Analysis of dynamic models of systemic financial crises

• Project/Area Number: 23330061
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic theory
• Research Institution: Research Institute of Economy, Trade and Industry (2013-2015); Hitotsubashi University (2011-2012)
• Principal Investigator: Kobayashi Keiichiro 独立行政法人経済産業研究所, 研究グループ, ファカルティフェロー (60371184)
• Research Collaborator: NAKAJIMA Tomoyuki 京都大学, 経済研究所, 教授
• Project Period (FY): 2011-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥6,240,000 (Direct Cost: ¥4,800,000、Indirect Cost: ¥1,440,000); Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2013: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2011: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: 不良債権 / 銀行取付 / システミックな金融危機 / 貨幣の流通速度 / システミックな銀行危機 / 動学的一般均衡モデル / 銀行とりつけ / 世界的金融危機 / マクロ経済政策 / Diamond-Rajanモデル

Outline of Final Research Achievements

I develop a macroeconomic model in which nonperforming loans cause recession and lower economic growth. I also develop a model of bank runs a la Diamond and Rajan, which explain the systemic liquidity crisis. These models are useful to deeply understand the mechanism of financial crises and we can find new policy implications from these models.

Research Products

• [Journal Article] Public Debt Overhang and Economic Growth (2015)
  • Author(s): Keiichiro Kobayashi
  • Journal Title: Public policy review Volume: 11 Pages: 247-275
• [Journal Article] パブリック・デット・オーバーハングと経済成長について (2014)
  • Author(s): 小林慶一郎
  • Journal Title: フィナンシャル・レビュー Volume: 4 Pages: 20-50
• [Journal Article] Collateral Constraint and News-Driven Business Cycles (2012)
  • Author(s): 小林慶一郎、中嶋智之、稲葉大
  • Journal Title: Macroeconomic Dynamics Volume: 16 Issue: 5 Pages: 752-776
  • DOI: 10.1017/s1365100510000829
  • Peer Reviewed
• [Presentation] A Theory of nonperforming loans and debt restructuring (2015)
  • Author(s): Tomoyuki Nakajima
  • Organizer: Macroeconomics seminar at University of Tokyo
  • Place of Presentation: 東京大学
  • Year and Date: 2015-09-24
• [Presentation] A Theory of nonperforming loans and debt restructuring (2015)
  • Author(s): Tomoyuki Nakajima
  • Organizer: SWET
  • Place of Presentation: 小樽商科大学
  • Year and Date: 2015-08-09
• [Presentation] Diamond-Rajan Bank Runs in a Production Economy (2011)
  • Author(s): 小林慶一郎
  • Organizer: Econometric Society, Asian Meeting
  • Place of Presentation: ソウル(高麗大学)
  • Year and Date: 2011-08-13
• [Presentation] The Diamond-Rajan Bank Runs in a production economy
  • Author(s): 小林慶一郎
  • Organizer: 一橋大学経済研究所定例セミナー
  • Place of Presentation: 一橋大学
• [Presentation] A macroeconomic model of liquidity crises
  • Author(s): 小林慶一郎
  • Organizer: Western Economic Association International Annual Meeting
  • Place of Presentation: 慶應義塾大学
• [Book] ジャパン・クライシス (2014)
  • Author(s): 橋爪大三郎、小林慶一郎
  • Total Pages: 250
  • Publisher: 筑摩書房
• [Book] ROE最貧国日本を変える (2014)
  • Author(s): 中神康議、小林慶一郎、堀江貞之、杉浦秀徳、柳良平、上田亮子
  • Total Pages: 300
  • Publisher: 日本経済新聞出版社
• [Book] 日本破綻を防ぐ2つのプラン (2011)
  • Author(s): 小黒一正、小林慶一郎
  • Total Pages: 270
  • Publisher: 日本経済新聞出版社