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タイトル: | Finance and the Optimal Investment Decisions of a Firm Under Imperfect Competition |
著者: | Watanabe, Toshio |
著者名の別形: | ワタナベ, トシオ |
キーワード: | expected growth rate of demand bank behavior investment decisions |
発行日: | Jun-2011 |
出版者: | Graduate School of Economics, Kyoto University |
誌名: | The Kyoto Economic Review |
巻: | 80 |
号: | 1 |
開始ページ: | 20 |
終了ページ: | 40 |
抄録: | Both John Maynard Keynes and Hyman Minsky emphasized the effects of long-run expectations and financial structures on investment decisions. Minsky alleged that financial booms and collapses become inevitable in market economies and developed a new theory called the "financial instability hypothesis." In this paper, we construct an optimal-investment model under conditions of imperfect competition and explicitly represent the financing of investment. Our model demonstrates the micro-foundation of the investment theory of Keynes and Minsky. We show that both a firm's expected rate of growth and bank behavior play crucial roles in determining investment. For example, when the risk premium of a bank reacts elastically to the expected growth rate of demand, fluctuations in investment increase significantly and the range of fluctuation exceeds that in a perfect capital market. This means that the bank's behavior amplifies the fluctuations of the economy. |
DOI: | 10.11179/ker.80.20 |
URI: | http://hdl.handle.net/2433/193473 |
出現コレクション: | Vol.80 No.1 |
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