| 言語種別 | 英語 |
|---|---|
| 発行・発表の年月 | 2016/02 |
| 形態種別 | 【論文】研究論文（学術雑誌）＜査読あり＞ |
| 査読 | 査読あり |
| 標題 | Variety Expansion, Preference Shocks, and Financial Intermediaries |
| 執筆形態 | 共著 |
| 掲載誌名 | Annals of Finance |
| 出版社・発行元 | Springer |
| 巻・号・頁 | 12(1),17-28 |
| 著者・共著者 | Kouki Sugawara |
| 概要 | We investigate the effect of lifetime uncertainty on economic growth by incorporating preference shocks into a variety-expansion model and comparing financial autarky and financial intermediaries. In this economy, long-term investment facilitates the promotion of R&D investment and the creation of new differentiated goods. Our results suggest that when risk aversion is high, an increase in number of differentiated goods slows down R&D investment through a decrease in the price index. Further, if the risk of early withdrawal and the liquidation cost of long-term investment are high, financial intermediaries have significant effects on the growth of variety. |