Many authors argue that financial constraints have been tightened in several countries since the Great Recession in 2007–2009. To explain this, we construct a model in which borrowing constraints for firms are tightened as a result of mass default due to a bubble collapse. In Jermann and...

本稿の目的は，英国ブレア労働党政権の医療改革が財政にどのような影響を与えたか， 健全性・公平性の観点から検証することにある。先進諸外国は福祉国家として財政を維持...