Liquidation Costs and Endogenous Growth

Takashima, Hiroaki

Economic journal of Hokkaido University, 2003, 32, 85-97

Permalink : https://hdl.handle.net/2115/5380

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アクセス権	open access
URI	https://hdl.handle.net/2115/5380
タイトル	Liquidation Costs and Endogenous Growth
著者	著者名 Takashima, Hiroaki
言語	英語
キーワード	Liquidity Costs, Endogenous Growth, Financial Intermediaries
発行日	2003-07
出版者	Faculty of Economics, Hokkaido University
収録物名	Economic journal of Hokkaido University
巻(号)	32
ページ	85-97
抄録	In this paper, we examine the relation between the portfolio decisions that financial intermediaries make to avoid bank runs and the liquidation costs of capital investment. This relation also influences economic growth. This paper shows that if financial intermediaries avoid runs, there exist three regions of liquidation costs. Changes in liquidity costs in each region have different effects on economic growth in a simple endogenous growth model. We also examine portfolio decisions in an economy without financial intermediaries. This reveals the significance of financial sector for economic growth. (JEL G11, E13, D82, E44)
資源タイプ	紀要論文
出版タイプ	Version of Record
PISSN	0916-4650
NCID	AA10772967