Specializations, financial constraints, and income. Research centre for international economics working paper. Japan center for economic research nikkei prize for excellent books in economic science. Endogenous growth and fluctuations in an overlapping. Abstract we investigate how the relaxation of financial constraints affects economic growth in a dynamic game of the. Agents face idiosyncratic productivity shocks in each period. Kunieda, takuma and okada, keisuke and shibata, akihisa, corruption, financial development and economic growth. Associate professor, school of economics, kwansei gakuin university, 1155 uegahara ichibancho, nishinomiya, hyogo, japan 2 associate professor, faculty of economics, kansai university, 3335 yamatecho, suitashi, osaka, japan. Japan center for economic research jcer japan economic research institute jeri japanese economic foundation jef, tokyo japan productivity center for socioeconomic development jpcsed japan university of economics, dazaifu josai university. Overconfidence, underconfidence, and welfare okayama. Takuma kunieda, keisuke okada, and akihisa shibata 2016.
Asset bubbles and borrowing constraints by takuma kunieda. Graduate school of economics, department of economics. Department of economics washington university in st. Find researchers and browse publications, fulltexts, contact details and general information related to the school of economics at kwansei gakuin university for full functionality of researchgate.
A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Takuma kunieda department of economics and finance, city university of hong kong akihisa shibata institute of economic research, kyoto university may 24, 2012 abstract we develop a dynamic general equilibrium growth model with in. Asset bubbles, financial market frictions, and endogenous cycles kenichi hashimoto ryonghun imy takuma kuniedaz akihisa shibatax april 22, 2019 abstract we present a simple model of endogenous cycle with asset bubbles. An intrinsically useless asset has a positive value and raises welfare because it helps investors with idiosyncratic productivity to obtain more credit in imperfect financial markets. Similar rankings see other rankings by type of impact factors.
Citescore measures the average citations received per document published in this title. Department of economics and finance, city university of hong kong keisuke okada graduate school of economics. Theory and evidence from an instrumental variable approach with human genetic diversity november 2016. Nishimura kazuocenter for computational social science. The book, which grew out of courses taught by the authors at harvard and brown universities, can be used both by advanced undergraduate and graduate students, and as a reference for professional economists in government or international financial organizations. Full text citation analysis this paper has another version. Asiapacific journal of accounting and economics 18 3, 333 357. The analysis demonstrates that in early stages of financial development where credit constraints are severe, growth rates evolve monotonically. Update your information in the repec author service.
Kunieda, takuma school of economics kwansei gakuin. Author links open overlay panel takuma kunieda a akihisa shibata b. Research institute of economy, trade and industry tokyo japan. Endogenous business cycles in a perpetual youth model with financial market imperfections, international journal of economic theory, the international society for economic theory, vol. Citation profile for takuma kunieda citations economics. Economic growth, endogenous business cycles, inequality, financial market imperfections.
Kunieda, takuma and shibata, akihisa, credit market imperfections and macroeconomic instability december 2014. From school of economics, kwansei gakuin university contact information at edirc. Econpapers faq archive maintainers faq cookies at econpapers. Takuma kunieda, department of economics and finance, city university of hong kong, p7315, academic building, 83 tat chee. Ping wang department of economics washington university.
We investigate the impact of domestic financial frictions on the current account dynamics in asian countries before and after the asian financial crisis in 19971998 by introducing collateral constraints into the intertemporal current account approach. Most downloaded international economics articles elsevier. Join facebook to connect with takuma kunieda and others you may know. Research institute for economics and business administration kobe university kobe japan. Credit market imperfections and macroeconomic instability.
Pdf corruption, globalization, and economic growth. Credit market imperfections typically characterize a low quality financial market, where. Kunieda, takuma and shibata, akihisa 2011 endogenous growth and fluctuations in an overlapping generations economy with credit market imperfections. Introduction industrial transformation is a long process, from agriculture, to manufacture, and. The repec blog the repec plagiarism page discussion paper series. The website of kwansei gakuin university school of economics. Table in figure 41 is an example for willingness to pay, in which we have four possible buyers willingness to pay for used textbooks. About this book introduction the series is designed to bring together those mathematicians who are seriously interested in getting new challenging stimuli from economic theories with those economists who are seeking effective mathematical tools for their research. School of economics kwansei gakuin university nishinomiya japan. Facebook gives people the power to share and makes the world more open and connected. Discussion paper series, school of economics, kwansei gakuin. Advances in mathematical economics volume 22 shigeo.
We study the dynamic properties of growth rates in an overlapping generations economy with credit market imperfections. Part of the advances in mathematical economics book series mathecon, volume 22 a twosector dynamic general equilibrium model with financial constraints and production externalities is studied. Corruption, financial development and economic growth. Inputs and costs takuma kunieda city university of hong kong cb2400 city university of. A test for the japanese economy, journal of international money and finance, vol. We investigate, both theoretically and empirically, how the negative effect of government corruption on economic growth is magnified or reduced by capital account liberalization. However, if financiers coexist with entrepreneurs, the economy is highly likely to face a. Business cycle, market power and bank behaviour in emerging countries. Asset bubbles, financial market frictions, and endogenous.
Consumer and producer surplus city university of hong kong cb2400 3 21 willingness to pay willingness to pay is the maximum price that a buyer will pay for a good. Finance and economic growth in a dynamic game ideasrepec. This book provides mathematicians with new stimuli from economic theories, and economists with effective mathematical tools for. You can help amend this and other pages of this project here. It provides indicators like impact factor and hindex for journals and working paper series. I am an assistant professor at city university of hong kong. Theory and evidence takuma kunieday department of economics and finance, city university of hong kong keisuke okadaz faculty of human environmental studies, hiroshima shudo university. Asset bubbles, unemployment, and a financial crisis. Asset bubbles, economic growth, and a selffulfilling financial crisis.
This paper demonstrates with a simple twocountry general equilibrium model that the difference in the levels of financial development between countries determines the direction of capital movement and that for some parameter values, if financial markets are integrated internationally, countries with a poorly developed financial sector are never industrialized, while if they had remained. Asiapacific journal of accounting and economics, vol. Radiation causes severe dna lesions, including doublestrand breaks, and leads to genome instability and even lethality. Endogenous growth and fluctuations in an overlapping generations economy with credit market imperfections. Citec is an autonomous citation index for documents distributed on the repec research papers in economics, data base. Items where subject is f international economics f2. However, the bubbly equilibrium is only the second best. A tractable model in which asset bubbles can exist in spite of infinitely lived agents is presented. Takuma kunieda school of economics, kwansei gakuin university kazuo nishimuray kobe university, rieb akihisa shibataz institute of economic research, kyoto university april 2, 2018 abstract we investigate how nancial frictions a ect across and withincountry income distributions by using a threecountry dynamic general equilibrium model. Corruption, capital account liberalization, and economic. The series is designed to bring together those mathematicians who are seriously interested in getting new challenging stimuli from economic theories with those economists who are seeking effective mathematical tools for their research. At the intermediate level of financial development, as the degree of credit market imperfections diminishes, growth rates. Graduate school, division of economics, kyoto university.
A twosector growth model with credit market imperfections. Repec genealogy page for takuma kunieda this page traces who advised whom during graduate studies for takuma kunieda repec genealogy, econpapers, ideas. Research institute for economics and business administration global finance unit, kobe university center for social systems innovation. Asset bubbles, unemployment, and a financial crisis, discussion paper series 156, school of economics, kwansei gakuin university, revised feb 2017. Asset bubbles, economic growth, and a selffulfilling. Using a simple framework due to cooper and john 1988 and cooper 1999, this paper derives the conditions under which overconfidence and underconfidence of agents lead to pareto improvement. Genomic dna stores all genetic information and is indispensable for maintenance of normal cellular activity and propagation. Asiapacific journal of accounting and economics 18 3, 333357. After takeoff but before reaching a sustained growth path, countries may. The economics of growth philippe aghion and peter howitt. Takuma kunieda, department of economics and finance, city university of hong kong, p7315, academic building, 83 tat chee avenue, kowloon tong, hong kong.
Japan center for economic research, nikkei prize for excellent books in economic science. Regardless of the toxicity of radiation, some organisms exhibit extraordinary tolerance against radiation. Citescore values are based on citation counts in a given year e. Does financial development amplify sunspot fluctuations.
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