Risk Sharing, Optimal Market Integration and Financial Contagion
| Project/Area Number |
25780206
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
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| Research Institution | Meiji Gakuin University |
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Principal Investigator |
OHNO Hiroaki 明治学院大学, 経済学部, 准教授 (20554934)
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| Co-Investigator(Renkei-kenkyūsha) |
SUGAWARA Kouki 名古屋学院大学, 経済学部, 准教授 (80581503)
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| Project Period (FY) |
2013-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | 最適市場統合の規模 / 内生的生産性ショック / 流動化技術 / 選好ショック / 財の多様性 / 金融仲介機関 / 危険回避係数 / リスクシェアリング / 市場参加選択 / 市場分断均衡 / 危険回避度 / リスクシェアリング外部性 / 財市場の輸送コスト / 内生的賦存ショック / リスクシェアリングの範囲 / 銀行 / 資産市場 / 長期Ｒ＆Ｄ投資 / 消費の平準化 / 内生成長 / 金融システムの安定性 / 金融危機の伝播 / バラエティ・エクスパンション / 長期投資とＲ＆Ｄ |
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| Outline of Final Research Achievements |
The objectives of analyses to offer some theoretical rationale behind market segmentation, and also for the delay in and insufficient promotion of R&D investment in partial developing countries. First, I investigate the relation risk aversion, endogenous productivity risks, and spillovers from integrated markets. In case of high risk aversion, there is a unique equilibrium in which partial market integration contributes to growth and social welfare. Second, We investigate the effect of lifetime risks on economic growth by incorporating preference shocks into a variety-expansion model and comparing financial autarky and financial intermediaries. Our results suggest that when risk aversion is high, an increase in number of differentiated goods slows down R&D investment through a decrease in the price index. Further, if the risk of early withdrawal and the liquidation cost of long-term investment are high, financial intermediaries have significant effects on the growth of variety.
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Report
(5 results)
Research Products
(7 results)
