Details of a Researcher - Tsujimura, Kazusuke

Tsujimura, Kazusuke

写真a

Affiliation: Faculty of Economics （Mita）

Position: Professor Emeritus

Related Websites

https://www.keio.ac.jp/en/keio_in_depth/research/2015/04.html

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Career 【 Display / hide 】

1979.04

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1985.03

大学助手(経済学部)
1985.04

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1997.03

大学助教授(経済学部)
1995.10

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1997.09

大学学生総合センター学生部門副部長(三田支部)
1997.04

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Present

大学院経済学研究科委員
1997.04

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Present

大学教授(経済学部)

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Academic Background 【 Display / hide 】

1976.03

Keio University, Faculty of Commerce

University, Graduated
1978.03

Keio University, Graduate School, Division of Economics

Graduate School, Completed, Master's course
1981.03

Keio University, Graduate School, Division of Economics

Graduate School, Withdrawal after completion of doctoral course requirements, Doctoral course

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Academic Degrees 【 Display / hide 】

博士（商学）, Keio University, Dissertation
修士（経済学）, Keio University, Coursework
Ph.D. in Business and Commerce, Keio University, Dissertation
M.A. in Economics, Keio University, Coursework

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Research Areas 【 Display / hide 】

Humanities & Social Sciences / Economic statistics (National Accounting, Flow of Funds Analysis and related fields.)

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Books 【 Display / hide 】

日本経済のマクロ計量分析

辻村和佑、辻村雅子, 日本経済新聞出版社, 2011.05

Scope: 151-177
産業連関分析ハンドブック

辻村和佑、辻村雅子, 東洋経済新報社, 2010.12

Scope: 320-329
Macroeconometric Modeling of Japan

TSUJIMURA KAZUSUKE and TSUJIMURA MASAKO, World Scientific, 2010.07

Scope: 173-193
応用計量経済学ハンドブック

TSUJIMURA KAZUSUKE, 朝倉書店, 2010.05

Scope: 601-637
International Flow-of-Funds Analysis: Techniques and Applications

TSUJIMURA KAZUSUKE・TSUJIMURA MASAKO, 慶應義塾大学出版会, 2008.07

Scope: 382

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1997年から98年にかけてアジア各国やロシアなどを襲った通貨危機の影響で、グローバル化された経済における国際的な資金移動を把握する統計の必要性への認識が一挙に高まった。その結果BIS（Bank for International Settlements）による国際与信統計（Consolidated Banking Statistics: CBS）と、IMF（International Monetary Fund）による国際証券投資調査（Coordinated Portfolio Investment Survey: CPIS）が作成されるに至った。本書ではこれらの統計から得られる情報を活用して、国際資金循環を包括的に解明するための手法の開発に主眼をおいている。各章は独立した論文から成り、国際資金循環構造を多面的に分析した研究書である。

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Papers 【 Display / hide 】

A Flow of Funds Analysis of the US Quantitative Easing

TSUJIMURA KAZUSUKE & TSUJIMURA MASAKO

Economic Systems Research （Taylor and Francis) 30 （ 2 ） 137 - 177 2018.04

Research paper (scientific journal), Joint Work, Accepted

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After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan’s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset-liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.
- Access to Document (DOI)
The value added and operating surplus deflators for industries: The right price indicators that should be used to calculate the real interest rates

SAKUMA ITSUO, TSUJIMURA MASAKO & TSUJIMURA KAZUSUKE

Statistical Journal of the IAOS （IOS Press) 34 （ 2 ） 235 - 253 2018.05

Research paper (scientific journal), Joint Work, Accepted

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After the global financial crisis of 2008–2009, many advanced economies are suffering from a dearth of domestic investment opportunities. It has been said that lowering real interest rate is the best policy to boost the capital investment. The problem is what inflation rate they have in their mind when the entrepreneurs make investment decisions. Not only the output prices, but also the composition of inputs differ from one industry to another. Therefore, the value added deflator or even the operating surplus deflator for each industry are better alternative to calculate the real interest rate. In the first half of the paper, we examine the theoretical meaning of the value added deflators using a highly simplified symmetric input output table. In the latter half, we will use so-called SNA-IO, the input-output table published as a part of Japanese SNA, to experimentally estimate both value added and operating surplus deflators. The study reveals that if lowering interest rate depreciate the local currency, it will depress value added deflators, and in turn, will discourage capital investments. In this sense, lowering interest rate is a double-edged sword; the governments and central banks should think twice before taking such a policy.
- Access to Document (DOI)
Balance Sheet Economics of the Subprime Mortgage Crisis

TSUJIMURA MASAKO and TSUJIMURA KAZUSUKE

Economic Systems Research （Routledge) 23 （ 1 ） 1-25 2011.03

Research paper (scientific journal), Joint Work, Accepted, ISSN 0953-5314
Dearth of Domestic Investment and the Global Saving Glut: An International Panel Data Study

TSUJIMURA KAZUSUKE and TSUJIMURA MASAKO

The Journal of Econometric Study of Northeast Asia （Economic Research Institute for Northeast Asia) 7 （ 1 ） 1-21 2010.03

Research paper (scientific journal), Joint Work, Accepted, ISSN 1880-6988
The consequences of the introduction of the euro: a nested mixed- effects analysis of the international banking positions

TSUJIMURA KAZUSUKE & TSUJIMURA MASAKO

Empirical Economics （Springer) 37 （ 3 ） 583-397 2009.12

Research paper (scientific journal), Joint Work, Accepted, ISSN 0377-7332

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In this paper, we will examine the effects of the launch of the euro from the perspective of the international banking positions by a combination of the gravity model, widely used to explain the structure of world trade, and the mixed effects model, which is a hybrid version of the fixed and random effects models of panel
data analysis. The specification could be examined by the likelihood ratio tests by decomposing the model into fixed and random effects elements. The empirical study indicates that the new currency is certain to benefit the euro area, but the effects on the non-euro members of the EU are not as clear as superficial analysis suggests.

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Papers, etc., Registered in KOARA 【 Display / hide 】

Economic statistics as a field of study : a history

Tsujimura, Kazusuke

Mita journal of economics （慶應義塾経済学会) 111 （ 2 ） 93(1) - 110(18) 2018.07

ISSN 00266760
The consequences of the inauguration of Euro : a nested mixed-effects analysis of the international banking transactions

Tsujimura, Kazusuke

KEO discussion paper （Keio Economic Observatory) （ 94 ） 2005.02
Compilation and application of asset-liability matrices : a flow-of-funds analysis of the japanese economy 1954-1999

Tsujimura, Kazusuke

KEO discussion paper （Keio Economic Observatory) （ 93 ） 2004.11
Quantitative evaluation of foreign exchange intervention and sterilization in Japan : a flow-of-funds approach

Tsujimura, Kazusuke

KEO discussion paper （Keio Economic Observatory) （ 92 ） 2004.04
わが国繊維産業の現状と課題

Tsujimura, Kazusuke

KEO discussion paper （Keio Economic Observatory) （ 91 ） 2004.04

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Presentations 【 Display / hide 】

Negative Interest Rate and the Public Deficit: Classical Loanable Funds Theory Revisited

TSUJIMURA MASAKOTSUJIMURA KAZUSUKE

International Conference on Economic Theory and Policy (Tokyo, Japan) ,

2017.09
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Oral presentation (invited, special)

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As Keynes contended in the General Theory, according to the classical theory of loanable funds, the equilibrium interest rate is determined at the intersection of the saving and investment curves. The former is derived from the intertemporal choice of consumption while the latter represents the marginal product of capital. Some classical authors, such as Taussig, discuss negative interests in this framework. Since the market interest rate rarely became negative until recently, if the equilibrium interest rate had been negative, the government would have had to fill the saving-investment gap by running a public deficit. Negative interest rates would surely cure this problem. Cassel, however, mentions another possibility: that the saving curve has a downward rather than upward slope. It is problematic because there is a possibility that the saving and investment curves do not at all intersect. If they do not intersect, lowering interest rates may enlarge the public deficit rather than reduce it. Thus, it is essential to identify the shape of the two curves before taking any policy action, either to raise or to lower the interest rate.
Financial Intermediation in Brazilian Economy from Flow of Funds Analysis

Erika BURKOWSKI ERIKAKIM JIYOUNGTSUJIMURA KAZUSUKETSUJIMURA MASAKO

25th International Input-Output Conference (Atlantic City, NJ, US) ,

2017.06
,
Oral presentation (general), International Input Output Association

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This paper presents the Flow-of-Funds Analysis applied to improve knowledge about financial flows in Brazilian economy. We develop asset-liabilities-matrixes (ALM) to the years 2004 and 2009, which are disaggregated in 10 institutional sectors to obtain a broadly overview of the specific structure of flows in Brazilian financial system. From flow-of-funds indexes we could illustrate the role of each institutional sector in the system, than we could highlight that during the period, there was a movement to increase the participation of others financial firms in financial system, excluding government-sponsored banks, while enterprises and government were working as financial intermediaries in an informal market.
Funds Flow Method of National Accounting

TSUJIMURA KAZUSUKE

日中両国の経済と金融に関する研究セミナー (Tokyo, Japan) ,

2016.11
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Public lecture, seminar, tutorial, course, or other speech, 立正大学、中国人民大学

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The objective of this paper is twofold: (i) to design a flow-of-funds based national accounting system, an equivalent of cash-flow statement in business accounting; and (ii) to make from-whom-to-whom flow-of-funds matrix for Japan 1995-2013. Special features of the study is while so-called Flow of Funds Accounts (also known as financial accounts in Europe) covers only the lender-borrower relationship, Flow-of-Funds based National Accounts proposed in this study includes all the payments, such as sales, wages, interest, etc.
The Value Added and Operating Surplus Deflators for Industries: The Right Price Indicators that should be Used to Calculate the Real Interest Rates

ITSUO SAKUMATSUJIMURA KAZUSUKETSUJIMURA MASAKO

34th International Association for Research in Income and Wealth (IARIW) General Conference (Dresden, Germany) ,

2016.08
,
Oral presentation (general), International Association for Research in Income and Wealth

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After the global financial crisis of 2008-2009, the governments of the world are piling up deficits to close the saving-investment gap in the private sector. The governments cannot accumulate deficits endlessly so that they must urgently promote the investments in the private industries. It is obvious that lowering the market rate of interest is one of the best policies to boost the capital investment. The problem is that what inflation rate they have in their mind when the entrepreneurs make investment decisions. Not only the output prices, but also the composition of inputs and their prices differ from one industry to another. Therefore, the value added deflator or even the operating surplus deflator for each industry are better alternative to calculate the real interest rate.
Flow-of-Funds Based National Accounting: An Experimental Application to the US Economy

TSUJIMURA KAZUSUKETSUJIMURA MASAKO

34th International Association for Research in Income and Wealth (IARIW) General Conference (Dresden, Germany) ,

2016.08
,
Poster presentation, International Association for Research in Income and Wealth

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The objective of this paper is twofold: (i) to design a flow-of-funds based national accounting system, an equivalent of cash-flow statement in business accounting; and (ii) to make from-whom-to-whom flow-of-funds matrix for the U.S. to find out if there were structural changes in the first decade of the century. The matrix is tentatively derived from the Integrated Macroeconomic Accounts by removing the imputations that do not involve payment of funds. We found that there was a conspicuous structural change between 2008 and 2010 when the subprime mortgage crisis hit the economy; and the dominant factor was the shift in monetary policy. Our conclusion is that the economy is highly susceptible to both Federal Reserve’s supply of funds and its portfolio.