| 言語種別 | 英語 |
|---|---|
| 発行・発表の年月 | 2016/12 |
| 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 | Impact of Risk Aversion on Optimal Market Integration |
| 執筆形態 | 単著 |
| 掲載誌名 | Journal of Economic Integration |
| 掲載区分 | 国外 |
| 巻・号・頁 | 31(4),968-994 |
| 概要 | This paper examines the equilibrium growth rate of capital stock and social welfare under an infinite-horizon economy with productivity shocks. The analysis is conducted in an international context wherein the volatility of production is assumed to be endogenously determined by the degree of market integration. The evidence suggests that when risk aversion is high, endogenous productivity risks can induce precautionary savings and the over-accumulation of capital stock, whereas spillovers from integrated markets are conducive to the under-accumulation of capital stock. Only in this case does a unique equilibrium exist in which partial market integration contributes to growth and social welfare. When risk aversion is low, there exist multiple equilibria depending on the degree of market integration, and full market integration is desirable for social welfare. |