著書 - 吉野　直行

Green finance: Possible misallocation of portfolio assets and net carbon tax proposals

Yoshino N., Yuyama T., Taghizadeh-Hesary F., Research Handbook on the Green Economy, 2024年05月

Volatility linkages between energy and food prices

Rasoulinezhad E., Taghizadeh-Hesary F., Yoshino N., The Handbook of Energy Policy, 2023年04月

　概要を見る

In many countries, food and energy are vital in national security. However, in energy policy, the relationship between the prices of food and energy has been debated. This chapter examines the connection between the prices of these two vital commodities. Hence, we review existing literature and attempt to determine the relationship using a theoretical framework and an empirical test. Our findings revealed that energy price significantly impacts food prices. According to the results of impulse response functions, agricultural food prices respond favorably to any oil price increase. Moreover, variance decomposition demonstrates that oil prices are responsible for the largest amount of agricultural food price volatility. Oil price changes account for 6.95% and 64.17% of the variance in food prices during the second and 20th periods, respectively. Because rising crude oil prices adversely affect food security, one viable strategy involves combining renewable sources and fossil fuels in a way that positively impacts both energy and food security. We observed that biofuel costs account for less than 2% of the variance in food prices. Finally, as global biofuel demand increases, rising global prices for agricultural commodities and, consequently, the growing threat to food security may also increase. This could be even more important for small-economy countries that have been negatively affected by COVID-19.

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Policies to attract private investment and finance in green energy projects

Taghizadeh-Hesary F., Yoshino N., Rasoulinezhad E., The Handbook of Energy Policy, 2023年04月

　概要を見る

Various roadmaps and strategies have been proposed to promote environmental protection in the last few decades; however, this process has not been appropriate. Private investments in green energy projects are hampered by insufficient capital to finance projects, the high risk of investment, low rates of return, and the lack of capacity in the market actors. This chapter seeks to identify the difficulties in addressing the insufficient investment flows in green projects and offer workable strategies for attracting private capital to these endeavors. Establishing a novel instrument for green credit guarantee schemes to lower the risk of investment, adopting an international or regional carbon taxation scheme, increasing transparency in green regulations, establishing community-based trust funds, and enhancing the role of public financial and nonbanking financial institutions (pension funds and insurance firms) in long-term green investments are practical solutions.

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Solar module price determinants

Taghizadeh-Hesary F., Yoshino N., Inagaki Y., Vandercamme L., The Handbook of Energy Policy, 2023年04月

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The decrease in solar module prices is one of the main factors behind the recent expansion of the global solar energy market. The mechanism underlying this price reduction has been the subject of numerous empirical research. However, the technological aspect of manufacturing has been the main focus of studies on the mechanism for solar module price reduction over the years. This chapter examines how economic and monetary factors, such as interest rates and exchange rates, affect solar module pricing in addition to other factors that have been examined in earlier studies, such as technology and wage rates. The economic factors that influence solar module prices are identified in this chapter. To determine the influence of each factor, the chapter develops a pricing model for solar modules in the top five solar module-producing countries, backed by a theoretical oligopolistic model. For every country, the determinants of solar module prices are different. While exchange rates, knowledge stocks, and oil prices often correlate negatively with solar module prices, interest rates generally have a positive correlation with them. Since the renewable industries are hightech, capital costs significantly impact technology costs. The governments' initiatives to offer low-interest financing to enterprises will hasten the commercialization of renewable energy. To expedite the growth of solar energy projects, there have been numerous attempts to lower interest rates for renewable energy technology; however, it is not enough, and specific green financing channels are required. Second, the governments must expand research and development (R&D) expenses relevant to renewable energy. Increasing targeted R&D expenditure through government policies will be an effective strategy for reducing costs and increasing the willingness of the private sector to invest in the solar energy projects.

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Transmission of oil price fluctuations through trade linkages

Taghizadeh-Hesary F., Yoshino N., Rasoulinezhad E., Chang Y., The Handbook of Energy Policy, 2023年04月

　概要を見る

Oil shocks have been one of the most important and controversial issues among economists in the past decades. The fact that a sudden and significant change in the world price of crude oil can disrupt the mechanism of the world economy became evident in the early 1970s with the occurrence of the world's first major oil shock. This issue has become more complicated and requires a more detailed scientific investigation due to the spread of the Corona virus and Russia's invasion of Ukraine. In this chapter of the book, the effects of oil shocks are discussed from a scientific point of view based on monetary policies. In this chapter of the book, the effects of oil shocks are discussed from a scientific point of view based on monetary policies. For this purpose, an attempt is made to look at this issue from a theoretical point of view and also with an empirical case study to examine this relationship in energy exporting countries and energy importing countries. The main points of this chapter's talks showed that an increase in oil prices would directly increase the GDP growth rate of nations that export oil. A brilliant technique to manage the impact of the oil price on a country's macroeconomic environment is to take suitable monetary policies into consideration.

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Innovative finance for technological progress : roles of Fintech, financial instruments, and institutions

Taghizadeh-Hesary Farhad, Aboojafari Roohallah, 吉野 直行 , Routledge, 2023年

Unlocking private investment in sustainable infrastructure in Asia

Grewal B., Hendriyetty N., Abdullaev I., Kim C.J., Yoshino N., Ayoob Ayoobi E.K., Unlocking Private Investment in Sustainable Infrastructure in Asia, 2022年11月

　概要を見る

Investment in infrastructure is essential for promoting economic growth, and while countries in Asia have enjoyed higher rates of gross domestic product growth in recent years, the region remains severely deficient in the scale and quality of sustainable infrastructure. Moreover, population growth and climate change continue to put increasing pressure on the need for strategic and farsighted development, calling for policy makers to reevaluate infrastructure governance to ensure sustainable economic growth. Currently, in developing Asia, most investment in infrastructure comes from the public sector. However, with growing fiscal deficits and other budgetary constraints, it is essential to develop alternative sources of investment for infrastructure projects. This presents opportunities to tap into the private sector, which can play an instrumental role in minimizing the funding gap through the development of stronger, more transparent public-private partnerships (PPPs) and incentivizing sustainable infrastructure investment. This book provides a scholarly discussion on the importance of PPPs and approaches to unlock private participation in infrastructure investment based on lessons from across Asia. Among the proposed schemes are government tax incentives, development-based land value capture strategy under PPP land pooling, Viability Gap Funds, Project Development Facilities, and other guarantees. The book aims to assess the impacts and future of sustainable infrastructure investments and examines the role of governments in mobilizing financial resources and new models for unlocking private investment in sustainable infrastructure. This book consists of fifteen original chapters on the experiences of the Central Asia Regional Economic Cooperation (CAREC) and a few other cases for promoting private investment in sustainable infrastructure. The fact that not much has been published previously on this theme makes this book a welcome and timely addition to the much needed knowledge on this subject. 'The Open Access version of this book, available at www.taylor fran cis.com, has been made available under a Creative Commons Attribution- Non- Commercial- No Derivatives 4.0 license.

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Private financing for water infrastructure in Central Asia

Yoshino N., Hendriyetty N., Hondo D., Nakamura M., Unlocking Private Investment in Sustainable Infrastructure in Asia, 2022年11月

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Studies in International Economics and Finance

Naoyuki YOSHINO, Rejandra Paramanik and Anoop Kumar, Springer, 2022年04月,  ページ数： 662

, 査読有り

　概要を見る

The Indian economy is one of the fastest growing economies of the world with India being an important g-20 member. his festschrift volume has 32 chapters and covers a wide range of topics in international economics and finance. The papers were presented in a virtual conference which was jointly organized by Indian Institute of Technology and Gulati Institute of Finance and Technology.

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Sustainable Development Goals Need and Financial Sector Imperatives

Taghizadeh-Hesary F., Yoshino N., Otsuka M., Sustainable Development Goals and Pandemic Planning: Role of Efficiency Based Regional Approaches, 2022年01月

　概要を見る

Currently, the private investment is not enough to fill the US$ 2.5 trillion gap of SDGs, this will endanger the SDGs achievements in 2030. The financial sector needs to be aligned with the SDGs in order to fill the finance gap. The financial sector’s imperative includes standardizing SDG accounting and reporting to identify strengths and weaknesses, assess and quantify the risk and opportunities for the banking industry in addressing the SDGs; and developing innovative financial products that address the SDGs. Governments and financial regulators need to align financial regulation with the SDGs and offer financial mechanisms to mitigate financial risks in addressing the SDGs. The paper theoretically shows that the current portfolio allocation of institutional investors by taking account of SDG indicator based on various consulting companies’ measurements of SDGs will distort optimal portfolio allocation and not meet the SDGs by 2030. The desired portfolio allocation based on the paper model, can be achieved by taxing the negative externalities such as pollutions, wastes, and plastics, globally with the same tax rate. Finally, although adopting the international taxation system on GHG and plastic might be desirable, it might not be easy for developing countries. It is recommended to start adopting such a system in regions where economic cooperation and economic integration exist, such as in the Association of Southeast Asian Nations (ASEAN).

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Studies in international economics and finance : essays in honour of Prof. Bandi Kamaiah

吉野 直行 , Paramanik Rajendra N., Kumar Anoop S., Springer, 2022年

Investment in startups and small business financing

Taghizadeh-Hesary F., Yoshino N., Kim C.J., Morgan P.J., Yoon D., Investment In Startups And Small Business Financing, 2021年08月

　概要を見る

Successful startups and small businesses can play a significant role in economic growth and job creation. They also contribute to economic dynamism by spurring innovation and injecting competition. Startups are known to introduce new products and services that can create new value in the economy. It is notable that most startups exit within their first ten years, and most surviving young businesses do not grow but remain small. Startups and small businesses face several obstacles to their development. Accessing capital is a crucial constraint on their growth. Most startups and small businesses have difficulties getting the funds they need because of their lack of a performance track record and lack of collateral, making it difficult for lenders or investors to assess their risk. Besides, they are in the early stages of development and face a very high possibility of failure, which significantly raises financing and investment risk. Investment in Startups and Small Business Financing provides 12 thematic and case studies on new methods for bringing private investment (loans or equity) to startups and easing small businesses' access to finance (debt and capital). The contributors are senior-level policy experts and researchers from governments, think tanks, academia, and international organizations. The chapters are authored in a policy-oriented way to be understandable for the readers with a different background. This book is a precious source for the governments for adopting the right policies to develop small businesses and startups and valuable for the researchers in economics, business, and finance.

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Understanding Fintech from a Macroeconomic Perspective

Yoshino N., The Economics of Fintech, 2021年01月

　概要を見る

If students of economics or finance want to work in financial technology (fintech), they must first acquire at least a basic understanding of statistics and econometrics.

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DEVELOPING INFRASTRUCTURE IN CENTRAL ASIA Impacts and Financing Mechanisms

Naoyuki YOSHINO, Bihong Huang, Dina Azghayeva, Asian Development Bank Institute, 2021年

Reforming State Owned Enterprises in Asia, Springer

Springer, 2021年

Utilising Green Finance for Sustainability: Empirical Analysis of the Characteristics of Green Bond Markets

Taghizadeh-Hesary F., Mortha A., Yoshino N., Phoumin H., Economics, Law, and Institutions in Asia Pacific, 2021年

　概要を見る

With increasing concern over climate change, many see green finance as a solution to fund sustainable projects. In particular, green bonds—a type of debt instrument which aims to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highlights the high level of risks and low returns associated with this instrument. This research investigates green bonds’ characteristics, depending on the issuing region, with a special focus on Asia and the Pacific. Our findings prove that green bonds in Asia tend to show higher returns but higher risks and higher heterogeneity. Generally, the Asian green bonds market is dominated by the banking sector, representing 60% of all issuance. Given that bonds issued by this sector tend to show lower returns than average, we recommend policies that could increase the rate of return of bonds issued by the banking sector through the use of tax spillover. Diversification of issuers, with higher participation from the public sector or de-risking policies, could also be considered.

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Poverty reduction for inclusive sustainable growth in developing Asia

Taghizadeh-Hesary Farhad, Panthamit Nisit, 吉野 直行, Springer, 2021年

Reforming state-owned enterprises in Asia : challenges and solutions

Taghizadeh-Hesary Farhad, Asian Development Bank Institute, Springer, 2021年

Financing infrastructure investment through spillover tax revenue sharing: Evidence from some Asian countries

Yoshino N., Hossain M., Hendriyetty N., Lakhia S., Bangladesh’s Macroeconomic Policy: Trends, Determinants and Impact, 2020年01月

　概要を見る

In the context of growing demand for infrastructure investment in Asian countries including Bangladesh to support higher growth, this chapter discusses various alternative approaches of financing investments. This chapter particularly focuses on the use of spillover tax revenue to attract more private investments in infrastructure. Sharing spillover revenue with private investors will raise the rate of return of the private investors and improve infrastructures to a great extent with less burden on the government’s fiscal budget. Therefore, this approach is expected to create a win-win situation for both the government and private investors. Solving land acquisition related disputes is another key aspect for successful implementation of infrastructure investment projects. Therefore, we propose to use land trust method for acquisition rather than direct acquisition from landowners in order to reduce the cost and minimize the delay in implementation of infrastructure projects. Some innovative financing aspects practiced in Japan and other countries are also discussed.

Equitable land use for Asian infrastructure

Tiwari Piyush, Stillman Grant B., 吉野 直行, Asian Development Bank Institute, 2020年