利子禁止の厚生経済学的意味

The Welfare Economic Implications of Interest Prohibition

榊原, 健一

SAKAKIBARA,Kenichi

[SUMMARY] This paper discusses the welfare economic implications of interest prohibition in the framework of two-person multi-period pure exchange economy with externalities under uncertainty. The externalities are introduced in the way that each agent’s utility is affected by the other agent’s consumption as empathy. The initial endowments are random, and a rich agent lend to a poor agent. This paper considers two regimes. One is that interest is prohibited and lending is made under credit rationing, and the other is an ordinary loan market regime. The economic welfare in the form of expected utilities in equilibrium are derived and compared each other. The main result of this paper is that the former economic welfare dominates the latter when the empathy is sufficiently large, and that the latter dominates the former when it is sufficiently small. This result seems to suggest that interest prohibition could be rationalized by introducing empathy.

https://opac.ll.chiba-u.jp/da/curator/109694/

https://opac.ll.chiba-u.jp/da/curator/109694/S09127216-35-3-P097-SAK.pdf

千葉大学経済学会

Economics Association for Chiba University

紀要論文

09127216

AN10005358

千葉大学経済研究 = Economic journal of Chiba University

35

3-4

97

116

2021-03-15

10.20776/S09127216-35-3-P97

publisher

経済研究 (ONLINE ISSN 2436-8873)