Tsujimura, Kazusuke

写真a

Affiliation

Faculty of Economics ( Mita )

Position

Professor Emeritus

Related Websites

Career 【 Display / hide 】

  • 2019.04
    -
    Present

    Professor Emeritus

  • 1997.04
    -
    2019.03

    Professor (Faculty of Economics)

  • 1997.04
    -
    2019.03

    Professor (Graduate School of Economics)

  • 2001.10
    -
    2005.09

    Director of Keio Economic Observatory

  • 1995.10
    -
    1997.09

    Associate Director of the Student Services

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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 】

  • 修士（経済学）, Keio University, Coursework

  • Ph.D. in Business and Commerce, Keio University, Dissertation

  • M.A. in Economics, Keio University, Coursework

  • 博士（商学）, Keio University, Dissertation

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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 】

  • National Accounting: Alternative Methods of Capture the Economic Structure

    Masako Tsujimura and Kazusuke Tsujimura, Keio University Press, 2021.09,  Page： 381

  • International Flow-of-Funds Analysis: Techniques and Applications

    TSUJIMURA KAZUSUKE・TSUJIMURA MASAKO, Keio University Press, 2008.07

    Scope: 382

    　View Summary

    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。

  • Flow of Funds Analysis: Past and Future

    TSUJIMURA KAZUSUKE, Keio University Press, 2004.08

    Scope: 557

  • Flow of Funds Analysis: Fundamental Technique and Policy Evaluation

    TSUJIMURA KAZUSUKE & TSUJIMURA MASAKO, Keio University Press, 2002.05

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    金融連関表形式の資金循環分析に関する、世界初の体系的技法書。後半ではポストバブルの我が国の資金循環構造を分析しているほか、日本銀行の金融市場調節の政策効果を分析。

  • Economic Policy and the Asset Prices

    TSUJIMURA KAZUSUKE, The Oriental Economist, 1998.02

    Scope: 557

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    ヴィクセルの『利子と物価』ならびにケインズの『貨幣論』をもとに資産価格理論を展開。ケインズの乗数理論における資産価格の役割を検証。後半では北欧学派理論に基づいてバブル期の日本経済を計量経済モデルにより分析している。

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Papers 【 Display / hide 】

  • War and peace (Part 2): Structural analysis of the Fed's original flow of funds accounts 1939–1953

    Tsujimura M., Tsujimura K.

    Statistical Journal of the IAOS 41 ( 3 ) 873 - 900 2025.09

    Research paper (scientific journal), Joint Work, Accepted,  ISSN  18747655

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    In our previous article, Tsujimura and Tsujimura,<sup>1</sup>we explicated that the input-output table, which depicts the transactions of goods and services between industries, had been intensively used to prepare the U.S. economy for World War II, and to rebuild Europe after the war. As Leontief,<sup>2</sup>the architect of the system, has asserted, “a definitive input-output analysis will require the incorporation of purely monetary transactions as are represented by credit operation, taxes, subsidies, and other unilateral transfers. The release of the study by the Board of Governors of the Federal Reserve System should contribute much to the development of realistic analysis within the framework of the input-output approach.” In this sequel, we will explore this original and unique statistics, Flow of Funds in the United States 1939–1953, one of the greatest works in the history of national accounting, to find out how the war was financed and how the postwar economy was formed using the Leontief's tools of structural analysis.

  • War and Peace: Structural changes in the U.S. industries 1939-1958

    Tsujimura K., Tsujimura M.

    Statistical Journal of the IAOS 39 ( 3 ) 617 - 648 2023.09

    Joint Work, Lead author,  ISSN  18747655

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    In his memoir published in 2002, George Dantzig, who had invented the simplex algorithm to solve linear programming problems, praised Wassily Leontief as a great pioneer for proposing a large but simple matrix model that represents the interindustry input-output structure of an economy. Input-output tables, which depict the transactions of goods and services between industries, have been intensively used to prepare the U.S. economy for World War II, and to eventually liberate Europe. This paper not only revisits the early development of structural analysis but also applies it to the 1939, 1947 and 1958 U.S. input-output tables using triangulation and dispersion indices as fundamental tools. The degree of integrity represented in the Leontief inverse significantly increased as the division of work progressed in the time of war to achieve maximum productivity. The structural changes ensured a smooth transition of the American economy from peacetime to wartime, and later, the fast rebuilding of European economies that had been completely devastated during the war.

  • Flow-of-funds structure of the U.S. economy 2001–2018

    Tsujimura M., Tsujimura K.

    Economic Systems Research 33 ( 3 ) 385 - 416 2021

    Research paper (scientific journal), Accepted,  ISSN  09535314

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    Great inventions and substantial productivity growth of the Roaring Twenties brought unprecedented prosperity to the United States. After Black Thursday in the fall of 1929 however, the U.S. economic landscape changed dramatically. To ensure that the bitter experience of the Great Depression does not recur, Wesley Mitchell and Morris Copeland, the architects of flow-of-funds analysis, urged a better understanding of the circulation of funds, the means of payment. The new century has so far brought us many technological innovations and new ways of doing business. The objective of the paper is to find out if and how well the funds have been flowing in the U.S. economy over the past two decades, using the flow-of-funds matrix (payer-payee matrix) proposed by Tsujimura and Tsujimura ([2018]. A flow of funds analysis of the U.S. quantitative easing. Economic Systems Research, 30(2), 137–177. https://doi.org/10.1080/09535314.2018.1443908). The industrial revolution of the new century does not seem to have enough momentum circulating funds, the lifeblood of the economy.

  • Roman law in the national accounting perspective: Usus, fructus and abusus

    Tsujimura K., Tsujimura M.

    Statistical Journal of the IAOS 37 ( 2 ) 613 - 628 2021

    Research paper (scientific journal), Accepted,  ISSN  18747655

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    Application of accounting discipline to the organization of economic data aids in both collection and interpretation of economic and jurisprudential knowledge, for it highlights gaps in the basic statistics and clarifies interrelations among the parts of the structure. The legal systems of nearly all countries are generally modeled upon four legal systems: Mesopotamian law, Roman law, Islamic law and Anglo-Norman law. The first half of the paper compares the four legal systems in detail. The foundation of any accounting system, including national accounting, is a balance sheet that lists assets and liabilities; assets include both property rights and claims while liabilities are legal responsibilities and obligations. Therefore, special attention is given to the Roman law of things, which has furnished the foundations of much of the modern law of property and obligations in civil law systems. Usus, fructus and abusus have been recognized as pillars of private property since the antiquity. Although the concepts are intrinsic to property rights, they are useful tools to delineate the characteristics of claims and obligations. Some accounting examples are given at the end of the paper.

  • 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, Lead author, 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.

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

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Presentations 【 Display / hide 】

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

    TSUJIMURA MASAKOTSUJIMURA KAZUSUKE

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

    2017.09
    , 

    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

    [International presentation]  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

    [International presentation]  日中両国の経済と金融に関する研究セミナー (Tokyo, Japan) , 

    2016.11
    , 

    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

    [International presentation]  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

    [International presentation]  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.

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Works 【 Display / hide 】

  • CD-ROM日本の産業

    　
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    Other

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    企画・制作を担当

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Awards 【 Display / hide 】

  • Special Prize (Innovations in flow of funds analysis)

    2023.10, Pan Pacific Association of Input-Output Studies

    Type of Award： Award from international society, conference, symposium, etc.

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Courses Taught 【 Display / hide 】

  • FINANCE

    2025

  • FINANCE

    2024

  • FINANCE

    2023

  • FINANCE

    2022

  • TOPICS IN APPLIED ECONOMICS AND POLICY

    2021

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Social Activities 【 Display / hide 】

  • 国民経済計算調査会議

    2004.04
    -
    2008.03
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Committee Experiences 【 Display / hide 】

  • 2004.04
    -
    2008.03

    Committee Member, National Accounting Research Council

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