国際流動性に関する財政的側面について

Size: px
Start display at page:

Download "国際流動性に関する財政的側面について"

Transcription

1 IMF SDR IMF obstfeld@econ.berkeley.edu / /

2 Goodhart [1999] IMF /

3 international reserve 1 D 35 1 D Eichengreen [2011] % 28% 1 D 35 Special Drawing Right: SDR SDR Zhou [2009] SDR 1969 IMF SDR IMF IMF SDR IMF quota SDR IMF SDR 37

4 SDR SDR ABS Bernanke et al. [2011] /

5 br/bop/index.htm/ and _report_e.html

6 ABS McGuire and von Peter [2009] Lane and Milesi-Ferretti [2007] 2 1 financial deepening Obstfeld [2004] intratemporal trade intertemporal trade Reinhart, Rogoff, and Savastano [2003] 40 /

7

8 IMF ECB EFSF % 2 2 ECB 42 /

9 1970 IMF Obstfeld, Shambaugh, and Taylor [2010] GDP

10 3 IFS International Financial Statistics WEO World Economic Outlook Databases exorbitant privilege 44 /

11 Farhi, Gourinchas, and Ray [2011] Gorton and Pennacchi [1990] AAA

12 IMF IMF Flexible Credit Line Precautionary Credit Line IMF IMF IMF IMF 2007 IMF BIS 6 outside liquidity IMF Truman [2008, 2010] Obstfeld [2009] Farhi, Gourinchas, and Rey [2011] IMF 6 IMF BIS BIS IMF 46 /

13 IMF European Stability Mechanism Juncker and Tremonti [2010] free riding 5. SDR IMF 8 SDR SDR 8 SDR 6% % 4 SDR 1 SDR SDR SDR IMF BIS SDR 47

14 4 SDR IFS SDR SDR SDR SDR 52 SDR SDR IMF 4 SDR 7 SDR IMF SDR 48 /

15 SDR SDR Eichegreen [2011] IMF SDR SDR IMF SDR SDR IMF SDR Kenen [2010] IMF IMF official runs IMF systemic financial stability SDR SDR SDR Triffinesque IMF 8 SDR SDR SDR 8 Truman [2008, 2010] SDR outside supply 8 SDR 49

16 SDR IMF IMF SDR Truman SDR Truman SDR SDR SDR SDR 6. SDR IMF IMF IMF IMF IMF 50 /

17 Schoenmaker [2011] 51

18 Bernanke, B. S., C. Bertaut, L. P. DeMarco, and S. Kamin, International Capital Flows and the Returns to Safe Assets in the United States, , Financial Stability Review, Banque de France, February 15, 2011, pp Eichengreen, B., Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, New York: Oxford University Press, Farhi, E., P.-O. Gourinchas, and H. Rey, Reforming the International Monetary System, mimeo, 2011 (available at FGR_march2011.pdf). Goodhart, C. A. E., Myths about the Lender of Last Resort, International Finance, 2 (3), 1999, pp Gorton, G., and G. Pennacchi, Financial Intermediaries and Liquidity Creation, Journal of Finance, 45 (1), 1990, pp Juncker, J.-C., and G. Tremonti, E-Bonds Would End the Crisis, Financial Times, December 5, Kenen, P., An SDR Based Reserve System, Journal of Globalization and Development, 1 (2), 2010, Article 13 (available at iss2/art13). Lane, P. R., and G. M. Milesi-Ferretti, The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, , Journal of International Economics, 73 (2), 2007, pp McGuire, P., and G. von Peter, The US Dollar Shortage in Global Banking and the International Policy Response, BIS Working Paper No. 291, Bank for International Settlements, October, Obstfeld, M., External Adjustment, Review of World Economics, 140 (4), 2004, pp , Lenders of Last Resort in a Globalized World, Monetary and Economic Studies, 27, Institute for Monetary and Economic Studies, Bank of Japan, 2009, pp (available at fmes.html)., J. C. Shambaugh, and A. M. Taylor, Financial Stability, the Trilemma, and International Reserves, American Economic Journal: Macroeconomics, 2 (2), 2010, pp Reinhart, C. M., K. S. Rogoff, and M. A. Savastano, Debt Intolerance, Brookings Papers on Economic Activity, 34 (1), 2003, pp Schoenmaker, D., The Financial Trilemma, Economics Letters, 111 (1), 2011, pp /

19 Truman, E. M., On What Terms Is the IMF Worth Funding? Working Paper No , Peterson Institute for International Economics, 2008., The IMF as an International Lender of Last Resort, Real Time Economic Issues Watch, Peterson Institute for International Economics, October 12, 2010 (available at Zhou, X., Reform the International Monetary System, mimeo, 2009 (available at 53

20 54 /

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

GDPギャップと潜在成長率

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

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

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

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

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

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

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

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

調査レポート

調査レポート 2011 8 19 2009 2011 2.4 108-8248 2-16-4 TEL03-6711-1250 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% 1/20 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14% -16% -18% 2/20 35% 30% 25%

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

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

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

-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

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

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

開発金融増刊号

開発金融増刊号 4 6 Y = f (, E, Y E ( Y E = α ( E α we py α 0 β E ( ( E β ( E β 6 ( = ( α β ( E β 8 i Y i f i, E i, i 9 Y = α α ( α E α S E 0 ( β β E β E( β E β β6 ( we Y = = = α β E py E β ( β Y Y B Y A r / pr p Y

More information

untitled

untitled 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 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

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

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

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

和RIM28_向山氏.indd

和RIM28_向山氏.indd 9ASEAN 23 2615.314.7EU 12.3 27.1 223 2638.1 M&A45.3 2.6 CIS97.5 2 ASEAN 26 RIM 28 Vol.8 No.28 13 1 2 1 2 1 2 1 2 8 9 14 RIM 28 Vol.8 No.28 ASEAN 2 28 GDP 15 2 199798 5 5 15 1997 98 99 2 1 2 3 4 5 6 World

More information

野村資本市場研究所|日本の高度経済成長を支えた財政投融資の意義と教訓-アジアで応用する場合のヒント-(PDF)

野村資本市場研究所|日本の高度経済成長を支えた財政投融資の意義と教訓-アジアで応用する場合のヒント-(PDF) 2013 Summer 1. 2. 3. 4. 1 2013 Summer 1 2 2 1 2010 2020 11 8 2 7,260 300 2007 7,000 3 1 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% 1953 1965 1980 1995 2004 2007 2010 100 90 80 70 60 50 40 30 20 10

More information

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─

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

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 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

調査レポート

調査レポート BRICs 2005 EU 1970 2001 2001 IMF 2002 2001 2003 2007 7 2008 10-12 2009 1-3 14.3 2009 1-3 EU EU EU EU EU 2010 EU EU BRICs 2 0 20 40 60 80 0 5,000 10,000 15,000 20,000 World Development Report 2009 2005

More information

18lacs.dvi

18lacs.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 information

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

More information

中国の家計所得と消費構造に関する分析

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

1990年代以降の日本の経済変動

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

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

, 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

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

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

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

アジ研教科書「マクロ安定化」.PDF

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

第2章 経済成長と所得分配: マレーシアの事例を中心に

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 information

46−ª3�=4�“ƒ‚S“·‚Ö‡¦

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

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

- 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

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

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)

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

More information

Non-Deliverable Forwards NDF BIS BIS

Non-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

- 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

untitled

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),

More information

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

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

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

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

OSIPP40_p1_2.eps

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

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

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

Value Added Tax VAT Mirrlees, J. VAT The Mirrlees Review The Structure and Reform of Direct Taxation Report of a Committee chaired by Professor J. E. Meade Dimensions of Tax Design Mirrlees 2010 Tax by

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

IMF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

IMF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 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

43 2000 1964 65 possibilism 1 30 2 3 4 Development Projects Observed 5

43 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 information

わが国のレポ市場について―理論的整理と実証分析―

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

More information

Ⅱ 国際収支とグローバルインバランス

Ⅱ 国際収支とグローバルインバランス Ⅱ 国際収支とグローバルインバランステキスト :pp.18-37, p.238-1.bpm6に準拠した新国際収支統計 2. 国際投資ポジション 3. 対外インバランスと金融グローバル化の指標 1 国際収支統計と国民経済計算 国際収支統計 IMF 国際収支マニュアル第 5 版 (1993)=BPM5 によって 国際的に共通かつ比較可能な方法で作成 http://www.imf.org/external/np/sta/bop/bopman.pdf

More information

個人消費支出からみた戦間期の景気変動:LTES個人消費支出の再推計

個人消費支出からみた戦間期の景気変動:LTES個人消費支出の再推計 LTES LTES LTES 1 GNE GDP GDP 1920 LTES GDP LTES 1931 GDP 76 Hi-Stat E-mail: kiyohito.utsunomiya@boj.or.jp / /2009.3 73 1. Long-Term Economic Statistics LTES 1 1971 LTES 2 LTES LTES System of National Accounts

More information

18 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

18 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 information

商学 65‐5☆/14.植田

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 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

産業・企業レベルデータで見た日本の経済成長.pdf

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 information

5 I The Current Situation and Future Prospects of the North Korean Economy presented at the 2014 Korea Dialogue Conference on Strengthenin

5 I The Current Situation and Future Prospects of the North Korean Economy presented at the 2014 Korea Dialogue Conference on Strengthenin 5 I. 3 1 1990 2 The Current Situation and Future Prospects of the North Korean Economy presented at the 2014 Korea Dialogue Conference on Strengthening North Pacific Cooperation organized by the East-West

More information

商学 66‐5☆/5.鳥谷

商学 66‐5☆/5.鳥谷 655 2008 9 6 FRB ECB Quantitatively Easing Policy, QE QE 21 Epstein 1 Financialization1960 Epstein 12 p.3. Epstein rentier class 37 9! 656 70 2 inter-nationalization Epstein financial motives 3 Epstein

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

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

目次 1. 安定成長を続ける経済 2. 顕在化した不動産市況悪化の影響 住宅問題とニュータウン開発 本格化する政府の対策と今後のリスク 1 2 結びに代えて RIM 211 Vol.11 No.41

目次 1. 安定成長を続ける経済 2. 顕在化した不動産市況悪化の影響 住宅問題とニュータウン開発 本格化する政府の対策と今後のリスク 1 2 結びに代えて RIM 211 Vol.11 No.41 韓国の不動産市況悪化と政府の対応 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 21 6.2 25 9 2 21 211 211.52 23 2.12.6 21 11 RIM 211 Vol.11 No.41 1 目次 1. 安定成長を続ける経済 2. 顕在化した不動産市況悪化の影響 1 2 3. 住宅問題とニュータウン開発 1 2 3 4. 本格化する政府の対策と今後のリスク

More information

7 9 IRGC: Islamic Revolutionary Guard Corps N

7 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 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

% OFHEO Office of Federal Housing Enterprise Oversight ODPM Office of the Deputy Prime Minister's INSEE (2004 ) PCEOECDE

% OFHEO Office of Federal Housing Enterprise Oversight ODPM Office of the Deputy Prime Minister's INSEE (2004 ) PCEOECDE GDP 7 OFHEO 2005 3 272.89 1980 100 12.0 5 55.3 3 2 1 1979 2004 2 6 2000 68 14.0% 12.0% 10.0% 90 2.75 2005 3.4 8.0% 1 6.0% 4.0% 30.3 2.0% DC 20 0.0% OFHEOHouse Price Index 1995 1996 1997 1998 1999 2000

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

, FAD FAD FED FAO FAO WFP 1999 NGO ) 1. FAD FAD 1999 Lee, FAD % national coping s

, FAD FAD FED FAO FAO WFP 1999 NGO ) 1. FAD FAD 1999 Lee, FAD % national coping s 20 30 280 350 1995 Devereux, 1988: 270 282 Food Availability Decline: FAD Food Entitlement Decline: FED FAD FAD FED 2000, 2002 FAD FAD FAD FED FAD Lee, 2003 FED 1999 59 2000 2000, 2001 2002 FAD FAD FED

More information

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)

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

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

バーリ&ミーンズの株式会社論

バーリ&ミーンズの株式会社論 The Modern Corporation and Private Property The Modern Corporation and Private Property The journal of Law and Economics Harvard Law Review The Modern Corporation and Private Property Harvard

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

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

表紙_目次.PDF

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)

More information

目次はじめに 1. 為替相場改革の概要と改革後のチャット相場 今後の為替相場 為替相場の安定性向上に向けた取り組み おわりに はじめに a 211 RIM 214 Vol.14 No.52 41

目次はじめに 1. 為替相場改革の概要と改革後のチャット相場 今後の為替相場 為替相場の安定性向上に向けた取り組み おわりに はじめに a 211 RIM 214 Vol.14 No.52 41 要 旨 調査部 研究員 熊谷章太郎 212 213 FEC 213 12 213 5, ODA 4 RIM 214 Vol.14 No.52 目次はじめに 1. 為替相場改革の概要と改革後のチャット相場 1 2 3 2. 今後の為替相場 1 2 3. 為替相場の安定性向上に向けた取り組み 1 2 3 おわりに はじめに 211 213a 211 RIM 214 Vol.14 No.52 41 1.

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

74-2 岩間

74-2 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 information

2) 3) 2) Ohkusa, 1996 ; 1999 ; Ohtake and Ohkusa, 1994 ; La Croix and A. Kawamura, Reject American Economic Review, Journal of Political Econom

2) 3) 2) Ohkusa, 1996 ; 1999 ; Ohtake and Ohkusa, 1994 ; La Croix and A. Kawamura, Reject American Economic Review, Journal of Political Econom 1) IOC Major League Baseball s MLB Blue Ribbon Panel Levin et al. 1) Yamamura and Shin, 2005 a ; 2005 b ; 2005 c communication 2) 3) 2) Ohkusa, 1996 ; 1999 ; Ohtake and Ohkusa, 1994 ; La Croix and A. Kawamura,

More information

Microsoft Word - 査読SP問題110510RR.doc

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]

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

FDI2 22 BRICs 22 ODA 22 PF SSA FDI International Finance Corporation 29

FDI2 22 BRICs 22 ODA 22 PF SSA FDI International Finance Corporation 29 1 21 198 1 1 OECD/DAC 22 28 27 29 ODA Remittance 12 1 1 199 25 FDI2 22 BRICs 22 ODA 22 PF 1 1 1 2 23 SSA 23 1 3 1 4 1 5 21 24 25 FDI 1999 22 1 6 25 27 25 International Finance Corporation 29 13 23 23 1

More information

121

121 Title バングラデシュにおける貧困削減と人間の安全保障 Author(s) 山形, 辰史 Citation 貧困削減と人間の安全保障 東京 国際協力機構国際協力総合研修所 2005 年 11 月 121-137ページ Issue Date 2005-11 URL http://hdl.handle.net/2344/575 Rights < アジア経済研究所学術研究リポジトリ ARRIDE> http://ir.ide.go.jp/

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

商品流動性リスクの計量化に関する一考察(その2)―内生的流動性リスクを考慮したストレス・テスト―

商品流動性リスクの計量化に関する一考察(その2)―内生的流動性リスクを考慮したストレス・テスト― E-mail: shigeru_yoshifuji@btm.co.jp E-mail: fuminobu_otake@btm.co.jp Bangia et al. G Bangia et al. exogenous liquidity risk endogenous liquidity risk et al LTCMLong Term Capital Management Fed G G T

More information

調査レポート

調査レポート 214 6 2 調 査 レポート ブラジル 経 済 の 現 状 と 今 後 の 展 望 ~ W 杯 & 五 輪 の 追 い 風 があっても 高 成 長 できない 理 由 は? ~ 23 1 29 BRIC 2 15-851 5-11-2 TEL3-6733-17 16 14 12 1 8 6 4 2-2 -4-6 -8 International Monetary Fund, World Economic

More information

はじめに

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 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

60 Vol. 44 No. 1 2 準市場 化の制度的枠組み: 英国 教育改革法 1988 の例 Education Reform Act a School Performance Tables LEA 4 LEA LEA 3

60 Vol. 44 No. 1 2 準市場 化の制度的枠組み: 英国 教育改革法 1988 の例 Education Reform Act a School Performance Tables LEA 4 LEA LEA 3 Summer 08 59 I はじめに quasi market II III IV V 1 II 教育サービスにおける 準市場 1 教育サービスにおける 準市場 の意義 Education Reform Act 1988 1980 Local Education Authorities LEA Le Grand 1991 Glennerster 1991 3 1 2 3 2 60 Vol. 44

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

和RIM25_三浦氏.indd

和RIM25_三浦氏.indd .. 11...... 34 RIM 2007 Vol.7 No.25 2006 71 RIM 2007 Vol.7 No.25 35 1951 50 1997 Piggott and Bei 2007 Hu 20062003 2006 1990 1980 36 RIM 2007 Vol.7 No.25 1991 Pay As You Go: PAYG 1990 Notional Defined Contribution:

More information

Abstract IFS IFS 135

Abstract 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