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2003 Fiscal Year Final Research Report Summary

Institutional Complementarity and Macro-economic Stability

Research Project

Project/Area Number 13430002
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field 経済理論
Research InstitutionKyoto University

Principal Investigator

UNI Hiroyuki  Kyoto University, Graduate School of Economics, Professor, 経済学研究科, 教授 (90268243)

Co-Investigator(Kenkyū-buntansha) OHTA Kazuhiro  Hannan University, Faculty of Economics, Professor, 経済学部, 教授 (70185263)
WAKAMORI Fumitaka  Kansai University, Faculty of Economics, Professor, 経済学部, 教授 (60067725)
YAGI Kiichiro  Kyoto University, Graduate School of Economics, Professor, 経済学研究科, 教授 (30116511)
ISOGAI Akinori  Kyusyu University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (60168284)
SHIMIZU Koichi  Okayama University, Faculty of Economics, Professor, 経済学部, 教授 (00235649)
Project Period (FY) 2001 – 2003
Keywordsmacro-economic stability / institutional complementarities / employment system / wage system / financial system / monetary system
Research Abstract

First, in our research project, it was clarified theoretically and empirically what kind of combination between labor institutions and financial institutions brings about macroeconomic stability. The outline is as follows. It is well known that macroeconomic fluctuations are caused by various factors, the many of which are accompanied by the changes in investment. Investment fund is provided from two routes. The first one is the internal fund mainly based on profit, the second one is the external fund procured by capital market or banks. Labor institutions regarding employment and wages affect the elasticity of wage costs to the amount of production. Consequently, these institutions affect the elasticity of the amount of the profit and the internal fund. On the other hand, financial institutions influence the elasticity of the external fund. Thus, both labor institutions and financial institutions relate to macroeconomic dynamics through their influence on investment.
Second, we analyze … More d theoretically and empirically the relation between public order and the monetary system, paying attention to institutional complementarities. Money has dual characteristics: public goods and private goods. This dualism cannot be overcome and people's credibility to money cannot be build by the legislation of the monetary system alone. The complementarities between monetary systems and other institutions such as the social security system or the fiscal system guarantees social stability of the monetary system, and plays the role to mediate money and public order.
Thirdly, from the viewpoint of firms and nations, we analyzed how various economic subjects behaved when the institutional complementarities deteriorated and macroeconomic instability occurred. The existing institutional environment functions as a restriction against the reforms in firms. We clarified conditions for overcoming this restriction and the success of reforms. Moreover, we examined what kind of reforms in the fiscal policy and the social security system was preferable under a new kind of institutional complementarities. Less

  • Research Products

    (14 results)

All Other

All Publications (14 results)

  • [Publications] 宇仁 宏幸: "日本経済の低成長の原因-産業と雇用の構造変化の国際比較による分析"経済理論学会年報. 第39集. 167-182 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 八木 紀一郎: "社会経済システムの変動図式とガバナンス"社会経済システム. 第23号. 11-21 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 宇仁 宏幸: "バブル崩壊後の日本、スウェーデン、ノルウェーの比較"経済理論学会年報. 第40集. 19-30 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 若森章孝: "21世紀国家論の焦点と国民国家のゆくえ"経済理論学会年報. 第40集. 169-184 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 磯谷明徳: "企業組織への契約論アプローチと組織論アプローチ"Foculty of Economics, Kyushu University, Discussion Paper Series. No.2003-5. 1-37 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 清水和巳: "On "Comparative Institutional Analysis" of Genesis of Institutions - A critical View"Journal of International Economic Studies. No.18. (2004)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 坂口明義: "現代貨幣論の構造"多賀出版. 271 (2001)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] UNI Hiroyuki: "Causes of the Slow Rate of Economic Growth of Japan: Comparative Analysis of Structural Change in Industry and Employment"The Bulletin of Japan Society of Political Economy. 39. 167-182 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] YAGI Kiichro: "Dynamics and Governance of Social and Economic Systems"Social and Economic Systems Studies. 23. 11-21 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] UNI Hiroyuki: "Comparative Analysis of the Economy after the Burst of the Bubble in Japan, Sweden and Norway"The Bulletin of Japan Society of Political Economy. 40. 19-30 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] WAKAMORI Fumitaka: "The Issue of State Theory for the 21st Century and the Future of Nation States"The Bulletin of Japan Society of Political Economy. 40. 169-184 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] ISOGAI Akinori: "Contract Theory Approach and Organization Theory Approach to Firms"Faculty of Economics Kyushu University Discussion Paper Series. 2003-5. 1-37 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] SHIMIZU Kazumi: "On "Comparative Institutional Analysis" of Genesis of Institutions----A Critical View"Journal of International Economic Studies. 18(forthcoming). (2004)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] SAKAGUCH Akiyoshi: "Structure of Contemporary Monetary Theory"Taga Shuppan. 271 (2001)

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

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Published: 2005-04-19  

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