はじめに
|
|
- きみお やがい
- 5 years ago
- Views:
Transcription
1 * BBC () ()BBC (FEER) () () (CIP) (UIP) () () ( ) 3-2 ( ) 3-3 ( ) 3-4 ( ) * ( ) 1
2 IMF (Stiglitz,2000) 1990 ( 30 ) (Bhagwati,1998) 1 IMF 1980 IMF 1997 IMF IMF (Feldstein,1998) IMF IMF IMF (Fischer, et al.,1999) (International Financial Institution Advisory Commission,2000) IMF 1 2
3 BIBF 4 5 ( MF ) MF ( ) 2 (2000) (2001) 3 (Asian Currency Unit, ACU) (,1999b) 4 (capital control) (financial regulation) (sequence of liberalization) National Self-sufficiency (,1999a,8-9 ) 3
4 ( ) 6 MF 7 MF IMF BBC BBC () 1970 (Eatwell and Taylor,1999) (Mundel,1963/1968,,311 ) 7 Frenkel and Razin(1987), Obstfeld(2000), (1989)(2001), (1994) 8 IMF 1 IMF IMF 4
5 (policy trilemma) (inconsistent trinity) (open-economy trilemma) (Obstfeld,1998,p.8) (Eichengreen,1996, Obstfeld,1998) EU (Eichengreen,1994) (two corner solutions, bipolar view) IMF (Fischer,2001) (exchange control) (capital control) 5
6 ( ) ( ) IMF ( ) () BBC (FEER) BBC BBC Band( )-Basket( )-Crawl( ) (Dornbusch,1998) (Williamson, 2000,2001) BBC 10%15% 3540% 3035% 30% (Asian Currency Unit, ACU) TB 6
7 BBC BBC BBC EMS (fundamental equilibrium exchange rate, FEER) 9 (Swan,1963/1968) 2-1 SP R = P * S P P * ( ) (S ) (P ) (P * ) (R ) 2-1 A A = C + I + G C I G Y X M 9 (,1999)Williamson(1985) FEER (Williamson,1985,pp.19-22) 7
8 Y = A + X M X M = Y A = 0 ( ) R A EE R ( ) A ( ) EE R A R A R A R A ( ) R A DE R ( ) A ( ) DE R A R A R A R A ( ) E R * FEER 10 BBC FEER FEER BBC BBC FEER GDP 10 (R ) P (R ) E IMF 8
9 FEER (De Grawe, ) BBC FEER = () ( FH ) 11 (,1999) 3-1 Obstfelt and Taylor(1997) 12 GDP FH Feldstein and Horioka(1980) OECD 16 (I/Y) (S/Y) 2 I / Y = S / Y R = 0.91 (0.02) (0.07) Obstfeld and Rogoff(1996,pp ) OECD 22 2 I / Y = S / Y R = 0.69 (0.02) (0.09) 9
10 3% % FH (1999) Obstfelt and Taylor(1997) ( ) 3-2 Obstfelt and Taylor(1997) ( ) ( ) ( ) FH (round-tripping) () (CIP) (UIP) SF ii * 1 10
11 i 1/S ( ) i * F 1 ( ) (1i * )F/S 1i ( ) ( ) i S i * F (3-1) (covered interest parity, CIP) d ( ) CIP * F 1+ i = (1 + i ) (3-1) S F S * d = = i i (3-2) S 12 CIP (d) (i i * ) CIP 3-4 CIP 3-1 (Obstfelt and Taylor,1997) 1% 4% 1980 CIP CIP (3-5 ) (3-1) 1+ i F = * 1+ i S sf SF * f s i i 11
12 (uncovered interest parity, UIP) E UIP ( i ) ( i * ) (3-3) (ii * ) CIP UIP UIP UIP ( ) 14 UIP UIP (Isard,1995,ch.5,,1999, ) E=F UIP CIP UIP (3-3) * E S i = i + (3-3) S E S * µ = = i i (3-4) S 13 UIP ( ) * F E i = i + µ + ρ ρ = (3-5) S 15 0 (FE) 13 CIP e E (3-4) * e s i i 14 ( ) S=F (3-4) * i = i MF 15 12
13 (i) (i * ) ( ) (E)120 (F)130 ( 140 ) 10 (FE) (S)100 (ii * ) (=(E S)/S)2 ( =(FE)/S)1% 0 (FE) (i * ) (i) ( ) (E)130 (F)120 ( 110 ) 10 (EF) (S)100 (i * i) (=(ES)/S)3 ( =(EF)/S)1% () (4-1) 4-1 (perfect capital mobility between countries) CIP (perfect substitutability between domestic and foreign bonds) UIP f = e + ρ 13
14 UIP (3-2) CIP = + = S S F d d i i * CIP (3-4) UIP i = + = S S E i µ µ * (imperfect asset substitutability) UIP (3-5) = + + = S E F i i ρ ρ µ * (Dornbusch and Krugman, 1976, p.556) MF MF ( ) ( ) ( ) 14
15 ( ) (UIP UIP MF 1617) () M P L Y M = L( i, Y ) (4 1) P * E S i = i + + ρ (4 2) S ' ρ = ρ( B A), ρ 0 ( Krugman and Obstfeld, pp , pp ) A B ( ) (BA) 16 UIP MF Y = C( Y T ) + I( i) + G + BP( Y, S) M = L( i, Y ) P * E S i = i + S (T BP ) 14 E=S * i = i MF UIP MF Krugman and Obstfeld(2000,ch.16) AA-DD MF IS-LM 17 (Mundel,1963/1968,,298 ) MF (1987) 6 MF (1996) 15
16 (A) 4-2 (4-1) (4-2) (4-1) (4-2) 9 (4-2) 9 E1 4-2 (A) ( 1 2) E1 E2 S1 S2 MF (A) ( 1 3) E1 E3 S1 i1 i2 18 W M B( ) 18 (Branson and Henderson,1985) (1996) (1999) 16
17 F( ) W = M + B + SF (4-3) * M = M ( i, i * B = B( i, i + µ, W ) (4-5) + + * F = F( i, i + µ, W ) (4-6) + + µ, W ) (4-4) + + ( ) (4-3) (4-4) (4-6) ( ) i * E i S MM BB MM BB S ( ) SF W i i E1 ( ) ( ) ( ) MM M M S i E2 i2 S2 ( ) W 17
18 BB B B S i E3 i3 S2 ( ) 4-4 MM BB S1 i1 i2 ( ) IMF MF BBC BBC 19 FEER FEER (,2001) 18
19 20 (CIP) (UIP) UIP UIP (,166 ) UIP UIP 20 Eatwell and Taylor(1999) (2000) 19
20 Bhagwati, J. (1998), The Capital Myth, Foreign Affaires, May/June, pp.7-12( 5 23 ). Branson, W.H. and W.H. Buiter (1983), Monetary and Fiscal Policy with Flexible Exchange rates, in Bhandari Jagdeep S., and Bluford H. Putnam (eds.), Economic Interdependence and Flexible Exchange Rates, The MIT Press (Cambridge, Mass).pp Branson, W.H. and D.W. Henderson (1985), The Specification and Influence of Asset Markets, in R.W.Jones and P.B.Kennen (eds.), Hnadbook of International Economics, vol. II, North-Holland. De Grauwe, P.(1996) International Money, 2nd. Edition, Oxford University Press, 1996(,,2001 ). Dornbush,R.(1980), Open Economy Macroeconomics, Basic Book, New York (,1984 ). (1998), Asian Crisis Themes, and Krugman, P. (1976) Flexible Exchange Rates in the Short Run, Brookings Papers on Economic Activity 2, pp Eatwell,J. and L.Taylor, Global Finance at Risk : The Case for International Regulation, The New Press,2000(,2001 ). Eichengreen,B.(1994), International Monetary Arrangements for the 21st Century, The Brooking Institution ( 21,1997 ). (1996), Gobalizing Capital, Princeton University Press (,1999 ). Feldstein,M.(1998), Refocusing the IMF, Foreign Affairs, March/April ( IMF ). and Horioka, C.(1980), Domestic Saving and International Capital Flows, Economic Journal, 90, pp Fischer,S.(2001), Exchange Rate Regimes : Is the Bipolar View Correct?, Delivered at 20
21 the Meeting of the American Economic Association, New Orleans, January 6.,et al. (1998), Should the IMF Pursue Capital-Account Convertibility?, Princeton : International Financial Section, Department of Economics, Princeton University, Essays in International Finance, No.207, May( IMF,1999 ). Flemming,J.M,(1962) Domestic Financial Policies under Fixed and Floating Exchange Rates, IMF Stuff Papers, Vol.9, pp Frankel, Jeffry A. (1983), Monetary and Portfolio-Balance Models of Exchange Rate Determination, in Bhandari Jagdeep S., and Bluford H. Putnam (eds.), Economic Interdependence and Flexible Exchange Rates, The MIT Press (Cambridge, Mass).pp Frenkel, J.A., and A. Razin (1987) The Mundell-Fleming Model a Quarter Century Later: A Unified Exposition, IMF Staff Papers, 34, December, pp International Financial Institution Advisory Commission(The Meltzer Commission) (2000), Report, Isard,P.(1995), Exchange Rate Economics, Cambridge University Press (,2001 ). Krugman,P. and Obstfeid,M.(2000), International Economics, 5th. edition, Addison-Wesley Publishing Company. Marston,R.C.(1985), Stabilization Policy in Open Economy, in R.W.Jones and P.B.Kennen (eds.), Hnadbook of International Economics, vol. II, North-Holland. Mundell,R.A.(1963/1968), Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates, Canadian Journal of Economics and Political Science,Vol.29, pp , in Mundel,R.A(1968)., International Economics, Macmillan Co.,New York, ( ),2000 Stiglitz,J.(1998), Boats, Planes and Capital Flows, Financial Times, March 25. (2000), What I Learned at the World Economic Crisis : The Insider, The New Republic, April 17. Swan, T. (1963/1968), Longer Run Problems of the Balance of Payments, in H.W.Arndt and Max Coeden (eds.), The Australian Economy : A Volume of Readings, Melbourne, Cheshire, Reprinted in R.E.Caves and H.G.Johnson (eds.), Readings in International Economics, London : Allen & Unwin. Obstfeid,M.(1998), The Global Capital Market : Benefactor or Menance?, NBER Working Paper, 6559, May. (2000), International Macroeconomics : Beyond the Mundell-Fleming Model, 21
22 NBER Working Paper, No. W8369, July. and K.Rogoff (1996), Foundation of International Macroeconomics, The MIT Press. and A.M.Taylor,(1997), The Great Deppresion as a Watershed : International Capital Mobility over the Lomg Run, NBER Working Paper, 5960, March. Wiliamson,J.(1985), The Exchange Rate System, revised edition, Washington : Institute for International Economics. (2000), Exchange Rate Regimes for Emerging Markets : Reviving the Intermediate Option, Washington : Institute for International Economics, Swptember. (2001), The Case for a BBC Regime for East Asia, Reserve Bank of Australia, July24. (1999a). (1999b) -. (2000)21 No.551,12. (1987) ( )37 12, (1999), 8. (1989) ( ). (2001),. (1994). (1999) (2 ). (1996). (2000),3. (2001), 12. (1992), 6, (1999) 48,1,1-12. (1996)Mundell-Fleming 26 12,
23 1-1 ( ) ( ) ( ) 2-1 EE * DE 23
24 3-1 ( ) 3-2 ( ) (1999) 24
25 3-3 ( ) (1999) 3-4 ( ) 25
26 3-5 (1999) 4-1 (UIP) (flexible prices) (ii* ) ( ) (sticky prices) (CIP) ( =0) (ii*d) (UIP) ( 0) Frankel(1983) 26
27 4-2 27
28 S 4-3 E2 S2 S1 B B M M B M M E3 E1 B i2 i1 i3 i 4-4 S S1 B B E 2 E1 M M M M B B i2 i1 i 28
IMF http : // htm
1 2 1971 1973 1999 1997 2 IMF 1 1 2 3 1 4 1 2 5 6 1 2 7 IMF http : //www.imf.org/external/np/mfd/er/2006/eng/0706. htm 8 du jure de facto Reinhart Rogoff 20041946 2001 153 Levy-Yeyati Sturzenegger 20051974
More information復活だぁっ! 日本の不況と流動性トラップの逆襲
It s Baaack! Japan s Slump and the Return of the Liquidity Trap 1998 2001 8 29-9 9 Ver.1.0.1 1 2 2 5 2.1..................................... 5 2.2......................... 6 2.3.........................
More information国際流動性に関する財政的側面について
IMF SDR IMF 2011 6 1 2 2011 E-mail: obstfeld@econ.berkeley.edu / /2011.10 35 1. 2007 2009 2 Goodhart [1999] 2010 11 2. 4 1970 IMF 1960 36 /2011.10 international reserve 1 D 35 1 D 35 1960 Eichengreen [2011]
More informationAbstract IFS IFS 135
Abstract IFS IFS 135 International Financial Statistics Exchange Arrangements and Exchange Restrictions 136 137 International Financial 138 Exchange Arrangements and Exchange Restrictions International
More informationアジアの資本移動の変化に関するクラスター分析 アジア域内の証券投資活性化に向けて
* ** 199 1 1996-97 relation * ** Seoul conference China and Emerging Asia: Reorganizing the Global Economy? held by KIEP and Seoul National University 26 5 11-12 Hugh Patrick Yung-Chul Park 26 9 9-1 East
More informationWalter et al. 2009: 1 Helleiner 1994 Strange 1971: Gilpin 1987: -65 Strange b, 1998c,
54 2012 77 92 E. Yano Shuichi 2011 11 2008 40 19821997 1998 LTCM 2001 IT 2007 1970 International Political Economy Helleiner 1994 54 2012 Walter et al. 2009: 1 Helleiner 1994 Strange 1971: Gilpin 1987:
More informationアジ研教科書「マクロ安定化」.PDF
1 2 3 4 5 6 7 8 9 Corbo, V., and S. Fischer, Structural Adjustment, Stabilization and Policy Reform: Domestic and International Finance, in J. Behrman and T. N. Srinivasan, eds., Handbook of Development
More information高齢化とマクロ投資比率―国際パネルデータを用いた分析―
196 2017 * ** ** ** ** 160 2 2 JEL Classification Codes E21, E22, J11 Keywords * ESRI 28 ESRI 29 3 17 ESRI ** 115 196 Population Aging and Domestic Investment An Analysis Using International Panel Data
More information財政赤字の経済分析:中長期的視点からの考察
1998 1999 1998 1999 10 10 1999 30 (1982, 1996) (1997) (1977) (1990) (1996) (1997) (1996) Ihori, Doi, and Kondo (1999) (1982) (1984) (1987) (1993) (1997) (1998) CAPM 1980 (time inconsistency) Persson, Persson
More information橡20内藤仁美.PDF
1 1 2 2 1 2 3 1 2 1997 7 1 30 1 1 2 3 3 3 1 2 365 2003 2 IMF 3 4 1 1 2 2 1 1 1997 7 2 15 97 98 5 30 3 2 1 1 5 1 97 7 10 1 97 7 10 ASEAN4 7 10 366 4 25 35 2.8 2.7 6.8 2 97 10 11 2 10 11 10 7 1983 10 23
More informationIMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J-17 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 203 IMES Discussion Paper Series 99-J-17 1999 6 * JEL classification E52 E58
More information18lacs.dvi
18 : 114 cfl 2011 1 (Kenichiro Matsui) 1990 2000 ( ) 1 2000 2000 2000 2000 2 (stabilizer) I 3 II 1990 2000 III I. 1. 2000 ODA 2001 9 1 2000 3 1 (2006 ) 8,068-1,468 586 490 6.1% 3,567-4,190 3,397 3,316
More informationJeffrey Sachs Chang(1998) Steven Radelet and Jeffrey Sachs (1998) 1999 IMF 1999 World Bank 1998 [ 1998 ] 2000 p [ 20
62 1997 1996 1 1 2 1 Jeffrey Sachs1997 2 Chang(1998)Steven Radelet and Jeffrey Sachs (1998) 1999 IMF 1999 World Bank1998 [ 1998 ] 2000p.9196 [ 2003] 21 [ 2002 2000] [ 1998 1999 ] 1 62 21 3 4 5 6 90 7 3
More information8’¼‹ä127-141
- H.B. Lary Ilse Mintz - - - - - - - Aaa. %. % Baa. %. % Baa - Chase National Bank H. C. Taylor. % Annual Report of Board of Governors of the Federal Reserve System.(1933) 231 q Moody s - Aaa Aa A Baa.....
More informationuntitled
Trade and Trade Finance in the 200809 Financial Crisis, IMF Working Paper WP/11/16., Understanding the Great Trade Collapse of 200809 and the Subsequent Trade Recovery, Economic Perspectives, 2Q/2011.
More information財政のサステナビリティと長期金利の動向
* nakaza-t@hoffman.cc.sophia.ac.jp ** yutaka.soejima@boj.or.jp ()*** **** munehisa.kasuya@boj.or.jp No.03-J-7 2003 10 103-8660 30 * **()******* * ** () *** **** 2003 10 (i) (ii) Keywords: government bonds,
More information中国の家計所得と消費構造に関する分析
20 9 2001 12 WTO 80 ...3...6...10...14... 14... 16 20 2003 3 13 625 9,500 3,000 200 825 9,000 2 4 4,000 2002 6 90 1 1 2002 1 1978 0.16 2001 0.32 20 2002 2001 0.51 household localization 2001 12 WTO 2006
More information伝統的な経済学では、「消費は重要ではあるが、気にしなくてもよい」と考えられてきた
2005 1 2004 SARS 2003 IMF 2004 5.0 2004 4.1 0.9 30 2005 2004 2005 2005 2005 2004 2005 IMF 2005 4.3 2004 IMF 2004 2003 3.0 4.3 2003 2 2003 2004 IT 2005 IMF 2005 2004 3.5 IT 1995 10 2.8% 10 2 1 IT IT 2004
More informationデフレ不況下の金融政策をめぐる政治過程
1991 2003 GDP....................................... http://www.stat.go.jp/ http://www.boj.or.jp/ GDP http://www.esri.cao.go.jp/ GDP - - - inflation targeting Krugman a IS-LM liquidity trap Krugman b Krugman
More informationⅦ ポートフォリオ・バランス・モデル
Ⅴ ポートフォリオ バランス アプローチ ( テキスト第 5 章 ) 1. リスク回避的 な投資家と 資産の不完全代替 補論 : 期待効用仮説とリスクプレミアム 2. リスク プレミアムを含む為替レート モデル補論 : 一国の資金循環 ( マネーフロー ) 3. ポートフォリオ バランス アプローチ 4. まとめ 1 為替レート モデルの分類と仮定 Traditional Flow Approach
More informationⅦ ポートフォリオ・バランス・モデル
Ⅴ ポートフォリオ バランス アプローチ ( テキスト第 5 章 ) 1. リスク回避的 な投資家と 資産の不完全代替 補論 : 期待効用仮説とリスクプレミアム 2. リスク プレミアムを含む為替レート モデル補論 : 一国の資金循環 ( マネーフロー ) 3. ポートフォリオ バランス アプローチ 4. まとめ 1 資産の完全代替 (perfect substitutability) = リスク中立的
More informationPDFŠpŒ{Ł¶
Shinkin Central Bank Monthly Review 2003.12 hinkin Central Bank Monthly Review 200312 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Community Banker 24 25 26 27 28 29 30 31 32 33 34 35 36
More information野村資本市場研究所|アジアの金融競争力(PDF)
2013 Spring 1. GDP 3 26% 2. 3. 4. GDP 1 GDP 2000 25.4% 2012 10 IMF 1 GDP 28.7%GDP 10.7% 20.3% 2000 2012 10 2 3 2000 2012 4.2 5.4 2 2000 14% 2012 26% GDP 2012 30 10 32003 11 2013 Spring 100% 2 90% 80% 70%
More information12056286_03.indd
: 82 1 2013 7 2010 2011 1 30 2010 30 2011 30 2010 9 10 11 2011 1 2 1 2010 9 UK UK UK UK UK p. 843 45 82 1 1 UK 9 9 2007-08 UK 30% 30 20%30 150 30 32.5% 2030% p. 843 3 2004-05 5% 5% 75% p. 843 2010 11 1963
More information1 1 1970 99 2 99 2000 2001 2002 2005 1 70 2 1 70 30 20 90 1 21 1 2 1 1973 10 74 8 a 3.4 3.3 11.3 2 78 12 82 4 a 2.9 13.3 38.2 99 3 2000 12 b 2.9 11.2 32.1 1999 a2005 17 p. 36 b 2002 2 2005 12 b 3.1 19.1
More informationæ 1 2 3 rentier state s rent æ æ 1 Zanoyan 2 Gambill æ 3 æ 1987 Luciani Beblawi The Rentier State 4 Luciani Beblawi Luciani 40 æ World Development Indicators 10 1 UNDP 10 / æ æ No.37 2004 19 æ Sadowski
More information橡motonishi.PDF
2000 3 ITME Discussion Paper No.26 850-8506 4-2-1 moto@net.nagasaki-u.ac.jp 1 1 MRF 1 (2000) 2 MRF 2 Schreft (1997) 3 2 Tobin (1985) Friedman (1992) 3 3 4 5 3 4 5 2 White (1984) 1 4 (1996) (1999) (1999)
More informationNon-Deliverable Forwards NDF BIS BIS
Some Features of Foreign Exchange Markets in April OKUDA, Hiroshi On September,, BIS and many Central Banks published surveys of foreign exchange activities that occurred in April. By analyzing these surveys,
More information........,.,.,..,.,.,.,.,.,.,.,., International Capital Market Litan et al a b c d M&A a a b E- e- Litan et al. : Table Levine World Bank Levine Greenwald et al. B R F R r R R r B R r B R r B R R Stiglitz
More informationGDPギャップと潜在成長率
2003 output gap 80 1 20 90 20 70 2 1 2 output gap potential output 1 2 (2001) 3 potential rate of growth 2000 Meyer (2000) European Central Bank: (1999b) 2002 10 4 3 (2000) 4 4 () 5 5 5 6 () () 7 Total
More informationPowered by TCPDF ( Title 金利現実化措置以後の韓国における企業金融 : 年 Sub Title Korean corporate finance between 1965 and 1971 Author 李, 明輝 (Lee,
Powered by TCPDF (www.tcpdf.org) Title 金利現実化措置以後の韓国における企業金融 : 1965 1971 年 Sub Title Korean corporate finance between 1965 and 1971 Author 李, 明輝 (Lee, Myunghwi) Publisher 慶應義塾経済学会 Publication year 2016
More information19世紀の物価動向―コンドラチェフによる物価長波の検討を通じて―*
19 GDP 1814 1815 1849 1846 1 2 61 2002 1 1991167 2 334 1 3 4 5 19 13 1823-1851 1884-1896 1884-1896 2 1823-1851 1884-1896 2 1 11 19 12 34 3 4 5 2 1 1789-1814-1849 1849-1873-1896 1896-1920-1940 2 6 Mitchell1998
More informationWinter 2009 No Lower Earnings Limit
特集 : イギリスの社会保障 - ニューレイバーの 10 年 イギリスの公的 私的年金制度改革 丸谷浩介 I 1 50 1997 II 1. 2 15 Winter 2009 No. 169 8 3 4 1999 1989 8 2. 4 1 2 1 1992 6 16 Lower Earnings Limit1 65 60 1 2 16 2.40 16 2 1 5 1 2 3. 6 1970 State
More information- March IMF IMF IMF ITO The General Agreement on Tariffs and Trade
M&A IMF IMF gold tranche - March IMF IMF IMF ITO The General Agreement on Tariffs and Trade IMF IMF IMF GATT OECD OECD BITs. - March. U I = I (r m, i, Z * r m i Z * (= Z / Z) I / r m > I / i < I / Z *
More informationuntitled
2 book conference 1990 2003 14 Repeated Cross-Section Data 1 M1,M2 M1 Sekine(1998) Repeated Cross-Section Data 1 1. (1989), Yoshida and Rasche(1990), Rasche(1990), 19921997, Fujiki and Mulligan(1996),
More information中国引き締め策の対外的影響
ito@nli-research.co.jp 2 2003 2004 9.8 47.8 10.7 84.3 3 1 1 4 5 9.6 9.8 47.8 28.6 84 60.2 30.2 7.5 SARS 15.4 338.83 11.9 726.97 42.7 SARS 10.7 12.8 ( ) 10.9 16.1 1997 6 8.7 11.9 20.7 21.6 16.2 17 7 15.3
More information03.™ƒ−ÔŁñ“’
BIS BIS, Implications for Central Banks of the Development of Electronic Money, 1996. IC IC IC BC BA IC IC ATM ATM BIS POS IC IC ICICIC ECOM ECOM face-to-face IC Berger, A. N., D. Hancock, and J. C.
More informationAssociation of South East Asian Nations: ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN
Association of South East Asian Nations: ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN ASEAN Free Trade Agreement: FTA FTA ASEAN ASEAN ASEAN ASEAN The European Union: EU
More information野村資本市場研究所|SWF:行動規範の策定と最近の動向(PDF)
SWF 1. SWF SWF SWF 2. SWF SWF 26 IMF OECD 3. SWF IMF GIC SWF 4. SWF SWF SWF 5. SWF SWF CIC 6. SWF SWF SWF OECD IMF 145 2009 Winter Sovereign Wealth Fund SWF 2008 9 SWF 2007 2008 SWF 2008 SWF 2008 6 SWF
More informationAutumn II III Zon and Muysken 2005 Zon and Muysken 2005 IV II 障害者への所得移転の経済効果 分析に用いるデータ
212 Vol. 44 No. 2 I はじめに 2008 1 2 Autumn 08 213 II III Zon and Muysken 2005 Zon and Muysken 2005 IV II 障害者への所得移転の経済効果 17 18 1 分析に用いるデータ 1 2005 10 12 200 2 2006 9 12 1 1 2 129 35 113 3 1 2 6 1 2 3 4 4 1
More information1 1 1 [2000]
* 2000 7 26 1 1 1 [2000] 1 2 1 2 2 1 B to C 250000 億円 200000 日本米国 213,200 150000 100000 50000 0 153,600 106,900 71,100 66,620 42,700 43,860 22,500 26,940 15,340 645 3,360 7,730 1998 年 1999 年 2000 年 2001
More information-February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs
BIS FRB BIS BIS FRB QE QE -February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs GDP GDP........ GDP BIS, 83rd Annual Report, June 2013, p.14 Ibid., p.14. -February 1 1 2009 2013 2) 2009 2013 2) -7.6-4.0
More information長岡慎介 45‐78/45‐78
HSBC http://news.bbc.co.uk/2/hi/business/5074068.stm HSBC HSBC Amanah Saadiq [CIBAFI 2005: 10; CIBAFI, 2009: 4; TheCityUK, 2013: 4; IFSB, 2013: 10; IFSB, 2014: 12] [TheCityUK 2013: 1] [UK Trade & Investment
More informationuntitled
[ 研究ノート ] 4% 19 19 20 1997a 20 Mitchell, 2002: 123 208 1997b; 2008 2 1960 1980 Abdel-Fadil, 1975; Hansen, 1969; Radwan & Lee, 1986 Abdel-Fadil, 1980; 85 Assaad, 1997 2 Hopkins Hopkins & Westergaard, 1998:
More informationSNAと家計調査における貯蓄率の乖離-日本の貯蓄率低下の要因-
RIETI Discussion Paper Series 10-J-003 RIETI Discussion Paper Series 10-J-003 2009 年 12 月 SNA と家計調査における貯蓄率の乖離 - 日本の貯蓄率低下の要因 - 宇南山卓 ( 神戸大学大学院経済学研究科 ) 要 旨 SNA と家計調査から計算される家計貯蓄率の乖離の原因を明らかにし 日本の貯蓄率の低下の原因を考察した
More information43 2000 1964 65 possibilism 1 30 2 3 4 Development Projects Observed 5
43 2000 59 76 Shuichi YANO 1967A.O.Hirschman Development Projects Observed Brookings Institution: Washington, D.C.,1967. 1968 1970 30 1995 11 43 2000 1964 65 possibilism 1 30 2 3 4 Development Projects
More information46−ª3�=4�“ƒ‚S“·‚Ö‡¦
463420101 1. 1989, Yoshida and Rasche1990, Rasche1990, 19921997, Fujiki and Mulligan1996, 1996, Sekine1998, 2001, Fujiki2002, 2003, 2004 Bahmani-Oskooee and Shabsigh1996, Amano and Wirjanto2000, Bahmani-Oskooee
More information日本における財政政策のインパクトー1990年代のイベント・スタディー
FTPL FTPL sustainability FTPL fiscal theory of the price level FTPL Fukuda and Teruyama Giavazzi and Pagan Giavazzi and Pagano Alesina and PerottiSutherlandPerottiGiavazzi, Jappelli and Pagano FTPL LeeperSimsWoodford
More information平井俊顕 107‐131
(i) (ii) (iii) (i) (ii) (iii) (i) (ii) (iii) (iv) (v) (i) (ii) (iii) (iv) EU (ii)(iii) (iv) IT (SIV) MBSCDOCDS IMF S. IMF IMF IMF IMF (FDI) FDI IMF IT IT IT SBS (i) (ii) I (iii) II (iv) EU OPEC IT GDP
More information冷戦後の戦略環境変化とクリントン政権
1998 11 3558 1 21 2 1 Paul D. Wolfowitz, Clinton s First Year, Foreign Affairs, Vol. 73, No. 15 (January/February, 1994). 2 91 36 3 91 G-7 G-7 4 G-7 5 (primacy) 6 1949 1950 1962 10 71 89 11 91 12 3 James
More informationuntitled
2007 2 * (i) (ii) 2006 7 1999 2 2000 8 1 (2003) Oda and Ueda (2005) 2005 Kimura and Small(2006) Iwamura, Shiratsuka and Watanabe (2006) (2006) 3 (i) (ii) (iii) 2 2 3 4 2.1 (2003) (2005) 1) (i) (ii) (i)
More information-de jure de facto- classification de jure de facto IMF IMF 30 Johnston, IMF 1999 de facto Fear of Floating Fear of Floating middle 1 IMF
-de jure de facto- classification de jure de facto IMF IMF 30 Johnston, 1999 1975 82 IMF 1999 de facto Fear of Floating Fear of Floating middle 1 IMF 2003 (with no separate legal tender) 41 7 (Other conventional
More information【表紙】経済学論叢_18号/表1・3・背
Blanchard Solow Solow Galor and Tsiddon ,, , ,, ,,,,,, a if b c if if CES CES,,,,,,. Bowles Ciccone and Peri, .,, Bowles Hamermesh Antras Ciccone and Peri CES CES Krusell et al. Duffy et al. Hornstein
More information001-002/2
97 97 97 An Analysis of 97 Asian Crisis in Terms of Liquidity Aspect This paper focuses on one of the main elements, which cause the Asian Crisis in 997. much on the short-term foreign capital, is one
More information物価変動の決定要因について ― 需給ギャップと物価変動の関係の国際比較を中心に―
NAIRU NAIRU NAIRU GDPGDP NAIRUNon- Accelerating Inflation Rate of Unemployment GDP GDP NAIRU Lown and RichFisher, Mahadeva and Whitley raw materials G NAIRUTurnerFai WatanabeNAIRU Watanabe nested NAIRU
More information国際文化20号.indd
1 2 3 unauthorized immigrants 1 The Americano Dream 2 3 a b c d 1 2 2006 5 1 100 40 1 2005 12 2006 3 1990 19 20 21 2001 9 9 11 2004 1 F 2 U.S.Census Bureau 2000 199010 1130 3110 199057 20043424 19 20 1900-1910
More information和RIMNo.22高安氏.indd
NIEsGDP 1990 200436.1 22.365.1 80 GDP 4 RIM 2006 Vol.6 No.22 RIM 2006 Vol.6 No.22 5 NIEs GDP GDP GDP GDP 90 GDP 1951 80 81 90 90 90 2001 2003 GDP 80 90 2001 2002 GDP 87GDP 80 GDP GDP 6 RIM 2006 Vol.6 No.22
More informationデフレの定義(最新版).PDF
DP/01-1 Director General for Economic Assessment and Policy Analysis CABINET OFFICE E-mail : naoki.okamoto@mfs.cao.go.jp 1 2 3 i (ii) 4 5 Deflation defined as at least two consecutive years of price decreases.
More informationわが国銀行業の将来像― 預金通貨需要からのアプローチによるマクロ的サイズの検討―
M1GDP M2M1 M1GDP M2M1 E-mail: kazuhiko.ishida@boj.or.jp E-mail: hitoshi.mio@boj.or.jp M2GDP Modigliani-Miller: MM Hoshi and Kashyap HKHK HK Quarterly Financial Report for Manufacturing, Mining and Trade
More information- October - - - - - - - - - - - - - - -, -,,,, - - - - - -,, -
TB FB.., - October - - - - - - - - - - - - - - -, -,,,, - - - - - -,, - - - - - - - - - - -, - - - - - - - - - - - -,,, - -, - -, -, - - -, -,,, - - - - - - October { },,, ,,.. - October......{.. /. }/..........
More informationOSIPP41_p1_2.eps
2007 年 冬 号 No.41 1 2 3 4 Peace Culture Review of Economic Design Journal of Labor Economics Hitotsubashi Journal of Economics Japan and the World Economy Daily Yomiuri Working Paper Series, Center for
More information18 2 2016 2 5 6 Robert S. Ross 7 Charles L. Glaser 8 Susan Shirk 9 10 5 David Shambaugh, China Engages Asia: Reshaping the Regional Order Internationa
revisionist power status quo power 1 Aaron Friedberg 2 John J. Mearsheimer 3 4 David Shambaugh 2005 1 Alastair Iain Johnston, Is China a Status Quo Power? International Security, vol. 27, no. 4, (Spring
More informationuntitled
1. R.A. 2. R. 3. R. HBJ 4. R.HBJ 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Open Macro Model IS curve and LM curve BP curve Point 1 Point 2 ex. Remark Point 1 Point 2 of = Def. trade balance EX IM Remark 4 Def.
More information1990年代以降の日本の経済変動
1990 * kenichi.sakura@boj.or.jp ** hitoshi.sasaki@boj.or.jp *** masahiro.higo@boj.or.jp No.05-J-10 2005 12 103-8660 30 * ** *** 1990 2005 12 1990 1990 1990 2005 11 2425 BIS E-mail: kenichi.sakura@boj.or.jp
More information1,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Christian Henriot, Little Japan in Shanghai: An Insulated Community,, Robert Bickers and Christian H
1,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Christian Henriot, Little Japan in Shanghai: An Insulated Community,, Robert Bickers and Christian Henriot, eds., New Frontiers: Imperialism s New Communities
More informationWinter 図 1 図 OECD OECD OECD OECD 2003
266 Vol. 44 No. 3 I 序論 Mirrlees 1971 Diamond 1998 Saez 2002 Kaplow 2008 1 700 900 1, 300 1, 700 II III IV V II わが国の再分配の状況と国際比較 OECD Forster and Mira d Ercole 2005 2006 2001 Winter 08 267 図 1 図 2 2000 2
More information金/金
IMF IMF M&A IMF IMF Gerchenkron Gerchenkron unbalanced growth Gerchenkron Johnson development state Hirschman IMF OECD IMF IMF GDP crony capitalism Krugman IMF capital market-based financial system bank-centered
More informationKobe University Repository : Kernel Title 世 界 金 融 危 機 の 東 アジア 新 興 国 経 済 への 影 響 Author(s) 金 京, 拓 司 Citation 国 民 経 済 雑 誌, 202(5): 61-70 Issue date 2010-11 Resource Type Departmental Bulletin Paper / 紀 要
More informationスプレッド・オプション評価公式を用いた裁定取引の可能性―電力市場のケース― 藤原 浩一,新関 三希代
403 81 1 Black and Scholes 1973 Email:kfujiwar@mail.doshisha.ac.jp 82 404 58 3 1 2 Deng, Johnson and Sogomonian 1999 Margrabe 1978 2 Deng, Johnson and Sogomonian 1999 Margrabe 1978 Black and Scholes 1973
More information448 Vol. 44 No 図
Spring 09 447 概要 2004 1 2 I はじめに 19 2007 1. 34 2006 1. 32 90 1 90 Galor and Weil 1996 1996 1999 90 Sleebos 2003 Apps and Rees 2004 Martínez and Iza 2004 448 Vol. 44 No. 4 2. 20 2. 00 1. 80 1. 60 1. 40
More information商学 63‐3☆/6.山本
193 W. A. 1 2 3 1 2 WTO FTA TPP D. P. P. W. A. 194 2 3 Lewis 1954 1982, 1987 1999 1 1 2 2 2 1 2 A B 1987 119 1985 Krugman and Obstfeld 2009 19742006 3 W. A. 195 2 1 2 1 1 1 2 1 A a1 a2 * * i ai i 1, 2
More information合理的個人VS
VS - 1 - - 2 - Simon Khaneman,Tversky 2 15 1 3-3 - ...2...5...6...14...16...17...18 SIMON...19 Simon... 28... 37 KHANEMANTVERSKY...44 KhanemanTversky... 50 DE BONDTTHALER...52 SEN...58... 60...63...67...67...69...72
More information7 9 IRGC: Islamic Revolutionary Guard Corps N
Nukii Mari 2015 7 14 P5 1 JCPOA: Joint Comprehensive Plan of Action 2016 1 17 2 26 1 2016 9 8 IAEA JCPOA 2017 1 1 2016 2016 2 26 10 5 10 2008 1997 2005 No. 656 2016 11 20 7 9 IRGC: Islamic Revolutionary
More informationIMFの融資制度 : アイスランド、ウクライナ、ハンガリー、ラトビアのケースをもとにして
Global Economy," Address to the Chicago Council on Foreign Relations, February 27. IMF -- IMF, 1997, "Thailand: Letter of Intent," November 25. IMF, 1997, "Indonesia: Letter of Intent," October 31. IMF,
More informationTitle 最適年金の理論 Author(s) 藤井, 隆雄 ; 林, 史明 ; 入谷, 純 ; 小黒, 一正 Citation Issue Date Type Technical Report Text Version publisher URL
Title 最適年金の理論 Author(s) 藤井, 隆雄 ; 林, 史明 ; 入谷, 純 ; 小黒, 一正 Citation Issue 2012-06 Date Type Technical Report Text Version publisher URL http://hdl.handle.net/10086/23085 Right Hitotsubashi University Repository
More information, 3, 1999, 4,,
1, 1992 2005,,, 10 2,, 1992 1998 1,,, 1998 2002 2,, 3,,, 2002, 2002 3 1 2 1 , 3, 1999, 4,, 3 14 11 2 I, 10,, 1992 2005, 2,, 3, 4,, II,, 1992 1998 1,, 1998 2002 2 2002 3 II-1: 1 1993 1998 90,, 1995 6850,,
More information46 RIM 2007 Vol.7 No HSBC WTO 2006
19782006 200716.7 2006 2007 RIM 2007 Vol.7 No.27 45 46 RIM 2007 Vol.7 No.27 2003 HSBC 1978 2006 2007 WTO 2006 RIM 2007 Vol.7 No.27 47 2003 10 92 95 98 99 4,000 20032006 2003 225 AMC 150 joint -stock companies
More information第2章 経済成長と所得分配: マレーシアの事例を中心に
2006 1970 1990 U 1 GDP GDP GDP 1970 1 1969 5 13 5 13 New Economic Policy: NEP NEP 2 NEP 1971 1990 National Development Policy: NDP 1991 2000 Vision Development Policy: VDP 2001 2010 NEP NEP 1990 1980 1
More informationkeyneshicks4.dvi
IS-LM 2008 11 29 1 IS-LM 2 1.1...................................... 2 1.2...................................... 4 1.3......................................... 5 1.4 IS-LM: 1......................................
More informationtopics_040
/ / SWF Sovereign Wealth Fund Ease of Doing Business 1.0 0.4 7.9 9.7 Bank of Canada [2015] Monetary Policy Report, January 2015. Bank of England [2015] Inflation Report, February 2015. BIS [2015]
More information産業・企業レベルデータで見た日本の経済成長.pdf
2003 11 10 IT IT JIP JCER ) 2003 CD-ROM http://www.esri.go.jp/jp/archive/bun/bun170/170index. html 1 JIP Jorgenson, Mun, andstiroh (2002) GDP 2 3 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981
More information2015 : (heterogenous) Heterogeneous homogeneous Heterogenous agent model Bewley 1 (The Overlapping-Generations Models:OLG) OLG OLG Allais (1
2015 : 27 6 13 1 (heterogenous) Heterogeneous homogeneous Heterogenous agent model Bewley 1 (The Overlapping-Generations Models:OLG) OLG OLG Allais (1947) 2 Samuelson(1958) 3 OLG Solow Ramsey Samuelson
More information‰à
1988 1994 1988 94 1990 9 92 8 88 12 91 1 91 9 90 9 91 12 1 2 1 1992 9 8 92 11 NPT 93 3 93 6 94 7 94 10 3 3 4 2 1 state nation referent objects 5 1948 12 195 6 4 Vol. 48, No. 4, October 2002 3 1 7 1970
More information- March SCB -, -, -, -, -, -, -, -, -, -,,,,,, -, -, -, -,, -,,,, -,,,,,, - -,, -,, Survey of Current Business, July, Table (p. ), Oct, Table (p. ) S.
- March SCB -, -, -, -, -, -, -, -, -, -,,,,,, -, -, -, -,, -,,,, -,,,,,, - -,, -,, Survey of Current Business, July, Table (p. ), Oct, Table (p. ) S.C.B. July, Table SCB, -, - - -, -, - -,,,, - Ibid.,
More informationDGE DGE 2 2 1 1990 1 1 3 (1) ( 1
早 稲 田 大 学 現 代 政 治 経 済 研 究 所 ゼロ 金 利 下 で 量 的 緩 和 政 策 は 有 効 か? -ニューケインジアンDGEモデルによる 信 用 創 造 の 罠 の 分 析 - 井 上 智 洋 品 川 俊 介 都 築 栄 司 上 浦 基 No.J1403 Working Paper Series Institute for Research in Contemporary Political
More informationp *2 DSGEDynamic Stochastic General Equilibrium New Keynesian *2 2
2013 1 nabe@ier.hit-u.ac.jp 2013 4 11 Jorgenson Tobin q : Hayashi s Theorem : Jordan : 1 investment 1 2 3 4 5 6 7 8 *1 *1 93SNA 1 p.180 1936 100 1970 *2 DSGEDynamic Stochastic General Equilibrium New Keynesian
More information, Exchange & Finamce
10 35 50 10 20 1210 18 15 15, 7.5 10 13 50 10 10 10 10 10 10 1225 7.5 10 1.3 10 6.8 5.5 142 25 Exchange & Finamce 1210 10 2.75 2.5 2.5 1210 10 12 1.5 10 10 1.7 1.5 1.5 1.2 1.5 1.5 10 1.4 1.3 1.3 10 12,900
More information公的機関が関与した企業再生支援
14 56 2004.10 corporate control right debt overhang 4, 1998, p.253., p.263., 2000, p.44. 2004.10 57 DES DDS DES DDS 10 11 Hold out, 2000, pp.215-226, p.44. N 1265, 2004.4.1, pp.25-26. Coase theorem Ronald
More information04_小松.indd
27 2012 p.41 57 Muammar Al-Qadhafi 40 2011 2 2 1000 4 1 3 19 NATO Operation Unified Protector 8 10 21 2 1 UN Doc., S/PV. 6490, February 25, 2011, pp. 2 4. 2 2012a 21 26 2012 73 42 3 4 1 3 8 100 24 4 NATO
More informationK
2015.2.27 1 1 OECD 1 1 2 50 53.6 K. 21 2010 6 18 7 2009 20.121.3 5.2 7.0 53.626.0 0.3 18.41.6 http://www.tse.or.jp/market/data/examination/distribute/b7gje6000001we32-att/report2009.p df 2014 10 21 2 50
More information74-2 岩間
128 74 2 21 3 128 134 Journal of the Japanese Association for Petroleum Technology Vol. 74, No. 2 March, 2009 pp. 128 134 Lecture * ** Received February 23, 2009 accepted February 26, 2009 The impact of
More informationuntitled
2009 5 Financial Inclusion Reserve Bank of IndiaRBI Kempson Beck et al. Sarma and Pais 97 RaoRBI Sen ibid. Imperial Bank of India State Bank of India SBI SBI 98 Rao RBI RBI Panagariya ibid. Joshi RBI SBI
More information071-082_›ªficŸaŁF
49 2007 71 82 Okada Kazuhiko 1992 1997 1998 1990 1990 2004 103 49 2007 J. 1990 Millar, J, What s Wrong with the Maffia Anyway?, in G.Kaminsk (ed.), Economic Transition in Russia and the New States of Eurasia,
More informationTitle 日本の輸入財市場における PTM の検証 Author(s) 新開, 潤一 Citation 大阪大学経済学. 57(1) P.60-P.73 Issue Date Text Version publisher URL
Title 日本の輸入財市場における PTM の検証 Author(s) 新開, 潤一 Citation 大阪大学経済学. 57(1) P.60-P.73 Issue Date 2007-06 Text Version publisher URL https://doi.org/10.18910/16614 DOI 10.18910/16614 rights Vol.57 No.1 June 2007
More information商学 65‐5☆/14.植田
708 709 2000 2000 1 3 hedge speculative ponzi G Π DS G Πt DSt t 1,2,...,n 1 G Πt DSt 1 t j 2 G Πt DSt j 1 t n 3 710 G Πt DSt 1 t n 1 4 G Πt DSt t n 5 2 Minsky Foley 2003 Charles 2008 a Lima and Meirelles
More informationJICA JETRO
Kyoto Bulletin of Islamic Area Studies, 9 (March 2016), pp. 197 230 JICA JETRO Area Studies TISCO Tata Steel Europe UNDP FS mélange J aime tuffāh uhibbu une pomme camarade A B Ph.D. EU EU EU EU EU EU
More informationLA-VAR Toda- Yamamoto(1995) VAR (Lag Augmented vector autoregressive model LA-VAR ) 2 2 Nordhaus(1975) 3 1 (D2)
LA-VAR 1 1 1973 4 2000 4 Toda- Yamamoto(1995) VAR (Lag Augmented vector autoregressive model LA-VAR ) 2 2 Nordhaus(1975) 3 1 (D2) E-mail b1215@yamaguchi-u.ac.jp 2 Toda, Hiro Y. and Yamamoto,T.(1995) 3
More informationCSIS 4 the Asia-Pacific, or the Indo-Pacific region Asia s Democratic Security Diamond 7 11 sea-faring democracies Lake Beijing
1 nifty 2010 2012 3 4 2011 6 20 9 24 1 2 2. 2013 1 3 5 3 2-25- 1 2 23 CSIS 4 the Asia-Pacific, or the Indo-Pacific region 5 2 28 6 12 27 Asia s Democratic Security Diamond 7 11 sea-faring democracies Lake
More informationはじめに
No.6, 397-408 (2005) Regional Integration East Asian Community Vision HORIUCHI Hiroshi Nihon University, Graduate School of Social Culture Studies In an effort to pursue the ambitious aim of laying the
More informationPublic Investment, the Rate of Return, and Optimal Fiscal Policy Economic Growth Pioneering Economic Theory Mathematical Theories of Economic Growth Review of Economic Studiesvol.27 Econometrica vol.34
More information