Institutional Complementarity and Macro-economic Stability

首先，在我们的研究项目中，从理论和经验上阐明了劳动制度和金融制度的什么样的结合才能带来宏观经济的稳定。提纲如下。众所周知，宏观经济波动是由各种因素引起的，其中许多因素都伴随着投资的变化。投资资金从两条途径提供。第一类是以盈利为主的内部资金，第二类是资本市场或银行获取的外部资金。关于就业和工资的劳动制度影响工资成本对生产量的弹性。因此，这些机构会影响利润和内部资金的弹性。另一方面，金融机构影响外部资金的弹性。因此，劳动制度和金融制度都通过对投资的影响来影响宏观经济动态。其次，我们对…进行了分析更多地从理论和经验上研究公共秩序与货币制度之间的关系，注重制度的互补性。货币具有双重特性：公共产品和私人产品。这种二元论是无法克服的，人们对货币的信任也不是仅靠货币制度的立法就能建立起来的。货币制度与其他制度如社会保障制度或财政制度的互补性保证了货币制度的社会稳定，起到了调节货币和社会秩序的作用。再次，从企业和国家的角度分析了制度互补性恶化和宏观经济不稳定发生时各种经济主体的行为。现有的制度环境对企业改革起着制约作用。我们明确了克服这一限制和改革成功的条件。此外，我们还考察了在一种新的制度互补性下，财政政策和社会保障制度的哪种改革更可取。较少

First, in our research project, it was clarified theoretically and empirically what kind of combination between labor institutions and financial institutions brings about macroeconomic stability. The outline is as follows. It is well known that macroeconomic fluctuations are caused by various factors, the many of which are accompanied by the changes in investment. Investment fund is provided from two routes. The first one is the internal fund mainly based on profit, the second one is the external fund procured by capital market or banks. Labor institutions regarding employment and wages affect the elasticity of wage costs to the amount of production. Consequently, these institutions affect the elasticity of the amount of the profit and the internal fund. On the other hand, financial institutions influence the elasticity of the external fund. Thus, both labor institutions and financial institutions relate to macroeconomic dynamics through their influence on investment.Second, we analyze … More d theoretically and empirically the relation between public order and the monetary system, paying attention to institutional complementarities. Money has dual characteristics: public goods and private goods. This dualism cannot be overcome and people's credibility to money cannot be build by the legislation of the monetary system alone. The complementarities between monetary systems and other institutions such as the social security system or the fiscal system guarantees social stability of the monetary system, and plays the role to mediate money and public order.Thirdly, from the viewpoint of firms and nations, we analyzed how various economic subjects behaved when the institutional complementarities deteriorated and macroeconomic instability occurred. The existing institutional environment functions as a restriction against the reforms in firms. We clarified conditions for overcoming this restriction and the success of reforms. Moreover, we examined what kind of reforms in the fiscal policy and the social security system was preferable under a new kind of institutional complementarities. Less