| Project/Area Number |
24730267
|
|---|
| Research Category |
Grant-in-Aid for Young Scientists (B)
|
| Allocation Type | Multi-year Fund |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Nagoya University |
|---|
Principal Investigator |
FUJITA Shinya 名古屋大学, 経済学研究科(研究院), 准教授 (80452184)
|
|---|
| Project Period (FY) |
2012-04-01 – 2014-03-31
|
| Project Status |
Completed (Fiscal Year 2013)
|
| Budget Amount *help |
¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000)
Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
|
|---|
| Keywords | 金融不安定性 / 景気循環 / 金融化 / 労働供給制約 |
|---|
| Research Abstract |
This study investigates the mechanism of the financial instability process a la H. P. Minsky by using Keynesian dynamic macro-models. Our results are summarized as follows. First, if investment responds strongly to retained profits, a decrease in the retention ratio reduces the long-run rate of capital accumulation and raises the debt-capital ratio. Second, if a negative shock makes the debt-capital ratio sufficiently high, then the economy becomes unstable and the financial structure of firms moves from sound position called the Speculative finance to the more risky position called Ponzi finance. Third, if we consider the long-run case where labor supply constraints influence economic growth, then the financial position circulates between the Speculative finance and Ponzi finance regimes.
|
