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How to Avoid Household Debt Overhang? An Analytical Framework and Analysis for India
Naoyuki Yoshino,Prachi Gupta 국제금융소비자학회 2020 The International Review of Financial Consumers(IR Vol.5 No.1
In this paper we develop an analytical framework using the household utility maximization approach to model stability conditions to avoid household debt overhang. Our theoretical framework suggests that household debt stability is a function of five factors, namely the rate of interest, period of lending, income growth, loan-to-income ratio, and households’ disutility from borrowing. Further, we apply our analytical model to the case of India and estimate household debt stability conditions for Indian households under various scenarios to estimate the ceiling borrowing ratios below which households can avoid the risk of running into a debt overhang problem.
현석,NAOYUKI YOSHINO 연세대학교 동서문제연구원 2013 Global economic review Vol.42 No.4
The global financial crisis has put a spotlight on concerns about financial system stability. Currently, there are discussions about how to identify systemically important financial institutions (SIFIs) and how to strengthen regulatory measures for these SIFIs. Against the backdrop, this study aims to identify SIFIs by measuring inter-sectoral financial transactions with the flow of funds (FOF) account as a measure of interconnectedness. The empirical results show that banks or insurance companies can be SIFIs only in terms of size. However, foreign banks’ branches (FBB) and credit-specialized institutions can also be SIFIs in terms of interconnectedness. Especially the systemic importance of FBB in Korea has increased considering the fact that financial crisis in Korea resulted mainly from foreign exchange market. Therefore, more specific discussions and regulatory measures for SIFIs will be required from the perspective of capital market development and Korea’s situation.
Regional Economic Integration in Asia: Challenges and Recommended Policies
Farhad Taghizadeh-Hesary,Naoyuki Yoshino,Chul Ju Kim,Peter J. Morgan 세종대학교 경제통합연구소 2020 Journal of Economic Integration Vol.35 No.1
Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of economic growth. Strengthening regional cooperation and integration in different Asian sub-regions offers great potential for eliminating poverty and achieving inclusive and sustainable development. Hurdles remain, however, for further integration. The willingness to commit to “unity in diversity” is important to overcoming this, requiring the acceptance of cultural, linguistic, social, religious, and political differences. Such complex unities have been achieved in the European Union (EU) and elsewhere (Fella, 2002). Currently, in most Asian sub-regions, such political ambitions for economic integration have been scarce. This implies that a more cautious approach is needed in Asia than in other places. However, by studying the European context, we can derive valuable lessons for better fostering economic integration. Regional economic integration should first ensure the maximization of benefits for all participants. With this, complete cooperation is required to develop an effective and uniform regional business environment. Second, a well-developed infrastructure with an absence of trade barriers is needed. Various Asian sub-regions (e.g., Central and South Asia), however, suffer from a lack of infrastructure, which hinders trade opportunities. Difficulties in accessing capital also presents a key obstacle. In this regard, the role of infrastructure financing is very important. In the EU, their European Investment Bank maintains equitable financing for intra-EU projects. Open engagements with partner countries also play a key role. Third, over the past 30 years, different institutional mechanisms have sprung into existence in Europe that have created the basis for strategic economic integration. Such institutional mechanisms and initiatives are needed in Asia.