Complex Dynamic Analysis on Economic Crisis and Social Infrastructure

2015 Fiscal Year Final Research Report

• Project/Area Number: 23000001
• Research Category: Grant-in-Aid for Specially Promoted Research
• Allocation Type: Single-year Grants
• Review Section: Humanities and Social Sciences
• Research Institution: Kyoto University
• Principal Investigator: YANO Makoto 京都大学, 経済研究所, 教授 (30191175)
• Co-Investigator(Kenkyū-buntansha): SHIBATA Akihisa 京都大学, 経済研究所, 教授 (00216003) ; NISHIMURA Kazuo 神戸大学, 社会科学系教育研究府, 特命教授 (60145654) ; OTA Shozo 東京大学, 大学院法学政治学研究科, 教授 (40152136) ; KAJII Atsushi 京都大学, 経済研究所, 教授 (80282325)
• Co-Investigator(Renkei-kenkyūsha): DEI Fumio 神戸大学, 経済経営研究所, 名誉教授 (90093541) ; KAMIHIGASHI Takashi 神戸大学, 経済経営研究所, 教授 (30324908) ; MINO Kazuo 京都大学, 経済研究所, 客員教授 (00116675) ; HIGUCHI Yoshio 慶應義塾大学, 商学部, 教授 (20119001) ; HIRATA Junichi 立命館大学, 経済学部, 教授 (00143818) ; FOOTE Daniel H. 東京大学, 大学院法学政治学研究科, 教授 (10323619) ; SEKIGUCHI Tadashi 京都大学, 経済研究所, 教授 (20314461) ; HIRAGUCHI Ryoji 千葉大学, 法政経学部, 准教授 (90520859) ; ASANO Takao 岡山大学, 経済学部, 教授 (40423157) ; KOMATSUBARA Takashi 京都大学, 経済研究所, 特定准教授 (30348833) ; NAKAZAWA Masahiko 京都大学, 経済研究所, 教授 (00621228) ; SEKO Miki 武蔵野大学, 経済学部, 教授 (60120490) ; NAOI Michio 慶應義塾大学, 経済学部, 准教授 (70365477) ; FUTAGAMI Koichi 大阪大学, 大学院経済学研究科, 教授 (30199400) ; IWAISAKO Tatsuro 大阪大学, 大学院経済学研究科, 准教授 (40351316)
• Project Period (FY): 2011 – 2015
• Keywords: 経済危機 / 複雑系分析 / 市場の質 / 判断力 / 法制度

Outline of Final Research Achievements

Following the world financial crisis and the eastern Japan great earthquake, this project, by means of theoretical and empirical analyses as well as data building, has studied the processes in which an economic crisis forms and is overcome. A major theoretical contribution is to demonstrate that even if the market is well functioning, it is natural that an extreme crisis occurs once in a while due to the interaction between innovation and market quality and that the recovery process after a crisis can be crucially influenced by the market infrastructure formed during and soon after the crisis. We have also obtained several important empirical results by building original data. The main results include the following: Japanese unconventional monetary policy after the financial crisis may have created strong noises that reduced financial market quality and delayed the recovery. It is important to raise the quality of insurance markets for natural disasters, including earthquakes, in order to equalize social costs of potential disasters across various regions.

Free Research Field

社会科学