Non-Deliverable Forwards NDF BIS BIS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Non-Deliverable Forwards NDF BIS BIS"

Transcription

1 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, we can point out the following features: The world excess money which has been produced by fiscal policies and monetary policies QE since Lehman Shock and the Euro crisis, has flowed into international financial markets. This situation has increased the trading amount in foreign exchange markets since by thirty-five percentage points. In spite of the Euro crisis triggered by Greek crisis, the trading amount of Euro in foreign exchange markets has not decreased since. And the function of Euro as the vehicle currency in Europe has been sustained. Though the rise of the Renmin Yuan has attracted attention since last BIS Survey in, the Renmin Yuan still follows the Mexican peso in terms of the trading amount of foreign exchange markets, which shows that the Renmin Yuan has not yet acquired the role of international currency. Foreign exchange markets, BIS, Euro, Renmin Yuan, Vehicle currency

2 Non-Deliverable Forwards NDF BIS BIS

3 BIS PTFs

4 ,.,.,......, ,.,.,..., ,.,.,.,.,.,.,.,.,....,.,.,.,.,.,. BIS, Triennial Central Bank Survey: Foreign exchange turnover in April 2013, preliminary global results, Sep., Table BIS

5 Ibid., Table....

6 ,., Ibid., Table

7 BIS..,,,, Ibid., Table

8 BIS BIS BIS

9 ,,,,,,,,,,,, London Foreign Exchange Joint Standing Committee, Semi-Annual Foreign Exchange Turnover Survey, July, Table la, ld, July, Table la, ld

10

11 ,,, ,,,, n.a. n.a.,,,, Federal Reserve Bank of New York, The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2010 Sep., April 2013 Sep. Table A A

12 Deutsche Bundesbank, Bank survey of foreign exchange and derivatives market in Germany, Sep., Annex

13 Banca D italia, Foreign exchange and derivatives turnover, April 2013, Sep.,, n.a. n.a.,,,,,,, Bank of Finland, Survey of foreign exchange and derivatives market activity conducted in Finland in Spring 2013, Table

14 n.a.. n.a.... n.a... n.a.. n.a.. n.a.... Sveriges Riksbank, The Riksbank s survey of the turnover in the foreign exchange and fixed-income markets in Sweden, Sep., Table Table

15 .. Narodowy Bank Polski, Turnover in domestic Foreign Exchange and OTC Derivatives Markets in April 2013, Sep., Figure

16 BIS BIS,,,, Bank of Russia, Main Indicators of Foreign Currency Market Turnover in 2013, May,

17 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, The Singapore Foreign Exchange Market Committee, Survey of Singapore Foreign Exchange Volume in April 2013, July

18 CNH CNY BIS.. CNH n.c.. CNY CNH n.c.. CNY.... Press Releases, Resuts of Bank for International Settlements Triennial Survey of Foreign Exchange and Derivatives Market Turnover, Sep.

19

20 ,... n.a.. n.a..... n.a.. n.a.. n.a.. n.a..,,, ,,,, A A.

21 BIS

22 n.a. n.a n.a. n.a..... n.a. n.a London Foreign Exchange Joint Standing Committee, Semi-Annual Foreign Exchange Turnover Survey, April, Table la, ld, Federal Reserve Bank of New York, The Foreign Exchange and Interest Rate Derivatives Market Turnover in the United States, April, Table Al, Tokyo Foreign Exchange Market Committee NDF

23 NDF Non-Deliverable Forwards Non-Deliverable Forwards NDF NDF NDF NDF NDF NDF NDF NDF

24 NDF NDF n.a.. n.a. n.a.. n.a. n.a.. NDF Table b c BIS

25 GDP BIS, Triennial Central Bank Survey: Foreign exchange turnover in April 2013, preliminary global results, September. IMF... IMF Survey, July.. Proprietary trading firms BIS, Triennial Central Bank Survey: Foreign exchange turnover in April 2013, preliminary global results, September, Table. Ibid., Table. BIS, op.cit., Table.

26 Netherlands Bank BIS BIS, op.cit., Table The Foreign Exchange Joint Committee BIS Committee BIS... Banque de France, Enquête triennale BRI changes-dérivés de taux d avril 2013, Principaux résultats pour la France, Sep.,Tableau. Swiss National Bank, Turnover in foreign exchange and derivatives markets, Sep., Table. Central Bank of Norway, Activity in the Norwegian foreign exchange and derivatives markets in April 2013, Table a, a Czech National Bank, Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity (2013), Sep., TableA, A, A BIS, op.cit., Table Australian Foreign Exchange Committee, Foreign Exchange Turnover Report, April 2013, Table a c BIS BIS, op.cit., Table BIS

- 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. - March SCB -, -, -, -, -, -, -, -, -, -,,,,,, -, -, -, -,, -,,,, -,,,,,, - -,, -,, Survey of Current Business, July, Table (p. ), Oct, Table (p. ) S.C.B. July, Table SCB, -, - - -, -, - -,,,, - Ibid.,

More information

-February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs

-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

担保資産としての金

担保資産としての金 1 5 : ICE 8 Ashish Bhatia ashish.bhatia@gold.org +1 212 317 385 Natalie Dempster natalie.dempster@gold.org +44 2 7826 477 211 5 Gold as a source of collateral http://www.gold.org 27 9 OTC 2 G2 CCP CCP

More information

地方債と地方財政規律

地方債と地方財政規律 * 1990 GDP 40 JEL Classification: H39, H54, H63, H72, H77 Key words: * 16 (2005a, b) 1 Local Government Bonds and Fiscal Discipline By Takero Doi, Tomoko Hayashi and Nobuyuki Suzuki Abstract Outstanding

More information

-June TARGET EU TARGET EU A A A a a B b b A B B a b b a A a b A b a ECB EU TARGET ECB TARGET TARGET TARGETTrans-European

-June TARGET EU TARGET EU A A A a a B b b A B B a b b a A a b A b a ECB EU TARGET ECB TARGET TARGET TARGETTrans-European TARGET EU TARGET TARGET TARGET EU TARGET TARGET IMF TARGET TARGET TARGET TARGET TARGET Balances TARGET Balances TARGET Balances = IMF -June TARGET EU TARGET EU A A A a a B b b A B B a b b a A a b A b a

More information

- March IMF IMF IMF ITO The General Agreement on Tariffs and Trade

- 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 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

- October - - - - - - - - - - - - - - -, -,,,, - - - - - -,, -

- October - - - - - - - - - - - - - - -, -,,,, - - - - - -,, - TB FB.., - October - - - - - - - - - - - - - - -, -,,,, - - - - - -,, - - - - - - - - - - -, - - - - - - - - - - - -,,, - -, - -, -, - - -, -,,, - - - - - - October { },,, ,,.. - October......{.. /. }/..........

More information

Œ{Ł¶.JBD

Œ{Ł¶.JBD Special Administrative Region SAR NIES GDP GDP Peg GDP GDP GDP Laissez faire Hong Kong Annual Digest of Statistics 1995 Hong Kong External Trade Positive Noninterventionism GDP GDP / GDP / / Trade Involving

More information

Walter et al. 2009: 1 Helleiner 1994 Strange 1971: Gilpin 1987: -65 Strange b, 1998c,

Walter 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

untitled

untitled S C B SHINKIN CENTRAL BANK 103-0028 1-3-7 TEL.03-5202-7671 FAX.03-3278-7048 URL http://www.scbri.jp 20 1015 GDP 80 S&L OFHEOHPI 2007 79 0.4 1994 13 1975 2007 912 1995 1-3 100 OFHEO 1980 2000 GDP ( 5.9)

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

中国引き締め策の対外的影響

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 information

.

. Human Trafficking and the Law in Contemporary China CHEN, Genfa Human trafficking in China has increased since s and is still expanding. Abducting and trafficking in women and children is punished by the

More information

II

II No. 19 January 19 2013 19 Regionalism at the 19 th National Assembly Elections Focusing on the Yeongnam and Honam Region Yasurou Mori As the biggest issue of contemporary politics at South Korea, there

More information

大学論集第42号本文.indb

大学論集第42号本文.indb 42 2010 2011 3 279 295 COSO 281 COSO 1990 1 internal control 1 19962007, Internal Control Integrated Framework COSO COSO 282 42 2 2) the Committee of Sponsoring Organizations of the Treadway committee

More information

8’¼‹ä127-141

8’¼‹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 information

証券市場の機能と証券業務

証券市場の機能と証券業務 I Kiyoshi Nikami / 2012 3 277 1 111 166 60% 2006 3 288 228 60 21% 2008 9 1 1 28 1 300 30 FX 072 2012 winter / No.394 II 1 1 2004 34 3 2012 3 2 2 1 2004 3 2012 3 2004 3 2012 3 108 97 3,096,639 2,472,091

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

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

GNH Gross National Happiness Criteria living standard cultural diversity emotional well being health education time use eco-system community vitality

GNH Gross National Happiness Criteria living standard cultural diversity emotional well being health education time use eco-system community vitality GNH Gross National Happiness Criteria living standard cultural diversity emotional well being health education time use eco-system community vitality good governance Dimensions and Indicators of GNH The

More information

金/金

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 information

The Japanese economy in FY2015 suffered from sluggish growth in individual consumption, while the foreign exchange market remained unstable with high volatility. Even in such an economic environment, MSF

More information

公的機関が関与した企業再生支援

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 information

untitled

untitled 30 2015 51-62 2015/01/17 2015/03/31 1914 * Literature Survey on Damage of Akita Mining College due to the 1914 Akita-Senboku Earthquake Toshihiko MIZUTA Center for Regional Development, Akita University

More information

国際比較からみた介護システムの役割分担

国際比較からみた介護システムの役割分担 * OECDLong-term Care for Older People E-mail: lfy@hotmail.co.jp Long-term care Long-term care for older people OECDLTC GDP. OECD WHOHealth life expectancy : HALE GDP Martins et al OECD OECD OECD Residential

More information

) ,

) , Vol. 2, 1 17, 2013 1986 A study about the development of the basic policy in the field of reform of China s sports system 1986 HaoWen Wu Abstract: This study focuses on the development of the basic policy

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

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 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)

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 information

5 5 (%) 9. 3 5 3 8. 7. 5. 5.. 5 5 5 3 8 5 3.9 3.. 1/3 1/9 /3 /9 3/3 3/9 /3 /9 5/3

5 5 (%) 9. 3 5 3 8. 7. 5. 5.. 5 5 5 3 8 5 3.9 3.. 1/3 1/9 /3 /9 3/3 3/9 /3 /9 5/3 I *1 *1 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) * ( ) ( ) ( ) ( ) ( ) ( ) (JCR) G7 *1) *) (1) JCR AAA ( ) 1 () 5 - IT 1 5 5 (%) 9. 3 5 3 8. 7. 5. 5.. 5 5 5 3 8 5 3.9 3.. 1/3 1/9 /3 /9 3/3 3/9 /3 /9 5/3 1 (%).

More information

野村資本市場研究所|アジアの金融競争力(PDF)

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 information

13....*PDF.p

13....*PDF.p 36 2005 2006 3 237 250 1 1990 2 3 4 5 6 239 10 90 1993 1997 1998a 10 10 1 90 1 2 3 4 5 1990 1 1990 201 2004 141 108 105 2 54 75 1970 1980 1990 49 2 2004 59 8 25 42 1980 1993 25 4 2004 10 6 1994 14 2004

More information

main.dvi

main.dvi FORMATH Vol. 8 (2009): 63 91 63 FAO, The Reporting Status of FAO Statistics on the Forest Resources and Forest Products Oka, Hiroyasu : : Abstract:,,, FAO (2005 ) (2006 ). FRA2005 7, 9. 99%,, FAO. 3/4,.,

More information

社会学部紀要 117号☆/1.野瀬

社会学部紀要 117号☆/1.野瀬 October 2013 A 13 2 c 1 1979 A 13 2 b c 1 2012 9 160 2 33 2 OECD 1 2 35.3 OECD 34 29 70.0 50.426 64.7 OECD 30.0 2.2 OECD GDP 2 0.5 31 31 OECD 1.1 45 3 3 1 1 2 200 400 2 1 2 400 600 600 800 13 2 c 2013

More information

1.indd

1.indd 14 15 6 april 6 16 17 18 april 18 april 18 19 28 april 20 21 28 april 22 23 21 may 24 25 10 june 21 may 26 27 10 june 28 29 12 june 30 31 12 25 june 32 33 25 34 35 4 july 37 36 38 39 25 july 25 july 40

More information

- October. FRB ECB GIIPS Greece, Ireland, Italy, Portugal, Spain QE ECB QE QE FRB S T-bill QE

- October. FRB ECB GIIPS Greece, Ireland, Italy, Portugal, Spain QE ECB QE QE FRB S T-bill QE VAR VAR - - October. FRB ECB GIIPS Greece, Ireland, Italy, Portugal, Spain QE ECB QE QE FRB S T-bill QE QE FRB VAR VAR - - October Okina and Shiratsuka Baba et al. Kimura and Small, a CPI VAR VAR - FRB

More information

*.E....... 139--161 (..).R

*.E....... 139--161 (..).R A Preliminary Study of Internationalization at the Local Level: The Case of Aikawa Town in Kanagawa Prefecture, Japan FUKUSHIMA Tomoko and FUJISHIRO Masahito In recent years, as foreign residents increase

More information

topics_040

topics_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

ABSTRACT The movement to increase the adult literacy rate in Nepal has been growing since democratization in 1990. In recent years, about 300,000 peop

ABSTRACT The movement to increase the adult literacy rate in Nepal has been growing since democratization in 1990. In recent years, about 300,000 peop Case Study Adult Literacy Education as an Entry Point for Community Empowerment The Evolution of Self-Help Group Activities in Rural Nepal Chizu SATO Masamine JIMBA, MD, PhD, MPH Izumi MURAKAMI, MPH Massachusetts

More information

Financing through Stadium Securitization \ Case Study of Professional Football Clubs in England \ õ Yoshiaki IIDA * Abstract The purpose of this study was to clarify the way in which the stadium securitization

More information

,

, , The Big Change of Life Insurance Companies in Japan Hisayoshi TAKEDA Although the most important role of the life insurance system is to secure economic life of the insureds and their

More information

untitled

untitled 2009 1 1975 1990 2000 1 GCC GCC GCC GCC 1970 GCC GCC GCC GCC 2 2 GCC GCC 2 1 (1) GCC 1 Dubai Islamic Bank Bank Dubay al-islāmī 1975 GCC 2 1977 Kuwait Finance House Bayt al-tamwīl al-kuwaitī 1979 Bahrain

More information

論文08.indd

論文08.indd * 1 はじめに,, TOPIX TOPIX, TOPIX TOPIX Shelor Anderson and Cross C Japan Society of Monetary Economics 図 1 東日本大震災前後の株価 (TOPIX) の推移 1,000 950 900 850 800 750 700 図 2 阪神大震災前後の株価 (TOPIX) の推移 1,650 1,550 1,450

More information

スリランカ経済の現状と今後の展望

スリランカ経済の現状と今後の展望 TEL 3-6733-17 E-mail chosa-report@murc.jp 1 / 21 216 9 6 29 TEL 3-6733-17 E-mail chosa-report@murc.jp 2 / 21 1, 2, 3, 4, 5, 6, IMF, World Economic Outlook Database, April 216 % 2% 4% 6% 8% 1% World Bank,

More information

和RIMNo.22高安氏.indd

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

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

46 RIM 2007 Vol.7 No HSBC WTO 2006

46 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

-February GDP GDP

-February GDP GDP -February GDP GDP - GDP. GDP GDP / GDP DI.. DI..,,. -February (2010=100) 115 110 105 100 95 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 800 350 750 700 300 650 600 250 550

More information

Security of Leasehold Interest -in cases of the False Housing Registries by Other Than the Lessee by Shin ISHIKAWA The House Protection Act 1909 in Japan, under which many lessees can be protected from

More information

- March

- March Grzegorz W. Ko odko TIGER - March - March - March - March - March - March - March - March - March Economist - March - March Economist - March PlanEcon - March - March - March - March - March

More information

04-北沢.indd

04-北沢.indd フィールドレポート: 世 界 の 人 口 70 億 人 に いま 私 たちが 考 えること 行 動 すること 83 70 1 2011 10 31 70 1 1974 IPPF International Planned Parenthood Federation, 40 15 49 13 1987 50 12 1999 60 2011 70 Table 1 84 20 70 70 1 84 Replacement

More information

地域経済圏の結成と直接投資の変化に関する調査研究

地域経済圏の結成と直接投資の変化に関する調査研究 19 1. FTA 1 2. 2 3. 4 4. 6 5. 10 6. 11 7. 13 8. 15 9. 19 10. 21 11. ASEAN FTA 22 12. 23 13. 24 14. 26 15. ASEAN 28 16. EU 29 - i - 1. 2007 33 2. (2008 34 3. ITI 2007 41 4. ITI () 2007 42 5. 53 JIDEA) 55

More information

Geograph. Rev. Japan A 82(4): (2009)

Geograph. Rev. Japan A 82(4): (2009) 82 4 332 345 2009 1 I Pearce 1995 49 Woo and Page 1999 Hwang et al. 2006 Smith 1977 Pearce 1995 6 Thurot 1 1991 4 WTO World Tourism Organization 19992020 1 6. 2% 2 332 1996 2002 2002 2005 2005 2005 2006

More information

わが国のコモディティ投資信託とETF

わが国のコモディティ投資信託とETF I ETF Nobuyoshi Yamori / 1990 IT 15 55% 1990 1 1 2 1 1 1 2007 5 034 2011 winter / No.390 2 19992007 7 50802008 1 122010 3 8 2011 [2009] 1 20 12.5 8.9 78.6 1290 7.9 4.3 87.8 815 5.2 4.2 90.5 537 21 2 2007

More information

デフレの定義(最新版).PDF

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

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

Repatriation and International Development Assistance: Is the Relief-Development Continuum Becoming in the Chronic Political Emergencies? KOIZUMI Koichi In the 1990's the main focus of the global refugee

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

サステナビリティ報告書

サステナビリティ報告書 Living and Working together for the common good. 1 Canon Sustainability Report 2003 Canon Sustainability Report 2003 2 3 Canon Sustainability Report 2003 Canon Sustainability Report 2003 4 93 94 95 96

More information

スウェーデンにおける勤労所得税額控除のワーキングプア対策としての可能性

スウェーデンにおける勤労所得税額控除のワーキングプア対策としての可能性 Yuka Matsuda / 1 2006 1994 12 2014 2007 2008 2009 2010 2014 2016 1 2 1 3 9 1 4 1 [2010]201 2 [2006] [2010] 3 [2003]333 028 Spring / Feb. 2018 / No.415 5 I 8 6 1 7 2006 1970 1980 2 4 1990 10 9 1998 20006

More information

untitled

untitled () No.4 2006 pp.50-61 1 1 ( 020-0193 152-52) 2004 2004 11 737 364 Yahoo! 35%2004 10% 39% 12%2003 15% 21% 2004 : Victoria(2001) 1989 Loma Prieta ( 2004) (disaster subculture)( 19972000 ) (2004)1997 7 10

More information

Association 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 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

Sport and the Media: The Close Relationship between Sport and Broadcasting SUDO, Haruo1) Abstract This report tries to demonstrate the relationship be

Sport and the Media: The Close Relationship between Sport and Broadcasting SUDO, Haruo1) Abstract This report tries to demonstrate the relationship be Sport and the Media: The Close Relationship between Sport and Broadcasting SUDO, Haruo1) Abstract This report tries to demonstrate the relationship between broadcasting and sport (major sport and professional

More information

IMF http : // htm

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

Jeffrey Sachs Chang(1998) Steven Radelet and Jeffrey Sachs (1998) 1999 IMF 1999 World Bank 1998 [ 1998 ] 2000 p [ 20

Jeffrey 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 information

M-JUSD2471b

M-JUSD2471b JUSD 2471b 2 www.pall.com 3 4 www.pall.com 5 6 www.pall.com 7 TM AllegroSystems The Single-Use Solution Visit us on the Web at www.pall.com/japan/biopharm.asp e-mail us at allegro@pall.com 163-1325 651TEL.03(6386)0995

More information

地域共同体を基盤とした渇水管理システムの持続可能性

地域共同体を基盤とした渇水管理システムの持続可能性 I 1994 1994 1994 1,176 1,377 1995, p.21; 1999 Kazuki Kagohashi / 10 1 1 1991 drought water bank 2013 466-8673 18 E-mail:kagohashi@gmail.com 1 355 10 2 Kondo 2013 136 2015 spring / No.403 2 1 1994 1995,

More information

remained dispersedly in the surrounding CBD areas. However, few hotels were located in the core of Sendai's CBD near the station because this area had

remained dispersedly in the surrounding CBD areas. However, few hotels were located in the core of Sendai's CBD near the station because this area had Journal of Geography 105(5) 613-628 1996 Locational Characteristics of Lodging Facilities in Sendai City Koumei MATSUMURA * Abstract The objective of this study is to examine the centrality of Sendai City

More information

No.8, (2007) Global Strategies of Tire Manufacturers for the Growing Economies of Eastern European and Latin American Countries USHIYAMA Yukio

No.8, (2007) Global Strategies of Tire Manufacturers for the Growing Economies of Eastern European and Latin American Countries USHIYAMA Yukio No.8, 241-252 (2007) Global Strategies of Tire Manufacturers for the Growing Economies of Eastern European and Latin American Countries USHIYAMA Yukio Nihon University, Graduate School of Social and Cultural

More information

Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat

Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat No,25-36(2005) Two Changes in Accounting Principles of Pension Plans British, or Americanthat is the question Masaharu Usuki Nihon University, Graduate School of Social and Cultural School, and NLI Research

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

ares_018

ares_018 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION May-June. 2003 1 3 5 11 20 35 37 38 44 58 65 72 80 91 95 104 107 112 2 ARES SPECIAL ARES SYMPOSIUM 2005 November-December. 2005 3 ARES SPECIAL 4 5 November-December.

More information

Oda

Oda No.53 pp.2334, 2017 Komazawa Journal of Geography Distribution of Christianity and the Division of the Region in Prewar Japan ODA Masayasu Oda1999 1. 18991939 1 2. 18991939 1918 3. 190019391939 4. 5. 6.

More information

2 146

2 146 28 2004 pp. 145 159 1 Received October 29, 2004 In 1999, North Korea reversed the negative economic growth of the 90s, and displayed a positive trend which, although weak, was maintained at 1.8% in 2003.

More information

- October / QQE GDP QE

- October / QQE GDP QE ................. - October / QQE GDP QE de facto / - October - - (y/y, %) 6 1 16 5 1 1 1 3 6 1 - - -1-6 - China Malaysia - -1 Indonesia Thailand -1 Korea HK (RHA) -3 5 7 9 11 13 15 Source: International

More information

Kyoto Sangyo University Slywotzky and Morrison 1997 Slywotzky ,2001, ,550 6, ,87

Kyoto Sangyo University Slywotzky and Morrison 1997 Slywotzky ,2001, ,550 6, ,87 1 2008 2 Slywotzky and Morrison 1997 Slywotzky 20021999 20041999,2001,2006 1999 3 3 1997 2007 10 2,550 6,674 2.6 1 2007 2,878 2 12007 2 15 658 39 20 3 13 2 OTC 8 2,294 6 6,108 3 6,911 4 10 15,900 5 9 17

More information

BJ-No.7 01 三好秀和.indd

BJ-No.7 01 三好秀和.indd Vol. 72013 1 1 AIJ 1 AIJ AIJ AIJ AIJ 1 2 3 4 AIJ 2 1986 1986 1 21986 2007 7 2 Vol. 7 3 4 1986 1986 5 5 6 31981 1984 1986 23 3 23 3 247 502 6 22 17 26.4 19.8 5 4 18 7 12 16 10915 200737 41 AIJ 52007 7 62011

More information

橡会計仮訳.PDF

橡会計仮訳.PDF 1999 7 Prof. Dr Arnold Schilder De Nederlandsche Bank, Amsterdam Mr. Nick Le Pan Office of the Superintendent of Financial Institutions, Ottawa Commission Bancaire et Financière, Brussels Office of the

More information

HP 76

HP 76 Sanno University Bulletin Vol.26 No. 1 September 2005 A Study on Discontinuing Service by the Government Housing Loan Corporation and the Activation of the Japanese Housing Loan Market Retail sections

More information

目次はじめにはじめに 1. 厳しい環境が続く韓国経済 世界同時不況の雇用面への影響 持続的成長に向けての政策課題 1 2 結びに代えて GDP.1 8 RIM 29 Vol.9 No.34

目次はじめにはじめに 1. 厳しい環境が続く韓国経済 世界同時不況の雇用面への影響 持続的成長に向けての政策課題 1 2 結びに代えて GDP.1 8 RIM 29 Vol.9 No.34 景気減速下の韓国における雇用問題 - 求められる雇用創出に向けた新たな成長戦略 要 旨 調査部環太平洋戦略研究センター 上席主任研究員 向山英彦 28 11 35 29 5 29 GDP.1 18.621.9 3.73.9 RIM 29 Vol.9 No.34 7 目次はじめにはじめに 1. 厳しい環境が続く韓国経済 1 2 3 4 2. 世界同時不況の雇用面への影響 1 2 3 3. 持続的成長に向けての政策課題

More information

130 Oct Radial Basis Function RBF Efficient Market Hypothesis Fama ) 4) 1 Fig. 1 Utility function. 2 Fig. 2 Value function. (1) (2)

130 Oct Radial Basis Function RBF Efficient Market Hypothesis Fama ) 4) 1 Fig. 1 Utility function. 2 Fig. 2 Value function. (1) (2) Vol. 47 No. SIG 14(TOM 15) Oct. 2006 RBF 2 Effect of Stock Investor Agent According to Framing Effect to Stock Exchange in Artificial Stock Market Zhai Fei, Shen Kan, Yusuke Namikawa and Eisuke Kita Several

More information

yasi10.dvi

yasi10.dvi 2002 50 2 259 278 c 2002 1 2 2002 2 14 2002 6 17 73 PML 1. 1997 1998 Swiss Re 2001 Canabarro et al. 1998 2001 1 : 651 0073 1 5 1 IHD 3 2 110 0015 3 3 3 260 50 2 2002, 2. 1 1 2 10 1 1. 261 1. 3. 3.1 2 1

More information

国連安全保障理事会の拒否権―安保理改革問題に関連して―

国連安全保障理事会の拒否権―安保理改革問題に関連して― 2004 9 21 59 1 59 190 148 2 2003 3 2 15 3 2 1 1 4 24 1 39 41 42 5 5 5 5 1 59 2. 2004.10.4. 3 4 5 79 4,1980.10,pp.35-36. 1 27 6 15 9 9 5 7 (the

More information

untitled

untitled 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

KII, Masanobu Vol.7 No Spring

KII, Masanobu Vol.7 No Spring KII, Masanobu 1 2 3 4 5 2 2.1 1945 60196075 19759019904 002 Vol.7 No.1 2004 Spring 1194560 1 1946 2 195328 3 4 1958 1960 2196075 5 6 7 8 1946 2 1972 1/23/4 1974 1968481973 1969 3197590 9 1980 1987 41990

More information

æ 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

untitled

untitled financial report - 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 - -

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

国際文化20号.indd

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

„h‹¤.05.07

„h‹¤.05.07 Japanese Civilian Control in the Cold War Era Takeo MIYAMOTO In European and American democratic countries, the predominance of politics over military, i.e. civilian control, has been assumed as an axiom.

More information

大学評価・学位研究 第8号

大学評価・学位研究 第8号 Research on the Current Situation of Joint Degree Programs in Japanese Graduate Schools KURIYAMA Naoko, SAITO Takahiro, MAYEKAWA Shin-ichi, MUTA Hiromitsu Research on Academic Degrees and University Evaluation,

More information

橡23山中麻里江.PDF

橡23山中麻里江.PDF 2003 PNAC 1 1 2 2 PNAC 1 PNAC 2 9.11 PNAC 3 4 PNAC 3 1 PNAC 2 3 9.11 Project for the New American Century 1 PNAC PNAC PNAC 1997 438 2 DC PNAC PNAC The Weekly Standard PNAC 3 2003 6 4 9.11 PNAC 2003 PNAC

More information

わが国証券市場、証券業界の戦後70年

わが国証券市場、証券業界の戦後70年 I 70 Kiyoshi Nikami / / 1 70 2 2 3 4 70 1 1987 1990 2 072 2015 winter / No.406 5 II 4 4 3 18 Loan Contractor 3 2011 6 391 2012 spring 70 073 4 4 originating Manager 4 M.H. 1965 6 1987 12 074 2015 winter

More information

~ ユリシーズ における語りのレベル Synopsis Who Is the Man in Macintosh? - Narrative Levels in Ulysses Wataru TAKAHASHI Who is the man in macintosh? This is a famous enigma in Ulysses. He comes out of the blue on the

More information

DSG Helping Customers Deliver - EU ENS - Global Filer

DSG Helping Customers Deliver - EU ENS - Global Filer EU ICS-ENS Proprietary and Copyright of The Descartes Systems Group Inc. All rights reserved. 1 SaaS 30 200966 201073.8 (Porthus) 22 6,800 600 Burnsville, MN Atlanta, GA Montreal, QC Ottawa, ON Toronto,

More information

Phonetic Perception and Phonemic Percepition

Phonetic Perception and Phonemic Percepition No.7, 587-598 (2006) The Historical and Social Significance of Foreign Brides in the Uonuma Region of Niigata Prefecture (1) TAKEDA Satoko Nihon University, Graduate School of Social and Cultural Studies

More information

自分の天職をつかめ

自分の天職をつかめ Hiroshi Kawasaki / / 13 4 10 18 35 50 600 4 350 400 074 2011 autumn / No.389 5 5 I 1 4 1 11 90 20 22 22 352 325 27 81 9 3 7 370 2 400 377 23 83 12 3 2 410 3 415 391 24 82 9 3 6 470 4 389 362 27 78 9 5

More information

untitled

untitled Bloomberg ARES Price Book-value Ratio J BA A * 201226 20 2241214 1 J 25 90 90 () 15 10090 10090 () 147 A A B B A A B B A A B ToSTNet 2 2-3 2 4-6 191 9 192 11 1 p16 H20.12 H20.11 H20.10 H20.3 H19.11

More information

de facto GDP 10 2 IMF remittance ODA FDI % ,701 2, ,620 2,

de facto GDP 10 2 IMF remittance ODA FDI % ,701 2, ,620 2, Iguchi Yasushi 1 21 7 1997 2001 WTO fragmentation ASEAN 32006 55% NAFTA 1 on-shoring off-shoring 2 No. 574 2008 9 13 de facto 2 21 2001 05 1 5 1 3 600 4 1GDP 10 2 IMF remittance ODA FDI 5 1 2000 2005 1000

More information