![Credit constraints and the current account: A test for the Japanese economy [An article from: Journal of International Money and Finance]](https://www.ebooknetworking.net/books/B00/0RR/bigB000RR4XV8.jpg)
Credit constraints and the current account: A test for the Japanese economy [An article from: Journal of International Money and Finance]
Book Details
Author(s)T. Kunieda, A. Shibata
PublisherElsevier
ISBN / ASINB000RR4XV8
ISBN-13978B000RR4XV0
AvailabilityAvailable for download now
Sales Rank99,999,999
MarketplaceUnited States 🇺🇸
Description
This digital document is a journal article from Journal of International Money and Finance, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper constructs a small open economy version of the Kiyotaki and Moore [1997. Credit cycles. Journal of Political Economy 105 (2), 211-248] model along the line developed by Kasa [1998. Borrowing constraints and asset market dynamics: evidence from Pacific Basin. Federal Reserve Bank of San Francisco Economic Review (3), 17-28] and derives a closed-form solution of the current account dynamics. Using the solution, a null hypothesis of no credit constraints is tested for the Japanese economy. The empirical results show that the null hypothesis is strongly rejected and that the estimated signs of the parameters are consistent with the model. The Kiyotaki and Moore model would give an adequate description of the Japanese economy.
Description:
This paper constructs a small open economy version of the Kiyotaki and Moore [1997. Credit cycles. Journal of Political Economy 105 (2), 211-248] model along the line developed by Kasa [1998. Borrowing constraints and asset market dynamics: evidence from Pacific Basin. Federal Reserve Bank of San Francisco Economic Review (3), 17-28] and derives a closed-form solution of the current account dynamics. Using the solution, a null hypothesis of no credit constraints is tested for the Japanese economy. The empirical results show that the null hypothesis is strongly rejected and that the estimated signs of the parameters are consistent with the model. The Kiyotaki and Moore model would give an adequate description of the Japanese economy.
