RIEB Seminar (Jointly supported by:Grant-in-Aid for Scientific Research (S))

日時 2016年7月22日(金)午後5時00分から午後6時30分まで
会場 神戸大学経済経営研究所 兼松記念館1F 調査室
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。


報告者 Toan PHAN
所属 ノースカロライナ大学チャペルヒル校経済学部
論題 Financial integration and the bubbly savings glut
概要 Using a general equilibrium model of two regions with heterogenous levels of financial development, we show that financial globalization can enable risky asset bubbles. Sufficiently risky bubbles exist if and only if the two regions are financially integrated. Furthermore, the only kind of bubbles that can emerge are leveraged and are financed by upstream capital flows. The bubbles result from the combination of the high ability of the North's financial system to collateralize assets and the South's large supply of savings. The model formalizes the widespread narrative that a global savings glut "fueled" the recent U.S. housing bubble.