著書 - 吉野　直行

Routledge handbook of banking and finance in Asia

Volz Ulrich, Morgan Peter J., 吉野 直行, Routledge, 2020年

Land acquisition in Asia: Towards a sustainable policy framework

Yoshino N., Paul S., Land Acquisition in Asia: Towards a Sustainable Policy Framework, 2019年01月

　概要を見る

This book explores the existing and diverse institutional bottlenecks of land acquisition, ranging from legal and social to political and even environmental within the Asian context. It identifies the short- and long-term risks associated with land sale through regional case studies and aims to propose a more sustainable policy framework. One such policy framework proposed is that of Land Trust for mitigating some of these risks. For instance, recent studies argue that land trust or land lease is one of the best ways to increase the rate of return to invite private investors into infrastructure investment and industrialization. A rare snapshot of a continent in the process of rapid development, this book offers an invaluable resource for scholars, activists and politicians alike.

Unlocking SME finance in Asia: Roles of credit rating and credit guarantee Schemes

Yoshino N., Taghizadeh-Hesary F., Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes, 2019年01月

　概要を見る

There is limited access for small and medium-sized enterprises (SMEs) to bank credit. This book proposes new and sustainable models to help ease the access of SMEs to finance and boost economic growth and job creation in Asia. This book looks at the difficulties of SMEs in accessing finance and suggests ways on how to mitigate these challenges. It suggests how we can develop credit information infrastructures for SMEs to remedy the asymmetric information problem and to utilize credit rating techniques for the development of a sustainable credit guarantee scheme. The book provides illustrations of various Asian economies that implemented credit guarantee schemes and credit risk databases and is a useful reference for lessons and policy recommendations.

• Access to Document (DOI)

A comprehensive method for credit risk assessment of small and medium-sized enterprises based on Asian data

Yoshino N., Taghizadeh-Hesary F., Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes, 2019年01月

　概要を見る

Due to the asymmetry of information between borrowers that are small and medium-sized enterprises (SMEs) and lenders (banks), many banks consider this sector to be risky. It is crucial for banks to be able to distinguish healthy companies from risky ones in order to reduce their nonperforming assets in the SME sector. If they can do this, lending and financing to SMEs through banks will be easier, with lower collateral requirements and lower interest rates. In this chapter, we provide a scheme originally developed by Yoshino and Taghizadeh-Hesary (2014) for assigning credit ratings to SMEs by employing two statistical analysis techniques - principal component analysis and cluster analysis - using 11 financial ratios of 1,363 SMEs in Asia. If used by financial institutions, this comprehensive and efficient method could enable banks and other lending agencies around the world, especially in Asia, to group SME customers based on financial health, adjust interest rates on loans, and set lending ceilings for each group.

• Access to Document (DOI)

Role of SMEs in Asia and the financing challenges they face

Yoshino N., Taghizadeh-Hesary F., Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes, 2019年01月

　概要を見る

Small and medium-sized enterprises (SMEs) are the backbone of the Asian economy. They make up more than 96% of all Asian businesses, providing two out of three private-sector jobs on the continent. Therefore, it is vital for Asia’s economic success that fully functioning support measures for SMEs are in place. However, SMEs face major challenges in accessing cheap finance, mainly because of the asymmetric information problem between suppliers and users of funds and high transaction costs. These lead to more collateral requirements for lending to SMEs with higher lending interest rates, which hinder their growth. As most Asian countries are bank-dominant economies, capital market financing is not a realistic option for SMEs. Therefore, we need to look for solutions that simplify banks’ lending to SMEs. This chapter will highlight the difficulties faced by SMEs in accessing finance and provide measures for mitigating them. The remedies proposed in this chapter include the development of a credit information infrastructure for SMEs, the utilization of credit-rating techniques for SMEs to address the problem of asymmetric information, and the development of a sustainable credit guarantee scheme to resolve the collateral issue.

• Access to Document (DOI)

Land trust to facilitate development through land transfer

Yoshino N., Paul S., Sarma V., Lakhia S., Land Acquisition in Asia: Towards a Sustainable Policy Framework, 2019年01月

　概要を見る

The recent political upheaval transgressing from the industrialization drive through forcible land grab in many parts of Asia (India, Indonesia, Nepal and the Philippines in particular) points to the need for a sustainable policy-a framework that results in a positive sum game, benefiting land owners without hurting growth prospects. Combining the tools from the fields of law and economics, we propose land trust or land lease for the development of infrastructure investment and industrialization purposes. We argue that this is one of the best ways to increase the rate of return to invite private investors into infrastructure investment. Through evidence from the success stories of land trust initiatives in many Asian countries, including India, we aim to showcase the relevance of this alternate method.

Introduction

Yoshino N., Paul S., Land Acquisition in Asia: Towards a Sustainable Policy Framework, 2019年01月

　概要を見る

“Everything comes from land and ultimately goes back to it” explains an old Indian saying. All sense of value in an enterprise is rooted in the value of land. From business to warfare, the characteristics of land have the power to determine the ultimate success of the endeavour. From maintaining biodiversity to ensuring prosperity for all, the sound management of land resources is vitally important to the achievement of the Sustainable Development Goals (SDGs). The Asian Development Bank notes that more than 400 million Asians still lack electricity; roughly 300 million have no access to safe drinking water, and 1.5 billion lack basic sanitation. In many countries, power outages constrain economic growth. Development of infrastructure is a prerequisite for long-term sustainable economic growth. However, more than 8.8% of the GDP is needed to finance infrastructure-related projects in South Asia which are expected to have a spillover on the achievability of the SDGs.

• Access to Document (DOI)

Establishment of the credit risk database: Concrete use to evaluate the creditworthiness of SMEs

Kuwahara S., Yoshino N., Sagara M., Taghizadeh-Hesary F., Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes, 2019年01月

　概要を見る

A credit risk database (CRD) makes it possible to mitigate the problem of information asymmetry between SMEs and financial institutions and contributes to improving SMEs’ access to finance by collecting a large number of financial statements through the mechanism of SME finances and establishing a robust statistical model. In this chapter, we use the CRD in Japan, confirm the situation in Japan, and highlight the CRD’s contribution to evaluating the creditworthiness of SMEs. We also explain how to establish the CRD as a financial infrastructure, while indicating that the CRD and the scoring model based on it have maintained their quality due to their operating system. We hope our experience contributes to the introduction of a statistical CRD composed of a large number of anonymous financial statement data in other countries and that the CRD helps improve SMEs’ access to finance as a financial infrastructure.

• Access to Document (DOI)

Credit risk analysis of small and medium-sized enterprises based on thai data

Taghizadeh-Hesary F., Yoshino N., Charoensivakorn P., Niraula B., Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes, 2019年01月

　概要を見る

Small and medium-sized enterprise (SMEs) often face severe difficulties raising money. Considering the bank-dominated characteristic of Asian economies, banks are the main source of financing. In order to prevent the accumulation of nonperforming loans in the SME sector, it is crucial for banks to distinguish healthy SMEs from risky ones. This chapter examines how a credit rating scheme for SMEs can be developed when financial and non-financial data are not accessible just by using lending data of banks to SMEs. We employ statistical techniques on five variables from a sample of 3,272 Thai SMEs and classify them into subgroups based on their financial health. The source of data used for the credit risk analysis in this research is the National Credit Bureau of Thailand. By employing these techniques, banks could reduce information asymmetry and consequently set interest rates and lending ceilings for SMEs. This would ease financing to healthy SMEs and reduce the number of nonperforming loans to this important sector.

• Access to Document (DOI)

Conclusion

Yoshino N., Paul S., Land Acquisition in Asia: Towards a Sustainable Policy Framework, 2019年01月

　概要を見る

The acquisition, administration, and allotment of land for the purposes of development are intimately tied up with the issues of rights, local aspirations, power structures, and economic factors. This book has aimed to explore through diverse perspectives of the land grab crisis and its impact on those displaced within Asia. Throughout, we have sought to establish that land is a crucial factor in attaining sustainable development and approaching it from just an economic perspective would mean to isolate the multiple other factors that involve land management. Evidence from our regional case studies also pointed for the need of a policy framework that we proposed as the land trust method of Japan, explained in Chap. 9.

Attitudes toward land acquisition in indonesia

Yoshino N., Parinduri R.A., Oishi Y., Land Acquisition in Asia: Towards a Sustainable Policy Framework, 2019年01月

　概要を見る

Indonesia, a country with the fourth-largest population and abundant energy resources, is yet to fully optimize its potential. Especially, the high cost of logistics, missing links in the road network, and the unstable power supply undermine opportunities to revitalize economic activities. While there is a constant need for developing infrastructures, the country has struggled with tardy or unsuccessful land acquisitions. This research investigates the landowners’ decision-making in the land lease for infrastructure. The investigation of the determinants of leasing will provide insights into land planning and the negotiation process. We find that landlords are less willing to rent out their land if they self-cultivate the plots, if plots have been obtained through inheritance or have been owned for a longer period and if the land area is small particularly in the case of non-wetlands and plots located in their villages. Currently, the compensation is calculated based on the physical value of relinquished property. For the better facilitation of land acquisition for infrastructure projects, it would be advisable to take the above factors into account, as it would encourage landowners to accept the proposed compensation.

Unlocking SME Finance in Asia: Role of Credit rating and Credit Guarantee Schemes

Naoyuki Yoshino, Farhad Taghizadeh-Hesary, Routledge, 2019年

Achieving energy security in Asia : diversification, integration and policy implications

Taghizadeh-Hesary Farhad, 吉野 直行, Chang Youngho, Rillo Aladdin D., World Scientific, 2019年

Demystifying Rising Inequality in Asia

黄 必紅, Morgan Peter J., 吉野 直行, Asian Development Bank Institute, 2019年

Handbook of green finance : energy security and sustainable development

Sachs Jeffrey, Woo Wing Thye, 吉野 直行, Taghizadeh-Hesary Farhad, Springer, 2019年

Labor income share in Asia : conceptual issues and the drivers

Fields Gary S., Paul Saumik, Asian Development Bank Institute, Asian Development Bank Institute, 2019年

Macroeconomic shocks and unconventional monetary policy : impacts on emerging markets

吉野 直行, Chantapacdepong Pornpinun, Helble Matthias, Oxford University Press, 2019年

生活者の金融リテラシー : ライフプランとマネーマネジメント

上村 協子, 藤野 次雄, 重川 純子, 吉野 直行, 朝倉書店, 2019年

Handbook of Green Finance

Jeferry Sachs, Wing Thyee Woo, Naoyuki Yoshino, Farhad Taghizadeh-Hesary, Springer, 2019年

Land Acquisition in Asia: Toward a Sustainable Policy Framework

Saumic Paul, Naoyuki Yoshino, Palgrave McMillan, 2019年