"Non-regular employment," such as part-time, dispatched, and contracted workers in Japan, has expanded in recent years. This trend reflects a wider variety of lifestyles, the shift from fixed labor costs to variable labor costs by many firms, and deregulation. This augmentation of non-regular...

This paper examines sovereign credit default swaps (CDSs), which have attracted attention since the emergence of the fiscal deficit problem in Greece, with particular focus on the expansion of the sovereign CDS market, the relationship between CDS premiums and fiscal risk variables, and the...

Recent funding problems experienced by European sovereigns and the subsequent policy actions have renewed interest in emergent liquidity provision or the international Lender of Last Resort. This paper constructs an abstract model about emergent liquidity lending by using global game techniques....

In this paper we investigate a delegation game in which the underling situation is represented by a standard Bertrand price competition. In contrast to Fershtman, Judd, and Kalai ([1987], hereafter FJK), we employ a weakly undominated SPNE as the equilibrium concept based on Shino [2012] and...

In this paper we study delegation environments based on Fershtman, Judd, and Kalai ([1987], hereafter FJK). By imposing a certain assumption on the notion of implementability, called implementability with mutually rational agents, they show that every efficient outcome can be fully implemented...

We apply farsighted stable set to two versions of Hotelling's location games: one with linear market and another with circular market. It is shown that there always exists a farsighted stable set in both games. In particular, the set of all location profiles that yields equal payoff across all...

Recent funding problems experienced by European sovereigns and the subsequent policy actions taken by European authorities have renewed interest in the international Lender of Last Resort (LLR). This paper constructs a global game LLR model applicable to both domestic and international contexts,...