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Comparison between Japanese banking crisis and Asian currency crisis

日本银行业危机与亚洲货币危机的比较

基本信息

批准号：
12630108
负责人：
SAKURAGAWA Masaya
金额：
$ 0.7万
依托单位：
Nagoya City University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2000
资助国家：
日本
起止时间：
2000 至 2001
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-12630108/
关键词：
Financial Crisis Depreciation in asset prices Collapse of asset bubbles Asian currency crisis 資産価格

项目摘要

I study the theoretical mechanism behind the instability of the financial system by comparing between two financial crises, the crash of bubbles in Japan and Asian currency crisis. By extending the theory of bank run to allow for the endogenous change in the real estate price, I develop a framework where the interaction between the credit market and the asset market leads to bank failure I examine either liberalization or regulation will tend to lead to bank failure.I analyze the interaction between economic growth and the behavior of land prices in a credit-constrained economy where land serves not only as a factor of production but as collateral for loans.In "Bank's capital structure under Non-diversifiable risk", I study the design of the bank's capital structure when the bank can not diversify away credit risk due to the macroeconomic risk. I showed that the bank has an incentive to raise own capital in the presence of the macroeconomic risk.

我通过比较日本泡沫破裂和亚洲货币危机两次金融危机来研究金融体系不稳定背后的理论机制。通过扩展银行挤兑理论以允许房地产价格的内生变化，我开发了一个框架，其中信贷市场和资产市场之间的相互作用导致银行倒闭。我研究了自由化或监管将导致银行倒闭。我分析了信贷约束经济中经济增长与土地价格行为之间的相互作用，其中土地不仅作为生产要素，而且作为贷款抵押品。在“非多元化下的银行资本结构”中风险”，研究了当银行因宏观经济风险而无法分散信用风险时，银行的资本结构设计。我表明，在存在宏观经济风险的情况下，银行有动力筹集自有资本。