摘要:

ABSTRACTIn this paper we analyze the working of a capitalist system with sophisticated financial institutions, where the Modigliani‐Miller theorem does not apply, so that the financial part of the economy affects the working of the real side. This model, in which the real and the financial sectors are connected throught a simple portfolio approach, and where the ratio between cash flow and debt commitment affects the pace of investment, explains the emergence of instability and, more generally, the cyclical behavior of the economy as an internally generated phenomenon of a capitalist system. As far as the dynamic behavior of the model is concerned, we can envisage the following process: when investment activity is low, the system evolves toward a stationary state; as soon as the accumulation rate starts growing, the model shows the existence of limited cycles and, when the elasticity of investment to internal finance increases further, a chaotic dynamic appears. Finally, we expect a situation of financial crisis to emerge when the elasticity of investment to internal financing constraint goes beyond a certain level, i.e. when the realized flow of profits is not sufficiently high to validate the debt commitments. The working of the model is referred to an economics with no technical change, while its dynamic properties will be investigated by the use of numerical simulatio

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1991.tb00356.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1991.tb00357.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

ABSTRACTPartitions of the set of states of nature are the traditional information structures in decision theory. In a multi‐person context, common knowledge of the choices, such as it occurs in a trade, implies common knowledge of relevant information: hence a well‐known impossibility theorem for trade based on differing belief can be obtained. A new set theoretic axiomatization of the beliefs held by decision makers allows here for the construction of doxastic, i.e. possibly incorrect instruments of measurement of the »outside« world, and allow traders to »agree to dis

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1991.tb00358.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1991.tb00359.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

ABSTRACTThe article presents a two equation model showing how a disequilibrium between financial capital and real capital is a measure of the degree of a soft budget constraint situation, how such a disequilibrium can originate from price changes, interest rates or other international causes influencing the exchange rate. This is modeled by a circuit equation which is linked to a price equation via the mark up coefficient where it will be assumed that state (or private) enterprises can always cover their current costs and investment costs either by manipulating the selling price or by borrowing at cheap conditions or by getting subsidies or tax exemptions.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1991.tb00360.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY