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

　概要を見る

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

Reforming state-owned enterprises in Asia : challenges and solutions

Taghizadeh-Hesary Farhad, Asian Development Bank Institute, 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

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

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.

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.

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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.

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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.

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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.

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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.

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.

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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.

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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

Fintech for Asian SMEs

根本 直子, 吉野 直行, ADBIPress, Asian Development Bank Institute, 2019年

Alternatives to private finance: Role of fiscal policy reforms and energy taxation in development of renewable energy projects

Yoshino N., Taghizadeh-Hesary F., Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital, 2018年06月

　概要を見る

The main obstacle to the development of Renewable Energy (RE) projects is lack of access to finance. Electricity tariff is often regulated by the government, hence, to increase the investment incentives the spill over effects originally created by energy supplies need to be used. Tax revenues are refunded to the investors in energy projects and such fiscal policy reform will increase the rate of return of energy projects. For smaller-size energy projects, this chapter provides a theoretical model for combining utilisation of carbon tax and a new way of financing risky capital, i.e., Hometown Investment Trust Funds (HITs). Because of the Basel capital requirement, and because most RE projects from the point of view of financers are considered to be risky projects, and thus many financers are reluctant to lend to them or they lend at high interest rates. This chapter theoretically shows that by taxing carbon dioxide (CO2), sulphur dioxide (SO2), and nitrogen oxides (NOx) and allocating those tax revenues to HITs, RE projects will become more feasible and more interesting for hometown investors, hence the supply of investment money to these funds will increase.

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Global shocks and the new global and regional financial architecture : Asian perspectives

吉野 直行, Morgan Peter J., Rana Pradumna Bickram, Asian Development Bank Institute, 2018年

Avoiding the middle-income trap in Asia : the role of trade, manufacturing, and finance

Huang Bihong, Morgan Peter J., 吉野 直行, Asian Development Bank Institute, Asian Development Bank Institute, 2018年

Central and Local Government Relations in Asia

Peter Morgan and Naoyuki YOSHINO, Edward Elgar, 2018年

Postal Savings: Reaching Everyone in Asia

Naoyuki YOSHINO, Jose Anson and Matthias Helble, Asian Development Bank Institute, 2018年

Routledge Handbook of Banking and Finance

2018年

Financing Infrastructure in Asia and the Pacific: Capturing Impacts and New Sources

Naoyuki YOSHINO, Matthias Helble and Umid Abidhadjaev, Asian Development Bank Institute, 2018年

The Implications of Ultra-Low and Negative Interest Rates for Asia

Naoyuki YOSHINO, Pornpinun Chantapacdepong and Stephan Angrick, Asian Development Bank Institute, 2018年

Japan's Lost Decade, Springer

2017年

Financial Inclusion, Regulation and Education: Asian Perspectives

Naoyuki YOSHINO and Peter MORGAN, Asian Development Bank Institute, 2017年

Japan's Lost Decade: Lessons to Asia

Naoyuki YOSHINO, Farhad Taghizadeh-Hesary, Springer, 2017年

Promoting Better Lifetime Planning through Financial Education, World Scientific

World Scientific, 2016年

The Housing Challenge in Emerging Asia

Naoyuki YOSHINO and Matthias Helble, Asian Development Bank Institute, 2016年

Monetary Policy and Oil Market

Naoyuki YOSHINO, Farhad Taghizadeh-Hesary, Springer, 2016年

The Housing Challenge in Emerging Asia: Options and Solutions

Naoyuki Yoshino, Matthias Helble, Asian Development Bank Institute (ADBI), 2016年

Promoting Better Lifetime Planning Through Financial Education

Naoyuki Yoshino, Florie-Anne Messy, Peter Morgan, World Scientific, 2016年

Monetary Policy and the Oil Market, Springer

Springer, 2015年

Financial System Stability, Regulation, and Financial Inclusion, Springer

Springer, 2015年

Financial System Stability, Regulation and Financial Inclusion

Naoyuki Yoshino, Peter Morgan, 2015年

金融経済

吉野 直行 山上秀文, 2013年04月

金融危機と管理体制

吉野 直行, 慶応義塾大学出版会, 2013年03月

Hometown Investment Trust Fund

吉野 直行 嘉治佐保子, Springer, 2013年03月

金融システムの現在

吉野 直行・藤田康範, 慶應義塾大学出版会, 2013年02月

ふるさと投資ファンド

吉野 直行・塩沢修平・嘉治佐保子, 慶応義塾大学出版会, 2013年

ファイナンスの基礎理論

吉野直行, 菅原周一, 慶應義塾大学出版会, 2013年

原著者： Cutbertson, Nicche

金融システムの現在 金融システムの現在

慶應義塾大学出版会, 2013年

これからの日本の経済を語ろう

吉野 直行, 東京書籍, 2012年

中小企業金融と金融環境の変化

吉野 直行, 慶応義塾大学出版会, 2007年03月

中小企業の現状と中小企業金融

吉野 直行, 慶応義塾大学出版会, 2006年08月

担当範囲: ⅰ-ⅲ

Emerging East Asian Regionalism: Trend and Response

吉野 直行, World Affairs Press, 2005年09月

担当範囲: 233-258

アジアの金融市場

吉野 直行, 慶應義塾大学出版会, 2005年05月

　概要を見る

マレーシアの債券市場、フィリピンにおける資本市場の発展、日本の金融財政政策の課題、アジア債券市場の展望

Emerging East Asian Regionalism: Trend and Response Optimal Exchange Rate system in East Asia and the Regional Bond Market

World Affairs Press, 2005年

アジア金融危機とマクロ経済政策

吉野 直行, 慶應義塾大学出版会, 2004年06月

　概要を見る

アジア経済の現状とアジア債券市場、マレーシアの資本移動規制とオープンマクロ経済の安定化、家計の資産選択の比較分析－日本・韓国・タイの比較

Small Savings Mobilization and Asian Economic Development

吉野 直行, M.E.Sharpe, 2004年

　概要を見る

Postal Savings for Development, Asian Country Case Studies

Enhancing Market Functions in Japan

吉野 直行, Keio University Press, 2004年

　概要を見る

Japanese Banks should be Proactive in Fostering the Asian Bond Market: A Mechanism to Circulate Local Money within the Region is required, Results of Quantitative Analysis of Deflationary Factors

How to Strengthen Banks and Develop Capital Markets in Post-Crisis Asia

吉野 直行, Keio University Press, 2004年

担当範囲: 237

　概要を見る

Improving the Incentive Structure and Regulatory Norms toward Stronger Banking Sectors in Asia, How to Strengthen the Banking System and Develop Capital Markets in Post-Crisis Asia, Relationships between the Ownership Structure and Strengthen of the Banking Sector, Implications of Enron Debacles for Asian Corporate Governance, Mobilizing Domestic Savings by Enhancing Investment Oppotunities, Who Should Play Major Rples in Developing Capital Markets in Asia

Postal Savings & Fiscal Investment in Japan/ Oxford University Press

吉野 直行, Oxford University Press, 2003年

　概要を見る

The Transition of Finance, Postal Savings, and Government Financial Intermediation. The Postal Savings System and the Fiscal Investment and Loan Program in the Japanese Financial System. Flow-of-Funds Model of the Postal Savings System and Fiscal Investment and Loan Program. Emporocal Issues and Results. Reforming the Postal Savings System and the Fiscal Investment and Loan Program: Summing Up of the Issues, Reform, and Recommendations.

英語で学ぶ日本の金融

吉野直行、久原正治、マイケル・ラクリトン、ロッシェル・カップ, 有斐閣, 2000年04月

　概要を見る

Japan's Financial System, Asian Financial Crisis

Economic Issues of Contemporary Japan

吉野 直行, Yuhikaku publishing, 2000年04月

変革期の金融資本市場

松浦、吉野 直行、米澤編, 日本評論社, 2000年

入門・金融 (改定版)

吉野　直行,高月, 有斐閣, 1999年09月

公共投資の経済効果

吉野　直行,中島　隆信, 日本評論社, 1999年04月

日本型金融制度改革

吉野　直行,浅野,川北, 有斐閣, 1999年04月

社会資本の構造改革

吉野 直行, 1997年08月

現代マクロ経済分析

吉野 直行, 東京大学出版会, 1997年

比較日米マクロ分析

吉野 直行, 日本経済新聞社, 1996年

担当範囲: 第７章

入門・マクロ経済学

吉野 直行, 有斐閣, 1995年

アメリカ金融入門

吉野 直行, 日本評論社, 1995年

東京一局集中の経済分析

吉野 直行, 日本経済新聞社, 1994年

担当範囲: 第6章

変革期の金融システム

吉野 直行, 東京大学出版会, 1994年

担当範囲: 第４章

基本テキスト金融

堀江・吉野直行, 1992年

現代日本の金融分析

吉野 直行, 東京大学出版会, 1992年

パソコン計量経済学入門

吉野直行・高橋, 多賀出版, 1990年

金融自由化と公的金融

吉野 直行, 日本評論社, 1990年