Details of a Researcher - YOSHINO, Naoyuki

Papers - YOSHINO, Naoyuki

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The impact of monetary and tax policy on income inequality in Japan

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Sayoko Shimizu

The World Economy (Wiley) 43 ( 10 ) 2600 - 2621 2020.10

Research paper (scientific journal), Joint Work, Accepted, ISSN 03785920

This paper assesses the effects of the most recent monetary policy behaviour of the Bank of Japan (in particular, zero interest rate policy and negative interest rate policy) and Japanese tax policy on income inequality in this country during the period of 2002Q1 to 2017Q3. The vector error correction model (VECM) that develops in this research shows that increase in money stock (m1) through Quantitative Easing (QE) and Quantitative and Qualitative Easing (QQE) policies of the BOJ significantly increases the income inequality. On the contrary, Japanese tax policy was effective in reducing the income inequality. Variance decomposition results show that increasing of income inequality by monetary policy is larger when comparing to decreasing effects of tax policy on income inequality. Cointegration and VECM results show that monetary policy has both short-run and long-run impacts but for tax policy paper could not find any significant short-run impact on income inequality. In addition, paper found that technological progress only in long-run can reduce the income inequality by increasing the marginal productivity of labour with positive impacts on employment and wages.

Autologous Hematopoietic Recovery after Unrelated Umbilical Cord Blood Transplantation with Myeloablative Conditioning for Acute Myelogenous Leukemia.

Gomyo A, Nakasone H, Wada H, Kawamura S, Yoshino N, Takeshita J, Yoshimura K, Misaki Y, Tanihara A, Akahoshi Y, Kusuda M, Tamaki M, Kawamura K, Kimura SI, Kako S, Kanda Y

Internal medicine (Tokyo, Japan) 59 ( 19 ) 2409 - 2414 2020.10

Joint Work, ISSN 0918-2918

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Enhansing financial connectivity between Asia and Europe: Implications for infrastructure convergence between the two regions

Naoyuki YOSHINO, Monzur Hossain, Farhad Taghizadeh-Hesary

Asian Economic papers (MIT Press) 19 ( 2 ) 84 - 101 2020.06

Research paper (scientific journal), Joint Work, Accepted

Comments on Reforms and Crises in Government Statistics: The Case of Japan

Yoshino Naoyuki

ASIAN ECONOMIC PAPERS 19 ( 2 ) 38 - 40 2020.06

Research paper (scientific journal), Joint Work, Accepted, ISSN 1535-3516

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Enhancing Financial Connectivity Between Asia and Europe: Implications for Infrastructure Convergence Between the Two Regions*

Yoshino Naoyuki, Hossain Monzur, Taghizadeh-Hesary Farhad

ASIAN ECONOMIC PAPERS (Asian Economic Papers) 19 ( 2 ) 84 - 101 2020.06

Research paper (scientific journal), Joint Work, Accepted, ISSN 1535-3516

This paper explores the methods and policies that could enhance the financial connectivity between Europe and Asia in infrastructure investments. We argue that if Asian governments agree to enter into a long-term repayment commitment with a share of spillover tax revenues of public infrastructure projects under a regulatory framework, it could attract European long-term institutional funds in Asia’s infrastructure projects. This approach will reduce divergence in infrastructure between the two regions and encourage regional connectivity. With some empirical evidence, this paper highlights the operational risks and methods of sharing spillover revenue for infrastructure projects.

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From Window guidance to Interbank Rates: Tracing the Transition of Monetary Policy in Japan and China

Stefan Angrick, Naoyuki YOSHINO

International Journal of Central Banking (BIS) (International Journal of Central Banking) 16 ( 3 ) 279 - 316 2020.06

Research paper (scientific journal), Joint Work, Accepted, ISSN 18154654

Japanese monetary policy up to 1991 was based on a mix of price-based and quantity-based instruments and targets. Echoes of this system are today found in Chinese monetary policy. We explore the transition of these two regimes using historical statistics, computational text analysis, and structural vector autoregressive (SVAR) models. Specifically, we examine the role of the interbank rate and “window guidance,” a policy by which authorities communicate target quotas for lending growth directly to commercial banks. We empirically demonstrate the declining effectiveness of quantity measures and the increasing importance of price measures and provide recommendations for managing this transition.

Effect of Smoking on Outcomes of Allogeneic Transplantation: A Single-Center Analysis.

Tamaki M, Nakasone H, Kawamura M, Kawamura S, Takeshita J, Yoshino N, Misaki Y, Yoshimura K, Matsumi S, Gomyo A, Tanihara A, Kusuda M, Akahoshi Y, Kawamura K, Kimura SI, Kako S, Kanda Y

Biology of blood and marrow transplantation : journal of the American Society for Blood and Marrow Transplantation 26 ( 6 ) 1131 - 1136 2020.06

Joint Work, ISSN 1083-8791

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How does population aging affect the effectiveness of monetarya and fiscal policy ?

Naoyuki YOSHINO, Hiroaki Miyamoto

Global Solutions Journal, May 2020 May ( 2020 ) 2020.05

Research paper (scientific journal), Joint Work, Accepted

Assessment of the Trade Integration Pattern Between the Russian Federation and East/Southeast Asian Economies Using the Panel Gravity Framework*

Ehsan Rasoulinezhad, Farhad Taghizadeh-Hesary, Naoyuki Yoshino

ASIAN ECONOMIC PAPERS (MIT PRESS) 19 ( 1 ) 1 - 14 2020.04

Joint Work, Accepted, ISSN 1535-3516

This study is the first attempt to investigate the patterns of imports and exports between the Russian Federation and East/Southeast Asian economies, namely, the People's Republic of China; Hong Kong, China; Macau, China; Japan; the Republic of Korea; Mongolia; Cambodia; Lao People's Democratic Republic; Brunei; Indonesia; Malaysia; Myanmar; the Philippines; Singapore; Thailand; and Vietnam. To this end, a panel gravity trade model with series from 2001 to 2017 is provided to estimate the gravity variables in our models. The results reveal that GDP and income are more important in the export pattern from the Russian Federation to the East Asian region, meaning that the economic size and the income of the population in East Asian economies are more important in this pattern than other variables. Moreover, Russia's export pattern with the East Asian region follows the Heckscher-Ohlin hypothesis, while Russia's import pattern with this region is in line with the Linder hypothesis.

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Regional economic integration in asia: Challenges and recommended policies

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan

Journal of Economic Integration 35 ( 1 ) 1 - 9 2020.03

Joint Work, Accepted, ISSN 1225-651X

© 2020-Center for Economic Integration, Sejong Institution, Sejong University, All Rights Reserved. Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of economic growth. Strengthening regional cooperation and integration in different Asian sub-regions offers great potential for eliminating poverty and achieving inclusive and sustainable development. Hurdles remain, however, for further integration. The willingness to commit to “unity in diversity” is important to overcoming this, requiring the acceptance of cultural, linguistic, social, religious, and political differences. Such complex unities have been achieved in the European Union (EU) and elsewhere (Fella, 2002). Currently, in most Asian sub-regions, such political ambitions for economic integration have been scarce. This implies that a more cautious approach is needed in Asia than in other places. However, by studying the European context, we can derive valuable lessons for better fostering economic integration. Regional economic integration should first ensure the maximization of benefits for all participants. With this, complete cooperation is required to develop an effective and uniform regional business environment. Second, a well-developed infrastructure with an absence of trade barriers is needed. Various Asian sub-regions (e.g., Central and South Asia), however, suffer from a lack of infrastructure, which hinders trade opportunities. Difficulties in accessing capital also presents a key obstacle. In this regard, the role of infrastructure financing is very important. In the EU, their European Investment Bank maintains equitable financing for intra-EU projects. Open engagements with partner countries also play a key role. Third, over the past 30 years, different institutional mechanisms have sprung into existence in Europe that have created the basis for strategic economic integration. Such institutional mechanisms and initiatives are needed in Asia.

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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 (Bangladesh’s Macroeconomic Policy: Trends, Determinants and Impact) 217 - 238 2020.01

ISSN 9789811512438

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.

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Financing infrastructure using floating-interest-rate infrastructure bond

Yoshino Naoyuki, Azhgaliyeva Dina, Mishra Ranjeeta

JOURNAL OF INFRASTRUCTURE POLICY AND DEVELOPMENT (Journal of Infrastructure, Policy and Development) 4 ( 2 ) 306 - 315 2020

Research paper (scientific journal), Joint Work, Accepted, ISSN 2572-7923

This paper proposes a floating-interest-rate infrastructure bond, where the interest of a government bond is paid to investors during the period of construction and the early period of operation. Unlike the usual government bond, which provides a fixed interest rate, the proposed floating-interest-rate infrastructure bond pays a floating interest, the rate of which depends on spillover tax revenues. Effective infrastructure projects have a positive effect on the economic growth of a region, known as the spillover effect. When user charges and the return from spillover tax revenues are below the fixed rate of the government bond, the interest rate will equal to the fixed rate of the government bond. In this case, investors in the infrastructure will receive interest on the government bond at the minimum rate. As the spillover effect of the infrastructure increases, the rate of return for infrastructure investment will become greater than the fixed rate of the government bond. The success of the floating-interest-rate infrastructure bond depends on the spillover effect and on transparency and accountability. Policy recommendations are provided in this paper on how to increase the spillover effect and improve transparency and accountability.

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A NOTE ON POPULATION AGING AND EFFECTIVENESS OF FISCAL POLICY

Hiroaki Miyamoto, Naoyuki Yoshino

MACROECONOMIC DYNAMICS (CAMBRIDGE UNIV PRESS) 26 ( 6 ) 1679 - 1689 2020

Joint Work, ISSN 13651005

This paper examines how population aging affects the output effect of a government spending shock by using a panel data of OECD countries. The government spending shock is identified as a forecast error of government spending, and its output effect is estimated by using the local projection method. We find that population aging affects the output effect of the government spending shock. While in non-aging economies, government spending shock increases output significantly in both short- and medium-terms, in aging economies, output responses are not statistically significant.

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Sustainable Solutions for Green Financing and Investment in Renewable Energy Projects

Farhad Taghizadeh-Hesary, Naoyuki Yoshino

Energies ({MDPI} {AG}) 13 ( 4 ) 788 - 788 2020

Research paper (scientific journal), Joint Work, Accepted, ISSN 1996-1073

The lack of long-term financing, the low rate of return, the existence of various risks, and the lack of capacity of market players are major challenges for the development of green energy projects. This paper aimed to highlight the challenges of green financing and investment in renewable energy projects and to provide practical solutions for filling the green financing gap. Practical solutions include increasing the role of public financial institutions and non-banking financial institutions (pension funds and insurance companies) in long-term green investments, utilizing the spillover tax to increase the rate of return of green projects, developing green credit guarantee schemes to reduce the credit risk, establishing community-based trust funds, and addressing green investment risks via financial and policy de-risking. The paper also provides a practical example of the implementation of the proposed tools.

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Social funding of green financing: An application of distributed ledger technologies

Naoyuki Yoshino, Tim Schloesser, Farhad Taghizadeh-Hesary

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS (WILEY) 26 ( 4 ) 6060 - 6073 2020

Research paper (scientific journal), Joint Work, Accepted, ISSN 10769307

Technical developments in the sphere of distributed ledger technologies (DLTs) provide the opportunity to enhance existing tools of social funding. In a first step, we elaborate their application to the community-based hometown investment trust (HIT) fund, which provides financing for small-scale renewable energy projects. In a second step, we model the investment decision problem of households to illustrate through which channel the use of DLTs impacts the household's behaviour. Our model captures the return-risk trade-off between two forms of investments for households with different risk preferences. It reveals that the use of DLTs can mitigate the associated risk of an investment in a HIT fund causing more risk-averse households to change their investment behaviour. Although our theoretical analysis ascertains the potentials of DLTs to enhance social funding schemes, it also works out challenges for the establishment of DLT based funds.

Performance Differential between Private and State-owned Enterprises: An Analysis of Profitability and Solvency

Nguyet Thi Minh Phi, Farhad Taghizadeh-Hesary, Chuc Anh Tu, Naoyuki Yoshino, Chul Ju Kim

EMERGING MARKETS FINANCE AND TRADE (ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD) 57 ( 14 ) 3913 - 3928 2020

Research paper (scientific journal), Joint Work, Accepted, ISSN 1540496X

Motivated by the rise of state capitalism, the paper investigates the relationship between ownership identity and the performance of firms in terms of profitability and solvency. Using cross-sectional data covering over 25,000 firms worldwide and by employing various empirical methods, we find robust evidence that state-owned enterprises (SOEs) tend to be less profitable than private-owned enterprises. However, they appear to use debt for their financial need and are, thus, better leveraged. SOEs are also more labor-intensive and have higher labor costs. In addition, an improvement in institutional quality could benefit both SOEs and POEs. Thus, evidence from this study could be interpreted to mean that privatization could improve the performance of public firms; however, this process should come with several prior-privatization approaches. A study over a more extended period is needed before these results can be considered conclusive.

Spillover Capture Financing for Infrastructure Projects: Implications for Asia

Hyun Suk, Yoshino Naoyuki

INFRASTRUCTURE FINANCING IN ASIA 83 - 111 2020

Research paper (scientific journal), Joint Work, ISSN 978-981-12-1511-7

Exogeneity of world oil prices to the Russian Federation’s economy and monetary policy

Alekhina V., Yoshino N.

Eurasian Economic Review (Eurasian Economic Review) 9 ( 4 ) 531 - 555 2019.12

Research paper (scientific journal), Joint Work, Accepted, ISSN 1309422X

This research investigates the interrelationship between the Russian Federation’s main macroeconomic indicators, monetary policy and world oil prices using a vector autoregressive approach and monthly time-series data from January 1993 to December 2016. We selected the Russian Federation for this analysis because it is one of the largest oil exporting countries that is not a member of the Organization of the Petroleum Exporting Countries, and its oil revenues account for a significant proportion of the country’s total export and budget revenues. We assume that oil prices are exogenously given to this country, despite being a large oil-exporter, and explain the oil price transition mechanisms to the Russian Federation’s economy from the export side and through the fiscal channel taking into account the monetary policy factor. The results suggest that the impact of the oil price fluctuations on the country’s gross domestic product, consumer price index inflation rate, interest rate, and exchange rate was more significant between 2000 and 2016 than between 1993 and 1999. To estimate the monetary policy rule for the Russian Federation, we test the modified Taylor equation and associated Taylor rule, including the oil price gap, since the latter may have a significant impact on the key policy rate. The evidence suggests that the Taylor rule describes the post-financial crisis monetary policy of the Russian Federation relatively well.

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Energy insecurity in Asia: A multi-dimensional analysis

Thai-Ha Le, Youngho Chang, Farhad Taghizadeh-Hesary, Naoyuki Yoshino

ECONOMIC MODELLING (ELSEVIER) 83 84 - 95 2019.12

Research paper (scientific journal), Joint Work, Accepted, ISSN 02649993

Energy insecurity has been a critical challenge facing Asia's economic growth. This study constructs a comprehensive index for energy insecurity as well as examines its trend using a sample of 24 selected Asian countries during the 1990-2014 period. For this purpose, principal component analysis is applied to a series of 12 selected variables. The variables are standardized using different techniques including z-score, min-max and softmax normalization. Three different measures of energy insecurity are created accordingly. The empirical results depict the trend of increasing energy insecurity in Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, Saudi Arabia, Sri Lanka, Thailand and Vietnam. On the other hand, the trend of fluctuating but recently improving energy security was observed in Hong Kong, Japan, Mongolia, Singapore, South Korea, and United Arab Emirates. Meanwhile, the trend of fluctuating but recently increasing energy insecurity was found in Iran, Iraq, Jordan, Kazakhstan, Lebanon, and Tajikistan. These findings are robust to all three measures of energy insecurity.

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The way to induce private participation in green finance and investment

Farhad Taghizadeh-Hesary, Naoyuki Yoshino

FINANCE RESEARCH LETTERS (ACADEMIC PRESS INC ELSEVIER SCIENCE) 31 98 - 103 2019.12

Research paper (scientific journal), Joint Work, Accepted, ISSN 15446123

Establishment of green credit guarantee schemes (GCGSs) and returning a portion of the tax revenue originally generated from spillover effect of green energy supply to investors. It can reduce the risk of green finance and increase the rate of return of green energy projects, respectively. In addition, technical developments in the sphere of distributed ledger technologies provide the opportunity to increase the transparency in green finance and investments. This paper contributes to literature by proposing two applied frameworks, backed by theoretical models on green finance and investment based on projects size. The objective is to induce the private participation in green finance and investment.

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