商学 ６５‐５☆／１４．植田
|
|
|
- あゆみ いなおか
- 5 years ago
- Views:
Transcription
1 708
2 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
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 2007 Meirelles and Lima 2006 Nishi 2011! R L I F 6! R L I F 33! L I F R g r K il 7 g r i g I/K, r R/K,
4 711 F il K 3 δ L/K R"I F! or L!0 r iδ"g 8 R I F or! I L 0 r iδ g 9 R F or! L I r iδ K δ 3
5 δ 1 1!
6 ! Minsky
7 714 MM
8 Minsky V1 1 Schumpeter 1939 Minsky
9 IT V2 a b
10 Mortgage Bank
11 718 FRB 2000 IT FRB 6.5 FF FRB Taylor Rule Taylor Rule Taylor 1993 FF GDP FF Marc 2012 Taylor Rule FF Taylor Rule FF FRB, Flow of Fund
12 719 4 Tymoigne Taylor Rule Marc 2012 FF 4!
13 720 RMBS Residential Mortgage Backed Securities CDO Collateral Debt Obligation Senior Mezzanine Equity 3 Tranche CDO ABS Asset Backed Securities MBS 60 7 ABS ABS http : //
14 721 7 ABS http : // 5 6 FRB ABS BIS
15
16 723 3 SIV Structured Investment Vehicle SIV SIV SIV ABCP Asset Backed Commercial Paper SIV SIV ABCP SIV SIV RMBS CDO ABCP SIV
17 724 8 Liquid Assets Mortgage+ Consumer Debt Mortgage Debt (dashed) Net Liquid Assets = Liquid Assest -All Debt Duca and Muellbauer SIV 9 SIV SIV
18 725 9 Rosen BIS
19 Inerest Only Payment Option ARM FDIC Inerest Only ARM Payment Option Adjustable Rate Mortgage ARM 10 ARM Interest Only FRM : Fixed Rate Mortgage Adustable Rate Mortgage 2007 ARM FRM ARM 11
20 Tymoigne 2009 FRM ARM Alt- A Tail Risk
21
22 pp pp Charles, S a Corporate Debt, Variable Retention Rate and the Appearance of Financial Fragility, Cambridge Journal of Economics, Vol.32, No.5, pp Charles, S b A Post Keynesian Model of Accumulation with a Minskyan Financial Strucure, Review of Political Economy, Vol.20, No.3, pp Duca, J. and J. Muellbauer 2012 Tobin Lives : Integrating Evolving Credit Market Architecture into Flow of Funds Based Macro Models Discussion Paper Series, No.622, Department of Economics, University of Oxford. FDIC 2006 FDIC Outlook, Summer FDIC 2013 Quarterly Banking Profile, March 2013 Foley, D Liquidity-Profit Rate Cycle in a Capitalist Economy, Journal of Economic Behavior and Organization, Vol.8, No.3, pp Foley, D Financial Fragility in Developing Economies, in A. K. Dutt and J. Ros eds, Development Economics and Structuralist Macroeconomics, Edward Elgar, pp FRB 2013 Dodd Frank Act Stress Test 2013 : Supervisory Stress Test Methodology and Results, March Keen, S Household Debt : The Final Stage in an Artificially Extended Ponzi Bubble, Australian
23 730 Economic Review, Vol.42, No.3, pp Lima, G. T and A, Meirelles 2007 Macrodynamics of Debt Regimes, Financial Instability and Growth, Cambridge Journal of Economics, Vol.31, No.4, pp Marc, L Evaluating the Current Stance of Monetary Policy Using a Taylor Rule, Congressional Research Service, Meirelles, A. and G. T. Lima 2006 Debt, Financial Fragility and Economic Growth : A Post Keynesian Macromodel, Journal of Post Keynesian Economics, Vol.29, No.1, pp Minsky, H. P John Maynard Keynes, Columbia University Press 1988 Minsky, H. P Can It Happen Again?, M. E. Sharpe Inc 1988 Minsky, H. P Stabilizing an Unstable Economy, Yale University 1989 Nishi H A Dynamic Analysis of Debt-Led and Debt-Burned Growth Regimes with Minskian Financial Structure, Metroeconomica, Vol.63, No.4, pp Rosen, R. J Competition in Mortgage Markets ; The Effect of Lender type on Loan Characteristics, Economic Perspectives 1 Q, Federal Reserve Bank of Chicago. Schumpeter, J. A The Theory of Economic Development, Duncker & Humblot Schumpeter, J. A BUSINESS CYCLES, McGraw-Hill 1958 Schumpeter, J. A Capitalism, Socialism and Democracy, Harper & Brothers Taylor, J. B Discretion versus Policy Rules in Practice, Carnegie-Rochester Conference Series on Public Policy 39. Taylor, J. B A Historical Analysis of Monetary Policy Rule, NBER Working Paper Series, No Toporowski, J Financial Markets and Financial Fragility, Edward Elgar Publishing. Tymoigne, E The U. S. Mortgage Crisis : Subprime or Sysytematic?, in Gregoriou, G. N. ed, Banking Crisis Handbook, CRC Press Inc. Tymoigne, E Detecting Ponzi Finance : An Evolutionary Approach to the Measure of Financial Fragility, Working Paper No.605, Levy Economics Institute. Tymoigne,E.andWray,L.R The Rise and Fall of Money Manager Capital Minsky s Capitalism- Minsky s Half Century from World War Two to the Great Recession, Routledge.
商学 ６６‐６☆／７．松浦
1139 2008 9 2008 9 FRB : Federal Reserve Board FRB FRB 1140 1 2008 9 1 1999 2013 Bureau of Economic Analysis, Survey of Current Bunisess, International Data http : //www.bea.gov. 2014 8 10 1141 2000 1
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
金融システムレポート（2008年3月号）
inancial ystem eport 1 Box 1 5 1 1 1 1 3 17 5 7 Box 9 Box 3 3 Box 3 Box 5 36 Box 6 38 Box 7 1 1 1 3 3 5 Box 8 58 Box 9 6 6 1 6 66 Box 1 7 7 1 3 Box 1 7 7 8 1 1 3 Box Box 1 B1-1 B1-1 origination distribution
03.™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.
大垣尚司 １８９‐２１４／１８９‐２１４
GSE GSE (government sponsored entities) GSE RMBS GSE GSE GSE CRT GSE GNMA (Government National Mortgage Association) Fannie Mae Freddie MacGSE [government sponsored entities] (Federal Home Finance Agency,
Public 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
[17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2
![[17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2](/thumbs/91/105001680.jpg "[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%
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
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]
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
Keynes 1936 Tobin 1 Hicks 1937 Keynes IS LM 2 IS LM 3 IS LM Keynes Keynes animal spirits
43 2000 17 28 Masahiro NAKANO 2.1 Keynes 2.2 3.1 3.2 43 2000 Keynes 1936 Tobin 1 Hicks 1937 Keynes IS LM 2 IS LM 3 IS LM Keynes Keynes animal spirits Keynes IS LM 1990 Keynes 1980 90 2 1 43 2000 Keynes
p *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
( ) 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
FRB EU EU.GM JFE AIG HD
FRB EU EU.GM JFE AIG HD BNP CEO JP AIG S & LSaving and Loan Association S & L SIVStructured Investment Vehicle FRB IMF OECD IMF CDS Crejit Default Swap CDOCollateralized Debt Obligation AIG CDS SIV CDO
担保報告書.PDF
(1) (2) (1) (2) 1 (1) (2) (1) (2) (1) (2) TOB (1) (2) 2 (1) (2) (1) (2) (1) (2) (3) (1) (2) (3) (1) (2) TOB (1) (2) (1) (2) 3 4 80 90 5 10 1 1 3 Q2 57.6% 47.5% 44.8% Q3 94.1%Q5 6 CP Commercial Paper 11
ＧＤＰ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
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
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.
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)
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:
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
カレツキアン2階級モデルにおける所得分配と経済変動 (マクロ経済動学の非線形数理)
$\dagger$ 1768 2011 125-142 125 2 * \dagger \ddagger 2 2 $JEL$ : E12; E32 : 1 2 2 $*$ ; E-mail address: tsuzukie5@gmail.com \ddagger 126 Keynes (1936) $F\iota$ Chang and Smyth (1971) ( ) Kaldor (1940)
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.
Title Author(s) Kobe University Repository : Kernel 流 動 性 危 機 : レパレッジとモニタリング (< 特 集 > 世 界 金 融 危 機 )(Liquidity Crisis : Leverage and Monitoring ( World Financial Crisis)) 丸 茂, 俊 彦 Citation 国 民 経 済 雑 誌,203(1):107-119
, 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
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)
........,.,.,..,.,.,.,.,.,.,.,., 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
untitled
The theory of investment, effective demand, and effective supply MURASE Naoyuki 2008 GDP 90 1970 80 Leijonhufvud, A.xel(1968) IS-LM IS-LM (1936) 3 N Z N proceeds; N D N (1936) 7 (1952) 1936 f(n) (N) N
1990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
12056286_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
物価指数の計測誤差と品質調整手法：わが国CPIからの教訓
CPICPI CPI CPI CPI CPI Economic Perspective Shiratsukaa Consumer Price IndexCPI CPI CPI CPI CPI Advisory Commission to Study the Consumer Price Index 1996Shiratsuka 1999bHoffmann 1998Cunningham 1996 Crawford
OSIPP40_p1_2.eps
2006 年 秋号 No.40 1 2 Asia-Pacific Financial Markets Review of Pacific Basin Financial Markets and Policies Studies on a Second Generation of Disequilibrium Economics International Economic Integration and
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
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
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─
IMES DISCUSSION PAPER SERIES Discussion Paper No. 2007-J-20 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 30 http://www.imes.boj.or.jp IMES Discussion Paper Series 2007-J-20 2007
Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): Issue Date URL Right
Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): 54-76 Issue Date 1996-07 URL https://doi.org/10.14989/45083 Right Type Departmental Bulletin Paper Textversion publisher
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
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,
野村資本市場研究所｜国際基準との調和も踏まえた米国SIFI規制（PDF）
SIFI 1. FRB 2011 12 20 500 FRB SIFI 500 FRB 2. SIFI FRB G-SIB 2016 LCR NSFR 3. SIFI 25 SIFI 10 2 SIFI 4. SIFI 83 2012 Winter FRB FRB 2011 12 20 1 SIFIFRB 2011 4 6 2012 165 (a) interconnected 500 bank holding
時間割引：双曲割引と弱加法性
Discussion aper No. 666 June 2006 The Institute of Social and Economic Research Osaka University 6-1 Mihogaoka, Ibaraki, Osaka 567-0047, Japan Time Discounting: Declining Impatience and Interval Effect
-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
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
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
6) 7) MBO management buy-out 2 necessity sufficiency ) 21
1) 1997 15 02 03 751 1998 8 9 04 1996 16.1% 17.5% 26.9% 64.9% 63.3% 48.9% 2) 02 54.8% 59.0% 61.8% 78.6% 46.5% 1996 17.8% 19.9% 18.7% 42% 11.9% 3) 4) 01 3 1 3 2 03 04 1 TCL 5) Vol. 52, No. 4, October 06
Kobe 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
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
19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
2 2 3 4 5 5 6 10 14 17 18 18 20
1. 1990 2001 38 02 2. 90 3. 00 3 4. 02 5.5 3.6 2 5. 02 03 GDP 0 2 2 3 4 5 5 6 10 14 17 18 18 20 1930 50 81090 10 2001 38 2.2 2.301 7 02 3.603 5 3.5 FRB03 2 11 BS BS BS 90 1 Personal Income and Its Disposition
わが国企業による資金調達方法の選択問題
* takeshi.shimatani@boj.or.jp ** kawai@ml.me.titech.ac.jp *** naohiko.baba@boj.or.jp No.05-J-3 2005 3 103-8660 30 No.05-J-3 2005 3 1990 * E-mailtakeshi.shimatani@boj.or.jp ** E-mailkawai@ml.me.titech.ac.jp
46−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
02.„o“φiflì„㙃fic†j
X-12-ARIMA Band-PassDECOMP HP X-12-ARIMADECOMP HPBeveridge and Nelson DECOMP X-12-ARIMA Band-PassHodrick and PrescottHP DECOMPBeveridge and Nelson M CD X ARIMA DECOMP HP Band-PassDECOMP Kiyotaki and Moore
株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─
q E-mail: kenji.nishizaki@boj.or.jp E-mail: kurasawa@ynu.ac.jp OECD Vives Tirole Shleifer and Vishny q %% %% % % Allen and Gale %% % Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno
, 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,,
Y-...W
259 21 1 1 2003 2 1 2 1 15 22 260 56 3 2 2. 1 2. 2 2. 3 2. 4 3 3. 1 3. 2 4 2 2. 1 1965 1999 2 Brick, Frierman, and Kim 1998 Choate 1997Fischer, Heinkel, and Zechner 1989 Gilson 1997 Mauer and Triantis
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
Jorgenson F, L : L: Inada lim F =, lim F L = k L lim F =, lim F L = 2 L F >, F L > 3 F <, F LL < 4 λ >, λf, L = F λ, λl 5 Y = Const a L a < α < CES? C
27 nabe@ier.hit-u.ac.jp 27 4 3 Jorgenson Tobin q : Hayashi s Theorem Jordan Saddle Path. GDP % GDP 2. 3. 4.. Tobin q 2 2. Jorgenson F, L : L: Inada lim F =, lim F L = k L lim F =, lim F L = 2 L F >, F
遺産相続、学歴及び退職金の決定要因に関する実証分析 『家族関係、就労、退職金及び教育・資産の世代間移転に関する世帯アンケート調査』
2-1. (2-1 ) (2-2 ) (2-3 ) (Hayashi [1986]Dekle [1989]Barthold and Ito [1992] [1996]Campbell [1997] [1998]Shimono and Ishikawa [2002]Shimono and Otsuki [2006] [2008]Horioka [2009]) 1 2-1-1 2-1-1-1 8 (1.
わが国のレポ市場について―理論的整理と実証分析―
GCGC SC GCSC SC SC E-mail: yasunari.inamura@boj.or.jp E-mail: naohiko.baba@boj.or.jp GC general collateralscspecial collateral Griffiths and Winters GCFF Jordan and JordanDuffie matched book GC GC SC DuffieKrishnamurthy
Microsoft Word - Šv”|.DOC
ª ª * E-mail : shinobu.nakagawa@boj.or.jp ** E-mail : tomoko.katagiri@boj.or.jp i ii iii 1-1 70 6 2 90 1 1 1-2 90 2 3 90 1-1 70 3 1 2 93 97 98 98 98 98/4 3 1 1-2 35 1 80 90 25060 510 4 4 90 5 6 or 7 1
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
shuron.dvi
01M3065 1 4 1.1........................... 4 1.2........................ 5 1.3........................ 6 2 8 2.1.......................... 8 2.2....................... 9 3 13 3.1.............................
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
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
Autumn 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
Microsoft Word - 査読SP問題110510RR.doc
JAVCERM Journal [] 2 # 2011_01_Ronko 2010 1 4 2011 5 12 1 2 2 1999 National Bank of Keystone(Keystone), Pacific Thrift and Loan(PLT) FDIC CAMEAL 20 20 1 11 6 2.2 2000 Greenspan FRB 2000 IT IT Greenspan[2004]
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
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.....
Microsoft Word - Šv”|“Å‘I.DOC
90 ª ª * E-mailshinobu.nakagawa@boj.or.jp i ii iii iv SNA 1 70 80 2 80 90 80 80 90 1 80 90 98 6 1 1 SNA 2 1 SNA 80 1SNA 1 19931998 1 2-190 1,2 2 2-2 2-3,4 3 2-5 4 2030 2-3 3 2-15 97 20 90 2-15 9198 1.
表紙＿目次.PDF
JIL 2 1980 vol.3 15 3 1 3 15 18 IT 26 28 33 20 OECD 80 90 (1998) (2000) 2 Aghion et al. (1999) OECD 1970 1 2 70 1980 90 1.1 Kuznets U inverted U-shaped hypothesis GNP U 1 18901940 6 3 Kuznets(1955) (1963)
Constitution State colonies Provisions State Nutmeg State Land of Steady Habits Quinnehtukqut Quinnihtukqut Nautilus American Turtle Yankee Omi Omi Shonin Edo The Theory of Environmental Policy A Listing
- 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 *
keyneshicks4.dvi
IS-LM 2008 11 29 1 IS-LM 2 1.1...................................... 2 1.2...................................... 4 1.3......................................... 5 1.4 IS-LM: 1......................................
Winter 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
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
untitled
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),
001-002/2
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
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
Journal of Economic Behavior & Organization Quarterly Journal of Economics Review of Economics and Statistics Internal Labor Markets and Manpower Analysis Economics of Education Review Journal of Political
<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
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%
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 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
中田真佐男 ３２３‐３５２／３２３‐３５２
IT FinTech Finance Technology e SNS (AI) (2013) (2015) ATM IC EMV VISA MasterJCB VISA Master (Union Pay) VISA Master JCB J-Debit J-Debit VISA IC Alipay QR POS nanaco WAON EdyJR Suica PASMO au Master au
1 1 1 [2000]
![1 1 1 [2000]](/thumbs/88/114894310.jpg "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
Œ{Ł¶†^›Í‰{’MŸY
Troubled Assets MBS LIBOR The Economist 2008.10.8 the self-destructive power Appendix Appendix cf GDP IT IT GDP ISDA CDS CDS ISDA CEO GDP GDP Greenspan Concedes Error on Regulation FRB FRB self-correcting
_07.indd
中央大学経済研究所年報第 45 号 (2014)pp.143-160 2014 金融政策とタイム ラグ ( 浅田 松本 ) 143 非線形経済理論研究会 In this paper, we study how the time lag that is related to the monetary policy influences on dynamic stability of the macroeconomic
野村資本市場研究所｜ベイルインの導入に向けた検討－破綻時に債権の損失吸収を図る新たな措置－（PDF）
1. SIFI 2. EU 1 FDIC G20 FSB 3. 4. FSB 2012 8 G20 88 2012 6 EU EU bail-in 1 ICB 2 write-down SIFI SIFI SIFI bail-out SIFI G20 too big to fail 2010 6 G20 SIFI 1 3 2011 11 FSBG20 1 2 3 2012 ICB PLAC 2011
1 2 1
2005 3 1 24 48 54 66 http://www.dic.go.jp/) 1 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 3 20 21 22 23 1 46 1971 7 1 100 61 1,000 13 16 17 3 10.4 2 15 3.5 5.3 1.8 8.6 1 E-mail: nobusuke-tamaki@dic.go.jp)
Global SFxxx.indd
Global Structured Finance 'AAA' And Investment-Grade Annual Default Rate (%) 9 8 7 6 5 4 3 2 1 0 2010 Investment-grade default rate Investment-grade default and near-default rate 'AAA' default rate 'AAA'
ボーナス制度と家計貯蓄率－サーベイ・データによる再検証－
ESRI Discussion Paper Series No.139 by May 2005 Economic and Social Research Instute Cabinet Office Tokyo, Japan * 400 : JEL classification: D12, E21 * 186-8603 2-1 042-580-8369 FAX 042-580-8333 1 Abstract
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
Masahiro NAKANO Keynes benchmark Keynes 89
89 102 Masahiro NAKANO Keynes benchmark Keynes 89 ( )IS LM Keynes Hicks IS LM Phillips stylized fact ( ) ( ) 90 Keynes 3 superneutrality 4 RBC 2 1 (i) (ii) (a) (b) (c) 3 Keynes 91 Walras Keynes Say s law
Stepwise Chow Test * Chow Test Chow Test Stepwise Chow Test Stepwise Chow Test Stepwise Chow Test Riddell Riddell first step second step sub-step Step
Stepwise Chow Test * Chow Test Chow Test Stepwise Chow Test Stepwise Chow Test Stepwise Chow Test Riddell Riddell first step second step sub-step Stepwise Chow Test a Stepwise Chow Test Takeuchi 1991Nomura
DP doc
Doshisha University Life Risk Research Center Discussion Paper Series No. 2009-02 *1 *2 2009 3 ( ) CVM Festival owns various kinds of effects on the development of local community, such as aspiring people,
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:
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.........................
RIETI Highlight VOL.25
RIETI Highlight 2009 SUMMER 25 VOL. Research Digest RIETI 2009 SUMMER VOL. 25 Highlight 1 2 3 5 8 10 12 13 14 19 ResearchDigest 20 24 28 32 36 38 40 41 42 44 45 RIETI Topics 01 CONTENTS 02 RIETI Highlight
IMES DISCUSSION PAPER SERIES Discuss ssion Paper No. 98-J-2 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 203 IMES Discuss ssion Paper Series 98-J-2 1998 1 VaRVWAP E-mail: ohsawa@boj.co.uk
村本 孜７１‐８９／７１‐８９
MERITUM RICARDIS OECD https://www.jicpa knk.ne.jp/download/image/index.html EU (intellectual capital rating) BCP OECD IR ex.) ex.) ex.) ex.) http://www.meti.go.jp/policy/intellectual_assets/index.htm (intellectual
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.