کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10477782 | 930623 | 2005 | 17 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Credit constraints and the current account: A test for the Japanese economy
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper constructs a small open economy version of the Kiyotaki and Moore [1997. Credit cycles. Journal of Political Economy 105 (2), 211-248] model along the line developed by Kasa [1998. Borrowing constraints and asset market dynamics: evidence from Pacific Basin. Federal Reserve Bank of San Francisco Economic Review (3), 17-28] and derives a closed-form solution of the current account dynamics. Using the solution, a null hypothesis of no credit constraints is tested for the Japanese economy. The empirical results show that the null hypothesis is strongly rejected and that the estimated signs of the parameters are consistent with the model. The Kiyotaki and Moore model would give an adequate description of the Japanese economy.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 24, Issue 8, December 2005, Pages 1261-1277
Journal: Journal of International Money and Finance - Volume 24, Issue 8, December 2005, Pages 1261-1277
نویسندگان
Takuma Kunieda, Akihisa Shibata,