2001 Fiscal Year Final Research Report Summary
Monetary and Financial Institutions and Economic Development
| Project/Area Number |
10630094
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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 |
Public finance/Monetary economics
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| Research Institution | Waseda University |
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Principal Investigator |
YABUSHITA Shiro Waseda University, School of Political Science and Economics, Professor, 政治経済学部, 教授 (30083330)
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| Project Period (FY) |
1998 – 2001
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| Keywords | Financial Institution / Monetary System / Institution / Economic Development / Political System / Transaction Cost / Imperfect Information / Small Business Finance |
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| Research Abstract |
This research project is strongly related to the study of "Imperfect Information and Financial Market", which I have worked on over the put several years. In this project I considered the economic roles of monetary and financial institutions and their development, focusing on imperfect information and transaction costs and, moreover, I compared historically the early establishment of monetary systems in Japan and the United States.
Neither money nor institutions play any important roles in neoclassical economics which assumes perfect information and markets, but institutions such as monetary and financial institutions affect economic activities and development in real economies with imperfect information and transaction costs. The political-economic approach, which emphasizes the relation between economic and political institutions, is very useful for the analysis of these problems.
The main subjects I considered in this project are as follows.
(1) I reviewed neoclassical and endogenous economic growth theories with money and analyzed theoretically economic growth with the development of financial institutions.
(2) I made clear some problems small business face in loan markets with imperfect information and the roles they play in economic development.
(3) I discussed the implications of economic institutions and considered the establishment and changes of institutions, using game-theoretic and new-institutional approaches.
(4) I analyzed historically the establishment of monetary institutions, comparing Japan in the early Meiji Era and the United States in the 19^<th> century.
These research results appear in my book, Money, Institutions and Economic Development which is published from Yuhikaku in September 2002. Moreover I gave a series of lectures about "Financial System under Asymmetric Information and Economic Development" at Nankai University in China in March 2002.
This research has became the basis of my future research.
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