries? : An Empirical Study on Investment Function during Debt Crisis

    37-55 ( 3 )   37 - 55   2013.12

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  • 欧州中央銀行の市場との対話――ECBのコミュニケーション政策は欧州危機に対して効果があったのか?

    高屋 定美

    久保広正・吉井昌彦編著『EU統合の深化とユーロ危機・拡大』所収勁草書房   101-121   2013.3

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  • 欧州金融・経済危機とEU経済ガバナンス:新たなガバナンスの提案 Reviewed

    高屋 定美

    日本EU学会年報   2012.5

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  • 危機下の中東欧経済とユーロ圏経済の金融連関―ユーロ圏危機からの影響に関する定量的分析― Reviewed

    高屋 定美

    比較経済体制研究   第 18 号 19-40   2012.3

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  • 欧州経済危機から財政危機への深化

    高屋定美

    グローバル金融危機と経済統合 : 欧州からの教訓関西大学出版部   2012.3

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  • 経済・財政危機下での欧州中央銀行の金融政策

    高屋定美

    グローバル金融危機と経済統合 : 欧州からの教訓関西大学出版部   2012.3

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  • ユーロ金融政策の実態と課題

    高屋定美

    田中素香編著『世界経済・金融危機とヨーロッパ』 勁草書房   111-134   2010.9

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  • 世界金融危機下でのEU経済 Reviewed

    高屋 定美

    比較経済研究   27-37   2010.6

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  • 欧州金融統合の進展 ーリテール市場の実際と統合の実証ー

    高屋 定美

    岩和代市編著『地域金融システムの分析』中央経済社   199-216   2009.5

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  • 欧州金融統合と地域金融市場の変貌

    高屋 定美

    岩佐代市編著『地域金融システムの分析』中央経済社   179-198   2009.5

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  • Globalizing Capital and International Monetary Regimes

    Takaya Sadayoshi

    KOKUSAI KEIZAI   2009 ( 60 )   5 - 28   2009

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    Publisher:The Japan Society of International Economics  

    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.<br>  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.

    DOI: 10.5652/kokusaikeizai.kk2009.01.t

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  • ユーロ圏での経常収支調整と資本移動

    髙屋 定美

    関西大学商学論集   第53巻第3号 pp.83-97   2008.9

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    学術研究助成基金

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  • EU高等教育政策の経済効果と、そのガバナンスにおける課題 Reviewed

    髙屋 定美

    日本EU学会年報   第28号、pp.345-378。   2008.4

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  • On Determinants of Euro-Dollar Rates : An Empirical Study by DOLS

    Takaya Sadayoshi

    The business review of Kansai University   第53巻第2号 pp.91-104。 ( 2 )   91 - 104   2008

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    Language:Japanese   Publisher:Kansai University  

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    Other Link: http://hdl.handle.net/10112/3461

  • Do EMU Countries Have the Same Business Cycles?-A Lesson for Regional Monetary Integration in East Asia

    TAKAYA Sadayoshi

    Kansai University review of business and commerce   No.9, 61-84   61 - 84   2007.3

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    Language:English   Publisher:Kansai University  

    This paper studies the synchronization of business cycles in the EMU and East Asia using a band-pass filter. This is because from the point of view of the Optimum Currency Area criteria, this synchronization is an important factor in the introduction of a common regional currency. In this paper, policy coordination, such as fiscal constraints and cooperative monetary policies, is considered as an important factor in synchronization. Therefore, we suggest that policy coordination will be necessary if East Asia intends to introduce a common regional currency.

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  • European Economic Monetary Union and Europeanization

    Takaya Sadayoshi

    The business review of Kansai University   第52巻第1・2号 29-46 ( 1 )   29 - 45   2007

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    Language:Japanese   Publisher:Kansai University  

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    Other Link: http://hdl.handle.net/10112/4110

  • Optimal Economic Policy Design in EMU:A Theoretical Approach through investigation on the Stability and Growth Pact Reviewed

    Takaya Sadayoshi

    EC studies in Japan   第26号 309-333 ( 26 )   309 - 333,441   2006.9

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    Publisher:The European Union Studies Association-Japan  

    This paper investigates for economic policy design in EMU, particularly for Stability and Growth Pact, SGP. Though the SGP was introduced for stabilization of fiscal policies in EMU, Some countries, that is, Portugal, France, Germany, and Italy have violated the pact since 2002. In 2005, the European Commission made modification of operating way of SGP, not basic reforms. However, the modification is thought to be not sufficient to stabilize the EMU in severe recession and/or regional economic disequilibrium.<br>We, at first, examine the fiscal policy effects with common monetary policy by using concept of game theory, to conclude the need for fiscal policy coordination. Secondly, some suggestions as to SGP reform are reviewed for our proposal. Thirdly, our proposal of SGP reform is suggested. The proposal includes fiscal transfer among member countries in EMU, which strengths stabilization to asymmetry shocks.

    DOI: 10.5135/eusj1997.2006.309

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  • ECBの金融政策の評価の一試論:ユーロ発足7年をふりかえって

    髙屋 定美

    生駒経済論叢   4巻2号 287-298   2006.9

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  • ユーロ域内での各国物価の乖離要因 ーダイナミックOLSを用いた実証分析ー

    髙屋 定美

    関西大学商学論集   第51巻 141-151   2006.8

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  • The Euroepan Monetary Union, the Fiscal Policy Restraints and Labor Market Reforms

    TAKAYA Sadayoshi

    Kansai University review of business and commerce   8   55 - 78   2006.3

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    Language:English   Publisher:Kansai University  

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  • 構造VARによるEMUでの政府支出効果の実証分析

    髙屋 定美

    関西大学商学論集   第50巻第5号 47-61   2005.12

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  • マーケットメイク制度導入が株式流動性に与える影響

    髙屋 定美, 岐阜聖徳大学専任講師 外島健嗣氏

    関西大学商学論集   第50巻第1号 99-111   2005.4

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    (財)石井記念証券研究振興財団 (財)全国銀行学術研究振興財団

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  • Competition between the Euro and the US Dollar

    TAKAYA Sadayoshi

    Kansai University Review of Business and Commerce No.7   41-62   41 - 62   2005.3

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    Language:English   Publisher:Kansai University  

    This paper focuses on the function of international currencies as foreign exchange vehicles, which has the character of network externality. On January 1999, the Euro was introduced in some European countries (Euroland) where the functions of the Euro were limited as a currency. After July 2002, the Euro started functioning fully as a currency, and competition between the Euro and the US dollar, the dominant international currency, began. We present a currency competition model with decreasing transaction costs that reflect the character of network externality, to investigate competition between the Euro and the Dollar. We suggest that the impact of the introduction of the Euro is a determining factor in whether the Euro or the Dollar will emerge as the dominant international currency.

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  • 機関投資家の資産運用と市場の流動性

    髙屋 定美, 岐阜聖徳大学専任講師 外島健嗣氏

    関西大学商学論集   第49巻第6号 35-54   2005.2

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    (財)簡易保険文化財団 20030601-20040531

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  • Evolution of the euro and currency competition in the global ICT age

    Sadayoshi Takaya

    Global Information Technology and Competitive Financial Alliances   102 - 117   2005

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    Language:English   Publishing type:Part of collection (book)   Publisher:IGI Global  

    This chapter focuses on the function of international currencies as foreign exchange vehicles, which has a character of the network externality. On January 1999, the euro was introduced in Europe where the functions of the euro are limed as a currency. After January 2002, the euro had perfect functions, while the competition between the euro and the U.S. dollar was keen as the dominant international currency. We present the currency competition model with a decreasing transaction cost that reflects the character of the network externality, to investigate the competition between the euro and the dollar. We suggest the impact of introduction of the euro is the determinant for competition winner between the euro and the dollar. © 2006, Idea Group Inc.

    DOI: 10.4018/978-1-59140-881-9.ch006

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  • International capital movements, currency crisis, and ICT innovation

    Sadayoshi Takaya

    Global Information Technology and Competitive Financial Alliances   143 - 161   2005

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    Language:English   Publishing type:Part of collection (book)   Publisher:IGI Global  

    This chapter investigates the effects generated by the currency crisis. The countries experienced the currency turmoil confronted financial crisis, economic deterioration, and increase of unemployment. This chapter empirically examines the effect of currency depreciation on the real GDP and the unemployment rates in those countries by employing the structural vector autoregressive model, which attempts to clarify whether identified supply or demand shocks can be caused by exchange rate depreciation. This study suggests currency crisis might generate demand shock, to result in harmful impacts to real economy in those countries. Those could be considered as negative effects of the ICT innovation. © 2006, Idea Group Inc.

    DOI: 10.4018/978-1-59140-881-9.ch008

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  • The Role of Exchange Rates in EMS -Does the Real Exchange Rates Played Important Roles ?

    TAKAYA Sadayoshi

    第49巻第5号 83-111 ( 15 )   1 - 28,巻頭1枚   2004.12

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    Language:Japanese  

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  • 株式上場市場の変更による流動性への影響 Reviewed

    髙屋 定美, 外島健嗣 岐阜聖徳学園大学専任講師

    証券経済研究   第46号   2004.6

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    学術振興野村基金

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  • On the Convergence of the Real Economic Variables in Euro-Area : Application of Rolling Cointegration Analysis

    Takaya Sadayoshi

    Ikoma journal of economics   第1巻第3号 15頁~49頁 ( 3 )   231 - 265   2004.3

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    Language:Japanese   Publisher:Kinki University  

    This paper empirically investigates convergence of real economic variables in each country of the Euro-Area. We apply the rolling cointegration analysis between Germany variables and others. And between average variables in EMU and each for examination of the convergence. If we find cointegration relationships, it is concluded that the variables with cointegration move to convergence gradually. From our investigation, the real variables of the Euro-Area countries are found to move towards long-term equilibrium. It appears for the Euro-Area to form a stable currency area.

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  • Cointegration Analysis of ERM Exchange Rates

    Takaya Sadayoshi

    Journal of business and economics   第50巻第2号 145頁~157頁 ( 2 )   293 - 305   2003.12

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    Language:Japanese   Publisher:Kinki University  

    SADAYOSHI TAKAYA. Cointegration Analysis of ERM Exchange Rates. This paper empirically examines stability of exchange rates in the Exchange Rate Mechanism (ERM), which has aimed to stabilize the rates among EU countries. For this investigation, recent time-series analysis, the Cointegration Analysis innovated by Johansen and grager causality test are applied. Our test results are that some currencies have cointegration relationship, but some don't. Next, from the granger causality test, German Mark rate did not affect other rate movement so much by the beginning of 90s, but it did others from the mid of 90s.

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  • Dynamic Evaluation of Optimum Currency Area Conditions

    Takaya Sadayoshi

    Journal of business and economics   第50巻第2号 19頁~49頁 ( 2 )   167 - 197   2003.12

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    Language:Japanese   Publisher:Kinki University  

    SADAYOSHI TAKAYA. Dynamic Evaluation of Optimum Currency Area Conditions. This paper empirically examines to satisfy the conditions for introduction of the Euro in Europe through the Optimum Currency Area (OCA) arguments. From our results, the Euro Area isn't now fulfilled the conditions because the time is needed for the achievement. Therefore, we reevaluate the OCA conditions form the view of dynamics, to find the trend of achievement to the conditions.

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  • 国際通貨制度と共通通貨ユーロの登場

    髙屋 定美

    生駒経済論叢(近畿大学)   第1巻 第1・2号 109頁~136頁   2003.10

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  • ユーロ導入後の欧州中央銀行による金融政策の再評価 Reviewed

    髙屋 定美

    日本EU学会年報   第23号 185頁~211頁   2003.9

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  • <Article>The Political Economy of the Economic and Monetary Union

    Takaya Sadayoshi

    Journal of business and economics   第50巻第1号 19頁~44頁 ( 1 )   19 - 44   2003.7

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    Language:Japanese   Publisher:Kinki University  

    This paper argues political factors on Economy and Monetary Union in Europe. In the light of many arguments on Optimal Currency Area (OCA), European countries have been almost concluded that they could not form a common currency area. However, European countries have introduced the common currency, Euro since 1999. For the purpose of the investigation for the economic and political reasons, we apply European Integration Theory with the process of the introduction. We examine the representative integration theories, which are neofunctionaism and intergovernmentalism. Through we try to find the preference of political actors on the Euro, we trace the road to the introduction, and suggest that the mixture of neofunctionaism and intergovernmentalism is important to recognize the real political factors of the Euro.

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  • An Empirical Analysis of the M3 Money Demand Function in the Euro Area

    Izawa Hideki, Takaya Sadayoshi

    Journal of economics and business administration   第187巻第4号 75頁~84頁 ( 4 )   75 - 84   2003.4

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    Language:Japanese   Publisher:Kobe University  

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  • An Empirical Test for Monetary Policy Shock in the Euro Area Using the Structural VAR Model

    Takaya Sadayoshi

    Journal of business and economics   第49巻第3号 277頁~294頁 ( 3 )   277 - 294   2003.3

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    Language:Japanese   Publisher:Kinki University  

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  • 株式投資単位のくくり直しの流動性効果に関する実証分析 Reviewed

    髙屋 定美, 外島健嗣近畿大学講師

    証券経済研究   第41号 159頁~172頁 ( 41 )   159 - 172   2003.3

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  • Internationalization of Yen and the role in the world economy

    TAKAYA Sadayoshi

    第49巻第2号 1頁~24頁   2002.12

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  • 国際通貨・金融システムの改革

    髙屋 定美

    商経学叢(近畿大学)   第49巻第1号 39頁~59頁   2002.7

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  • On an application of the Taylor rule to the Euro-Area Reviewed

    TAKAYA Sadayoshi, KURIHARA Yutaka

    EC studies in Japan   第21号 209頁~221頁 ( 21 )   209 - 221,263   2001.9

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    Publisher:The European Union Studies Association-Japan  

    The validity of the Taylor rule in the entire EU is discussed including a theoretical, empirical analysis using many examples. However, an analysis of individual countries are hardly done. We show that it is generally pertinent for the entire EU though the rule does not apply to each country.<br>Along with the introduction of a common currency realized in Europe for 11 participating in the shape of participation of 11 countries, a lot of discussions as to the monetary policy have been performed. The thesis which Taylor (1993) introduced has been debated at many chances. Some economists say it would be profitable to apply this rule to the real economy. First of all, a comparatively small model is used. Next, the movement of interest rates are is explained only by inflation and output gap. Finally, using the rule known to everyone may help reduce uncertainty about the stance of monetary policy and avoid instability of the policy. The validity of the Taylor rule in the entire EU is discussed with a theoretical, empirical analysis using many examples in a lot of opportunities. However, the analysis of individual coutries is hardly done. We show that it is generally roughly pertinent for in the entire EU though the its rule does not apply to correspond in each country.<br>We found that it would be generally pertinents for the entire EU though the rule does not apply to correspond in each country. In the EU unified monetary policy would be going on, so it would be an appropriate instrument for using the Taylor rule. This is one area where the Taylor rule is applicable. Its rule has been appropriate to this area.

    DOI: 10.5135/eusj1997.2001.209

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  • 成長、資本移動と財政・金融政策

    髙屋 定美

    商経学叢(近畿大学)   第48巻第1号 39頁~51頁   2001.7

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  • ユーロ・レートの単位根検定-日次データを用いて-

    髙屋 定美, 井澤秀記 神戸大学教授

    経済情報学論集(姫路獨協大学)   第15号 55頁~61頁 ( 52 )   151 - 152   2001.3

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    Language:Japanese   Publisher:The Japan Society of International Economics  

    DOI: 10.5652/kokusaikeizai.2001.151

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  • Empirical Study on International Securities Investment by Japanese Insurance Companies and Postal Life Insurance, as will as their Role in International Capital Flow

    Takaya Sadayoshi

    Journal of business and economics   第47巻第3号 53頁~78頁 ( 3 )   53 - 78   2001.3

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    Language:Japanese   Publisher:Kinki University  

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  • Independence of European System of Central Banks and the Macroeconomic Performances in Euro Zone Reviewed

    TAKAYA Sadayoshi

    EC studies in Japan   第20号 302頁~327頁 ( 20 )   302 - 327,351   2000.9

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    Publisher:The European Union Studies Association-Japan  

    This article provides the theoretical model to analyze the impact on the Euro Zone economy with focusing the relationship between the price target and the independence. The European System of Central Banks gives priority to the price stabilization, which is emphasized by Neo-classical Economics that suppose the perfect price adjustment. The Neo-classical economics proposes central bank independence in order to promote the central bank stabilize inflation more than variation of income. ESCB is also designed for high independence according to this view.<br>However, it must be investigated theoretically whether such ESCB is optimal in Euro zone, where price does not adjust perfectly at least shortterm. That is, trade-off between inflation and unemployment appears in the zone. This article pursues the optimal interest rate policy by ESCB faced the trade-off, such like the Keynesian economy with supply shock. ESCB is supposed to have the weighted lost function including the inflation and income fluctuation. Though Barro and Gordon model solves the optimal monetary policy under the Neo-classical economy with perfect price adjustment, our model gets the optimal monetary policy under the Keynesian economy with price rigidity. Our model suggests the supply shock affect the trade-off between inflation and income fluctuation.<br>Further, we pursue the optimal design for the ESCB by the mathematical simulation. Rogoff (1985) solves the optimal target weight between inflation and income with perfect price adjustment, whereas we get the optimal weight with price rigidity that is suitable for the Euro zone. From our conclusion, optimal weight between inflation and income fluctuation depends on the interest rate elasticity of income. So, ESCB should pay attention to not only price stabilization but also income fluctuation. In order for ESCB to have two targets optimally, the framework for accountability of ESCB should be adequate, to improve credibility of ESCB.

    DOI: 10.5135/eusj1997.2000.302

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  • 直接投資と累積債務のマクロ動学モデル

    髙屋 定美

    商経学叢(近畿大学)   第47巻第1号 1頁~16頁 ( 1 )   1 - 16   2000.7

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • メキシコ通貨危機と債務危機

    髙屋 定美

    商経学叢(近畿大学)   第46巻第3号 123頁~138頁   2000.3

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  • The European Monetary Union, the Fiscal Policy Restraints and the Labor Market Reforms

    KOKUSAI KEIZAI   2000 ( 51 )   69 - 72   2000

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    Language:English   Publisher:The Japan Society of International Economics  

    DOI: 10.5652/kokusaikeizai.2000.69

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    Other Link: https://jlc.jst.go.jp/DN/JALC/00384278002?from=CiNii

  • 累積債務問題のもう一つの課題ー債務返済と国内調整問題ー

    髙屋 定美

    商経学叢(近畿大学)   第45巻第3号 83頁~95頁 ( 3 )   549 - 561   1999.3

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  • 銀行とLDCの債務救済ゲーム

    髙屋 定美

    商経学叢(近畿大学)   第45巻第3号 33頁~47頁 ( 3 )   499 - 513   1999.3

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 信用割当のもとでの資本移動と経済成長

    髙屋 定美

    商経学叢(近畿大学)   第43巻第2号 77頁~88頁 ( 2 )   317 - 328   1996.12

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  • <ARTICLE>The United States as A Net-Debtor Key-Currency Country and International Monetary Cooperation

    Takaya Sadatoshi

    Doshisha American studies   第32号 29頁~44頁   29 - 44   1996.3

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    Language:Japanese   Publisher:Doshisha University  

    In 1985,the United States became the most indebted country in the world. This situation is a threat to the international financial system because the United States has been the key-currency country since the War. The effects are as follows : first, credibility of the dollar declined from 1985 ; second, market participants cannot help but to use the U.S. dollar as there is no key currency substituted for it ; third, the United States, being the key-currency country even now, does not keep currency account deficits under control ; and finally, the United States enjoys international payments by using its own currency (debt). We suggest the need for international monetary cooperation to prevent the fragility of the international financial system caused by this situation. However, cooperation is asymmetrical between the key-currency country and others since the 1980's. The system cannot continue unless we find sufficient conditions for successful cooperation among at least the United States, Japan and Germany, that is, symmetrical cooperation, which includes monitoring, multilateral surveillance, and intervention. In Section One, we examine the present situation on the United States' indebtedness, and in Section Two, U.S. transition to a net debtor country. In Section Three, implications from indebtedness as a key-currency country are examined. In Section Four, we suggest the need for monetary cooperation among the G3,which is followed by our conclusions in Section Five.

    DOI: 10.14988/pa.2017.0000008939

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    Other Link: https://doors.doshisha.ac.jp/duar/repository/ir/9947/?lang=0

  • 1990年以降の累積債務問題

    髙屋 定美

    商経学叢(近畿大学)   第42巻第2・3号 191頁~204頁 ( 2 )   387 - 400   1995.11

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 現代変動相場制の期待と現実

    髙屋 定美

    商経学叢(近畿大学)   第42巻第1号 153頁~174頁 ( 1 )   153 - 174   1995.7

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  • The Logic of Policy Cooperation and its Reality

    Takaya Sadayoshi

    The social science   第54巻   117 - 150   1995.1

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  • 国際通貨システムと金融協調

    髙屋 定美

    商経学叢(近畿大学)   第39巻第3号 1頁~23頁 ( 3 )   p195 - 217   1993.3

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 累積債務問題の現状と債務戦略

    髙屋 定美

    商経学叢(近畿大学)   第39巻第3号 55頁~69頁 ( 3 )   p249 - 263   1993.3

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 変動相場制下での成長、対外不均衡と安定政策

    髙屋 定美

    商経学叢(近畿大学)   第39巻第2号 37頁~48頁 ( 2 )   p147 - 158   1992.12

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 最適通貨圏の理論とEC通貨統合

    髙屋 定美

    商経学叢(近畿大学)   第39巻第1号 101頁~109頁 ( 1 )   p101 - 109   1992.7

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 国際貿易と国際決済システムの発展

    髙屋 定美

    商経学叢(近畿大学)   第39巻第1号 55頁~64頁 ( 1 )   p55 - 64   1992.7

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    Language:Japanese   Publisher:近畿大学商経学会  

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  • 累積債務問題の理論的分析

    髙屋 定美

    世界経済評論   vol.34 no.3 64頁~67頁 ( 3 )   p64 - 67   1990.3

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    Language:Japanese   Publisher:世界経済研究協会  

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  • International Money under Flexible Exchange Rate System and the Reform of Internatonal Monetary System

    Takaya Sadayoshi

    The Rokkodai ronshu   96頁~108頁 ( 3 )   96 - 108   1988.10

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    Language:Japanese   Publisher:Kobe University  

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Books

  • 未来を拓くESG地域金融

    家森信善(編), 高屋 定美 他( Role: Joint author第3章 欧州グリーンディールと金融機関の役割 38-59)

    神戸大学出版会  2024.3  ( ISBN:9784909364265

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  • 欧州グリーンディールとEU経済の復興

    髙屋 定美( Role: Joint editor)

    文眞堂  2023.2 

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  • ビジネスを学ぶためのミクロ経済学入門

    髙屋 定美

    中央経済社  2022.6 

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  • 国際金融論のエッセンス

    髙屋 定美( Role: Joint editor)

    文眞堂  2021.4 

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  • 新型コロナ危機の欧州経済への影響とEU経済政策

    髙屋 定美

    植田隆子編著『新型コロナ危機と欧州 ーEU・加盟10カ国と英国の対応ー』文眞堂  2021.3 

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  • 通貨の競争?

    髙屋 定美

    世界経済評論インパクト  2021.3 

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  • 沈まぬユーロ

    髙屋 定美( Role: Joint editor)

    文眞堂  2021.3 

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  • EU離脱が浮き彫りにした英国経済の難路 EU EU EU離脱が浮き彫りにした英国経済の難路

    髙屋 定美( Role: Sole author)

    月刊公明  2019.12 

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  • 私たちを救う経済学ー破綻したからこそ見える世界の真実

    髙屋 定美( Role: Sole author)

    図書新聞  2019.11 

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  • EU経済入門

    髙屋 定美( Role: Contributor)

    文眞堂  2019.3 

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  • 危機の中のEU経済統合

    髙屋 定美( Role: Joint editor)

    文眞堂  2018.3 

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  • 検証 欧州債務危機

    髙屋 定美

    中央経済社  2015.12 

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  • 欧州危機の真実

    高屋 定美( Role: Sole author)

    東洋経済新報社  2011.7 

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  • 現代ヨーロッパ経済論

    高屋 定美( Role: Joint author)

    ミネルヴァ書房  2011.3 

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  • EU経済

    高屋 定美

    ミネルヴァ書房  2010.4 

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  • 社会的排除と高等教育政策に関する国際比較研究 ~高等教育の経済効果の視点から~

    高屋定美, 西尾亜希子( Role: Joint author)

    全労済協会  2010.3 

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  • Euroepan Monetary Integrationand Macreconomic Policies

    TAKAYA,Sadayoshi( Role: Sole author)

    2009.3 

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  • The Euro and International Monetary Economics

    TAKAYA,Sadayoshi( Role: Sole author)

    2009.3 

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  • Information Technology and Economic Development (Co-Editor and Author) Reviewed

    TAKAYA Sadayoshi( Role: Joint author)

    Information Science Reference  2008.1 

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  • 現代国際金融論 第3版

    髙屋 定美, 上川, 藤田, 向編( Role: Joint author)

    有斐閣  2007.3 

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  • 国際化時代のマクロ経済

    髙屋 定美( Role: Joint author)

    実教出版  2006.10 

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  • Global Information Technology and Competitive Financial Alliances (Co-Editor)

    TAKAYA Sadayoshi, Yutaka Kurihara, Nobuyoshi Yamori( Role: Joint author)

    IDEA Group Publishing  2006 

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  • 欧州中央銀行の金融政策とユーロ

    髙屋 定美, 田中素香, 春井久志, 藤田誠一編著( Role: Joint author)

    有斐閣  2004.7 

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  • ヨーロッパ経済論

    髙屋 定美( Role: Joint author)

    ミネルヴァ書房  2004.4 

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  • 現代マクロ金融論

    髙屋 定美( Role: Joint author)

    晃洋書房  2004.4 

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  • 新版 国際金融論

    髙屋 定美( Role: Joint author)

    ミネルヴァ書房  2003.4 

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  • キーワード入門経済学

    髙屋 定美( Role: Joint author)

    嵯峨野書院  2001.9 

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  • 為替レートの経済学

    髙屋 定美( Role: Joint author)

    東洋経済新報社  2001.6 

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  • 国際経済学

    髙屋 定美( Role: Joint author)

    ミネルヴァ書房  2001.5 

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  • EU経済論

    髙屋 定美( Role: Joint author)

    ミネルヴァ書房  2001.5 

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  • 現代経済学の展望と課題

    髙屋 定美( Role: Joint author)

    近畿大学大学院経済学研究科  2001.3 

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  • 基礎国際経済学

    髙屋 定美( Role: Joint author)

    中央経済社  2000.5 

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  • 東アジアの経済発展と国際経済

    髙屋 定美( Role: Joint author)

    税務経理協会  2000.3 

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  • グローバル資本と国際通貨システム

    髙屋 定美( Role: Sole author)

    ミネルヴァ書房  1999.3 

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  • 現代金融論講義

    髙屋 定美( Role: Joint author)

    中央経済社  1998.4 

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  • 世界経済の構造的変化とマクロ経済政策

    髙屋 定美( Role: Joint author)

    嵯峨野書院  1998.3 

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  • 現代金融論

    髙屋 定美( Role: Joint author)

    嵯峨野書院  1997.4 

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  • 現代アメリカ経済研究

    髙屋 定美( Role: Joint author)

    晃洋書房  1995.11 

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  • 国際金融論

    髙屋 定美( Role: Joint author)

    ミネルヴァ書房  1993.9 

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  • 銀行業の将来

    髙屋/定美( Role: Joint author)

    東洋経済新報社  1993.9 

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  • 国際調整の経済学

    髙屋 定美( Role: Joint author)

    実教出版  1993.4 

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MISC

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Presentations

  • 欧州サステナブル・ファイナンスの現状と評価

    髙屋 定美

    立教大学経済学会  2023.12 

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    Venue:立教大学池袋キャンパス  

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  • 関西経済白書2023 アジア太平洋と関西

    髙屋 定美

    2023.10 

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    エネルギー危機下のEU・欧州経済 pp.22-30。

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  • 欧州グリーンディールと金融機関の役割

    髙屋 定美

    日本金融学会2023年度全国大会秋季大会、共通論題  2023.10 

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    Venue:九州大学  

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  • ポストコロナとウクライナ戦争下での欧州経済のリスク

    髙屋 定美

    日本国際経済学会関西支部2022年度九州・山口地区第2回定例研究会  2022.10 

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    Venue:オンライン  

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  • 気候変動リスクに対する中央銀行の役割:欧州グリーンディールにおけるECBの役割を中心に

    髙屋 定美

    日本国際経済学会第80回全国大会  2021.10 

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    Venue:東京大学(オンライン)  

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  • ユーロの国際的役割

    髙屋 定美

    日本EU学会2020年研究大会  2020.11 

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    Venue:オンライン開催  

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  • 英国による金本位制復帰の選択に関する政策過程の実証分析

    髙屋 定美

    日本金融学会歴史部会  2020.8 

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    Venue:オンライン開催  

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  • EU経済ガバナンスの課題と挑戦

    髙屋 定美

    日本EU学会 第40回大会  2019.11 

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    Venue:神戸大学  

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  • A Theoretical Study on Monetary Policy and MFI Supervision Policy by European Central Bank

    髙屋 定美

    International Academic Conference on “Brexit and Development in Europe,” organized by Institute of European Studies at Tamkang University  2019.4 

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    Venue:Taipei  

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  • ポンド・ネットワークの盛衰 ―国際通貨のネットワーク効果、協働効果、履歴効果の観点から―

    髙屋 定美, 前田 直也

    信用理論研究学会  2018.10 

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    Venue:愛知教育大学  

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  • Towards New Fiscal Policy Regime in EU: From an Empirical Investigation by Bayesian VAR

    TAKAYA,Sadayoshi

    2018.6 

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    Venue:Taipei  

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  • Towards New Fiscal Policy Regime in EU: From an EmpiricalInvestigation by Bayesian VAR

    TAKAYA,Sadayoshi

    EU Study Association Asia Pacific  2018.6 

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    Venue:Taipei  

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  • ECBの非標準的政策と出口戦略

    髙屋 定美

    松山大学金融研究会  2017.10 

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    Venue:松山大学  

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  • マイナス金利政策の経験---ユーロ圏と欧州小国の経験から学ぶ」

    髙屋 定美

    ゆうちょ財団  2017.9 

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    Venue:メルパルク東京  

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  • 英国EU離脱とEU経済統合の今後

    髙屋 定美

    日本国際経済学会 関西支部研究会  2017.5 

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    Venue:谷岡学園梅田サテライトオフィス  

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  • 欧州のマイナス金利政策からの教訓

    髙屋 定美

    日本金融学会 国際金融部会  2017.4 

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    Venue:関西大学梅田キャンパス  

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  • ECBによる非標準的政策の枠組みとその効果

    髙屋 定美

    2016年度日本金融学会春季大会 中央銀行パネル  2016.5 

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    Venue:武蔵大学  

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  • Financial Markets and the European Crisis―Does Sovereign CDS Markets aggravated the Crisis? ―

    高屋 定美

    日本経済政策学会  2014.5 

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    Venue:神戸大学  

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  • 欧州中央銀行の標準的および非標準的金融政策

    高屋 定美

    日本金融学会  2011.9 

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    Venue:近畿大学  

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  • EUにおける金融危機とマクロ経済政策

    高屋 定美

    日本国際経済学会関西支部シンポジウム  2009.12 

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    Venue:大阪産業大学梅田サテライト  

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  • 世界金融危機とEU経済政策

    高屋 定美

    比較経済体制学会2009年秋期大会  2009.10 

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    Venue:立命館大学草津キャンパス  

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  • 潜在的需要に応じた高等教育供給プログラムの合理性とその検討 ―センの「潜在能力アプローチ」を応用して―

    高屋 定美

    日本高等教育学会  2009.5 

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    Venue:長崎大学  

    共同発表

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  • 国際資金フローと国際通貨制度ーネットワーク分析による通貨競争の視点からー

    髙屋 定美

    日本国際経済学会第67回全国大会共通論題  2008.10 

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  • Stock Market Turmoil And Macroeconomic Disturbances in Japan: Lessons from the International Correlation of Stock Prices in the Summer of 2007

    TAKAYA Sadayoshi

    Western Economic Association International 83th Conference in Hawai  2008 

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  • Do EMU Countries Have the Same Business Cycles? -A Lesson for Regional Monetary Integration in East Asia-

    TAKAYA Sadayoshi

    2006.7 

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  • Do EMU Countries Have the Same Business Cycles?-A Lesson for Regional Monetary Integration in East Asia-

    TAKAYA Sadayoshi

    Western Economics Association International 2006  2006.7 

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  • Do EMU Countries Have the Same Business Cycles? -A Lesson for Regional Monetary Integration in East Asia-

    TAKAYA Sadayoshi

    EU Study Association Asia Pacific 2nd Conference  2005.12 

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    Grant-in-Aid for Scientific Research

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  • ECBの金融政策と安定成長協定改革

    髙屋 定美

    日本金融学会秋季大会  2004.9 

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  • ユーロ圏での金融政策の再検討:加盟各国による財政政策との調和を視野に入れて

    髙屋 定美

    日本金融学会2002年度秋季大会  2002.11 

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  • 株式上場市場の変更が流動性に与える影響

    髙屋 定美

    第58回証券経済学会 秋季大会  2002.11 

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  • ユーロ導入後の欧州中央銀行による金融政策の再評価

    髙屋 定美

    日本EU学会第23回研究大会  2002.4 

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  • Internationalization of Yen and the role in the world economy

    TAKAYA Sadayoshi

    2001.4 

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  • European Monetary Union, the Fiscal Restraints, and the Labor Market Reforms

    TAKAYA Sadayoshi

    Western Economic Association International, 75th Congress at Vancouver, Canada  2000.6 

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  • On the Currency Competition between the Dollar and the Euro ;The Network Model of International Currencies

    TAKAYA Sadayoshi

    Western Economic Association International, 74th Conference at San Diego, United States  1999.7 

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Works

  • EU統合によるゆがみとポピュリズムの台頭 第2巻 民衆vsエリート

    髙屋 定美

    2021.7

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  • EU統合によるゆがみとポピュリズムの台頭 第3巻 持てる者と持たざる者

    髙屋 定美

    2021.7

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  • EU統合によるゆがみとポピュリズムの台頭 第1巻 私たちの生き方

    髙屋 定美

    2021.7

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Awards

  • 河上記念財団 第30回懸賞論文第1等入賞

    1989.4   河上記念財団  

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    Country:Japan

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Research Projects

  • 欧州中央銀行による気候変動リスクへの最適対応の理論および実証分析

    Grant number:22K01568  2022.4 - 2025.3

    日本学術振興会  科学研究費助成事業 基盤研究(C)  基盤研究(C)

    高屋 定美

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    Grant amount:\4160000 ( Direct Cost: \3200000 、 Indirect Cost:\960000 )

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  • Theoretical and empirical study on optimal exit strategy from non-standard monetary easing by European Central Bank

    Grant number:19K01748  2019.4 - 2022.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)  Grant-in-Aid for Scientific Research (C)

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    Grant amount:\4290000 ( Direct Cost: \3300000 、 Indirect Cost:\990000 )

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  • Empirical approach to the emergence and evolution of credy money

    Grant number:18H00880  2018.4 - 2022.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)  Grant-in-Aid for Scientific Research (B)

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    Grant amount:\17160000 ( Direct Cost: \13200000 、 Indirect Cost:\3960000 )

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  • Development of Career Education Curriculum Incorporating the Perspective of 'Money' for Female Undergraduate Students

    Grant number:17K04900  2017.4 - 2021.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)  Grant-in-Aid for Scientific Research (C)

    Nishio Akiko

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    Grant amount:\3900000 ( Direct Cost: \3000000 、 Indirect Cost:\900000 )

    Firstly, the tentative idea of the curriculum of career education from the perspective of ‘money’ which Nishio had developed was used in the several classes at the women's university she worked for and there were few problems in the trial process.
    The idea was, then, used in two classes at a state university in the U. S. and double-checked if it would work well for other undergraduate students with various backgrounds such as genders, ages, and working experiences.
    As a result, there was an important implication which suggested the necessity to pay attention to the diversity of students more than ever before and of a further discussion on the inclusion of those students to the curriculum development.

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  • Theoretical and empirical study on interaction between macroprudential and monetary policies by European Central Bank

    Grant number:16K03761  2016.4 - 2019.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)  Grant-in-Aid for Scientific Research (C)

    Takaya Sadayoshi

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    Grant amount:\4420000 ( Direct Cost: \3400000 、 Indirect Cost:\1020000 )

    This studied theoretically and empirically relationships between monetary policies and macro prudential policies by EU and ECB. Our research explicated optimal monetary policy and financial stability conditions. Still more, through empirical studies, we verified optimal adjustment between macro prudential policy and negative monetary policy by ECB.
    We conclude needs of positive arguments on financial stability in Governing Council in ECB.

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  • Money and credit in the pre-modern and transitionary period

    Grant number:15H03370  2015.4 - 2019.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)  Grant-in-Aid for Scientific Research (B)

    Shizume Masato, Iwahashi Masaru, Kuroda Akinobu, Takatsuki Yasuo, Morota Hiroaki, Yasukuni Ryoichi, Ogren Anders, Alvarez Andres

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    Grant amount:\11310000 ( Direct Cost: \8700000 、 Indirect Cost:\2610000 )

    We conducted extensive research on the mechanism of emergence and development of money in a society. To the goal, we primarily focused on the Japanese monetary history through the 16-19th century, and employed an comparative approach across countries. We have revealed that, in the pre-modern period (up to the late 19th century), the mechanism of providing money through credit (inside money) was vital for the development of monetary economy, and that during the transition to the modern system, the society faced difficulties in transforming the existing system of the provision of credit to the modern one. Members published books and journal articles and presented results of analyses in numerous academic conferences.

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  • ECB's non-standard measures and its effects on real and financial variables

    Grant number:25380416  2013.4 - 2016.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)  Grant-in-Aid for Scientific Research (C)

    Takaya Sadayoshi

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    Grant amount:\4810000 ( Direct Cost: \3700000 、 Indirect Cost:\1110000 )

    This study investigates frameworks and effects of Non-standard monetary policy by European Central Bank since 2010. At first, for the sake of certification of affection from European Debt Problems, we empirically study fluctuate factors of Sovereign CDS premium as representative sovereign risk variables. Secondly, we investigate contagion effects of the CDS premium, contagion ones of fiscal deficits, and affection of real economy by the European crisis.
    First our conclusion is that European Debt Crisis was diffused by investor's behavior which depends on their sentiments. Second one is that this crisis deteriorated the Euro Economy through the declined real investments. Final one is that non-standard easing by European Central Bank restored European financial markets, not real economy. Therefore, the easing policy is limited.

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  • Empirics of monetary policies by European Central Bank ; a fusion of chorological and time-series analysis

    Grant number:20530288  2008 - 2010

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)  Grant-in-Aid for Scientific Research (C)

    TAKAYA Sadayoshi

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    Grant amount:\4550000 ( Direct Cost: \3500000 、 Indirect Cost:\1050000 )

    This study explores empirics of monetary policy of European Central Bank (ECB) by focusing on press-statements by ECB governor. We estimate changes of stances of the ECB with press-statement. As a result, we find some words are significant on forecast of ECB's monetary policy stances.

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  • A Comprehensive Study on the Split-ups in the Euro Area and the Sustainability of the Euro

    Grant number:18330052  2006 - 2008

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)  Grant-in-Aid for Scientific Research (B)

    TANAKA Soko, KUSUNOKI Sadayoshi, IWATA Kenji, HOSOYA Hiroshi, HONDA Masako, SAITO Tomomi, KAWANO Yuji, HOSHINO Kaoru, TAKAYA Sadayoshi, YAMAGUCHI Masaki, YASODA Hirohito

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    Grant amount:\16380000 ( Direct Cost: \13500000 、 Indirect Cost:\2880000 )

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  • Empirical studies on the framework for coordination of monetary and fiscal policy in EU.

    Grant number:17530253  2005 - 2007

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)  Grant-in-Aid for Scientific Research (C)

    TAKAYA Sadayoshi

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    Grant amount:\3480000 ( Direct Cost: \3300000 、 Indirect Cost:\180000 )

    European Economy has steadily grown since introduction of the Euro, because trade and investments intro EU area increased, and massive capital inflows from extra-EU area and exports to extra-EU also increased. Introduction of common currency, the Euro, which wipes out exchange rate risk for intra-Euro area, not only brings about positive effects of intra-trade, but also attracts extra-Euro area transactions.
    However, member countries of EU and European commission cannot help count macroeconomic policies for economic stability, because adjustment mechanism of market in EU does not sufficiently work in both short and long term. On the other hand, disparity of business cycles among between countries emerges. Economies in emerging countries such as Hungary Czech and small and southern countries such as Ireland, Spain etc. enjoyed high growth, but large economies such as France and Germany experienced low growth and high deficits.
    Therefore, we should discuss evaluation of macroeconomic policies in the Euro area in the current economy. Main them in our study is to investigate the framework for macroeconomic policies of the Euro area For the sake, we also focus on the background and political factors of introduction of the Euro, because political initiatives are needed for construction of economic policy framework.
    In our study, we firstly investigated political and historical factors of introduction of the Euro, secondly evaluated empirically monetary and fiscal policies by Structural VAR model. Next, we suggested reforms of the policies, particularly, Structural Growth Pact. Our reforms include fiscal transfer in EU level for stability in EU economy. Finally, we had look over future economic policies of EU area.

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  • 欧州通貨制度での金融政策協調のあり方に関する理論的・実証的研究

    Grant number:05730047  1993

    日本学術振興会  科学研究費助成事業 奨励研究(A)  奨励研究(A)

    高屋 定美

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    Grant amount:\900000 ( Direct Cost: \900000 )

    平成5年度の本研究では次のような研究実績が得られた。まずEMS参加国のマクロ経済状況を把握するためのデータベースを構築した。データの出所はOECD主要経済統計、及びIMFのInternational Financial Statisiticsである。次にイギリス、フランス、ドイツ、ベルギー、オランダ、デンマーク、ギリシャ、スペイン、イタリア各国の中央銀行の金融政策反応関数の推定をMicro TSPを用いて試算した。ここでの目的は各国中央銀行が成長率、失業率、物価などの対内目標と固定相場制維持のための為替レート安定目標(対外目標)にどの程度ウェイトを過去に置いてきたかを求めることにある。それによってEMS参加国の固定相場制維持の選好が等しいものなのか、あるいは各国間で相違があるかを知ることができる。またわれわれは金融政策の手段として、マネーサプライのケースと短期金利のケースを推定している。
    またドイツ、ブンデスバンク以外の中央銀行の政策反応関数にブンデスバンクの政策変数を導入して、ブンデスバンク以外の中央銀行にどの程度の影響力がブンデスバンクがあったかも推定しているが、今までの暫定的な結果ではベルギー、オランダなどの小国では影響力があるものの、他の国に対しては有意な結果が得られていない。この点は推定方法の改善なども含めて再考の余地があると思われる。われわれの今までの研究実績では従来いわれているブンデスバンクの信認仮説は小国では成り立つものの、経済規模の相対的に大きな国では対内目標に対する金融政策目標のウェイトが大きいように思われる。したがって92年のポンド危機に現れたようなEMSの危機が各国の国内経済事情によってこれからも引き起こされる可能性はあるものと思われる。

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Teaching Experience

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Social Activities

  • 日本学術会議連携会員

    日本学術会議  2023.10 - Present

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Devising educational methods

  • 1. 全ての講義の講義資料をパワーポイントで作成し、それを本学の授業支援システムを通じて公開している。 2. 初年時の入門科目については出席を促すために、出席をとり、平常点として評価している。 3. 3年生のゼミ(専門演習)では、他大学(同志社大学、長崎大学、長崎県立大学、近畿大学、尾道大学)のゼミとのディベート大会を年1回行うことを通じて、調査方法、プレゼンテーションの方法の学習を促している。 4. 授業評価を通じて、翌年度の講義の改善にいかすように努めている。

Teaching materials

  • 『国際化時代のマクロ経済』(共著)実教出版、2006年。 『現代国際金融論 第3版』(共著)有斐閣、2007年。 『地域金融システムの分析』(共著)中央経済社、2009年。 『EU経済』(編著)ミネルヴァ書房、2010年。 『現代ヨーロッパ経済論』(共著)ミネルヴァ書房、2011年。

Teaching method presentations

  • 「潜在的需要に応じた高等教育供給プログラムの合理性とその検討 ―センの「潜在能力アプローチ」を応用して―」高等教育学会、2009年5月23日、長崎大学。

Special notes on other educational activities

  •  特になし