Papers - YOSHINO, Naoyuki

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 2013.11

Joint Work

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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 2013.11

Joint Work

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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 2013.10

Joint Work,  ISSN  0386-992X

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Monetary Policies and Oil Price Determination: An Empirical Analysis

Farhad Taghizadeh and Naoyuki Yoshino

OPEC ENERGY REVIEW, Volume 37, Issue 3 (forthcoming 2013) 37 ( 3 ) 1 - 20 2013.09

Research paper (scientific journal), Joint Work, Accepted

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

YOSHINO Naoyuki

三田評論 (慶応義塾)   ( 7月 ) 37 - 53 2013.07

Research paper (bulletin of university, research institution), Single Work,  ISSN  1343-618X

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超高齢化社会の到来と年金制度（１）

YOSHINO Naoyuki

信託  ( 254 ) 85-99 - 99 2013.05

Research paper (scientific journal), Single Work

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

YOSHINO Naoyuki

実学としてのパーソナルファイナンス    3-27 - 27 2013.03

Research paper (scientific journal), Joint Work

日本の金融の未来を切り開くための施策は何か

YOSHINO Naoyuki・Osaki Sadakazu

金融ITフォーカス 100   4-9 - 9 2013.02

Research paper (other academic), Single Work

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

YOSHINO Naoyuki・Mizoguti Teturo

Public Policy Review (Ministry of Finance, Japan)  9 ( 1 ) 51-69 - 69 2013.01

Research paper (scientific journal), Joint Work, Accepted

地元への資金還元「ふるさと投資ファンド」

YOSHINO Naoyuki

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

Research paper (scientific journal), Single Work,  ISSN  1881-4778

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

YOSHINO Naoyuki Tomohiro hirano

Current Developments in Monetary and Financial law Volnme 6 (IMF (International Monetary Fund))   ( 6 ) 417-429 - 429 2013

Research paper (scientific journal), Joint Work, Accepted

協会設立から5年。活動を振り返って。

YOSHINO Naoyuki

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

Research paper (scientific journal), Joint Work

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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

Joint Work,  ISSN  1673-3444

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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

Joint Work,  ISSN  1343-6384

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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

Joint Work, Accepted,  ISSN  1226-508X

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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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Comment on ”Estimating Non-Keynesian Effects for Japan"

YOSHINO Naoyuki

Asian Economic policy Review 7 ( 2 ) 246-247 2012.12

Research paper (conference, symposium, etc.), Single Work

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

YOSHINO Naoyuki and Tetsro Mizoguchi

Publie Policy Review, Ministry of Finance, Japan 8 ( 6 )  2012.12

Research paper (scientific journal), Joint Work

ユーロ危機と財政ルールの構築　－ギリシャと日本の比較

YOSHINO Naoyuki

世界経済　時報  ( 196 ) 1-32 2012.11

Research paper (scientific journal), Single Work

Comments

Naoyuki Yoshino

Asian Economic Papers 11   110 - 111 2012.10

Joint Work,  ISSN  1535-3516

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MACROECONOMIC VOLATILITY UNDER HIGH ACCUMULATION OF GOVERNMENT DEBT: LESSONS FROM JAPAN

Paul D. McNelis, Naoyuki Yoshino

ADVANCES IN COMPLEX SYSTEMS (WORLD SCIENTIFIC PUBL CO PTE LTD)  15 2012.09

Joint Work,  ISSN  0219-5259

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This paper applies Bayesian estimation to an open-economy Dynamic Stochastic General Equilibrium (DSGE) model of Japan, to assess the effects of expanding government debt on interest rates, real exchange rate dynamics, and real sector performance. We find that the emergence of even a small risk premium on government debt will trigger considerable instability in the real and nominal variables. We show that a switch to an exchange-rate rule for monetary policy would considerably moderate the instability induced by a rising risk premium.

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