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Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations
http://hdl.handle.net/2261/2462
http://hdl.handle.net/2261/2462835b0b81-20a0-4c30-aa99-f6c88c9d48c2
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2017-01-17 | |||||
| タイトル | ||||||
| タイトル | Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | diminishing returns | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | wealth-dependent borrowing-constraints | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | symmetry-breaking | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | structualism | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL classification numbers: E44, F43, O11 | |||||
| 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 | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper investigates the effects of financial market globalization on the inequality of nations. The world economy consists of inherently identical countries, which could differ only in their levels of capital stock. Each country is represented by the standard overlapping generations model, modified only to incorporate credit market imperfection. An integration of financial markets affects the set of stable steady states, as it changes the balance between the equalizing force of the diminishing returns technology and the unequalizing force of the wealth-dependent borrowing constraint. The model is simple and tractable enough to allow for a complete characterization of the stable steady states. In the absence of the international financial market, the world economy has a unique stable steady state, which is symmetric. When the international financial market is introduced, symmetry-breaking occurs under some conditions. That is to say, the symmetric steady state loses its stability and stable asymmetric steady states come to exist. In the stable asymmetric steady states, the world economy is endogenously divided into the rich and poor countries; the borrowing constraints are binding in the poor countries but not in the rich countries; the world output is smaller, the rich are richer and the poor are poorer in any of the stable asymmetric steady states than in the (unstable) symmetric steady state. | |||||
| 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-186, 発行日 2002-12 |
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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/2002/2002cf186ab.html | |||||
| 異版あり | ||||||
| 関連タイプ | hasVersion | |||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://doi.org/10.1111/j.1468-0262.2004.00514.x | |||||
