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アイテム
Appropriation Problem, Money Demand, and Japan’s Stagnation
https://ncu.repo.nii.ac.jp/records/795
https://ncu.repo.nii.ac.jp/records/795ec3933c9-9083-4e34-914d-37630522e98f
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
B41-20101201-35 (621.0 kB)
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| アイテムタイプ | 紀要論文2 / Departmental Bulletin Paper(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| 公開日 | 2014-06-24 | |||||||
| タイトル | ||||||||
| タイトル | Appropriation Problem, Money Demand, and Japan’s Stagnation | |||||||
| 言語 | en | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| キーワード | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Japan’s lost two decades | |||||||
| キーワード | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Insecure property rights | |||||||
| キーワード | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Marshall’s k | |||||||
| キーワード | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Corporate insider | |||||||
| キーワード | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | Outside investor | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||
| 資源タイプ | departmental bulletin paper | |||||||
| 著者 |
Guo, Nianzhi
× Guo, Nianzhi
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| 抄録(英) | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | This paper offers a simple dynamic macroeconomic model to provide a new explanation to the co-existence of the following macroeconomic phenomena observed during Japan’s stagnation since the early 1990s: the drastic rise in Marshall’s k, the drastic fall in household savings, the drastic rise in corporate savings (following their drastic fall in 1980s), and the drastic fall in real growth rate. Our extension of the standard macroeconomic model is the explicit incorporation of the conflict between corporate insiders (corporate managers and/or employees) and outside investors (households) in Japanese corporations. Specifically, in the model we assume that insiders may appropriate part of capital returns which should intrinsically accrue to outsiders. Under this circumstance, we show that outsiders restrain themselves from the investment in productive but appropriable capital and promote the holdings of non-productive but non-appropriable money. Meanwhile, reacting to this portfolio change of outsiders, insiders increase the capital investment using the corporate savings since the amount of outsiders’ capital returns which they can appropriate decreases. However, the increase in the capital investment of insiders is not large enough to compensate the decrease in that of outsiders, so that the economic growth rate falls. Our model can hence describe the macroeconomic phenomena observed during Japan’s stagnation in a single optimizing framework. | |||||||
| 書誌情報 |
オイコノミカ 巻 47, 号 2, p. 35-61, 発行日 2010-12-01 |
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| ISSN | ||||||||
| 収録物識別子タイプ | ISSN | |||||||
| 収録物識別子 | 03891364 | |||||||
| 書誌レコードID | ||||||||
| 収録物識別子タイプ | NCID | |||||||
| 収録物識別子 | AN00025971 | |||||||
