Shigeto Kitano Kobe University   RIEB, Kobe University, 2-1, Rokkodai, Nada, Kobe, 657-8501 Japan   kitano@rieb.kobe-u.ac.jp   http://www.rieb.kobe-u.ac.jp/users/kitano/index.html           JEL Areas: F4 : Macroeconomic Aspects of International Trade and Finance: General F3 : International Finance: General