Asset Bubbles, Endogenous Growth, and Financial Frictions
Asset Bubbles, Endogenous Growth, and Financial Frictions
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资产泡沫、内生增长和金融摩擦
DOI：
10.1093/restud/rdw059
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
Hirano T. and N. Yanagawa
中科院分区：
文献类型：
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作者：
Ahmad Nurul Huda;神田学;小野寺直幸;青木尊之;八木綾子;赤坂郁美・財城真寿美・久保田尚之・松本 淳;Hirano T. and N. Yanagawa
本文分析了具有金融摩擦和异质投资的内生增长模型中泡沫的存在及其影响。当可质押性程度处于中等范围时，泡沫可能会出现，这意味着改善金融市场可能会增加资产泡沫的可能性。此外，当可质押性程度相对较低时，泡沫会促进长期增长；当可质押性程度相对较高时，泡沫会降低增长。此外，我们考察了泡沫破裂的影响，并表明这些影响取决于可质押性的程度，即金融体系的质量。最后，我们对资产泡沫进行了全面的福利分析。
This article analyses the existence and the effects of bubbles in an endogenous growth model with financial frictions and heterogeneous investments. Bubbles are likely to emerge when the degree of pledgeability is in the middle range, implying that improving the financial market might increase the potential for asset bubbles. Moreover, when the degree of pledgeability is relatively low, bubbles boost long-run growth; when it is relatively high, bubbles lower growth. Furthermore, we examine the effects of a bubble burst, and show that the effects depend on the degree of pledgeability, that is, the quality of the financial system. Finally, we conduct a full welfare analysis of asset bubbles.