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―

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1 M1GDP M2M1 M1GDP M2M1

2 M2GDP Modigliani-Miller: MM Hoshi and Kashyap HKHK

3 HK Quarterly Financial Report for Manufacturing, Mining and Trade Corporations (QFR) QFR % % % % % % % % % % % % % % % % HK HK

4 MMFMMF MMF MMF EDI

5 EDI HK delegate monitoring DiamondFreixas and Rochet Radeckiannual report payments-driven Radecki liquidity service

6 transferable depositm1 M1GDP M1 M1 M1 M1 M1 M1GDPM2M1 M2M1 1 moneyness 1

7 M2M1 M2M1 M2GDP M1 M1GDPM1GDP M1 M1M2 IMFIFSM2M2M1 M2MMF

8

9 M1 M1GDP M1GDP M1GDP M1 Humphrey, Pulley and VesalaHPV M1GDP GDP GDP GDP IFS

10 GDP $2, , , , , , ,

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12 M1 GDPHPV GDP HPV HPV M1GDP M1GDP M1GDP M1GDP M1GDP M1GDP HPV POSATM HPV

13

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15 M1GDP M1GDP Humphrey, Pulley and Vesala [1996], Figure 2 M2M1M2M1 M2M1M2M1 M1GDP HPVPOSATM Lacker

16 M2M1 M2M1 HK

17

18 M1GDP M1GDP GDPM1 M1 M1 M1GDP M1M2 M2GDP

19 M2GDP M2 GDP M2 M2M2 M2 M1GDPM2GDP M2M2+CD M2 M1

20 M1GDP M2M1 M1GDP EDI MMF M1 GDP M1GDPM1 M2M1 MMF EDI M1

21 M2M1 M2M1 M1 M2M1 MMF M1MMFM1 M1 MMF M2GDP MMMFM2MMMF M2 MMFM2 MMMF Anderson and KavajeczM2 Bordo and Jonung M2GDP

22 M2GDP

23 IMES Discussion Paper No.99-J-34 IMES Discussion Paper No.2000-J-8 General Purpose TechnologyGPT IMES Discussion Paper No.99-J Anderson, R. G., and K. A. Kavajecz, A Historical Perspective on the Federal Reserve s Monetary Aggregates: Definition, Construction and Targeting, Federal Reserve Bank of St. Louis Review, 76 2, 1994, pp Bordo, Michael, and Lars Jonung, The Long-Run Behavior of the Velocity of Circulation -The International Evidence, Cambridge University Press, Diamond, Douglas W. Financial Intermediation as Delegate Monitoring: A Simple Example, Federal Reserve Bank of Richimond Economic Quarterly, 87 3, 1996, pp Freixas, Xavier and Jean-Charles Rochet, Microeconomics of Banking, MIT Press, Hoshi, Takeo, and Anil Kashyap, The Japanese Banking Crisis: Where Did it Come from and How Will it End?, NBER Working Paper, No 7250, Humphrey, David B., Laurence B. Pulley, and Jukka M. Vesala, Cash, Paper and Electronic Payments: A Cross-Country Analysis, Journal of Money, Credit and Banking, 28 4, 1996, pp Lacker, Jeffrey, M., Should We Subsidize the Use of Currency?, Federal Reserve Bank of Richimond Economic Quarterly, 84 3, 1993, pp Radecki, Lawrence J., Bank s Payments-Driven Revenues, Federal Reserve Bank of New York Policy Review, July 1999, pp

24

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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

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