株式分割払込制度と企業金融、設備投資の関係について ─1930年代初において株式追加払込が果たした役割を中心に─

Size: px
Start display at page:

Download "株式分割払込制度と企業金融、設備投資の関係について ─1930年代初において株式追加払込が果たした役割を中心に─"

Transcription

1 IMES DISCUSSION PAPER SERIES Discussion Paper No J-20 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN

2

3 IMES Discussion Paper Series 2007-J * ** JEL classification: E22G32G38N15N25 takashi.nanjou@boj.or.jp kasuya@e.u-tokyo.ac.jp

4

5 [1969] p.269 [1980]p [1969] 5 1 [2004] 2 [1999] [1993][2006][2006][2006]Hoshi and Kashyap[2001] 3 [1999][2002][2006] [1993][1995] 4 [1993] 5 1

6 Bernanke[1995, 2000] 7 [1980][1976][1996][2006] 8 [1972]pp

7 [1928] [1979] [1955] [2001] , , [1956]p [1972] [1997] [2001] 11,600 3

8 [1971]p , , ,

9

10 [1980]p.79[2006] [1980]p [2006] 6

11 , , , , , ,392, [1934]p

12 , , , ,

13 [1995] [2000] 1933 [2004] [1983][1989] GNP 1931 GNP

14 [2004] [2004b] [1974][2004a] 28 10

15 M&A 1932 M&A M&A I/K1932 I 1931 K Y CF [2003] 32 [1930]

16 DE/AS 6 [2004] debt overhang 5 EQ1931 OLS OLS [1993][2001] 34 [1989][1997] 35 [2007][2007] 36 EViews EViews [2005]

17 OLS

18 [2004] [2004]p [1969] [2000] 45 [2001] [2003]

19 EQ/KCF/K [1914][1925][1929] 47 [2006][2006][2006] [1982] [2004]3 15

20 EQ/K 7 EQ/K EQ/K

21 [1971][1982][1989]Cha[2003] 52 [1984][1984] [2000] 17

22

23 13-15 a b 10 19

24 1 20

25 13 67(3) Bernanke, Ben S.,The Macroeconomics of the Great Depression: A Comparative Approach,Journal of Money, Credit, and Banking, 27(1),1995,pp.1-28., Essays on the Great Depression, Princeton University Press, Cha, M., S.,Did Korekiyo Takahashi Rescue Japan from the Great Depression?, Journal of Economic History, 63(1), 2003, pp Hoshi, Takeo and Kashyap K. Anil, Corporate Financing and Governance in Japan: The Road to the Future, MIT Press,

26 22

27 23

28 24

29 25

30 26

31 27

32 28

第一次大戦後の日本における国債流通市場の制度改革

第一次大戦後の日本における国債流通市場の制度改革 IMES DISCUSSION PAPER SERIES Discussion Paper No. 2009-J-23 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 2-1-1 http://www.imes.boj.or.jp IMES Discussion Paper Series 2009-J-23 2009

More information

日本初期貨幣研究史略 ─和同開珎と富本銭・無文銀銭の評価をめぐって─

日本初期貨幣研究史略 ─和同開珎と富本銭・無文銀銭の評価をめぐって─ IMES DISCUSSION PAPER SERIES Discussion Paper No. 2004-J-14 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 30 http://www.imes.boj.or.jp IMES Discussion Paper Series 2004-J-14 2004

More information

戦間期日本企業の資金調達、資本コスト、資本構成:最適資本構成理論からみた1930年代における企業財務

戦間期日本企業の資金調達、資本コスト、資本構成:最適資本構成理論からみた1930年代における企業財務 1930 Modigliani and Miller [1958] 170 1930 2008 7 16 I E-mail: takashi.nanjou@boj.or.jp E-mail: cc00881@srv.cc.hit-u.ac.jp //2009.7 81 1. 1 2 M&A 3 4 1965 1969 1995 1995 1993 1 2008 2008 1985 2006 10 ROA

More information

IMES DISCUSSION PAPER SERIES INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 30 ......... 1...... 1 (1)...1 (2)...5............ 7 (1)...7 (2)...8 (3)...9...9...10......... 11 (1)...11

More information

untitled

untitled Discussion Paper Series No. J98 2008 9 2008 9 1919 1 1938 12 1928 1 1936 4 1 10 1931 1932 2008 19530274 1. 2 1930 5 1 1931 6 12 1936 11 2 1 1919 1 1938 12 1963 1927 1 1936 4 1 2 3 4 7 10 1927 1 1936 4

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―

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

IMES 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 information

会社法制上の資本制度の変容と企業会計上の資本概念について

会社法制上の資本制度の変容と企業会計上の資本概念について IMES DISCUSSION PAPER SERIES Discussion Paper No. 2006-J-1 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 30 http://www.imes.boj.or.jp IMES Discussion Paper Series 2006-J-1 2006 1

More information

非営利組織における純資産と負債の区分

非営利組織における純資産と負債の区分 IMES DISCUSSION PAPER SERIES Discussion Paper No. 2009-J-11 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 2-1-1 http://www.imes.boj.or.jp IMES Discussion Paper Series 2009-J-11 2009

More information

最適電源構成モデルを用いた卸電力取引市場の経済厚生の評価分析

最適電源構成モデルを用いた卸電力取引市場の経済厚生の評価分析 RIETI Discussion Paper Series 07-J-044 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \

More information

....671-......3.Z...QXD (Page 1)

....671-......3.Z...QXD (Page 1) http://www.mhlw.go.jp/topics///tp- /.html , ..,,, .......... p. p. p. p. p. p. p. p. p http://bktp.org/news/. pp.- pp. -. pp. -. pp.-. COE pp.-. pp.-. pp.-. pp. -. pp.-. pp.-. ESRI Discussion

More information

経済経営研究

経済経営研究 Vol.26 No.7 2006 3 1990 * * E-mail: kntanak@dbj.go.jp Bank Lending and Firm Investment under the Depression of the 1990s in Japan Economics Today, Vol.26, No.7, March, 2006 Kenji TANAKA Research Institute

More information

( ) z W n u K P N P = (1 + z)wn N = nuk (1) (2) I/K u e f r l (= L/PK) (4) I K = g(u, r, e f, l ) g u > 0, g r < 0, g e f > 0,

( ) z W n u K P N P = (1 + z)wn N = nuk (1) (2) I/K u e f r l (= L/PK) (4) I K = g(u, r, e f, l ) g u > 0, g r < 0, g e f > 0, 1 money view credit view IS-LM Sims[1980] Bernanke[1983] 1930 Bernanke and Blinder[1988] IS-LM (credit channel) (1) 3 4 (2) 2 1 3 4 5 2 2.1 2.1.1 ( ) z W n u K P N P = (1 + z)wn N = nuk (1) (2) 2.1.2 I/K

More information

[17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2

[17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2 2002 4 1 1990 1 525-8577 1-1-1. Tel.: 077-561-4855. Fax.: 077-561-3964. E-mail: khori@ec.ritsumei.ac.jp 1 [17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2 MM MM MM MM CP 0 3 1 1990 1970 2 2 1 1 17%

More information

デフレ不況下の金融政策をめぐる政治過程

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 information

, 3, 1999, 4,,

, 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 information

1 2 2005 1983 1 ()1984 2 1947 1950 19791996 1

1 2 2005 1983 1 ()1984 2 1947 1950 19791996 1 KEO Discussion Paper No.104 19451947 * ** 2006 11 19451947 * ** 1 2 2005 1983 1 ()1984 2 1947 1950 19791996 1 4 A A A A A 3 3 1990 19952003A2003B 4 2 198719941997 1995 1995 3 5 6 1998: 30 40 19701992 7

More information

小塚匡文.indd

小塚匡文.indd 流通科学大学論集 - 経済 情報 政策編 - 第 22 巻第 2 号,19-32(2014) Lending Behavior for Small-Medium Business by Shinkin Bank and Other Domestic Bank in Japan: Evidences from Time Series Data Masafumi Kozuka I. 2006 99.7

More information

IMES DISCUSSION PAPER SERIES INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8660 30 IMES Discussion Paper Series 99-J-45 199912 12 1986 General Agreement of Trade in Service Multilateral

More information

IMES DISCUSSION PAPER SERIES Discussion Paper No. 2000-J-10 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8630 30 IMES Discussion Paper Series 2000-J-10 2000 4 * ** *** 99 2 * E-Mail:

More information

Powered 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 (  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 information

IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J- 9 -J-19 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN

IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J- 9 -J-19 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J- 9 -J-19 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 03 IMES Discussion Paper Series 99-J- 9 -J-19 1999 6 * * [1999] *(E-mail:

More information

Tomorrow Next th draft version MEW SWET

Tomorrow Next th draft version MEW SWET Research Center for Price Dynamics A Research Project Concerning Prices and Household Behaviors Based on Micro Transaction Data Working Paper Series No.7 Tomorrow Next を用いた金融政策の分析 青野幸平 June 14, 2012 4th

More information

国際流動性に関する財政的側面について

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 information

復活だぁっ! 日本の不況と流動性トラップの逆襲

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

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―

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

資産価格バブルと金融政策:1980年代後半の日本の経験とその教訓

資産価格バブルと金融政策:1980年代後半の日本の経験とその教訓 foreward-looking E-mail: kunio.okina@boj.or.jp E-mail: masaaki.shirakawa@boj.or.jp E-mail: shigenori.shiratsuka@boj.or.jp Cargill, Hutchison, and Ito GDP GDP GDP Morgan Stanley Capital Internationalhttp://www.msci.com

More information

1 1 1 [2000]

1 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

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-

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- 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 information

ワークショップ「国際財務報告基準(IFRS)と企業行動:IFRSアドプションのインパクト」の模様

ワークショップ「国際財務報告基準(IFRS)と企業行動:IFRSアドプションのインパクト」の模様 IMES DISCUSSION PAPER SERIES IFRS IFRS Discussion Paper No. 2010-J-25 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 2-1-1 http://www.imes.boj.or.jp IMES Discussion Paper Series 2010-J-25

More information

#10094931_信金7月号.indb

#10094931_信金7月号.indb 2006. 7 2006 7 2 4 24 41 58 84 85 97 99 2006 7 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

More information

橡motonishi.PDF

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 information

Autumn 06 1 2005 100 100 1 100 1 2003 2005 10 2003 2005 2

Autumn 06 1 2005 100 100 1 100 1 2003 2005 10 2003 2005 2 2005 25-2 17 395.6 149.1 1 2004 2 2003p.13 3 Autumn 06 1 2005 100 100 1 100 1 2003 2005 10 2003 2005 2 Vol. 42 No. 2 2 100 20052005 2002 20052005 3 2005 10 1 II III IV 1 1 1 2 1 4 15-2 30 4,091 54.5 2

More information

untitled

untitled 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

相互取引に伴う債権債務の依存構造を考慮した金融機関の与信評価について

相互取引に伴う債権債務の依存構造を考慮した金融機関の与信評価について IMES DISCUSSION PAPER SERIES 相互取引に伴う債権債務の依存構造を考慮した金融 機関の与信評価について にしでかつまさ 西出勝正 Discussion Paper No. 2015-J-6 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 日本銀行金融研究所 103-8660 東京都中央区日本橋本石町 2-1-1

More information

An Empirical Study of the Securities Firms' Dilemma on Financial Innovation through Diffusion of Internet Deals Yasugi Satoshi Bower, J. L., 1999, Disruptive technologies: Catching the wave,

More information

WORKING PAPER SERIES Masahiko Ota Graduate Student of Commerce and Management, Hitotsubashi University The Role of Zaikai-Jin in Entrepreneurship: Tai

WORKING PAPER SERIES Masahiko Ota Graduate Student of Commerce and Management, Hitotsubashi University The Role of Zaikai-Jin in Entrepreneurship: Tai WORKING PAPER SERIES ( No.44) 2007/03/20 No. The Research Institute for Innovation Management, HOSEI UNIVERSITY WORKING PAPER SERIES Masahiko Ota Graduate Student of Commerce and Management, Hitotsubashi

More information

212013pp. 1 13 2 1 4 1980 1987 74.91997 70.12007 2014 1 31 1 64.4201161.8 1 2 3 1 3 2 4 3 2006 5 1 2 6 2 25.6 7 23.11 4.1 3.4 2 12.4 9.7 3.8 5.9 50.0 81.8 75.060.0 95.070.0 65.0 25.6 23.1 4.1 3.4 2006

More information

本邦株式市場の流動性に関する動学的考察―東京証券取引所のティック・データ分析―

本邦株式市場の流動性に関する動学的考察―東京証券取引所のティック・データ分析― tightnessdepth resiliency BIS Market Liquidity: Research Findings and Selected Policy Implications BISWorld Wide Web http://www.bis.org E-mail: jun.muranaga@boj.or.jp Muranaga and Shimizu O Hara Muranaga

More information

4 1 5 737 145 81 56 1 2 3 4 5 1 1943 9 23 2 30 3 4 1945 3 1945 11 20046 23 146 738 2003 5 4 1 1943 7 2004 18 38 1988 2009 739 147 81 56 200433 1932 198523 3 197464 4 1 148 740 2001 106 200277 76 200645

More information

M&A の経済分析:M&A はなぜ増加したのか

M&A の経済分析:M&A はなぜ増加したのか RIETI Discussion Paper Series 06-J-034 RIETI Discussion Paper Series 06-J-034 M&A の経済分析 :M&A はなぜ増加したのか 蟻川靖浩 宮島英昭 ( 早稲田大学 RIETI) 2006 年 4 月 要旨 1990 年代以降の M&A の急増の主要な要因は 産業や企業の成長性や収益性へのショックである とりわけ M&A を活発に行っている産業あるいは企業の特性としては

More information

季刊 企業と法創造 第1巻第4号(通巻第4号)

季刊 企業と法創造 第1巻第4号(通巻第4号) Aoki and Patrick Hoshi and Kashyap ROE 125 ROA Aoki Odagiri Frankl Fruin 126 NEEDS ROE ROA ROE ROEROA ROE ROEIQ ROE ROE ROE 127 128 IQ ROE ROE ROE ROE ROA ROE 129 Miyajima 130 Okazaki Teranishi GHQ % Prowse,

More information

1 3 i i MURC 1/10

1 3 i i MURC 1/10 2010 10 1 (*) (*) 2010 9 17 108-8248 2-16-4 TEL03-6711-1241 1 3 i 2010 2010 21 15 38 1618 25 14 1517 11 8 15 1618 25 i MURC 1/10 http://www.murc.jp//politics_c1/pol_report/ 60 64 2 1,000 ii 30 29 32 31

More information

2

2 () () 980-8578 Tel: 022-795-6092 Fax: 022-795-6096 email: 1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 17 46 47 4.1.1

More information

The Institute for Economic Studies Seijo University 6 1 20, Seijo, Setagaya Tokyo 157-8511, Japan The Institute for Economic Studies Green Paper No. 59 Consumers Decision on the Choice of Small Payment

More information

(1)2004年度 日本地理

(1)2004年度 日本地理 1 2 3 4 1 2 3 4 5 6 7 8 9 10 11 12-5.0-5.1-1.4 4.2 8.6 12.4 16.9 19.5 16.6 10.8 3.3-2.0 6.6 16.6 16.6 18.6 21.3 23.8 26.6 28.5 28.2 27.2 24.9 21.7 18.4 22.7 5 1 2 3 4 5 6 7 8 9 10 11 12 2.2 3.5 7.7 11.1

More information

untitled

untitled ADSLFTTH P2P CDN(Contents Delivery Network) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

More information

IMES Discussion Paper Series 98-J

IMES Discussion Paper Series 98-J IMES DISCUSSION PAPER SERIES Discuss ssion Paper No. 98-J-1 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN IMES Discussion Paper Series 98-J-1 1998 1 E-mail: tokiko.shimizu@boj.or.jp 1. 1.1.

More information

1

1 1 5% 4% 11% 8% 13% 12% 10% 6% 17% 6% 8% 4% 6% 6% 2% 17% 17% 12% 14% 16% 6% 37% 11% 17% 35% 2 (N=6,239) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 1,585 1,126 950 494 345 296 242 263 191 150 131 116

More information

CHUO UNIVERSITY 3

CHUO UNIVERSITY 3 2 CHUO UNIVERSITY 3 4 CHUO UNIVERSITY 5 6 CHUO UNIVERSITY 7 8 Journal of Economic Behavior and Orgnanization Games and Economic Behavior Journal of Comparative Economics CHUO UNIVERSITY 9 10 CHUO UNIVERSITY

More information

商学 66‐1☆/16.田口

商学 66‐1☆/16.田口 251 1 2, 3 4, 5 2 1 2005 stakeholder agent p.13 2005 2009, 2011, 2012, 2013 b, 2014 Taguchi et al.2013 Aoki2001, 201019962010 2014 2013! 252 2 " " " " 6 " " " " 7 2! 3 p.5 2013 2011201120132012 Aoki20012004

More information

戦後ハイパー・インフレと中央銀行

戦後ハイパー・インフレと中央銀行 1945 8 1949 1958 1946 GHQ IMES No. 2002-J-35 2002 11 E-mail: masaitoh@e.u-tokyo.ac.jp //2012.1 181 1. 1945 8 1949 1934 36 1949 220 1945 70 1949 1960 51 1975 200 3 1924 3 22 3 29 1970 1976 338 1979 16 1948

More information

村本 孜51‐85/51‐85

村本 孜51‐85/51‐85 One for all, all for one. One for all, all for one. ( One for all, all for one. ) One for all, all for one. ( One for all, all for one. ) One for all, all for one. Manes, A. (1877~1963) [2006] p. 37 Raiffisen

More information

財政のサステナビリティと長期金利の動向

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

銀行の不良債権問題と資本市場の経営監視機能 鹿野嘉昭

銀行の不良債権問題と資本市場の経営監視機能 鹿野嘉昭 509 65 1 1980 1990 2000 5 2005 66 510 58 4 1999 2002 1980 1986 3 1998 3 2 3 4 511 67 2 2. 1 1985 10 1980 1980 1989 5 1990 8 6 1990 3 1990 1991 68 512 58 4 2. 2 2002 1986 1990 1991 1994 1980 1990 513 69

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―

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

122011pp.139174 18501933

122011pp.139174 18501933 122011pp.139174 18501933 122011 1850 3 187912 3 1850 8 1933 84 4 1871 12 1879 5 2 1 9 15 1 1 5 3 3 3 6 19 9 9 6 28 7 7 4 1140 9 4 3 5750 58 4 3 1 57 2 122011 3 4 134,500,000 4,020,000 11,600,000 5 2 678.00m

More information

Microsoft Word - 映画『東京裁判』を観て.doc

Microsoft Word - 映画『東京裁判』を観て.doc 1 2 3 4 5 6 7 1 2008. 2 2010, 3 2010. p.1 4 2008 p.202 5 2008. p.228 6 2011. 7 / 2008. pp.3-4 1 8 1 9 10 11 8 2008, p.7 9 2011. p.41 10.51 11 2009. p. 2 12 13 14 12 2008. p.4 13 2008, p.7-8 14 2008. p.126

More information

日経テレコン料金表(2016年4月)

日経テレコン料金表(2016年4月) 1 2 3 4 8,000 15,000 22,000 29,000 5 6 7 8 36,000 42,000 48,000 54,000 9 10 20 30 60,000 66,000 126,000 166,000 50 100 246,000 396,000 1 25 8,000 7,000 620 2150 6,000 4,000 51100 101200 3,000 1,000 201

More information

2 2 3 4 5 5 2 7 3 4 6 1 3 4 7 4 2 2 2 4 2 3 3 4 5 1932 A p. 40. 1893 A p. 224, p. 226. 1893 B pp. 1 2. p. 3.

2 2 3 4 5 5 2 7 3 4 6 1 3 4 7 4 2 2 2 4 2 3 3 4 5 1932 A p. 40. 1893 A p. 224, p. 226. 1893 B pp. 1 2. p. 3. 1 73 72 1 1844 11 9 1844 12 18 5 1916 1 11 72 1 73 2 1862 3 1870 2 1862 6 1873 1 3 4 3 4 7 2 3 4 5 3 5 4 2007 p. 117. 2 2 3 4 5 5 2 7 3 4 6 1 3 4 7 4 2 2 2 4 2 3 3 4 5 1932 A p. 40. 1893 A p. 224, p. 226.

More information

29 2011 3 4 1 19 5 2 21 6 21 2 21 7 2 23 21 8 21 1 20 21 1 22 20 p.61 21 1 21 21 1 23

29 2011 3 4 1 19 5 2 21 6 21 2 21 7 2 23 21 8 21 1 20 21 1 22 20 p.61 21 1 21 21 1 23 29 2011 3 pp.55 86 19 1886 2 13 1 1 21 1888 1 13 2 3,500 3 5 5 50 4 1959 6 p.241 21 1 13 2 p.14 1988 p.2 21 1 15 29 2011 3 4 1 19 5 2 21 6 21 2 21 7 2 23 21 8 21 1 20 21 1 22 20 p.61 21 1 21 21 1 23 1

More information

戦後の補欠選挙

戦後の補欠選挙 1 2 11 3 4, 1968, p.429., pp.140-141. 76 2005.12 20 14 5 2110 25 6 22 7 25 8 4919 9 22 10 11 12 13 58154 14 15 1447 79 2042 21 79 2243 25100 113 2211 71 113 113 29 p.85 2005.12 77 16 29 12 10 10 17 18

More information

73 p.1 22 16 2004p.152

73 p.1 22 16 2004p.152 1987 p.80 72 73 p.1 22 16 2004p.152 281895 1930 1931 12 28 1930 10 27 12 134 74 75 10 27 47.6 1910 1925 10 10 76 10 11 12 139 p.287 p.10 11 pp.3-4 1917 p.284 77 78 10 13 10 p.6 1936 79 15 15 30 80 pp.499-501

More information

() L () 20 1

() L () 20 1 () 25 1 10 1 0 0 0 1 2 3 4 5 6 2 3 4 9308510 4432193 L () 20 1 PP 200,000 P13P14 3 0123456 12345 1234561 2 4 5 6 25 1 10 7 1 8 10 / L 10 9 10 11 () ( ) TEL 23 12 7 38 13 14 15 16 17 18 L 19 20 1000123456

More information

308 ( ) p.121

308 ( ) p.121 307 1944 1 1920 1995 2 3 4 5 308 ( ) p.121 309 10 12 310 6 7 ( ) ( ) ( ) 50 311 p.120 p.142 ( ) ( ) p.117 p.124 p.118 312 8 p.125 313 p.121 p.122 p.126 p.128 p.156 p.119 p.122 314 p.153 9 315 p.142 p.153

More information

untitled

untitled FXLI Discussion Paper 2009-001 2009 3 1998 1.2.3. 3 2 1998 2 1998 2 25 4. 5.6. 3 2009 Fuji Xerox Learning Institute Inc. All rights reserved. 1 1. 3 (1) 3 (2) 4 (3) 5 2. 7 (1) 7 (2) 9 (3) 11 3. 12 (1)

More information

取引銀行の破綻が企業経営に及ぼす影響について-阪和銀行破綻の事例分析-

取引銀行の破綻が企業経営に及ぼす影響について-阪和銀行破綻の事例分析- 2 JEL Classification: G21, G14 Key words: e-mail y-murakami@aria.ocn.ne.jp 1 The Effect of Bank Failure on Client Firms A Study on the Hanwa Bank s Failure By Yoshiko Murakami Abstract The financial theories

More information

IMES Discussion Paper Series 98-J-7 1998 3 9 9 9 9 UCC 9 JEL classification K19 * (E-mail:kiyoe@rikkyo.ac.jp)

IMES Discussion Paper Series 98-J-7 1998 3 9 9 9 9 UCC 9 JEL classification K19 * (E-mail:kiyoe@rikkyo.ac.jp) IMES DISCUSSION PAPER SERIES 9 Discussion Paper No. 98-J-7 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 203 IMES Discussion Paper Series 98-J-7 1998 3 9 9 9 9 UCC 9 JEL classification

More information

PDFŠpŒ{Ł¶

PDFŠpŒ{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

OSIPP41_p1_2.eps

OSIPP41_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 information

IMES DISCUSSION PAPER SERIES Discussion Paper No J INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN

IMES DISCUSSION PAPER SERIES Discussion Paper No J INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN IMES DISCUSSION PAPER SERIES Dscusso Paper No. 00-J-0 0 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 0-8660 0 IMES Dscusso Paper Seres 00-J- -J-0 00 GMM O/N LIBOR HJM LIBOR GMMHJM JEL classfcato:

More information

1 st 2 nd Dec

1 st 2 nd Dec 2 12 1 2 2 1 st 2 nd Dec.2007 2 1 st 2 nd Dec.2007 1 3 1 st 2 nd Dec.2007 1 2 1 2 1. 2. (2004) 3. 3 4 3 1 2 1. 2. 3 1. 2. 3. 4 4 1 2 5 1 2 6 4 1 st 2 nd Dec.2007 5 1 st 2 nd Dec.2007 1 10 (2004) 4 120

More information

<966B8DE2905E88EA2E696E6464>

<966B8DE2905E88EA2E696E6464> 477 241 1 1 3 C 2 13630033 1 Musgrave 1959 242 478 57 3 2 2 1 FTPL fiscal theory of the price level 479 243 90 FTPL FTPL 1 1 244 480 57 3 2 3 GDP GDP 2 2 90 3 2 4 4 5 481 245 2 90 90 GDP 90 2 2 3 4 3 1

More information

bottleneckjapanese.dvi

bottleneckjapanese.dvi 1 M&A Keywords:,. Address: 742-1, Higashinakano, Hachioji-shi, Tokyo 192-09,Japan fax:+81 426 74 425 E-mail: yangc@tamacc.chuo-u.ac.jp ; yasuokaw@tamacc.chuo-u.ac.jp 1 Yang and Kawashima(2008) 1 2 ( MVI

More information

<93638CB48FBA8E6C2E696E6464>

<93638CB48FBA8E6C2E696E6464> 265 29 1 1. 1 19 5 6 4 2 ) 48 21 63 16 51 17 64 10 49 12 67 10 42 15 49 13 49 13 48 13 54.7 59.3 56.7 57.5 65.3 85.1 59.9 63.4 64.0 64.6 45.3 40.7 43.3 42.5 34.7 14.9 40.1 36.6 36.0 35.4 1854 1938 1854

More information

Graduate School of Clinical Psychology, Kibi International University 8 Iga-machi, Takahashi, Okayama, Japan(716-8508) Research Institute of Clinical Psychology, Kibi International University Department

More information