Structural Changes in Financial Markets, Asset Price Bubbles, and Policy Responses

2015 Fiscal Year Final Research Report

• Project/Area Number: 25380223
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic theory
• Research Institution: The University of Tokyo
• Principal Investigator: AOKI Kosuke 東京大学, 経済学研究科(研究院), 准教授 (30263362)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: 資産バブル / 金融仲介 / 銀行

Outline of Final Research Achievements

This research theoretically shows that structural changes in financial markets, such as developments in corporate bond markets and emergence of shadow banking, induces bank risk taking by inducing banks' loan-deposite interest rate spreads. Furthermore, it is shown that impacts of the collapse of asset price bubbles are larger when shadow banking sector emerges. This is because the collapse of bubbles hurts the balance sheet of banks who guarantee shadow banks.

Free Research Field

マクロ経済学