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Good and Bad Investment : An Inquiry into the Causes of Credit Cycles
http://hdl.handle.net/2261/2448
http://hdl.handle.net/2261/2448ef3291d7-85c7-42ab-8992-49e19e924ae2
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-06-03 | |||||
| タイトル | ||||||
| タイトル | Good and Bad Investment : An Inquiry into the Causes of Credit Cycles | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | the Bernanke-Gertler(1989)model | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | heterogeneity of investments | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | aggregate demand spillovers | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | borrowing constraints | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification numbers: E32, E44 | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Matsuyama, Kiminori
× Matsuyama, Kiminori |
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| 著者所属 | ||||||
| 著者所属 | Northwestern University | |||||
| 著者所属 | ||||||
| 著者所属 | CIRJE | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper develops models of endogenous credit cycles. The basic model has two types of profitable investment projects: the Good and the Bad. Unlike the Good, the Bad contributes little to improve the net worth of other borrowers. Furthermore, it is relatively difficult to finance externally due to the agency problem. In a recession, a low net worth prevents the agents from financing the Bad, and much of the saving goes to finance the Good. This leads an improvement in net worth. In a boom, a high net worth makes it possible for the agents to finance the Bad. At the peak of the boom, this shift in the composition of credit and of investment from the Good to the Bad causes a deterioration of net worth, and the economy plunges into a recession. The whole process repeats itself. Endogenous fluctuations occur because the Good breeds the Bad, and the Bad destroys the Good. When extended to incorporate the Bernanke-Gertler (1989) type credit multiplier mechanism, the model generates asymmetric fluctuations, along which the economy experiences a long and slow process of recovery from a recession, followed by a rapid expansion, and possibly after a period of high volatility, plunges into a recession. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 2002-CF-172, 発行日 2002-09 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 330 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2002/2002cf172ab.html | |||||
