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Transcription:

Kobe University Repository : Kernel Title 世 界 金 融 危 機 の 東 アジア 新 興 国 経 済 への 影 響 Author(s) 金 京, 拓 司 Citation 国 民 経 済 雑 誌, 202(5): 61-70 Issue date 2010-11 Resource Type Departmental Bulletin Paper / 紀 要 論 文 Resource Version publisher URL http://www.lib.kobe-u.ac.jp/handle_kernel/81006972 Create Date: 2016-07-17

VAR GDP GDP VAR IMF

VAR GDP GDP IT

originate-to-distribute structured investment vehicles SIVs assetbacked commercial paper ABCP conduits

SEC Securities Exchange Act net capital requirement Richardson, 2009, p. 59 ABCP Shadow banking margin calls Brunnermeier, 2009 CDS CDS OTC IOSCO, 2009, pp. 2932

CDS AIG IMF.. IMF 2010 IMF

GDP Q........ Q........ Q........ Q........ Q........ Q........ Q........ Q........ Q........ Q...... Q...... Q...... Q....... Q....... Q....... Q....... Q....... Q....... ADB, ARIC Indicators System; IMF, International Financial Statistics decoupling IMF, 2007

................................................................................................................................................................................................................................................ RIETI-TID 2009 Fukao, et al., 2003 Baldwin, 2009 Eichengreen and O Rourke, 2010 Baldwin, 2009

IMF, 2009 IMF GDP EU

GDP GDP GDP GDP.......................................................................................... IMF, International Financial Statistics; World Bank, World Development Indicators; Joint BIS-IMF-OECD-WB External Debt Hub Dooley et al., 2003 Aizenmann, 2009

Radelet and Sachs, 1998 Frankel and Saravelos 2010 IMF BIS, 2009, p. 89, ASEAN CMI CMI CMI ERPD ASEAN AMRO

ROA ROE........................................................................................................... ADB 2009 Table 610 ABMI FRB FRB IMF Furman and Stiglitz, 1998

GDP............................... World Bank 2009 Appendix Table 13 VAR VAR Blanchard 1993 Ramaswamy and Rendu 2000 GDP GDP GDP GDP VAR GDP Q

Q GDP Q Q ADF GDP A B A B...*...*...*.*.*.*..*.*...* A B...*...*...*.*.*.*...*...* * GDP VAR VAR Blanchard 1993 Ramaswamy and Rendu 2000 GDP

VAR VAR SBC GDP GDP GDP Blanchard 1993 Ramaswamy and Rendu 2000 GDP VAR VAR GDP IT GDP

Q Q

GDP Q GDP VAR GDP

RMBS RMBS CDO CDO NINJA No Income, No Job, and No Assets Acharya and Schnabl 2009 AAA ABS Acharya and Schnabl, 2009, p. 85 Acharya et al., 2009, p. 7 IMF Flexible Credit Line FCL IT

FRB X12-ARIMA SBC GDP Hodrick-Prescott Blanchard 1993 Ramaswamy and Rendu 2000 Acharya, V. V., Philippon, T., Richardson, M., and Roubini, N. 2009, The Financial Crisis of 2007 2009: Causes and Remedies, in Acharya, V. V. and Richardson, M. eds, Restoring Financial Stability, Hoboken, NJ: John Wiley & Sons, Inc. Acharya, V. V. and Schnabl, P. 2009, How Banks Played the Leverage Game, in Acharya, V. V. and Richardson, M. eds, Restoring Financial Stability, Hoboken, NJ: John Wiley & Sons, Inc. ADB. 2009, Asia Economic Monitor, Manila: ADB, December. Aizenman, J. 2009, Reserves and the Crisis: A Reassessment, Central Banking, 19 3, pp. 2126. Baldwin, R. 2009, The Great Trade Collapse: What Caused It and What Does It Mean?, in Baldwin, R. ed., The Great Trade Collapse: Causes, Consequences and Prospects, VoxEU.org Ebook, 27 November. BIS. 2009, 79th. Annual Report, Basel: BIS, June. Blanchard, O. 1993, Consumption and the Recession of 19901991, American Economic Review, 83 2, pp. 270274. Brunnermeier, M. K. 2009, Deciphering the Liquidity and Credit Crunch 20072008, Journal of Economic Perspectives, 23 1, pp. 77100. Dooley, M. P., Folkerts-Landau, D., and Garber, P. 2003, An Essay on the Revived Bretton Woods System, NBER Working Paper, No. 9971. Eichengreen, B. and O Rourke, K. H. 2010, A Tale of Two Depressions, VoxEU.org, 8 March 2010. Frankel, J. and Saravelos, G. 2010, Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 200809 Global Crisis, NBER Working Paper, No. 16047, Cambridge MA: National Bureau of Economic Research.

Fukao, K., Ishido, H., and Ito, K. 2003, Vertical Intra-Industry Trade and Foreign Direct Investment in East Asia, Journal of the Japanese and International Economies, 17 4, pp. 468506. Furman, J. and Stiglitz, J. E. 1998, Economic Crises: Evidence and Insights from East Asia, Brookings Papers on Economic Activity, 2, pp. 1114. IMF. 2007, World Economic Outlook, Washington DC: IMF, April. IMF. 2009, Regional Economic Outlook: Asia and Pacific, Washington, DC: IMF, May. IMF. 2010, Global Financial Stability Report, Washington DC: IMF, April. IOSCO. 2009, Unregulated Financial Markets and Products, Report of the Technical Committee, Madrid: IOSCO, September. Radelet, S. and Sachs, J. 1998, The East Asian Financial Crisis: Diagnosis, Remedies, Prospects, Brookings Papers on Economic Activity, 1, pp. 174. Ramaswamy, R. and Rendu, C. 2000, Identifying the Shocks: Japan s Economic Performance in the 1990s, in Bayoumi, T. and Collyns, C. eds., Post-Bubble Blues: How Japan Responded to Asset Price Collapse, Washington DC: IMF. Richardson, M. 2009, Causes of the Financial Crisis of 20072009, in Acharya, V. V. and Richardson, M. eds, Restoring Financial Stability, Hoboken, NJ: John Wiley & Sons, Inc. World Bank. 2009, East Asia and Pacific Update, Washington DC: World Bank, April. B. FRB BP Vol. No.