Reviews, Commentaries, etc. - YOSHINO, Naoyuki

FINANCIAL INCLUSION, FINANCIAL STABILITY AND INCOME INEQUALITY: INTRODUCTION

Naoyuki Yoshino, Peter J. Morgan

Singapore Economic Review (World Scientific Publishing Co. Pte Ltd)  63 ( 1 ) 1 - 7 2018.03

ISSN  0217-5908

• Access to Document (DOI)

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

Paul D. McNelis, Naoyuki Yoshino

Singapore Economic Review (World Scientific Publishing Co. Pte Ltd)  63 ( 1 ) 147 - 166 2018.03

ISSN  0217-5908

　View Summary

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.

• Access to Document (DOI)

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 2017.06

ISSN  0922-1425

　View Summary

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.

• Access to Document (DOI)

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 2017.02

ISSN  0386-1368

Central and local government relations in asia: Achieving fiscal sustainability

Naoyuki Yoshino, Peter J. Morgan

Central and Local Government Relations in Asia: Achieving Fiscal Sustainability (Edward Elgar Publishing Ltd.)     1 - 434 2017.01

　View Summary

Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and sustainability of local government finances, and develops important findings and policy recommendations.

• Access to Document (DOI)

地域銀行の経営統合 : 課題と展望—特集 地銀のグループ経営

真鍋 雅史, 平賀 一希, 大庫 直樹, 吉野 直行

月刊金融ジャーナル (金融ジャーナル社)  57 ( 12 ) 8 - 13 2016.12

ISSN  0453-9176

Promoting better lifetime planning through financial education

Naoyuki Yoshino, Flore-Anne Messy, Peter J. Morgan

Promoting Better Lifetime Planning through Financial Education (World Scientific Publishing Co. Pte. Ltd.)     1 - 205 2016.03

　View Summary

Surveys show that financial literacy levels are typically low around the world, despite the widening access to financial services and the increasing financial risks borne by households in many countries. This suggests that there will be mounting challenges for households and SMEs to invest wisely and effectively as societies age and governments shift away from defined benefit to defined contribution pension schemes. Individuals will increasingly have to make complex financial decisions to plan for their retirement and for a range of foreseen and unforeseen expenditures. All of these developments suggest that financial education should be part of a lifetime process that starts at an early age and is pursued throughout adulthood. The contributions in this book came from a symposium titled, Promoting Better Lifetime Planning through Financial Education, organized by the Asian Development Bank Institute, the Bank of Japan, the Japan Financial Services Agency, and the Organisation for Economic Co-operation and Development, held on 22-23 January 2015 in Tokyo. Amongst the topics discussed were: effective pension management, financial education curricula in schools, training for teachers of financial education, internationally comparable data on financial literacy and the evaluation of the effectiveness of financial education programs. There are also case studies on financial inclusion, regulation, and education in Indonesia, Pakistan, Philippines, Viet Nam, Thailand, and Japan.

• Access to Document (DOI)

地方創生・人口減少社会に対応する「ふるさと信託」 (信託経済コンファレンス 地方創生・人口減少社会に対応する信託)

吉野 直行

信託 (信託協会)   ( 265 ) 186 - 202 2016.02

ISSN  0386-1368

インフラの経済効果の変化とそのファイナンス手法 (特集 社会インフラの再検討)

中東 雅樹, 吉野 直行

フィナンシャル・レビュー (財務省財務総合政策研究所 ; [1986]-)  2015 ( 4 ) 77 - 94 2015.10

ISSN  0912-5892

投資信託のさらなる普及に向けた費用体系を考える : 投資家、運用会社、販売会社のインセンティブが一致する仕組みが重要

吉野 直行, 青山 直子

金融財政事情 (金融財政事情研究会 ; [1950]-)  66 ( 33 ) 34 - 39 2015.08

ISSN  1345-3033

アジア経済と信託の活用 (信託経済コンファレンス : わが国におけるエネルギーの課題と信託の活用可能性)

吉野 直行

信託 (信託協会)   ( 261 ) 111 - 131 2015.02

ISSN  0386-1368

Determining the optimal structure of government debt in Indonesia

Ahmad Danu Prasetyo, Naoyuki Yoshino

Global Business and Economics Review (Inderscience Enterprises Ltd.)  17 ( 4 ) 445 - 466 2015

ISSN  1745-1329

• Access to Document (DOI)

金融経済教育向上の必要性と背景 (特集 金融リテラシー : 誰のために向上させるのか)

吉野 直行, 青山 直子

月刊金融ジャーナル (金融ジャーナル社)  55 ( 9 ) 70 - 73 2014.09

ISSN  0453-9176

この人に聞く 長期の経済前提として幅広く8ケースを設定 : 吉野直行氏(社会保障審議会年金部会・年金財政における経済前提と積立金運用のあり方に関する専門委員会委員長)

吉野 直行

週刊社会保障 (法研)  68 ( 2772 ) 36 - 37 2014.04

ISSN  1343-5736

銀行による「ふるさと投資ファンド」組成と地域活性化 (総特集 ザ・地域銀行) -- (成長の条件)

吉野 直行

月刊金融ジャーナル (金融ジャーナル社)  55 ( 4 ) 8 - 11 2014.04

ISSN  0453-9176

PPPと信託ビジネス (信託経済コンファレンス : インフラ事業への信託の活用)

吉野 直行

信託 (信託協会)   ( 257 ) 89 - 106 2014.02

ISSN  0386-1368

インフラ投資での信託活用の可能性 : 信託実務、海外の潮流からのアプローチ (信託経済コンファレンス : インフラ事業への信託の活用)

星 治, 吉野 直行

信託 (信託協会)   ( 257 ) 71 - 88 2014.02

ISSN  0386-1368

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

　View Summary

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.

• Access to Document (DOI)

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

• Access to Document (DOI)

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

ISSN  0386-992X