| Project/Area Number |
14530009
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Kyoto University |
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Principal Investigator |
SHIBATA Akihisa Kyoto University, Economic Research, Professor, 経済研究所, 教授 (00216003)
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| Co-Investigator(Kenkyū-buntansha) |
FUTAGAMI Kouichi Osaka University, Graduate School of Economics, Professor, 大学院・経済学研究科, 教授 (30199400)
TERUYAMA Hiroshi Kyoto University, Economic Research, Professor, 経済研究所, 教授 (30227532)
MORI Tomoya Kyoto University, Economic Research, Associate Professor, 経済研究所, 助教授 (70283679)
HORI Keiichi Ritsumeikan University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (50273561)
SAWADA Yasuyuki University of Tokyo, Graduate School of Economics, Associate Professor, 大学院・経済学研究科, 助教授 (40322078)
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| Project Period (FY) |
2002 – 2003
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| Keywords | capital market imperfection / investment / main bank system / financial crisis / flow analysis of labor market / agglomeration / economic growth / fiscal policy |
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| Research Abstract |
The main results of this project are as follows:
(1)Introducing financial market imperfection into the dynamic general equilibrium model, we develop a model of current account dynamics. Deriving analytical solution to the model, we test parameter restrictions under the perfect capital market for the Japanese economy The restrictions are rejected at a very high significance level and we conclude that the capital market imperfection plays an important role in Japan. (2)The importance of the main bank system is tested by using Japanese data on the manufacturing sector. The results indicate that the main bank system has a negative effect on the efficiency of the Japanese banking sector. (3)We extend the first-generation models of financial crises and show that the model can explain systematic devaluations of soft currencies that are independent of the fundamentals of an economy. (4)Using the Japanese flow data on the labor market, we show that the recent inflows and outflow to unemployment are both increasing and that the possibility of unemployment is also rising. (5)The determinants of long-run growth are analyzed. It is shown that there is an optimal patent length to maximize the welfare level and that the debt poly of the government affects the long-run growth rate. (6)Constructing a two-country two goods dynamic model, we analyze the international spillover effects of fiscal policy. We derive an exact formula expressing the welfare effect, and by use of it we show that the welfare effect of a country's fiscal expansion depends on the foreign asset position and on the composition of the government spending.
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