Research on the Financial Accelerator Hypothesis and Financial Instability from the Perspectives of International Economy

国际经济视角下的金融加速器假说与金融不稳定研究

基本信息

批准号：
17530252
负责人：
UEDA Hirofumi
金额：
$ 2.18万
依托单位：
Doshisha University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2005
资助国家：
日本
起止时间：
2005 至 2007
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-17530252/
关键词：
financial instability credit creation relative risk aversion money demand market oriented indirect finance flow of fund table credit view natural rate of unemployment 危険回避度金融政策の有効性フィナンシャル・アクセラレータ資産選択行動資金移動資本構造

项目摘要

We investigated the relationship between Financial economy and the Macro Economy from the View Point of Financial Instability Theory. Macro Economic Models were built on the basis of Keynesian Model and Monetarist Model. Then we consider the stability condition and compare the reason behind the differences in both Models. In addition, Financial Accelerator Theory was analyzed with taking into account of the real phenomenon in the world. Followings are results from research.1. To make short-time market equilibrium stable, a reciprocal number of velocity and elasticity of money demand against interest rate need to be small.2. Quantity theory of money is functional in the short, medium, long-term. Natural rate of unemployment is not lead in the long term equilibrium model3. To make long-term market equilibrium stable, a reciprocal number of velocity should be over the lower limit lead by our model. The lower limit is decreasing function of saving rate and elasticity of money demand against expected rate of inflation. But it is increasing function of elasticity of investment against interest rate.As for the concerning of financial accelerator hypothesis, we concluded that the relationship between aggregate credit and macro economic activities depend the degree of relative risk aversion of investors in their portfolio selection. If the degree of relative risk aversion is enough high, macro economy become fragile due to the large variation of credit. Those are also confirmed by our econometric analysis.

从金融不稳定理论的角度来看，我们研究了金融经济与宏观经济之间的关系。宏观经济模型是基于凯恩斯主义模式和货币主义模式建立的。然后，我们考虑稳定性条件，并比较两个模型差异背后的原因。此外，分析了金融加速器理论，并考虑到了世界上的真实现象。以下是研究的结果1。为了使短期市场均衡稳定，需要小的速度和货币需求的弹性需要很小。2。货币的数量理论在短期，长期的长期中起作用。在长期平衡模型3中，自然失业率并不是领先的。为了使长期市场平衡稳定，我们的模型应超过下限的速度。下限是降低了储蓄率和货币需求弹性对预期通货膨胀率的弹性。但是，投资弹性的功能越来越大。如果相对风险避免的程度足够高，则由于信贷的差异很大，宏观经济变得脆弱。我们的计量经济学分析也证实了这些问题。