{"created":"2023-06-20T15:56:10.472104+00:00","id":126,"links":{},"metadata":{"_buckets":{"deposit":"ee7d82e1-5cc3-4388-adc3-470cc810ffdd"},"_deposit":{"created_by":17,"id":"126","owners":[17],"pid":{"revision_id":0,"type":"depid","value":"126"},"status":"published"},"_oai":{"id":"oai:agi.repo.nii.ac.jp:00000126","sets":["2","2:28"]},"author_link":["153","189"],"control_number":"126","item_2_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2016-04","bibliographicIssueDateType":"Issued"},"bibliographicPageEnd":"5","bibliographicPageStart":"1","bibliographicVolumeNumber":"2016-08","bibliographic_titles":[{"bibliographic_title":"AGI Working Paper Series"},{"bibliographic_title":"AGI Working Paper Series","bibliographic_titleLang":"en"}]}]},"item_2_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"This article shows that global financial markets cannot, by themselves, chieve net transfers of financial capital and real interest rate equalisation across countries and that the integration of both global financial markets and global goods markets is needed to achieve net transfers of capital and real interest rate equalisation across countries. Thus, frictions (barriers to mobility) in one or both of these markets can impede the net transfer of capital between countries, produce the Feldstein and Horioka (1980) finding of high saving-investment correlations, and prevent real interest rates from being equalised across countries. Moreover, frictions in global goods markets can explain why real exchange rates deviate from PPP (purchasing power parity) for extended periods of time and can therefore also explain the PPP puzzle. Thus, we are able to resolve 2 of Obstfeld and Rogoff’s (2000) “6 major puzzles in macroeconomics” with essentially the same explanation.","subitem_description_language":"en","subitem_description_type":"Abstract"}]},"item_2_subject_24":{"attribute_name":"JEL分類コード","attribute_value_mlt":[{"subitem_subject":"JEL classification: E40, F21, F31, F32, F36, G15","subitem_subject_scheme":"Other"}]},"item_2_version_type_20":{"attribute_name":"著者版フラグ","attribute_value_mlt":[{"subitem_version_resource":"http://purl.org/coar/version/c_be7fb7dd8ff6fe43","subitem_version_type":"NA"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorAffiliations":[{"affiliationNameIdentifiers":[{"affiliationNameIdentifierScheme":"ISNI","affiliationNameIdentifierURI":"http://www.isni.org/isni/"}],"affiliationNames":[{"affiliationNameLang":"ja"}]}],"creatorNames":[{"creatorName":"Ford, Nicholas","creatorNameLang":"en"}],"familyNames":[{"familyName":"Ford","familyNameLang":"en"}],"givenNames":[{"givenName":"Nicholas","givenNameLang":"en"}],"nameIdentifiers":[{"nameIdentifier":"153","nameIdentifierScheme":"WEKO"}]},{"creatorAffiliations":[{"affiliationNameIdentifiers":[{"affiliationNameIdentifierScheme":"ISNI","affiliationNameIdentifierURI":"http://www.isni.org/isni/"}],"affiliationNames":[{"affiliationNameLang":"ja"}]}],"creatorNames":[{"creatorName":"Horioka, Charles Yuji","creatorNameLang":"en"},{"creatorName":"ホリオカ, チャールズ・ユウジ","creatorNameLang":"ja"}],"familyNames":[{"familyName":"Horioka","familyNameLang":"en"},{"familyName":"ホリオカ","familyNameLang":"ja"}],"givenNames":[{"givenName":"Charles Yuji","givenNameLang":"en"},{"givenName":"チャールズ・ユウジ","givenNameLang":"ja"}],"nameIdentifiers":[{"nameIdentifier":"189","nameIdentifierScheme":"WEKO"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2016-08-15"}],"displaytype":"detail","filename":"2016-08.pdf","filesize":[{"value":"76.7 kB"}],"format":"application/pdf","licensetype":"license_4","mimetype":"application/pdf","url":{"label":"WP2016-08","url":"https://agi.repo.nii.ac.jp/record/126/files/2016-08.pdf"},"version_id":"f5ae40c2-b3d7-422f-91c3-873c662cee7f"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"Exchange rate volatility","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"Feldstein-Horioka paradox or puzzle","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"financial market integration","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"goods market integration","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"international capital flows","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"international capital mobility","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"net transfers of capital","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"PPP puzzle","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"purchasing power parity puzzle","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"real interest rate equalisation","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"real interest rate parity","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"saving-investment correlations","subitem_subject_language":"en","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"working paper","resourceuri":"http://purl.org/coar/resource_type/c_8042"}]},"item_title":"The 'Real' Explanation of the PPP Puzzle","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"The 'Real' Explanation of the PPP Puzzle","subitem_title_language":"en"}]},"item_type_id":"2","owner":"17","path":["2","28"],"pubdate":{"attribute_name":"PubDate","attribute_value":"2016-08-15"},"publish_date":"2016-08-15","publish_status":"0","recid":"126","relation_version_is_last":true,"title":["The 'Real' Explanation of the PPP Puzzle"],"weko_creator_id":"17","weko_shared_id":-1},"updated":"2024-05-24T05:24:31.671834+00:00"}