International Capital Movements and Animal Spirits: An Analysis of International Cooperation Policies to Avoid the Great Depression
| Project/Area Number |
16K03685
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
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| Project Period (FY) |
2016-04-01 – 2022-03-31
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| Project Status |
Completed (Fiscal Year 2021)
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| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Keywords | 金融市場の不完全性 / 内生的景気循環 / 経済成長 / 技術の国際的伝播 / サンスポット / 国際金融市場 / 中位所得の罠 / 内生的景気変動 / 一般均衡 / アニマルスピリッツ / 金融危機 / 所得分配 / 国際資本移動 / 世界恐慌 / 動学的一般均衡 |
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| Outline of Final Research Achievements |
The objective of this research project was to construct a basic theoretical model for analyzing business fluctuations and financial crises caused by extrinsic uncertainty, and to analyze how financial market imperfections affect endogenous business fluctuations and financial crises when capital flows occur freely in the international financial market. For this research purpose, we constructed a dynamic general equilibrium model with borrowing constraints explicitly introduced, first focusing the analysis on closed economies, and then extending the analysis to open economies. The theoretical model we constructed proved to be extendable to various cases, and a total of eight research papers were published in international journals, one of which appeared in a top journal in the field of macroeconomics. These were significant achievements.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究プロジェクトの学術上の意義は、動学的一般均衡モデルを応用して金融市場の不完全性がどのように内生的景気変動や金融危機を引き起こすかを明らかにしたことにある。この研究の過程で、労働市場の不完全性も明示的に導入した分析に拡張したことも学術上の意義がある。さらには、人的資本の蓄積に着目して、技術選択による国際的な技術伝播の分析も行い、一人当たりのGDPが経済発展の過程で停滞してしまう、いわゆる「中位所得の罠」の分析を理論と実証の両面から行ったことも学術上の意義がある。これら一連の研究成果は、政策運営の基礎となるはずであり、そこに社会的意義がある。
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Report
(7 results)
Research Products
(12 results)
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[Journal Article] Flying or trapped?2022
Author(s)
Hu, Yunfang, Takuma Kunieda, Kazuo Nishimura and Ping Wang
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Journal Title
Economic Theory
Volume: 1
Issue: 2
Pages: 1-48
DOI
Related Report
Peer Reviewed / Open Access / Int'l Joint Research
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