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タイトル	en Effectiveness of Bailout Policies for Asset Bubbles in a Small Open Economy
作成者	en Motohashi, Atsushi 所属 en Graduate School of Economics, Kyoto University
アクセス権	open access
主題	Other en Asset Bubbles Other en U.S. Interest Rate Policy Other en Economic Growth Other en Collapse of Asset Bubbles Other en Asset Prices Other en Bailout Policy NDC 330
内容注記	Abstract en This study analyzes the effects of bailout policies on the growth rate and asset prices in a small open economy with asset bubbles. In our model, bubbles stimulate investment and economic activities (so-called "crowd-in effect' of bubbles). Thus, after bubble crushing occurs, recessions follow. Under this condition, we show that as long as bubbles persist, generous bailout policies raise the economic growth rate by enhancing the crowd-in effect. When bubbles burst, the bailout policy mitigates capital losses caused by the burst and accelerates economic growth and workers ' wages compared to the no-bailout case. Since the bailout policy has growth and recovery enhancing effects, a generous bailout policy is a desirable one for governments from the perspective of taxpayers ' welfare. It should be noted however, that a U.S. monetary policy to reduce the interest rate enlarges the size of asset bubbles in a small open economy, and further reduction of the U.S. interest rate makes the size of asset bubbles too large to be sustainable without adequate policy intervention of the small open economy; the government needs to reduce the scale of bailouts to an appropriate level in response to the U.S. interest rate reduction.
出版者	en Institute of Economic Research, Kyoto University ja 京都大学経済研究所
日付	Issued2020-12
言語	eng
資源タイプ	research report
出版タイプ	AM
資源識別子	HDL http://hdl.handle.net/2433/262365
収録誌情報	en KIER Discussion Paper 巻1048 開始ページ1 終了ページ24
ファイル	fulltext DP1048.pdf (application/pdf)
コンテンツ更新日時	2026-02-18