グローバル・エコノミーと世界不況:不況と構造変化に関する覚書 An Essay on Recession in the Global Economy

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Abstract

The global recession has clouded the world economy since the end of the long expansion in the US.Although the Fed and the IMF has expected the moderate recession, structural change in the global economy has produced new disequilibria which amplify cyclical fluctuations.Firstly, liberalized international capital movement is capable of destabilizing international capital and money markets. Secondly, financial deregulation coupled with monetarist's macro economic policy extremely expands balance sheets in firms, banks and households based on the bubble of both stock and house prices.Thirdly, “New Economy”brings decrease of employment in manufacturing industries and also divergence among incomes despite of increasing productivity. These disequilibria corresponding to structural change in the globalization assign a task of innovating in business cycle theories to contemporary economists.Both Keynesian and monetarist's prescriptions are not work well in the global economy.

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  • KOKUSAI KEIZAI

    KOKUSAI KEIZAI 2003(54), 7-22, 2003

    The Japan Society of International Economics

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