A THEORETICAL ANALYSIS OF THE INTERNATIONAL INFLUENCE RESULTING FROM DOMESTIC FINANCIAL INSTABILITY AND EFFECTIVE POLYCY IN ORDER TO PREVENT FROM IT
| Project/Area Number |
10630015
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | NISHOGAKUSYA UNIVERSITY |
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Principal Investigator |
WATANABE Kazunori NISYOGAKUSYA UNIVERSITY,THE FACULTY OF INTERNATIONAL POLYTICS AND ECONOMICS, PROFESSOR, 国際政治経済学部, 教授 (50297743)
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| Co-Investigator(Kenkyū-buntansha) |
WATANABE Kazunori NISYOGAKUSYA UNIVERSITY,THE FACULTY OF INTERNATIONAL POLYTICS AND ECONOMICS, PROFESSOR, 国際政治経済学部, 教授 (50297743)
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| Project Period (FY) |
1998 – 1999
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| Project Status |
Completed (Fiscal Year 1999)
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| Budget Amount *help |
¥100,000 (Direct Cost: ¥100,000)
Fiscal Year 1999: ¥100,000 (Direct Cost: ¥100,000)
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| Keywords | financial instability / bank's equity / bank's balance sheet / risk premium put on loan interest rate by banks / ratio of loan supply to demand / quantity adjustment sector / price adjustment sector / interest rate setter. Lending supply aduster / 準備供給の反応係数 / コールレート・コントロール・レジーム / ハイパワード・マネー・コントロール・レジーム / 右下がりのLM曲線 / 利潤率の期待上昇 / ホップ分岐 / 自己資本 / 内生的貨幣京供給 / 民間銀行の自己資本 / 投資資金調達 / 貸し出しに対する銀行の要求リスクプレミアム / 社債保有に対する家計の要求リスクプレミアム |
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| Research Abstract |
1. PURPOSE (1) To analyze the conditions of financial instability by a macro model which includes private banks. (2) To extend its model to two sector macro model.
2. FEATURES OF FIRST MODEL (1) Finance equation is formulated. (2) Bank's equity and adjustment equation of its balance sheet are formulated.
3. MAIN CONCLUSIONS (the conditions of long-run instability) (1) Risk premium put on loan interest rate by banks and risk premium put on holding of bonds by households are elastic with regard to production-capital ratio. (2) Bank's equity-capital ratio is small and ratio of loan supply to demand is large.
4. FEATURES OF TWO SECTOR MODEL (1) Economy are divided into quantity adjustment (monopolistic) sector and price adjustment (competitive) sector. (2) Monopolistic sector have two financial instruments ; bank loan and issues of bonds. (3) Competitive sector only have bank loan. (4) Banks first meet the monopolistic sector's lending requirements and lend its residual volume to the competitive sector.
5. MAIN CONCLUSIONS (the conditions of long-run instability) (1) production-capital ratio and bond rate are elastic with regards to debt-capital ratio of each sector and bank's equity-capital ratio. (2) Terms of trade for competitive sector are inelastic with regard to its debt-capital ratio and elastic with regard to bank's equity-capital ratio.
6. VALUATION (1) Research results have been presented to Chiba University as a dissertation in February 29,2000. (2) Two sector model has not been extended to Mundell = Fleming's two country model. Such an extension will be completed in this year.
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Report
(3 results)
Research Products
(12 results)
