論文 - 吉野　直行

Role of Hometown Investment Trust Funds and Spillover Taxes in Unlocking Private-Sector Investment into Green Projects

Naoyuki Yoshino, Farhad Taghizadeh-Hesary

2019年

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Trading and Ordering Patterns of Market Participants in High Frequency Trading Environment: Empirical Study in the Japanese Stock Market

Saito T., Adachi T., Nakatsuma T., Takahashi A., Tsuda H., Yoshino N.

Asia-Pacific Financial Markets （Asia-Pacific Financial Markets)  25 （ 3 ） 179 - 220 2018年09月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  13872834

　概要を見る

In this study, we investigate ordering patterns of different types of market participants in Tokyo Stock Exchange (TSE) by examining order records of the listed stocks. Firstly, we categorize the virtual servers in the trading system of TSE, each of which is linked to a single trading participant, by the ratio of cancellation and execution in the order placement as well as the number of executions at the opening of the afternoon session. Then, we analyze ordering patterns of the servers in the categories in short intervals for the top 10 highest trading volume stocks. By classifying the intervals into four cases by returns, we observe how different types of market participants submit or execute orders in the market situations. Moreover, we investigate the shares of the executed volumes for the different types of servers in the swings and roundabouts of the Nikkei 225 index, which were observed in September in 2015. The main findings of this study are as follows: Server type A, which supposedly includes non-market making proprietary traders with high-speed algorithmic strategies, executes and places orders along with the direction of the market. The shares of the execution and order volumes along with the market direction increase when the stock price moves sharply. Server type B, which presumably includes servers employing a market making strategy with high cancellation and low execution ratio, shifts its market making price ranges in the rapid price movements. We observe that passive servers in Server type B have a large share and buy at low levels in the price falls. Also, Server type B, as well as Server type A, makes profit in the price falling days and particularly, the aggressive servers in the server type make most of the profit. Server type C, which is assumed to include servers receiving orders from small investors, constantly has a large share of execution and order volume.

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Establishment of a cell model of X-linked sideroblastic anemia using genome editing.

Kaneko K, Kubota Y, Nomura K, Hayashimoto H, Chida T, Yoshino N, Wayama M, Ogasawara K, Nakamura Y, Tooyama I, Furuyama K

Experimental hematology 65   57 - 68.e2 2018年09月

共著,  ISSN  0301-472X

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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 （Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital)     335 - 357 2018年06月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  9789811085819

　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 (CO ), sulphur dioxide (SO ), and nitrogen oxides (NO ) 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. 2 2 x

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Impact of International Remittances on Poverty Reduction: Case of Developing Asia

吉野 直行

Global Solutions Journal 1 （ 1 ） 90 - 96 2018年05月

研究論文（学術雑誌）, 共著, 査読有り

FINANCIAL INCLUSION, FINANCIAL STABILITY AND INCOME INEQUALITY: INTRODUCTION

Yoshino N., Morgan P.

Singapore Economic Review （Singapore Economic Review)  63 （ 1 ） 1 - 7 2018年03月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  02175908

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HOUSEHOLD INCOME DYNAMICS IN A LOWER-INCOME SMALL OPEN ECONOMY: A COMPARISON OF BANKING AND CROWDFUNDING REGIMES

McNelis P., Yoshino N.

Singapore Economic Review （Singapore Economic Review)  63 （ 1 ） 147 - 166 2018年03月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  02175908

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This paper examines asset price and household income/consumption dynamics in a small open economy subject to terms of trade shocks, under two financial regimes. The first is a pure banking regime, in which firms borrow from banks for financing costs of labor, investment and intermediate goods for both the relatively riskless natural-resource traded sector and the non-traded sector. The second regime is more financially-inclusive banking/crowdfunding (BCF) regime, in which the households directly receive returns to capital from pooled lending to home-goods firms. Simulation results show that the banking regime better insulates the economy from negative shocks but limits the upside gain from positive shocks which would take place in the banking-crowdfunding regime.

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Mast cells partially contribute to mucosal adjuvanticity of surfactin in mice.

Yoshino N, Takeshita R, Kawamura H, Sasaki Y, Kagabu M, Sugiyama T, Muraki Y, Sato S

Immunity, inflammation and disease 6 （ 1 ） 117 - 127 2018年03月

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Mast cells partially contribute to mucosal adjuvanticity of surfactin in mice.

Yoshino N, Takeshita R, Kawamura H, Sasaki Y, Kagabu M, Sugiyama T, Muraki Y, Sato S

Immunity, inflammation and disease 6 （ 1 ） 117 - 127 2018年03月

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Optimization of trypsins for influenza A/H1N1 virus replication in MDCK SI-6 cells, a novel MDCK cell line.

Iskandar VI, Sasaki Y, Yoshino N, Abubakar RZR, Sato S, Muraki Y

Journal of virological methods 252   94 - 99 2018年02月

共著,  ISSN  0166-0934

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Optimization of trypsins for influenza A/H1N1 virus replication in MDCK SI-6 cells, a novel MDCK cell line.

Iskandar VI, Sasaki Y, Yoshino N, Abubakar RZR, Sato S, Muraki Y

Journal of virological methods 252   94 - 99 2018年02月

共著,  ISSN  0166-0934

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Housing bubbles and banking behaviors in China: A macro perspective

Yoshino N., Li V.J.

Journal of Comparative Asian Development （Journal of Comparative Asian Development)  17 （ 1 ） 73 - 94 2018年

ISSN  15339114

　概要を見る

The objective of this paper is to evaluate if China’s housing market has formulated bubbles in recent years, and the relationship between housing bubbles and banking behaviors. Based on three theoretical models, a set of signaling and early warning bubble indicators are adopted, including growth of M2 and bank loans, indices of Shibor and stock market, ratios of bank loan and real estate loan to GDP, and housing affordability indicators. We observe various signals for housing bubbles in China with reference to Japan in the late 1980s and USA in the 2000s, with more significant bubble signals since 2014. To explore the potential systematic risks for the financial systems (such as the consequences of housing market collapses in Japan and USA), the performances of large and medium sized Chinese banks are examined regarding the impacts of housing prices and other variables on bank loans. Empirical evidence suggests that housing asset appreciation provides higher mortgage collateral for commercial banks, thus increasing bank loan which may speed up the formation of housing bubbles. The findings have rich implications for understanding China’s current challenge in the financial de-leveraging process.

Combining environmental taxation, spill-over effects and community-based financing in development of renewable energy projects in Asia

Yoshino N., Taghizadeh-Hesary F.

Economics and Policy of Energy and the Environment （Economics and Policy of Energy and the Environment)  2018 （ 1 ） 133 - 148 2018年

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  22807659

　概要を見る

Asian economies are often characterized as having bank-dominated financial systems and underdeveloped capital markets, in particular with regard to venture capital. In economies that banks are the main source of funding, the main obstacle for financing infrastructural projects including renewable energy (RE) projects is lack of access to long-term finance. The second obstacle for development of RE energy projects is their lower rate of return comparing to fossil fuel projects as more subsidies are globally going to fossil fuels. For larger RE projects insurance and pensions are sustainable financing alternatives. Pension funds and insurance companies hold long-term savings, so these institutions could be a proper alternative for financing mega-size RE projects. In addition, utilizing the spillover effects originally created by energy supplies in form of tax revenues refund to RE projects will increase their rate of return and make them interesting for private investors. For smaller-size RE projects, the paper 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). The paper theoretically shows that by environmental taxation and allocating these tax revenues to HITs, RE projects will become more feasible and more interesting for private investors; hence the supply of investment money to these funds will increase.

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Assessment of the channels of transmission of oil price fluctuations to the economy

Taghizadeh-Hesary F., Yoshino N.

Argumenta Oeconomica （Argumenta Oeconomica)  41 （ 2 ） 5 - 34 2018年

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  12335835

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This paper develops a New Keynesian model to examine a theoretical global economy with two basic macroeconomic components: an energy1 producer and an energy consumer. This simple economy uses these two components to evaluate how oil prices affect the consumer economy’s gross domestic product and inflation. This model assumes that changes in the oil price transfer to macro variables through either supply (aggregate supply curve) or demand channels (aggregate demand curve). To examine the effects of this transfer, an Investment-Saving (IS) curve is used to look at the demand side and a Phillips curve is used to analyze the inflationary effects from the supply side. The empirical analysis concludes that movements in the oil price mainly affect the economy through the demand side (shifting the aggregate demand curve) by affecting household expenditures and energy consumption. This analysis provides several additional findings, among which is that easy monetary policies amplify energy demand more than supply, resulting in skyrocketing crude oil prices, which inhibit economic growth.

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マクロ経済学の視点 原油価格の下落が引き金 高齢社会の構造にも問題 (大論争 なぜ物価は上がらないか)

吉野 直行, 宮本 弘暁

エコノミスト （毎日新聞出版)  95 （ 42 ） 82 - 83 2017年10月

共著,  ISSN  0013-0621

Declined effectiveness of fiscal and monetary policies faced with aging population in Japan

Naoyuki Yoshino, Hiroaki Miyamoto

JAPAN AND THE WORLD ECONOMY （ELSEVIER SCIENCE BV)  42   32 - 44 2017年06月

共著,  ISSN  0922-1425

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This paper studies how population aging affects economic performance and the effectiveness of fiscal and monetary policies. We develop a New Keynesian dynamic stochastic general equilibrium model with heterogeneous households: workers and retirees. We demonstrate that an increase in the proportion of working population increases aggregate output, consumption, and investment by increasing total labor supply in the long run. It also increases wages and reduces the social security burden of the government. This paper also finds that the effectiveness of fiscal and monetary policies is weakened when the proportion of retirees becomes larger. (C) 2017 Published by Elsevier B.V.

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An impact evaluation of investment in infrastructure: The case of a railway connection in Uzbekistan

Naoyuki Yoshino, Umid Abidhadjaev

Journal of Asian Economics （Elsevier B.V.)  49   1 - 11 2017年04月

共著, 査読有り,  ISSN  1049-0078

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The Tashguzar–Baysun–Kumkurgan (TBK) railway connection, completed in 2007 in southern Uzbekistan, provided a domestic through line to link rail stretches formerly connected only via neighboring Turkmenistan. We hypothesize that a better integrated domestic rail system would yield economic spillovers beyond the regions actually traversed by the new connector to generate higher growth for neighboring regions and even for the far terminal reaches of the system. We test for this using a difference in difference approach that assesses the impact of the rail connector on economic performance for each of three regional groupings relative to a control group of unaffected regions. We further distinguish effects for the short term (2008), medium term (2009–10), and long term (2011–12). We find statistically significant increases in GDP growth for all three regional groupings at medium or long term horizons with magnitudes of increase up to 2.6 percentage points per year.

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信託機能を活用したファイナンス手法等の海外展開に向けた考察(1) (信託経済コンファレンス : 信託機能を活用したファイナンス手法等の海外展開に向けた考察)

吉野 直行

信託 （信託協会)   （ 269 ） 114 - 128 2017年02月

共著,  ISSN  0386-1368

Decline of oil prices and the negative interest rate policy in Japan

Naoyuki Yoshino, Farhad Taghizadeh-Hesary, Nour Tawk

ECONOMIC AND POLITICAL STUDIES-EPS （TAYLOR & FRANCIS LTD)  5 （ 2 ） 233 - 250 2017年

共著, 査読有り,  ISSN  2095-4816

　概要を見る

In April 2013, the Bank of Japan (BOJ) introduced an inflation target of 2% with the aim of overcoming deflation and achieving sustainable economic growth. But due to lower international oil prices it was unable to achieve this target and was forced to take further measures. Hence, in February 2016, the BOJ adopted a negative interest rate policy by massively increasing the money supply through the purchase of long-term Japanese government bonds (JGB). The BOJ had previously only purchased short-term government bonds, a policy that flattened the yield curve of JGBs. On the one hand, banks reduced the number of government bonds they purchased because short-term bond yields had become negative. The interest rates of long-term government bond up to 15 years even became negative. On the other hand, bank loans to corporates did not increase, due to Japanese economy's vertical investment-saving (IS) curve. The purpose of this paper is to show that the monetary policy through implementation of the zero interest rate and more recently through the negative interest rate could not help the Japanese economy to recover from the long-lasting recession and these are not the remedy. It is of key importance to make the IS curve downward rather than vertical. That means the rate of return on investment must be positive and companies must be willing to invest even if interest rates are set too low. Japan's long-term recession is due to structural problems that cannot be solved by its current monetary policy. The paper also explains why the BOJ has to reduce its 2% inflation target in the present low oil price era.

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Impact of the Fukushima Nuclear Disaster on the Oil-Consuming Sectors of Japan

Taghizadeh-Hesary, F., Yoshino, N., Rasoulinezhad, E.

Journal of Comparative Asian Development （Informa {UK} Limited)  16 （ 2 ） 113 - 134 2017年

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