Financial Market Development and Macroeconomic Instability

金融市场发展与宏观经济不稳定

• 批准号: 21330045
• 负责人: SHIBATA Akihisa
• 金额: $ 5.41万
• 依托单位: Kyoto University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 2009
• 资助国家: 日本
• 起止时间: 2009 至 2011
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-21330045/
• 关键词: 金融市場の不完全性; 経済の不安定性; ナイト的不確実性; 投資; リアル・オプション; 景気循環; 公共投資; 所得分配; 世代重複モデル; 不確実性; マクロ経済; 金融市場

The main results obtained in this project are summarized as follows(1) Constructing a dynamic general equilibrium model with financial market imperfections, we showed that the development of financial market in an economy could destabilize the economy.(2) Using Japanese firm level data, we showed that until the mid of 1990s firms' financing methods such as corporate borrowings from banks, bonds and trade credits were strongly substitutable to liquid asset holdings in both the manufacturing and non-manufacturing sectors and that this relationship was weakened in the late 1990s.(3) Introducing Knightian uncertainty into two-period models, we showed that the degree of Knightian uncertainty affects various kinds of investment behavior and that the direction of the effects of Knightian uncertainty depends on the nature of the uncertainty.(4) Constructing an overlapping generations model with financial market frictions, we showed that in the presence of credit constraints asset bubbles can emerge even in a dynamically efficient economy and that these bubbles can destabilize the economy.

该项目获得的主要结果概括如下：（1）构建了具有金融市场不完善的动态一般均衡模型，表明经济体中金融市场的发展可能会破坏经济的稳定。（2）使用日本企业层面的数据，我们发现，直到 20 世纪 90 年代中期，企业的融资方式，如银行借款、债券和贸易信贷，在制造业和非制造业领域都可以强烈替代流动资产持有，并且这种关系被削弱(3)将奈特不确定性引入两期模型中，我们发现奈特不确定性的程度会影响各种投资行为，并且奈特不确定性影响的方向取决于不确定性的性质。( 4）通过构建具有金融市场摩擦的代际重叠模型，我们发现，在存在信贷约束的情况下，即使在动态高效的经济中，资产泡沫也可能出现，并且这些泡沫可能会破坏经济的稳定。

项目成果

Complex Behavior in a Piecewise Linear Dynamic Macroeconomic Model with Endogenous Discontinuity

具有内生不连续性的分段线性动态宏观经济模型中的复杂行为

• DOI: 10.1080/10236198.2011.601301
• 发表时间: 2012
• 期刊: Journal of Difference Equations and Applications
• 影响因子: 1.1
• 作者: T.Asano;T.Kunieda;A.Shibata
• 通讯作者: A.Shibata

Risk and uncertainty in health investment

• DOI: 10.1007/s10198-010-0238-2
• 发表时间: 2011-02-01
• 期刊: EUROPEAN JOURNAL OF HEALTH ECONOMICS
• 影响因子: 4.4
• 作者: Asano, Takao;Shibata, Akihisa
• 通讯作者: Shibata, Akihisa

Optimal pricing and quality choice of a monopolist under Knightian uncertainty

• DOI: 10.1016/j.ijindorg.2011.04.002
• 发表时间: 2011-11
• 期刊: International Journal of Industrial Organization
• 影响因子: 1.5
• 作者: Takao Asano;Akihisa Shibata

Optimal Tax Policy and Foreign Direct Investment under Ambiguity

模糊条件下的最优税收政策与外商直接投资

• 发表时间: 2010
• 期刊: Journal of Macroeconomics 32
• 作者: Asano;T
• 通讯作者: T

Precautionary Principle and the Optimal Timing of Environmental Policy under Ambiguity

不确定性下的预防原则与环境政策的最佳时机

• 发表时间: 2010
• 期刊: Environmental and Resource Economics 47
• 作者: Asano;T
• 通讯作者: T