Details of a Researcher - YOSHINO, Naoyuki

Reviews, Commentaries, etc. - YOSHINO, Naoyuki

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INTRODUCTION: WAYS TO ACHIEVE GREEN ECONOMIC RECOVERY AND MITIGATE GREENHOUSE GASES IN THE POST-COVID-19 ERA

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Muhammad Mohsin, Nawazish Mirza

CLIMATE CHANGE ECONOMICS (WORLD SCIENTIFIC PUBL CO PTE LTD) 13 ( 3 ) 2022.08

ISSN 20100078

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財政赤字の安定化条件「ドーマー条件」の再考察—特集人口高齢化のもとでの財政金融政策の有効性

吉野直行, 宮本弘曉

フィナンシャル・レビュー / 財務省財務総合政策研究所編 (財務省財務総合政策研究所) 2021 ( 2 ) 4 - 14 2021.03

ISSN 0912-5892

高齢化が財政政策の効果に与える影響—特集人口高齢化のもとでの財政金融政策の有効性

宮本弘曉, 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編 (財務省財務総合政策研究所) 2021 ( 2 ) 49 - 67 2021.03

ISSN 0912-5892

Introduction

Taghizadeh-Hesary F., Panthamit N., Yoshino N.

Economics, Law, and Institutions in Asia Pacific (Economics, Law, and Institutions in Asia Pacific) vii - xi 2021

Article, review, commentary, editorial, etc. (scientific journal), ISSN 21998620

Introduction: Investment in Startups and Small Business Financing

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan, Daehee Yoon

World Scientific Series in Finance (World Scientific Series in Finance) 17 IX - XVII 2021

Article, review, commentary, editorial, etc. (scientific journal), ISSN 20101082

Introduction: Energy efficiency financing and market-based instruments

Yang Liu, Farhad Taghizadeh-Hesary, Naoyuki Yoshino

Economics, Law, and Institutions in Asia Pacific (Economics, Law, and Institutions in Asia Pacific) v - x 2021

Article, review, commentary, editorial, etc. (scientific journal), ISSN 21998620

Internal and external determinants of housing price boom in Hong Kong

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Aline Mortha, Alvin Chiu, Niki Naderi

Buletin Ekonomi Moneter dan Perbankan 23 ( 4 ) 597 - 620 2020.12

ISSN 1410-8046

Hong Kong's housing market witnessed a dramatic housing price appreciation in recent years, with the price index for private domestic housing units being three times higher than ten years ago. This trend is supported by both internal and external factors, as illustrated in this paper. By developing a theoretical model and an empirical analysis on the key variables influencing housing prices using monthly data from 1999 to 2018, we find that the main drivers of housing price appreciation are from the demand side and include income level, money supply and inflation. The main contribution of this study is the quantification of the role of Mainland China's macroeconomic factors in housing price booms in Hong Kong. Our study shows that capital inflow from and inflation and recessions in Mainland China contribute to increasing housing prices in Hong Kong because the city's real estate is seen as a way to preserve asset value. These findings call for the need for control of capital inflow between the two economies as well as for stricter regulations against empty houses in Hong Kong.

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Comments on reforms and crises in government statistics: The case of japan

Yoshino N.

Asian Economic Papers (Asian Economic Papers) 19 ( 2 ) 38 - 40 2020.06

Article, review, commentary, editorial, etc. (scientific journal), ISSN 15353516

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経済学者が読み解く現代社会のリアル(第63回)経済危機へマクロ対策緊急コロナ債の発行を

吉野直行, 宮本弘曉

週刊東洋経済 (東京 : 東洋経済新報社) ( 6919 ) 74 - 75 2020.04

ISSN 0918-5755

Regional economic integration in asia: Challenges and recommended policies

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan

Journal of Economic Integration (Journal of Economic Integration) 35 ( 1 ) 1 - 9 2020.03

Article, review, commentary, editorial, etc. (scientific journal), Joint Work, ISSN 1225651X

© 2020-Center for Economic Integration, Sejong Institution, Sejong University, All Rights Reserved. Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of economic growth. Strengthening regional cooperation and integration in different Asian sub-regions offers great potential for eliminating poverty and achieving inclusive and sustainable development. Hurdles remain, however, for further integration. The willingness to commit to “unity in diversity” is important to overcoming this, requiring the acceptance of cultural, linguistic, social, religious, and political differences. Such complex unities have been achieved in the European Union (EU) and elsewhere (Fella, 2002). Currently, in most Asian sub-regions, such political ambitions for economic integration have been scarce. This implies that a more cautious approach is needed in Asia than in other places. However, by studying the European context, we can derive valuable lessons for better fostering economic integration. Regional economic integration should first ensure the maximization of benefits for all participants. With this, complete cooperation is required to develop an effective and uniform regional business environment. Second, a well-developed infrastructure with an absence of trade barriers is needed. Various Asian sub-regions (e.g., Central and South Asia), however, suffer from a lack of infrastructure, which hinders trade opportunities. Difficulties in accessing capital also presents a key obstacle. In this regard, the role of infrastructure financing is very important. In the EU, their European Investment Bank maintains equitable financing for intra-EU projects. Open engagements with partner countries also play a key role. Third, over the past 30 years, different institutional mechanisms have sprung into existence in Europe that have created the basis for strategic economic integration. Such institutional mechanisms and initiatives are needed in Asia.

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Energy insecurity in Asia: A multi-dimensional analysis

Thai-Ha Le, Youngho Chang, Farhad Taghizadeh-Hesary, Naoyuki Yoshino

ECONOMIC MODELLING (ELSEVIER) 83 84 - 95 2019.12

ISSN 0264-9993

Energy insecurity has been a critical challenge facing Asia's economic growth. This study constructs a comprehensive index for energy insecurity as well as examines its trend using a sample of 24 selected Asian countries during the 1990-2014 period. For this purpose, principal component analysis is applied to a series of 12 selected variables. The variables are standardized using different techniques including z-score, min-max and softmax normalization. Three different measures of energy insecurity are created accordingly. The empirical results depict the trend of increasing energy insecurity in Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, Saudi Arabia, Sri Lanka, Thailand and Vietnam. On the other hand, the trend of fluctuating but recently improving energy security was observed in Hong Kong, Japan, Mongolia, Singapore, South Korea, and United Arab Emirates. Meanwhile, the trend of fluctuating but recently increasing energy insecurity was found in Iran, Iraq, Jordan, Kazakhstan, Lebanon, and Tajikistan. These findings are robust to all three measures of energy insecurity.

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Trade linkages and transmission of oil price fluctuations

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ehsan Rasoulinezhad, Youngho Chang

ENERGY POLICY (ELSEVIER SCI LTD) 133 2019.10

ISSN 0301-4215

This study is an attempt to ascertain how oil price shock can affect a trade-linked system via monetary variables. To this end, a simultaneous equation model (SEM) was applied through a Weighted Two Stage Least Squares (W2SLS) estimation method to different countries (21 cases) with business relations over the period from Q1 2000 to Q4 2015. In the case of oil-exporting countries consisting of Iran, Russian Federation, UAE, Indonesia, and Kazakhstan the findings revealed that they totally benefit from oil price increases. In the case of oil importing countries, the effects are more diverse. To derive a better interpretation, we divided them into four groups: European Union (EU) members (Germany, Italy, the Netherlands, and Poland); East and South East Asian nations (Japan; People's Republic of China; Republic of Korea; Viet Nam; Taipei China; Singapore; and Hong Kong, China); Commonwealth of Independent States (CIS) (Ukraine and Belarus) and others (the United States, India, and Turkey). The results showed that all these countries importing oil face a negative supply shock. Furthermore, the indirect effect coefficient almost received through trade for all these countries was positive.

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Preface

Yoshino N., Taghizadeh-Hesary F.

Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes (Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes) xxi - xxi 2019.01

Article, review, commentary, editorial, etc. (scientific journal), Joint Work, ISSN 9781138353428

Credit risk analysis of small and medium-sized enterprises based on thai data

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Phadet Charoensivakorn, Baburam Niraula

Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes 112 - 135 2019.01

© 2020 Asian Development Bank Institute (ADBI) and Organisation for Economic Co-operation and Development (OECD). Small and medium-sized enterprise (SMEs) often face severe difficulties raising money. Considering the bank-dominated characteristic of Asian economies, banks are the main source of financing. In order to prevent the accumulation of nonperforming loans in the SME sector, it is crucial for banks to distinguish healthy SMEs from risky ones. This chapter examines how a credit rating scheme for SMEs can be developed when financial and non-financial data are not accessible just by using lending data of banks to SMEs. We employ statistical techniques on five variables from a sample of 3,272 Thai SMEs and classify them into subgroups based on their financial health. The source of data used for the credit risk analysis in this research is the National Credit Bureau of Thailand. By employing these techniques, banks could reduce information asymmetry and consequently set interest rates and lending ceilings for SMEs. This would ease financing to healthy SMEs and reduce the number of nonperforming loans to this important sector.

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Establishment of the credit risk database: Concrete use to evaluate the creditworthiness of SMEs

Satoshi Kuwahara, Naoyuki Yoshino, Megumi Sagara, Farhad Taghizadeh-Hesary

Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes 89 - 111 2019.01

© 2020 Asian Development Bank Institute (ADBI) and Organisation for Economic Co-operation and Development (OECD). A credit risk database (CRD) makes it possible to mitigate the problem of information asymmetry between SMEs and financial institutions and contributes to improving SMEs’ access to finance by collecting a large number of financial statements through the mechanism of SME finances and establishing a robust statistical model. In this chapter, we use the CRD in Japan, confirm the situation in Japan, and highlight the CRD’s contribution to evaluating the creditworthiness of SMEs. We also explain how to establish the CRD as a financial infrastructure, while indicating that the CRD and the scoring model based on it have maintained their quality due to their operating system. We hope our experience contributes to the introduction of a statistical CRD composed of a large number of anonymous financial statement data in other countries and that the CRD helps improve SMEs’ access to finance as a financial infrastructure.

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Role of SMEs in Asia and the financing challenges they face

Naoyuki Yoshino, Farhad Taghizadeh-Hesary

Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes 3 - 22 2019.01

© 2020 Asian Development Bank Institute (ADBI) and Organisation for Economic Co-operation and Development (OECD). Small and medium-sized enterprises (SMEs) are the backbone of the Asian economy. They make up more than 96% of all Asian businesses, providing two out of three private-sector jobs on the continent. Therefore, it is vital for Asia’s economic success that fully functioning support measures for SMEs are in place. However, SMEs face major challenges in accessing cheap finance, mainly because of the asymmetric information problem between suppliers and users of funds and high transaction costs. These lead to more collateral requirements for lending to SMEs with higher lending interest rates, which hinder their growth. As most Asian countries are bank-dominant economies, capital market financing is not a realistic option for SMEs. Therefore, we need to look for solutions that simplify banks’ lending to SMEs. This chapter will highlight the difficulties faced by SMEs in accessing finance and provide measures for mitigating them. The remedies proposed in this chapter include the development of a credit information infrastructure for SMEs, the utilization of credit-rating techniques for SMEs to address the problem of asymmetric information, and the development of a sustainable credit guarantee scheme to resolve the collateral issue.

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A comprehensive method for credit risk assessment of small and medium-sized enterprises based on Asian data

Naoyuki Yoshino, Farhad Taghizadeh-Hesary

Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes 55 - 71 2019.01

© 2020 Asian Development Bank Institute (ADBI) and Organisation for Economic Co-operation and Development (OECD). Due to the asymmetry of information between borrowers that are small and medium-sized enterprises (SMEs) and lenders (banks), many banks consider this sector to be risky. It is crucial for banks to be able to distinguish healthy companies from risky ones in order to reduce their nonperforming assets in the SME sector. If they can do this, lending and financing to SMEs through banks will be easier, with lower collateral requirements and lower interest rates. In this chapter, we provide a scheme originally developed by Yoshino and Taghizadeh-Hesary (2014) for assigning credit ratings to SMEs by employing two statistical analysis techniques - principal component analysis and cluster analysis - using 11 financial ratios of 1,363 SMEs in Asia. If used by financial institutions, this comprehensive and efficient method could enable banks and other lending agencies around the world, especially in Asia, to group SME customers based on financial health, adjust interest rates on loans, and set lending ceilings for each group.

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Unlocking SME finance in Asia: Roles of credit rating and credit guarantee Schemes

Naoyuki Yoshino, Farhad Taghizadeh-Hesary

Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes 1 - 400 2019.01

© 2020 Asian Development Bank Institute (ADBI) and Organisation for Economic Co-operation and Development (OECD). There is limited access for small and medium-sized enterprises (SMEs) to bank credit. This book proposes new and sustainable models to help ease the access of SMEs to finance and boost economic growth and job creation in Asia. This book looks at the difficulties of SMEs in accessing finance and suggests ways on how to mitigate these challenges. It suggests how we can develop credit information infrastructures for SMEs to remedy the asymmetric information problem and to utilize credit rating techniques for the development of a sustainable credit guarantee scheme. The book provides illustrations of various Asian economies that implemented credit guarantee schemes and credit risk databases and is a useful reference for lessons and policy recommendations.

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Comments by Naoyuki Yoshino, on RMB Bloc in East Asia: Too Early to Talk about It?

Yoshino N.

Asian Economic Papers (Asian Economic Papers) 17 ( 3 ) 50 - 53 2018.10

ISSN 15353516

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Alternatives to private finance: Role of fiscal policy reforms and energy taxation in development of renewable energy projects

Naoyuki Yoshino, Farhad Taghizadeh-Hesary

Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital 335 - 357 2018.06

© Springer Nature Singapore Pte Ltd. 2018. 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 (CO2), sulphur dioxide (SO2), and nitrogen oxides (NOx) 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.

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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

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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

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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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

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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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

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.

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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

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.

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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

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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

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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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

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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

ISSN 0386-992X

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

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

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

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

New Basel Capital Requirement and SME Financing

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 18 ) 20 - 21 2012

預金保険制度の今後の方向性を考える

吉野直行

週刊金融財政事情 (金融財政事情研究会) 63 ( 20 ) 39 - 43 2012

ISSN 1345-3033

資金の流れの変化と財政安定化のための財政ルール

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) 2012 ( 109 ) 3 - 15 2012

ISSN 0912-5892

複数の経済前提をもとに年金財政の将来像を提示

吉野直行

週刊社会保障 (法研) 66 ( 2663 ) 62 - 63 2012

ISSN 1343-5736

New Basel Capital Requirement and SME Financing

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 18 ) 20 - 21 2012

Macroeconomic for MBAｓ and Masters of Finance

吉野直行

フィナンシャル・プランニング研究 ( 11 ) 50 - 51 2012

ユーロ危機と財政ルールの構築－ギリシャと日本の比較

吉野直行

世界経済時報 (世界経済調査会) ( 196 ) 1 - 32 2012

長期資金との提供と年金基金運用

吉野直行

企業年金 (企業年金連合会) 31 ( 392 ) 22 - 25 2012

ISSN 0286-6471

貸金業を取り巻く環境変化と成長戦略の早急な実施

吉野直行

クレジットエイジ (JCFA広報部編) 33 ( 380 ) 10 - 15 2012

The Role of Non-Banks and Remedies for Multi-Debt Problem

吉野直行

生活協同組合研究 (生協総合研究所) ( 434 ) 48 - 57 2012

ISSN 0911-1042

日本経済の復興と信託の活用

吉野直行

信託 ( 249 ) 93 - 108 2012

政策金融の現在・過去・未来

吉野直行

住宅金融 04 ( 24 ) 8 - 22 2012

日本の大学院教育--アメリカとの比較 (特集経済学の学び方・教え方)

吉野直行

経済セミナー (日本評論社) ( 657 ) 50 - 53 2011.12

ISSN 0386-992X

深刻な財政状況下、レベニュー債券活用の必要性高まる (特集揺れる三セクのファイナンス)

吉野直行

金融財政事情 (金融財政事情研究会) 62 ( 37 ) 19 - 23 2011.10

ISSN 1345-3033

Pro-cyclicality of the Basel capital requirement ratio and its impact on banks

Naoyuki Yoshino, Tomohiro Hirano

Asian Economic Papers 10 ( 2 ) 22 - 36 2011.06

ISSN 1535-3516

This paper proposes replacing the present Basel capital requirement with a new counter-cyclical measure. Optimally, (i) the Basel capital requirement ratio should depend on various economic factors such as the cyclical stage of GDP, credit growth, stock prices, interest rates, and land prices-hence, avoiding the expansion of bank loans during a boom period and a credit crunch during a sluggish period
(ii) the Basel minimum capital requirement rule should be different from country to country since the economic structures and the behavior of banks are different
and (iii) crossborder bank operation should follow the minimum capital requirement ratio where bank lending activities occur rather than the origin of the source of funds. © 2011 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

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特別インタビュー吉野直行金融審議会会長に聞く

吉野直行

月刊金融ジャ-ナル (金融ジャ-ナル社) 52 ( 5 ) 54 - 57 2011.05

ISSN 0453-9176

Internationalization of Chinese Yuan and Euro Issues

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 16 ) 5 - 6 2011

Internationalization of Chinese Yuan and Euro Issues

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 16 ) 5 - 6 2011

Impact of Japan,s earthquakes/Tunami disaster on Asian Economy and the lessons to be learned

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 10 ) 5 - 7 2011

Impact of Japan,s earthquakes/Tunami disaster on Asian Economy and the lessons to be learned

YOSHINO Naoyuki

( 10 ) 5 - 7 2011

Growing Budget Deficits and Sustainability:Why is japan still sustainable?

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 12 ) 5 - 6 2011

Growing Budget Deficits and Sustainability:Why is japan still sustainable?

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 12 ) 5 - 6 2011

Excess Expansion of China's Realestate Market

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 13 ) 5 - 6 2011

Excess Expansion of China's Realestate Market

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 13 ) 5 - 6 2011

Euro's Stuggle and Its Lessons to Asian Region

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 15 ) 5 - 6 2011

Euro's Stuggle and Its Lessons to Asian Region

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 15 ) 5 - 6 2011

Downgrading of US Goverment Securities:Impact on Northeast Asia and the Creation of Fiscal Discipline

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 14 ) 2011

Downgrading of US Goverment Securities:Impact on Northeast Asia and the Creation of Fiscal Discipline

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 14 ) 2011

China,s inflation-Causes and possible remedies

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 11 ) 5 - 7 2011

China,s inflation-Causes and possible remedies

YOSHINO Naoyuki

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 11 ) 5 - 7 2011

Recent Excessive Exchange Rate Appreciation of Japanese Yen

YOSHINO Naoyuki

( 17 ) 5 - 6 2011

G20での議論ーグローバル不均衡

吉野直行

経済の論点17, PHP Business Review ( 44 ) 46 - 48 2011

埋蔵金の誤解と国債の格下げ

吉野直行

経済の論点18, PHP Business Review (PHP研究所) ( 48 ) 58 - 60 2011

Recent Excessive Exchange Rate Appreciation of Japanese Yen

吉野直行

APEC,SME Crisis Management Center,SCMC,APEC,SME Economic Crisis Monitor ( 17 ) 5 - 6 2011

Macroeconomics for MBAs and Masters Finance

吉野直行

フィナンシャル・プランニング研究日本FP協会 ( 11 ) 2011

民間資金の誘導による公的資本形成

吉野直行

Pacifica ( 1 ) 2 - 3 2011

地震・津波を乗り越えるにはー日本経済の再生のための1シナリオ

吉野直行

経済の論点19, PHP Business Review ( 49 ) 40 - 41 2011

個人向け投資サービスと行動ファイナンスを巡る研究会

吉野直行

行動ファイナンスから読み解く個人向け投資サービスのあり方野村資本市場研究所 2011

ピンチは先駆者となるためのチャンス

吉野直行

経済の論点最終回, PHP Business Review PHP Business Review ( 50 ) 64 - 65 2011

Global financial crisis and policy issues in Japan

Naoyuki Yoshino, Naoyuki Yoshino

Managing Economic Crisis in East Asia 190 - 205 2010.12

The role of public works in the political business cycle and the instability of the budget deficits in Japan

Naoyuki Yoshino, Tetsuro Mizoguchi

Asian Economic Papers 9 ( 1 ) 94 - 112 2010.12

ISSN 1535-3516

This paper discusses the Liberal Democratic Party's (LDP) ability to maintain a majority of seats in the Diet after WWII by focusing on the role of public investment. The paper discusses three periods, namely, (i) the high-growth period (1950 to 1985), (ii) the asset bubble period (1986 to 1990), and (iii) the period of economic downturn after the bubble (post 1990). During the highgrowth period, government investment had a strong positive output effect and it increased the tax revenue in the medium and long run. The high rate of private capital formation boosted growth and tax revenue even further. During the asset bubble period of the late 1980s, Japanese tax revenue increased due to high asset and property prices, and growth stayed high because of strong aggregate demand. The Japanese economy experienced slower growth after the asset bubble burst. The LDP continued its high-spending policy by issuing Japanese government bonds (JGB) to finance the deficits but has not been able to revive growth to previous levels. Accumulated government debt now amounts to 180 percent of GDP and it will be difficult to issue any more JGB. Fiscal policy in post-bubble Japan no longer fulfilled the stability conditions that were identified by Blinder and Solow (1974). © 2010 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

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日本経済回復のための信託手法の適用可能性 (信託経済コンファレンス--産業・社会構造の変化に対応しうる信託)

吉野直行

信託 (信託協会) ( 241 ) 51 - 64 2010.02

ISSN 0386-1368

Activity Report

YOSHINO Naoyuki

9 4 - 5 2010

Activity Report

吉野直行

Newsletter 市場の高質化と市場インフラの総合的設計慶應義塾大学大学院経済学研究科・商学研究科/京都大学経済研究所連携グローバルCOEプログラム 9 4 - 5 2010

BISIIIに見る国際基準決定方法の問題

吉野直行

経済の論点11, PHP Business Review ( 41 ) 62 - 63 2010

地域活性化としての公共・都市政策とPPP（Public Private Partnership）に関する国際ワークショップ

吉野直行

Newsletter 市場の高質化と市場インフラの総合的設計慶應義塾大学大学院経済学研究科・商学研究科/京都大学経済研究所連携グローバルCOEプログラム ( 6 ) 5 2010

金融政策を決定するのには多くの要素を盛り込む必要がある

吉野直行

経済の論点15, PHP Business Review ( 45 ) 62 - 63 2010

真の円高リスク

吉野直行

経済の論点16, PHP Business Review ( 46 ) 48 - 49 2010

法律を陳腐化させない機動性

吉野直行

経済の論点13, PHP Business Review ( 43 ) 62 - 63 2010

政治空白が日本経済を後退させる

吉野直行

経済の論点12, PHP Business Review ( 42 ) 80 - 81 2010

年金破綻と消費税アップのどちらを選択するか

吉野直行

経済の論点14, PHP Business Review ( 44 ) 62 - 63 2010

On the economic interdependence between China and Japan: Challenges and possibilities

Claes G. Alvstam, Patrik Strom, Naoyuki Yoshino

ASIA PACIFIC VIEWPOINT (WILEY-BLACKWELL PUBLISHING, INC) 50 ( 2 ) 198 - 214 2009.08

ISSN 1360-7456

The paper presents an analysis of the economic relationship between the two most important economies in Asia. Over the last decades, the Chinese and Japanese economies have become more economically interdependent, a development which will, in the long run, impact the countries' political relationship. The paper seeks to answer the question: How can China and Japan gain from the current economic situation, further enhance their relationship and increase their synergies for regional economic development? Data on trade and Foreign Direct Investment are used in combination with primary data from interviews with Japanese and Chinese companies on how they perceive the current business situation and future potential. The result of the data analysis shows that the countries have much to gain from their economic interdependence. The firms see great potential in their respective markets but are concerned about political turbulence. Three possible scenarios for the future economic relationship are presented, including fierce competition on all markets and a leveraging of resources for mutual development between Chinese and Japanese companies.

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Japanese financial service firms in East and Southeast Asia: Location pattern and strategic response in changing economic conditions

Patrik Strom, Naoyuki Yoshino

ASIAN BUSINESS & MANAGEMENT (PALGRAVE MACMILLAN LTD) 8 ( 1 ) 33 - 58 2009.03

ISSN 1472-4782

This paper explores the internationalization and location pattern of Japanese financial service firms in East and Southeast Asia. During a period of prolonged economic problems in the Japanese domestic market and a turbulent period in Asia because of the Asian financial crisis of 1997, the situation for these service providers has changed drastically. The research question that the paper seeks to answer is: what are the spatial patterns and underlying reasons for strategic location response in Japanese financial service providers in East and Southeast Asia in the post-Asian financial crisis period? The paper puts forward a set of potential responses that these firms can pursue to strengthen their regional competitiveness.

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Impact of World Financial Crisis on Japanese Economy (in Japanese)

YOSHINO Naoyuki

RIETI Journal Research Institute of Ministry of Economy, Trade and Industry 2009

Japan's Bubble Economy and Its Implications to China

吉野直行

International Economic Review Chinese Academy of Social Sciences ( 3 ) 2009

Japan's Bubble Economy and Its Implications to China

YOSHINO Naoyuki

International Economic Review Chinese Academy of Social Sciences ( 3 ) 2009

Impact of World Financial Crisis on Japanese Economy (in Japanese)

吉野直行

RIETI Journal Research Institute of Ministry of Economy, Trade and Industry 2009

Strengthening Payment Systems in Asia, Symposium "Subprime Loan Problem and Raising Financial Market Quality"

YOSHINO Naoyuki

( 2 ) 6 - 7 2009

経済政策面から見た自民党敗北

吉野直行

経済の論点10, PHP Business Review (PHP総合研究所) ( 40 ) 44 - 46 2009

基調講演信託と金融--信託・証券化と信託業の将来 (信託経済研究会20周年記念シンポジウム信託と経済社会--信託経済研究20年の回顧と展望)

吉野直行

信託 (信託協会) ( 237 ) 7 - 20 2009

ISSN 0386-1368

中国語「日本未死！」

吉野直行

QUAM MONEY 044 48 - 52 2009

中国語「日本未死！」

YOSHINO Naoyuki

QUAM MONEY 044 48 - 52 2009

The case for the Private Sector

吉野直行

The Japan Journal 13 - 16 2009

The case for the Private Sector

YOSHINO Naoyuki

The Japan Journal 13 - 16 2009

Strengthening Payment Systems in Asia, Symposium "Subprime Loan Problem and Raising Financial Market Quality"

吉野直行

Newsletter 市場の高質化と市場インフラの総合的設計慶應義塾大学大学院経済学研究科・商学研究科/京都大学経済研究所連携グローバルCOEプログラム ( 2 ) 6 - 7 2009

すべての基本は教育にあり

吉野直行

経済の論点9, PHP Business Review ( 39 ) 46 - 47 2009

金融危機対応の国家間相違点

吉野直行

経済の論点5, PHP Business Review ( 35 ) 52 - 54 2009

日本を甦らせるために必要な官僚パワー

吉野直行

経済の論点8, PHP Business Review ( 37 ) 64 - 66 2009

中小企業への円滑な金融を図るデータベース化

吉野直行

経済の論点6, PHP Business Review ( 36 ) 64 - 65 2009

世界金融危機下における日本の景気対策―日中の市場の質に関する比較会議

吉野直行

Newsletter 市場の高質化と市場インフラの総合的設計慶應義塾大学大学院経済学研究科・商学研究科/京都大学経済研究所連携グローバルCOEプログラム ( 4 ) 6 2009

レベニューボンドの効果を高めるインセンティブメカニズム

吉野直行

経済の論点７, PHP Business Review ( 37 ) 64 - 66 2009

経済の論点(新連載・1)空港や電力の公益性を唱える前に、認識すべきことがある

吉野直行

PHPビジネスレビュー (PHP総合研究所) ( 49 ) 56 - 59 2008.05

構造改革進捗レポート(24・最終回)金融サービス業の国際競争力と金融人材の育成

山本惠朗, 吉野直行

PHPビジネスレビュー (PHP総合研究所) ( 48 ) 53 - 56 2008.03

Japanese Monetary Policy Reaction Function and Time-Varying Structural Vector Autoregressions: A Monte Carlo Particle Filtering Approach

YOSHINO Naoyuki

103 - 140 2008

Japanese monetary policy reaction function and time-varying structural vector autoregressions: a Monte Carlo particle filtering approach

吉野直行

Financial Services Agency research review (金融庁金融研究研修センター) 2007 103 - 140 2008

長期的資産運用状況からわかること

吉野直行

経済の論点3, PHP Business Review (PHP総合研究所) ( 33 ) 59 - 61 2008

海外からの投資の是非

吉野直行

経済の論点2, PHP Business Review (PHP総合研究所) ( 32 ) 62 - 64 2008

健全な債権化によるレベニューボンド導入の重要性

吉野直行

構造改革進捗レポート23, PHP Business Review (PHP総合研究所) ( 29 ) 54 - 56 2008

企業の資金調達の変化

吉野直行, 渡辺善次

フィナンシャル・レビュー財務省財務総合政策研究所 (国立印刷局) 2008 ( 88 ) 19 - 38 2008

ISSN 0912-5892

「団塊の世代」が少子高齢化社会において果すべき役割と信託--ファンド形式の信託運用を中心として (信託経済コンファレンス)

吉野直行

信託 (信託協会) ( 233 ) 42 - 60 2008

ISSN 0386-1368

「団塊の世代」が少子高齢化社会において果すべき役割と信託(1)

吉野直行

信託信託経済研究会、信託協会 ( 233 ) 42 - 60 2008

空港や電力の公共性を唱える前に認識すべきことがある

吉野直行

経済の論点1, PHP Business Review ( 31 ) 58 - 61 2008

日本の金融技術を伸ばすとき

吉野直行

経済の論点4, PHP Business Review ( 34 ) 60 - 61 2008

グローバルCOEの概要

吉野直行

Newsletter 市場の高質化と市場インフラの総合的設計慶應義塾大学大学院経済学研究科・商学研究科/京都大学経済研究所連携グローバルCOEプログラム ( 1 ) 3 - 7 2008

「生活苦」「浪費」の借手を貸金業市場に向かわせないことが必要 (特集消費者金融改革残された課題)

吉野直行

金融財政事情 (金融財政事情研究会) 58 ( 21 ) 15 - 19 2007.06

ISSN 1345-3033

教育の破綻状況は、英語教育を見るとよくわかる

吉野直行

構造改革進捗レポート17, PHP Business Review (PHP総合研究所) ( 23 ) 49 - 52 2007

社会保障制度改革と信託 (信託経済コンファレンス--人口減少社会における社会保障制度と信託)

吉野直行

信託 (信託協会) ( 229 ) 367 - 375 2007

ISSN 0386-1368

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