Macroeconomic Dynamics with Limited Commitment in Financial and Labor Contracts

Material type: 文書・図像類

Author: Ishiguro, Shingo

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2016-10-07

Material Format: Paper

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Note (General)：: This paper presents a dynamic general equilibrium model to investigate the coevolution of employment and financial systems in the process of economic ...

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Paper

Material Type: 文書・図像類
Title: Macroeconomic Dynamics with Limited Commitment in Financial and Labor Contracts
Author/Editor: Ishiguro, Shingo
Author Heading: Ishiguro, Shingo
https://nrid.nii.ac.jp/nrid/1000060288496
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2016-10-07
Publication Date (W3CDTF): 2016-10-07
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 16-25
Volume: 16-25
Pages: 1-63
Text Language Code: eng
Subject Heading: Dynamic General Equilibrium
Insider Lending
Implicit and Explicit Labor Contracts
Market Lending
Target Audience: 一般
Note (General): This paper presents a dynamic general equilibrium model to investigate the coevolution of employment and financial systems in the process of economic development when firms’ commitment to financial and labor contracts is limited. We show that equilibrium modes of financial and labor contracts endogenously change from the informal contracting phase in which both of them are implicitly self-enforced to the formal contracting phase in which they are formally enforced and become more market-based as economies develop well. Furthermore, the formal contracting phase is irreversible in the sense that, once the economy enters that regime, it never returns back to the informal contracting phase.
Periodical Title (NCID): AA1160366X
https://ci.nii.ac.jp/ncid/AA1160366X
References (URI): URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1625.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華