【部会名】現政研セミナー（主催：上田晃三先生）
【日時】５月９日（火）10：40～12：10
【会場】３号館１０階 第一会議室
【発表者】ジャコモ・ロンディーナ（Giacomo Rondina）先生 （コロラド大学 准教授）
【タイトル】Bubbly Financial Globalization
【アブストラクト】
Has the recent surge in financial globalization made the world economy more prone to widespread episodes of asset price bubbles? We address this question by developing a stylized global equilibrium model of two production economies with diverse financial development, North, and South. In autarky, the financially mature North produces enough assets so to keep bubbles from being viable. In the financially undeveloped South, while bubbles can potentially offset the shortage of financial assets, the limited leverage potential of productive entrepreneurs makes the required return on the bubble
unsustainable. When financial globalization takes place, bubbles become possible if two conditions are met: the financial development of the South is increased and the globalized financial markets display a shortage of asset supply for intermediated saving. We argue that both conditions seem to have gradually emerged over that last twenty years.
【使用言語】英語
※教員のみなさまには当日のセミナー後、報告者のロンディーナ先生を交えたランチの席を「楠亭」にてご用意します。参加ご希望の先生は「伝助」で出席登録をお願いします。なお、登録されない方も、セミナー自体へのご参加は自由ですので、この点、ご安心ください。
【参加資格】一般
なお、登録の〆切は５月７日（日）１８時になります。
以下ＵＲＬより、「伝助」での登録をお願いいたします。
http://densuke.biz/list?cd=HynPMmPrYd3LHv9k
皆様の御参加をお待ちしております。
*English
This notice is to inform you of the WINPEC (Waseda Institute of Political Economy) Seminar on May 9th.
【TIME】9th, May Tuesday 10:40-12:10
【Venue】The meeting room (conference room) #1, BUILDING 3 – Floor 10.
【Presenter】Prof. Giacomo Rondina (Assistant Professor, University of Colorado)
【Title】Bubbly Financial Globalization
【Abstract】
Has the recent surge in financial globalization made the world economy more prone to widespread episodes of asset price bubbles? We address this question by developing a stylized global equilibrium model of two production economies with diverse financial development, North, and South. In autarky, the financially mature North produces enough assets so to keep bubbles from being viable. In the financially undeveloped South, while bubbles can potentially offset the shortage of financial assets, the limited leverage potential of productive entrepreneurs makes the required return on the bubble
unsustainable. When financial globalization takes place, bubbles become possible if two conditions are met: the financial development of the South is increased and the globalized financial markets display a shortage of asset supply for intermediated saving. We argue that both conditions seem to have gradually emerged over that last twenty years.
【Language】English
**We invite faculty members to a lunch with Prof. Rondina after the seminar 9th (Place: Restaurant ‘NANTEI’). Please register ‘DENSUKE’ (please the following URL) no later than 18 p.m. 7th May (Sun.) if you would like to join.
http://densuke.biz/list?cd=HynPMmPrYd3LHv9k
We encourage your participation.
