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1996 Fiscal Year Final Research Report Summary

The Effects of "Bubble" Economy and Financial System : Theory and Practice

Research Project

Project/Area Number 07630092
Research Category

Grant-in-Aid for Scientific Research (C)

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

Principal Investigator

YABUSHITA Shiro  School of Political Science & Economics, Professor, 政治経済学部, 教授 (30083330)

Project Period (FY) 1995 – 1996
KeywordsFinancial system / bankrun / main bank / asymmetric information / advense selection / moral hazard / macroeconomic fluctuations
Research Abstract

The object is to consider financial markets with uncertainty and imperfect information and to analyze the behavior of financial institutions, allocation of funds and macroeconomic movements in such economies.
1. Financial System and the Theory of Information. I analyzed several topics related to monetary and financial economies with imperfect information, for examle, capital market and finacial intermediaries, theoretically, empirically and historically. (1) Main bank system, which is a feature of Japanese financial system, is a device of solving informational problems in financial markets. But imperfect information gives Main bank monopolistic position so that banks compete excessively for monopolistic rents. (2) Since banks face liquidity risk, bankruns and financial panics may occur if depositors cannot distinguish good banks from bad ones. They may destablize financial system. (3) I made it clear that the Bank Panic in 1927 was caused by moral hazard in bank management.
2. Bank Capital, Loan and Macroeconomic Fluctuation. I show that banks' loan is strongly related to their capital and liability and this relationship may destablize the economy.

  • Research Products

    (5 results)

All Other

All Publications (5 results)

  • [Publications] Yabushita, Shiro: ""Economic Fluctuation, the Instability Financial System and Deflationary Effect", (in Japanese)" Kinyu-Kozo-Kenkyu. No.17. 21-29 (1995)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Yabushita, Shiro: ""Present & Financial Instability and Financial Criois of 1927", (in Japanee)" Regional Banking. Vol.45 No.6. 2-8 (1995)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Yabushita, Shiro: ""Bank Equity, Loans and Macroeconomic Fluctuation", (in Japanese)" The Waseda Journal & Political Science and Economics. No.325. 177-219 (1996)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Yabushita, Shiro: ""Bank Behavior, Credit Crunch and Asset Markets"(in Japanese)" Chiiki-Kinyu-mondai-kenkyu. No.3. 115-139 (1996)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Yabushita, Shiro: Financial System and the Theory of Information. Tokyo University Press, (1995)

    • Description
      「研究成果報告書概要(欧文)」より

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Published: 1999-03-09  

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