Minimum investment requirement, financial market imperfection and self-fulfilling belief

Tomoo Kikuchi*, George Vachadze

*この研究の対応する著者

研究成果: Article査読

5 被引用数 (Scopus)

抄録

We develop a model in which a strategic complementarity in saving decisions arises due to a minimum investment requirement and financial market imperfection. We explore the role of self-fulling beliefs in determining the long run dynamics. The model exhibits a wide range of dynamic phenomena such as a poverty trap, a big push and a sunspot equilibrium, depending on the level of financial market imperfection. They account for excessive volatility and a sudden change in the saving rate and its macroeconomic consequences without any shocks to fundamentals.

本文言語English
ページ(範囲)305-332
ページ数28
ジャーナルJournal of Evolutionary Economics
28
2
DOI
出版ステータスPublished - 2018 4 1
外部発表はい

ASJC Scopus subject areas

  • ビジネス、管理および会計(全般)
  • 経済学、計量経済学

フィンガープリント

「Minimum investment requirement, financial market imperfection and self-fulfilling belief」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル