• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

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

Research Project

Project/Area Number 17530252
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionDoshisha University

Principal Investigator

UEDA Hirofumi  Doshisha University, Faculty of Commerce, professor (00268111)

Co-Investigator(Kenkyū-buntansha) FUJIWARA Hideo  Doshisha University, Faculty of Commerce, professor (10104613)
Project Period (FY) 2005 – 2007
Project Status Completed (Fiscal Year 2007)
Budget Amount *help
¥3,410,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥210,000)
Fiscal Year 2007: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2006: ¥900,000 (Direct Cost: ¥900,000)
Fiscal Year 2005: ¥1,600,000 (Direct Cost: ¥1,600,000)
Keywordsfinancial 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
Research Abstract

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 model
3. 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.

Report

(4 results)
  • 2007 Annual Research Report   Final Research Report Summary
  • 2006 Annual Research Report
  • 2005 Annual Research Report

Research Products

(16 results)

All 2008 2007 2006 2005

All Journal Article (13 results) Presentation (2 results) Book (1 results)

  • [Journal Article] 金融自由化と信用波及経路2008

    • Author(s)
      植田 宏文
    • Journal Title

      社会科学 第81号

      Pages: 16-42

    • NAID

      110006616455

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Annual Research Report 2007 Final Research Report Summary
  • [Journal Article] Financial Deregulation and Credit channel process2008

    • Author(s)
      Hirofumi Ueda
    • Journal Title

      Syakai Kagaku No.81

      Pages: 16-42

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] フィナンシャル・アクセラレーター仮説に関する一考察2007

    • Author(s)
      植田 宏文
    • Journal Title

      同志社商学 第59巻3号

      Pages: 19-46

    • NAID

      120005635197

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Annual Research Report 2007 Final Research Report Summary
  • [Journal Article] 貨幣錯覚、所得流通速度とケインジアン・モデル及びマネタリスト・モデル2007

    • Author(s)
      藤原 秀夫
    • Journal Title

      同志社商学 第59巻1号

      Pages: 1-51

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Annual Research Report 2007 Final Research Report Summary
  • [Journal Article] Considerations on the Financial Accelerator Hypothesis2007

    • Author(s)
      Hirofumi Ueda
    • Journal Title

      Doshisha Shogaku No.59, Vo3.3

      Pages: 19-46

    • NAID

      120005635197

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Money illusion, Income Velocity with Keynesian Model and Monetarist Model2007

    • Author(s)
      Hideo Fujiwara
    • Journal Title

      Doshisha Shogaku No.59, Vol.1

      Pages: 1-51

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] セー法則、流通速度と貨幣錯覚および古典派マクロ・モデルの基本問題について2007

    • Author(s)
      藤原 秀夫
    • Journal Title

      同志社商学 58巻・6号

      Pages: 206-216

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 資産選択行動における非合理的側面2006

    • Author(s)
      植田 宏文
    • Journal Title

      同志社商学 58巻・1号

      Pages: 52-75

    • NAID

      120005635170

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 内生的貨幣供給と総需要2006

    • Author(s)
      植田宏文
    • Journal Title

      同志社商学 第57巻第5号

      Pages: 116-136

    • NAID

      120005635153

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 資金循環の理論的基礎について2006

    • Author(s)
      藤原秀夫
    • Journal Title

      同志社商学 第57巻第2号

      Pages: 169-185

    • NAID

      40007144373

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 単純な経済成長モデルにおける均衡成長率と貿易収支2006

    • Author(s)
      藤原秀夫
    • Journal Title

      同志社商学 第57巻第5号

      Pages: 65-75

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 経済成長と貿易収支に関するR.A.マンデルの主張の再検討2006

    • Author(s)
      藤原秀夫
    • Journal Title

      同志社商学 第57巻第6号

      Pages: 235-249

    • NAID

      110004313890

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 金融情報変数としてのリスク・プレミアム2005

    • Author(s)
      植田宏文
    • Journal Title

      郵貯資金研究 第14巻

      Pages: 35-54

    • Related Report
      2005 Annual Research Report
  • [Presentation] 貨幣錯覚、所得流通速度とケインジアン・モデル及びマネタリスト・モデル2007

    • Author(s)
      藤原 秀夫
    • Organizer
      日本金融学会
    • Place of Presentation
      同志社大学
    • Year and Date
      2007-09-08
    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Annual Research Report 2007 Final Research Report Summary
  • [Presentation] Income Velocity with Keynesian Model and Monetarist Model2007

    • Author(s)
      Hideo Fujiwara, Money illusion
    • Organizer
      Japan Society of Monetary Economics
    • Place of Presentation
      Doshisha University
    • Year and Date
      2007-09-08
    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Book] 金融不安定性の経済分析2006

    • Author(s)
      植田 宏文
    • Total Pages
      275
    • Publisher
      晃洋書房
    • Related Report
      2006 Annual Research Report

URL: 

Published: 2005-03-31   Modified: 2016-04-21  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi