Mechanism behind Financial Crises and Economic Policy

2014 Fiscal Year Final Research Report

• Project/Area Number: 24730269
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Public finance/Monetary economics
• Research Institution: Kyoto University
• Principal Investigator: TSURUGA takayuki 京都大学, 経済学研究科(研究院), 准教授 (40511720)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: 金融危機 / 流動性不足 / マチュリティ・ミスマッチ / 信用外部性 / 金融規制 / ベイルアウト / マクロ・プルーデンス政策

Outline of Final Research Achievements

The research project analyzed macroeconomic model to help better understanding the mechanism behind financial crises and policy interventions for crisis prevention. For this purpose, I relied on microeconomic theory on banking. In particular, I used the banking theory that explicitly models maturity mismatch and risks of financial crises that the banking sector is faced with. The analyses in this project provided the implications of macroeconomic environment and pecuniary externality in the banking sector for the frequency of financial crises. The analyses also discussed policy intervention to reduce the crisis probability.

Free Research Field

経済学