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https://hdl.handle.net/20.500.14094/90005624
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2024-05-03
10:34 集計
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90005624 (fulltext)
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216 KB
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メタデータID
90005624
アクセス権
open access
出版タイプ
Accepted Manuscript
タイトル
Specializations, financial constraints, and income distribution
著者
Kunieda, Takuma ; Nishimura, Kazuo ; Shibata, Akihisa
著者名
Kunieda, Takuma
著者ID
A0433
研究者ID
1000060145654
KUID
https://kuid-rm-web.ofc.kobe-u.ac.jp/search/detail?systemId=d79ea90a89711229520e17560c007669
著者名
Nishimura, Kazuo
西村, 和雄
ニシムラ, カズオ
所属機関名
計算社会科学研究センター
著者名
Shibata, Akihisa
収録物名
International Review of Economics & Finance
巻(号)
56
ページ
3-14
出版者
Elsevier
刊行日
2018-07
公開日
2020-08-01
抄録
We investigate how financial frictions affect across- and within-country income distributions by using a three-country dynamic general equilibrium model. In our model, the first and second countries specialize in producing (country-specific) intermediate goods and face financial constraints. The third country produces the final goods by using its own labor and intermediate goods purchased from the first and second countries. The financial markets of these countries are perfectly separated from each other, and the interest rates differ across countries. Our finding is that if the elasticity of substitution between the two intermediate goods is sufficiently high, the relaxation of financial constraints in the first (second) country decreases the second (first) country's income, whereas if the elasticity of substitution is sufficiently low, the relaxation of financial constraints in the first (second) country increases the second (first) country's income. We also find that the income inequality across the three countries is widened by the further relaxation of financial constraints in the country with higher financial development, regardless of the ranking of the per capita income between the first and second countries. Furthermore, the income inequality within the first or second country is reduced as the financial constraints in that country are relaxed.
キーワード
Specializations
Financial market imperfections
Across-country income distribution
Within-country income distribution
カテゴリ
計算社会科学研究センター
学術雑誌論文
権利
© 2018 Published by Elsevier Inc.
This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
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資源タイプ
journal article
言語
English (英語)
ISSN
1059-0560
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eISSN
1873-8036
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関連情報
DOI
https://doi.org/10.1016/j.iref.2018.03.012
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