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. |