論文 - 吉野　直行

Response of Stock Markets to Monetary Policy: The Tehran Stock Market Perspective

Yoshino, N., Taghizadeh-Hesary, F., Hassanzadeh, A., Prasetyo, A.D.

Journal of Comparative Asian Development 13 （ 3 ） 517 - 545 2014年

共著, 査読有り

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Monetary policy and oil price fluctuations following the subprime mortgage crisis

Yoshino, N., Taghizadeh-Hesary, F.

International Journal of Monetary Economics and Finance 7 （ 3 ） 157 - 174 2014年

共著, 査読有り

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International comparison of bubbles and bubble indicators

Naoyuki Yoshino, Tomoya Nakamura, Yoshitaka Sakai

AI and Society （Springer-Verlag London Ltd）  29 （ 3 ） 427 - 434 2014年

共著, 査読有り,  ISSN  1435-5655

　概要を見る

The purpose of this paper is to analyze the financial turmoil of the US subprime loan crisis of mid-Noughties and to compare it with the Japanese asset bubble of late 1980s. While examining the two crises, it compares the monetary policies of both countries, focusing on the excess liquidity and expansion of bank loans that were seen. This paper develops several bubble indicators, including the ratio of real estate loans to total loans, the loan-to-GDP ratio, and housing affordability. In order to develop these indicators, it is necessary to compare banking behavior in both Japan and the United States, as banks in both countries were making loans beyond the point of profit maximization. Property prices and monetary policy in both countries influenced banking behavior significantly. The bubble indicators developed in this paper can be used as early warning indicators for future bubbles. © 2013 Springer-Verlag London.

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講演録 ファイナンス理論と実践 : 投資信託にスターは存在するか,資産運用における行動ファイナンスの限界,等

吉野 直行

ファイナンシャル・プランニング研究 （日本FP学会）  14   37 - 43 2014年

共著,  ISSN  1346-5112

An Estimation of the Impact of oil Shocks on Clude Oil Exporting Economics and Their Trade partners

吉野 直行

Frontiers of economics in China 8 （ 4 ） 571-591 2013年12月

研究論文（学術雑誌）, 共著

Hometown investment trust funds: A stable way to supply risk capital

Naoyuki Yoshino, Sahoko Kaji

Hometown Investment Trust Funds: A Stable Way to Supply Risk Capital （Springer Japan）  9784431543091   1 - 98 2013年11月

共著

　概要を見る

This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the originate and distribute model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.

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The background of hometown investment trust funds

Naoyuki Yoshino

Hometown Investment Trust Funds: A Stable Way to Supply Risk Capital （Springer Japan）  9784431543091   1 - 13 2013年11月

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　概要を見る

This chapter will, first of all, describe how the flow of funds in Japan functions. Second, it explains how Hometown Investment Trust (HIT) funds can fund businesses that are likely to grow in future and are capable of making a social contribution, but entail risks. HIT funds have recently begun to grow, and we will make the case for the urgent need to foster such funds. There are two main reasons why this is important. First, as BIS capital adequacy requirements become more stringent worldwide, banks find it more difficult to provide funding to high-risk businesses and projects. Second, Japan's public finances are in dire straits. Local businesses outside the main urban centres used to be supported by subsidies from the centre to local regions in the form of national tax revenues allocated to local governments, national treasury disbursements, and government loan and investment funds. Under today's expanding fiscal deficits, however, issuance of deficit-financing bonds to provide for local regions has reached a limit, and the need to use private-sector funds to finance regional projects has become urgent (Yoshino and Mizoguchi, Financial policy review, Ministry of Finance of Japan, 2013
McNelis and Yoshino, Advs Complex Syst 15:1250057, 2012). The second half of this chapter will describe the flow of funds in Asia. Chapter 5 of this book will discuss concrete examples in Asia, where the financial systems also rely heavily on indirect financing via banks, so that the supply of funds to risk sectors is very likely to taper off. It is necessary to create mechanisms to supply various kinds of funds, including HIT funds that finance new corporations, businesses and environmental programs.

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持続可能な財政政策ルールの導出 : 金融機関等による国債購入サイドの要因を考慮 (特集 日本国債のゆくえ)

吉野 直行, 溝口 哲郎

経済セミナー = The keizai seminar （日本評論社）   （ 674 ） 37 - 44 2013年10月

共著,  ISSN  0386-992X

Monetary Policies and Oil Price Determination: An Empirical Analysis

吉野 直行

OPEC ENERGY REVIEW, Volume 37, Issue 3 (forthcoming 2013) 37 （ 3 ） 1 - 20 2013年09月

研究論文（学術雑誌）, 共著, 査読有り

日本経済を取り巻く金融環境の変化と景気回復のための財政金融政策

吉野 直行

三田評論 （慶応義塾）   （ 7月 ） 37 - 53 2013年07月

研究論文（大学，研究機関等紀要）, 単著,  ISSN  1343-618X

超高齢化社会の到来と年金制度（１）

吉野 直行

信託  （ 254 ） 85-99 - 99 2013年05月

研究論文（学術雑誌）, 単著

日本経済の資金の流れの変化 個人・家計を取り巻く日本経済の環境変化　－資金の流れから見る家計を取り巻く日本経済

吉野 直行 貝塚　啓明 伊藤　宏一

実学としてのパーソナルファイナンス    3-27 - 27 2013年03月

研究論文（学術雑誌）, 共著

日本の金融の未来を切り開くための施策は何か

吉野 直行・大崎貞和

金融ITフォーカス 100   4-9 - 9 2013年02月

研究論文（その他学術会議資料等）, 単著

Change in the Flow of Funds and Fiscal Rules Needed for Fiscal Stabilization

吉野 直行

Ministry of Finance, Japan （Ministry of Finance, Japan）  9 （ 1 ） 51-69 - 69 2013年01月

研究論文（学術雑誌）, 共著, 査読有り

地元への資金還元「ふるさと投資ファンド」

吉野 直行

季刊　個人金融 （郵便貯金振興会）  8 （ 春 ） 2-8 - 8 2013年

研究論文（学術雑誌）, 単著,  ISSN  1881-4778

Counter-cyclical Buffer of the basel Capital requirement and Its Empirical Analysis

吉野 直行

IMF (International Monetary Fund) （IMF (International Monetary Fund)）   （ 6 ） 417-429 - 429 2013年

研究論文（学術雑誌）, 共著, 査読有り

協会設立から5年。活動を振り返って。

吉野 直行

JFSA （日本貸金業協会）  14 （ 14 ） 4-7 - 7 2013年

研究論文（学術雑誌）, 共著

An estimation of the impact of oil shocks on crude oil exporting economies and their trade partners

Farhad Taghizadeh Hesary, Naoyuki Yoshino, Ghahraman Abdoli, Asadollah Farzinvash

Frontiers of Economics in China 8 （ 4 ） 571 - 591 2013年

共著,  ISSN  1673-3444

　概要を見る

This research evaluates the impact of oil price shocks on oil producing and consuming economies; we used a simultaneous equation framework for different countries with business relations. As expected, we found that oil-producers (here, Iran and Russia) benefit from oil price shocks. However contrary to previous findings, they also benefit from the indirect effect through their trade partners. For oil-consuming economies, the effects are more diverse. In some countries, output falls in response to an oil price shock, while some others seem to be relatively immune. Generally, those countries which trade more with oil producers gain indirect benefits via higher demand from oil-producers. For instance, the Netherlands, Germany, France, Italy, the US, the UK, and China get a negative direct effect and positive indirect effect from oil producing countries. This is exactly the result that we anticipated. India has both negative effects directly and indirectly and seems to suffer more in a positive oil price shock. For Japan, Spain, Switzerland and Turkey the results are reversed. They benefit from an oil shock directly and indirectly. © 2013 by Koninklijke Brill NV, Leiden.

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中小企業融資、信用保証、東日本大震災後の「ふるさと投資ファンド」について (特集 第25回ACSIC会議) -- (基調講演)

吉野 直行

信用保証 （全国信用保証協会連合会）   （ 124 ） 7 - 14 2013年

共著,  ISSN  1343-6384

Identification of Systemically Important Financial Institutions and Implications for Financial Architecture in Korea

Suk Hyun, Naoyuki Yoshino

Global Economic Review 42 （ 4 ） 382 - 395 2013年

共著, 査読有り,  ISSN  1226-508X

　概要を見る

The global financial crisis has put a spotlight on concerns about financial system stability. Currently, there are discussions about how to identify systemically important financial institutions (SIFIs) and how to strengthen regulatory measures for these SIFIs. Against the backdrop, this study aims to identify SIFIs by measuring inter-sectoral financial transactions with the flow of funds (FOF) account as a measure of interconnectedness. The empirical results show that banks or insurance companies can be SIFIs only in terms of size. However, foreign banks' branches (FBB) and credit-specialized institutions can also be SIFIs in terms of interconnectedness. Especially the systemic importance of FBB in Korea has increased considering the fact that financial crisis in Korea resulted mainly from foreign exchange market. Therefore, more specific discussions and regulatory measures for SIFIs will be required from the perspective of capital market development and Korea's situation. © 2013 © 2013 Institute of East and West Studies, Yonsei University, Seoul.

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