Departmental Bulletin Paper 期待形成と企業の債務構造の安定性
キタイ ケイセイ ト キギョウ ノ サイム コウゾウ ノ アンテイセイ
Expectation formation and stability of corporate finance

植田, 宏文  ,  ウエダ, ヒロフミ  ,  Ueda, Hirofumi

45 ( 4 )  , pp.25 - 55 , 2016-02-29 , 同志社大学人文科学研究所 , Transcription:ドウシシャ ダイガク ジンブン カガク ケンキュウショ , Alternative:Institute for the Study of Humanities & Social Sciences, Doshisha University
This paper shows that the Macro-economic fluctuations occur endogenously in the presence of threshold effect in the expectation formation when the Macro economy is in the course of instability as Minsky emphasized. If the relative risk aversion of investors in their portfolio selection decreases, the probability of financial instability will rise. Therefore Macro economy will be more fragile because the corporate debt structure is more volatile in this situation.

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