DSpace コレクション: PIE/CIS Discussion paper

The Diamond-Rajan Bank Runs in a Production Economy

Title: The Diamond-Rajan Bank Runs in a Production Economy

Authors: Kobayashi, Keiichiro

世代間問題研究プロジェクト（世代間問題の経済分析） = Economic Analysis of Intergenerational Issues, Project on Intergenerational Equity; 一橋大学経済研究所世代間問題研究機構 = Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

To analyze the macroeconomic consequences of a systemic bank run, we integrate the banking model `a la Diamond and Rajan (2001a) into a simplified version of an infinite-horizon neoclassical growth model. The banking sector intermediates the collateral-secured loans from households to entrepreneurs. The entrepreneurs also deposit their working capital in the banks. The systemic bank run, which is a sunspot phenomenon in this model, results in a deep recession through causing a sudden shortage of the working capital. We show that an increase in the probability of occurrence of the systemic run can persistently lower output, consumption, labor, capital and the asset price, even if the systemic run does not actually occur. This result implies that the slowdown of economic growth after the financial crises may be caused by the increased fragility of the banking system or the raised fears of recurrence of the systemic runs.

Description : March 2011 (First draft: September 30, 2010)

Public Service Pension Reform in the United Kingdom

Title: Public Service Pension Reform in the United Kingdom

Authors: Finkelstein, Tamara; Perkins, Joe

世代間問題研究プロジェクト（世代間問題の経済分析） = Economic Analysis of Intergenerational Issues, Project on Intergenerational Equity; 一橋大学経済研究所世代間問題研究機構 = Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Changes in the Japanese Employment System in the Two Lost Decades

Title: Changes in the Japanese Employment System in the Two Lost Decades

Authors: Hamaaki, Junya; Hori, Masahiro; Maeda, Saeko; Murata, Keiko

世代間問題研究プロジェクト（世代間問題の経済分析） = Economic Analysis of Intergenerational Issues, Project on Intergenerational Equity; 一橋大学経済研究所世代間問題研究機構 = Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Despite changes in the economic and social environment following the burst of the bubble economy in the early 1990s, studies on the Japanese employment system so far have detected few major changes in seniority-based wage or lifetime employment patterns. Using recent microdata from the Basic Survey on Wage Structure, this paper takes another look at developments in these two key elements of the Japanese employment system. In contrast with previous studies, we do find evidence that the two practices are eroding and that, hence, the traditional employment system overall has begun to unravel. Specifically, with regard to seniority wages, we found, for example, that the age-wage profile has become flatter in recent years, especially for employees in the middle and final phase of their career. And as for lifetime employment, we found a clear downward trend in the share of lifetime employees among younger, university-educated workers from the early 2000s. Taken together, the findings suggest that a growing share of educated younger workers choose to leave indefinite-contract jobs due to the poor prospects for seniority-based wage progression, while older workers choose to stay in their present job despite stagnating or falling wages, since it is more difficult for them to find alternative employment.

Sense of coherence as a mediator between perceived neighborhood characteristics and health

Title: Sense of coherence as a mediator between perceived neighborhood characteristics and health

Authors: Oshio, Takashi; Urakawa, Kunio

世代間問題研究プロジェクト（世代間問題の経済分析） = Economic Analysis of Intergenerational Issues, Project on Intergenerational Equity; 一橋大学経済研究所世代間問題研究機構 = Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

We examine how sense of coherence (SOC) mediates the association between perceived neighborhood characteristics and health, using micro data collected from a nationwide Internet survey in Japan conducted in 2011 (N = 9,940). We focus on the impact of neighborhood dissatisfaction, various aspects of perceived neighborhood characteristics, and trust in neighbors on self-rated health and four types of unhealthy behaviors: performing no exercise, sleeping for short periods, smoking, and eating no breakfast. After controlling for SOC, the direct relationship between subjective neighborhood assessment and health was less pronounced. At the same time, a mediation analysis reveals that the impact of neighborhood characteristics on health is highly mediated by SOC. Moreover, the extent of SOC mediation differs substantially across combinations of specific neighborhood characteristics and health variables. Among neighborhood characteristics, perceived safety tends to directly affect health with limited mediation. Among the unhealthy behaviors, performing no exercise is associated with a wide variety of neighborhood characteristics, the impacts of which are substantially mediated by SOC. We believe that this study presents a new aspect to the analysis of the association between one’s perception of his/her neighborhood and health.