Reviews, Commentaries, etc. - YOSHINO, Naoyuki

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

YOSHINO Naoyuki, Mizoguti Teturo

Public Policy Review 9 ( 1 ) 51 - 69 2013

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

吉野 直行

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

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  ( 6 ) 417 - 429 2013

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

吉野 直行

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

Monetary Policies and Oil Price Determination: An Empirical Analysis

Farhad Taghizadeh, Naoyuki Yoshino

OPEC ENERGY REVIEW, Volume 37, Issue 3 (forthcoming 2013) 37 ( 3 )  2013

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

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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Monetary Policies and Oil Price Determination: An Empirical Analysis

吉野 直行

OPEC ENERGY REVIEW, Volume 37, Issue 3 (forthcoming 2013) 37 ( 3 )  2013

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 (日本貸金業協会)  14 ( 14 ) 4 - 7 2013

超高齢化社会の到来と年金制度（１）

吉野 直行

信託  ( 254 ) 85 - 99 2013

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

ISSN  1343-618X

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

実学としてのパーソナルファイナンス    3 - 27 2013

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 2013

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 2013

ISSN  1881-4778

CHOICES OF OPTIMAL MONETARY POLICY INSTRUMENTS UNDER THE FLOATING AND THE BASKET-PEG REGIMES

Naoyuki Yoshino, Sahoko Kaji, Tamon Asonuma

SINGAPORE ECONOMIC REVIEW (WORLD SCIENTIFIC PUBL CO PTE LTD)  57 ( 4 )  2012.12

ISSN  0217-5908

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This paper determines whether adopting the basket-peg rather than the floating regime is optimal for emerging market countries. Under the basket-peg regime, there is a trade-off between practical usefulness and welfare losses associated with capital movements across countries. We develop a dynamic stochastic general equilibrium model for small open economies to derive a simple basket weight rule. Although this is suboptimal, we find it practical and easy to implement. With calibration using Singaporean and Thai data for 1997Q3-2006Q2 and comparison among cumulative losses associated with the policy instrument rules, we show that a commitment to the basket weight rule is superior to other instrument rules under the floating regime for small, open emerging market countries like Singapore and Thailand.

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Comments

Naoyuki Yoshino

Asian Economic Papers 11   110 - 111 2012.10

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

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

YOSHINO Naoyuki, Tetsro Mizoguchi

Publie Policy Review, Ministry of Finance, Japan 8 ( 6 )  2012

Global imbalances and the deveropment of capital flows among Asian countries

吉野 直行

OECD Journal Financial Market Trends    81 - 112 2012

Global imbalances and the deveropment of capital flows among Asian countries

YOSHINO Naoyuki

OECD Journal Financial Market Trends    81 - 112 2012

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

吉野 直行

Publie Policy Review, Ministry of Finance, Japan 8 ( 6 )  2012