SEMINAR SERIES
Macroeconomics Seminar (Joint with Macroeconomics and Economic Systems Workshop, KIER)
Yotaro Ueno（Graduate School of Economics, Kyoto University, D1）
- Date&Time:
- 2026.1.29 (Thu) 15:00-16:30
- Venue:
- Refresh Room on 8F, Faculty of Law and Faculty of Economics, East Bldg., Yoshida Campus, Kyoto University
- Language:
- English
- Contact:
- Kazuhiro Yuki
Title：“ A Model of Financial Inclusion with Goods Market Intermediaries”
Abstract：Intermediaries often bundle credit and trade, from rural traders to digital platforms. This study investigates the equilibrium impacts of expanding external finance (e.g., microfinance) within these intermediated markets.
We develop a simple model, illustrated in a village setting, where farmers trade with either small buyers or dominant, financially interlinked middlemen. Providing external credit to poor farmers strengthens their option to sell to small buyers and intensifies competition faced by the middleman.
In equilibrium, the middleman responds by shrinking its network, reducing allocative efficiency and potentially making farmers worse off. By contrast, financing middleman entrants or richer farmers can better align incentives and improve welfare, highlighting the role of interlinked market structure in financial inclusion.