RIEB Workshop on Financial Markets(兼松セミナー/科学研究費補助金(基盤研究(A))「デフレ・円高・財政危機:バブル経済の後遺症に関する包括的理論・実証分析と政策対応」共催)
RIEB Workshop on Financial Markets (Jointly supported by: Kanematsu Seminar / Grant-in-Aid for Scientific Research (A): Deflation, Strong Yen, and Financial Crises)

日時 2013年9月17日(火)午後2時15分から
会場 神戸大学経済経営研究所 会議室(新館2階)
対象 教員、院生、および同等の知識をお持ちの方
使用言語 英語
備考 論文のコピーは共同研究推進室にご用意いたします。

2:15pm~3:45pm

報告者 Lise CLAIN-CHAMOSSET-YVRARD
所属 エクス・マルセイユ大学スクール・オブ・エコノミクス(GREQAM) 博士後期課程
論題 The Stabilizing Virtues of Fiscal vs. Monetary Policy on Endogenous Bubble Fluctuations
概要
    We explore the existence of endogenous fluctuations with a rational bubble and the stabilizing role of fiscal and monetary policies. Consumers' credit constraints, the role of collateral and a portfolio choice are the key ingredients of our analysis. We consider an overlapping generations model where households realize a portfolio choice between three assets with different returns (capital, money and bonds). Expectation-driven fluctuations and the multiplicity of steady states occur under a positive bubble on bonds, gross substitutability and large input substitution because of credit market imperfections. Focusing on the stabilizing role of policies, we show that a progressive taxation on capital income may rule out expectation-driven fluctuations and the multiplicity of steady states. In contrast, a monetary policy under a Taylor rule has a mitigated stabilizing role, depending on the reactiveness of the policy rule and the concavity of the utility function. When the monetary authority decides instead to fix the nominal interest rate regardless the inflation, decreasing the level of the nominal interest rate can rule out expectation-driven fluctuations, restore the uniqueness of steady states, but can damage the welfare at the steady state.

4:00pm~5:30pm

報告者 菊地 朋生
所属 シンガポール国立大学経済学部
論題 Financial Market Globalization and Endogenous Ranking Reversals
概要
    This paper investigates the effects of financial market globalization on the instability of nations. The world economy consists of two countries, which differ only in their levels of capital stock. Each country is represented by the standard overlapping generations model, modified only to incorporate entrepreneurial projects that are indivisible and entail uninsurable risk. The presence of the international financial market causes the symmetric steady state to lose its stability when the projects are sufficiently risky. The instability inevitably breaks the symmetry of the world economy, in which global imbalances and GDP ranking reversals emerge endogenously.