Abstract：Output dynamics and private sector access vary across sovereign debt restructurings with foreign private creditors. We compile data on sovereigns’ private sector borrowing from sovereign’ foreign creditor chair countries in 1977–2020. We find that (i) sovereigns with high private sector borrowing from sovereigns’ creditor chair countries choose a preemptive restructuring; (ii) private sector borrowing from sovereigns’ creditor chair countries declines mildly in preemptive restructurings while sharply in post-default restructurings. We build sovereign debt model with endogenous choice of preemptive and post-default renegotiations, output dynamics and private sector access. Our model quantitatively shows that the sovereign’s choice of preemptive or post-default restructuring affects differently the foreign creditor’s net worth and lending to the sovereign’s private sector, and, in turn, this results in different output dynamics. Data support theoretical predictions.

【Paper】5/1改訂版　【資料】5/16掲載　【Slide】5/17掲載

Abstract: Knowledge creation either in isolation or joint with another person, using either face to face or internet contact and incorporating internet search ability is analyzed. Both a conceptual phase and a technical phase of research are analyzed, allowing workers to choose endogenously their mode of communication. In addition to formal knowledge, tacit knowledge plays an essential role in the knowledge production process, as it is not internalized. Lead time for face to face communication plays a key role. The sink point is inefficient. Our framework is applied to pandemic restrictions on face to face communication.

関口 格 (京都大学) “Dynamic vs. Static Coordination Games: Dynamic Equilibrium Structure and Static Risk Dominance”
岩﨑 康平 (京都大学) “Money is the Root of Asset Bubbles”
渡辺 誠 (京都大学) “A model of supply chain finance”

議題：高知県の観光政策と課題（高知県、三井住友カード株式会社、京都大学経済研究所による連携事業の取組課題）

【Paper】【Slides】(5/5更新)

Abstract: Urban informality, which is prevalent in Africa’s rapidly growing cities, can reduce private investments, lower tax bases, and exacerbate urban disamenities. A key policy tool to address this problem is greenfield urban planning where governments purchase cheap agricultural land on the urban fringe and partition it into planned, surveyed, and titled de novo plots, which people can purchase and build houses on. Yet, there is very little systematic evidence on the effects of de novo planning choices, such as the size and configuration of residential and non-residential plots. We study the consequences of such planning decisions in Tanzania’s “20,000 plot” project, which provided over 36,000 residential plots in 12 project areas on the fringes of Dar es Salaam in the early 2000s. We study this project using detailed maps, questionnaires, and satellite imagery, and we combine within-neighborhood analysis and spatial regression discontinuity designs. We find that overall, the project secured property rights and access, thus boosting land values, and attracting highly educated owners; small plots, which command higher land values and are built more intensively, are under-provided; access to main paved roads is prized; and development rates are higher where plot layout is more gridded and small plots are bunched together. But planned non-residential amenities are ignored due to low implementation rates and about half the plots are still unbuilt, suggesting that despite the project’s success, significant improvements are possible.