Financial Destabilization

Material type: 文書・図像類

Author: Hashimoto, Ken-ichiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2021-02

Material Format: Paper

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Note (General)：: This paper uses a dynamic general equilibrium model to examine whether financial innovations destabilize an economy. Applying a neoclassical productio...

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Paper

Material Type: 文書・図像類
Title: Financial Destabilization
Author/Editor: Hashimoto, Ken-ichi
Im, Ryonghun
Kunieda, Takuma
Shibata, Akihisa
Author Heading: Hashimoto, Ken-ichi
https://nrid.nii.ac.jp/nrid/1000070403219
Im, Ryonghun
Kunieda, Takuma
https://nrid.nii.ac.jp/nrid/1000060511516
Shibata, Akihisa
https://nrid.nii.ac.jp/nrid/1000000216003
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2021-02
Publication Date (W3CDTF): 2021-02
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1118
Volume: 1118
Pages: 1-30
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Financial innovations
endogenous business cycles
financial destabilization
heterogeneous agents
Target Audience: 一般
Note (General): This paper uses a dynamic general equilibrium model to examine whether financial innovations destabilize an economy. Applying a neoclassical production function, we demonstrate that as financial frictions are mitigated, the economy loses stability and a ip bifurcation occurs at a certain level of financial frictions under an empirically plausible elasticity of substitution between capital and labor. Furthermore, the amplitude of uctuations increases as financial frictions are mitigated and is maximized when the financial market approaches perfection. These outcomes imply that financial innovations are likely to destabilize an economy.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2021/DP1118.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