The purpose of this paper is to present a simple model of the Japanese bank loan market and to estimate the degree of rationing in supply and demand adjustment for commercial bank loans. It has been discussed that the existence of credit rationing, especially“dynamic rationing”is a wide-spread phenomenon in the Japanese financial market because of the institutional rigidity of loan rates. In order to deal with such a situation empirically, Fair=Jaffee [7] and others applied disequilibrium methods.
However, so far there has been found little empirical effort in this field trying to explain the existence of credit rationing in the Japanese financial market on the basis of new disequilibrium approach until the work of Hamada et al. [3] appeared. Their method is based on the work of Fair=Jaffee with special emphasis on a very close relationship between the discount rate and the bank loan rates. And they assert that their study suggests the existence of credit rationing. However, the empirical results given by them are not persuasive enough. We employ a model that is basically similar to theirs, but that has a few differences in the following aspects: (i) We made alternative assumptions on price (loan rate) adjustment mechanism. (ii)“the Quantitative Method”as well as“the Direction Method I” was tested. (iii) A number of various alternative specifications were tested in estimating the price adjustment equations in which the discount rate influences the loan rates.
Our empirical results suggest that, for the period we studied, the bank loan market could be interpreted to have been in equilibrium, and that non-price rationing has not been a significant factor, even though the estimated long adjustment speed in loan rate adjustment exist. This tentative conclusion shows a sharp contrast with a widely-accepted view that credit rationing is quite prevalent in Japanese financial markets.

抄録全体を表示

In this paper we have developed a model where the terms of trade effect concentrated by Laursen-Metzler and capital flows by Mundell are synthesized, and have analyzed the international transmission process of policy effects under flexible exchange rates, and have derived the following results.
When the interest rate sensitivity of capital flows (K') is zero,
(1) if the domestic interest rate sensitivity of total private expenditures (E_i) is zero, the perfect insulation arises in the sense that a domestic increase in the money supply has no effects on the foreign employment level and real income deflated by the general price index which is a weighted average of the price of goods and services produced in the two countries.
(2) if the foreign interest rate sensitivity of the demand for money (L_i^*) is extremely large, a domestic monetary expansion leads to a decrease in the foreign employment level, but to an increase in the foreign real income through the sufficient improvement of the terms of trade.
When K' is not zero,
(3) if E_i and the foreign interest rate sensitivity of total private expenditures (E_i^*) are sufficiently small, and L_i^* is extremely large, a domestic monetary expansion gives rise not only to a decrease in the foreign employment level but to a decrease in the real income.
When K' is not zero,
(4) if L_i^* is extremely large, a domestic exogeneous increase in the demand for domestic goods leads to a decrease in the foreign employment level, but to an increase in the real income.
(5) if E_i^* is zero, a domestic exogeneous increase in the demand for domestic goods has no effects on the foreign real income, but results in a decrease in the foreign employment level.
When K' is not zero,
(6) if E_i^* is sufficiently small, and both L_i and L_i^* are extremely large, a domestic exogeneous increase in the demand for domestic goods gives rise to a decrease in the foreign employment level, but contrastively to an increase in the foreign real income through the sufficient improvement of the terms of trade.

抄録全体を表示

In this paper we will consider the problem of maximizing the duopolist's net cash flow over infinite horizon, on the assumption that each rival will assume the other's output as given. This is known as the dynamic duopoly model of Cournot. In this context, we will present the optimal capital policy reduced from it for the duopolist. Then, we will examine existence and uniqueness of the optimal capital path and derive an adjustment function with respect to the output from the optimal path. As each rival successively adjusts his own output according to the other's output under the adjustment function, it may be regarded as a reaction function. Therefore, in our model, we will investigate how the duopoly equilibrium will be established.
In Section 2, the optimization problem of dynamic duopoly is introduced. The necessary and sufficient conditions for the optimization are derived by“Pontryagin-Arrow Method”in Section 3. In Section 4, the existence and uniqueness of the optimal capital path is analysed and the adjustment function with respect to the output is derived from the path. In Section 5, the stability of duopoly market is examined. Findings of this paper are summarized in the last section.

抄録全体を表示

In Japanese rice production the technological system of middle size machinery was established in the early 1970's. This technological system is the mechanization of the whole rice production process from ploughing to harvesting. One of the characteristics of this technological system is indivisibility, which is quite different from the characteristics of traditional rice production technology. This new characteristic of rice production technology suggests the existence of economies of scale.
The purpose of this paper is to estimate economies of scale in rice production. The translog cost function is estimated using the cross-sectional data for the period 1973-75. It was found that there were significant scale economies for farmers producing rice from 0.5ha to 2.0ha. There were, however, small unexploited economies of scale for farmers producing rice with more than 2.0ha. The production cost of 1kg of rice of farmers in the class of 0.5-1.0ha was about 28% higher than the production cost of the farmers who produce rice with more than 3.0ha. The difference in production costs between farms of various sizes was mainly due to the difference in capacity and type of the agricultural machinery used in rice production. Farmers producing on more than 3.0ha of rice employ efficiently the middle size machinery system, while farmers cultivating less than 2.0ha employ machinery of smaller capacity and/or only part of the machinery system.

抄録全体を表示

In this paper, a procedure for production assignment of collective consumption goods is formulated. It is an extension of Dréze and Poussin's economic planning procedure to a nontâtonnement type in the sense that it allows actual production and consumption to take place at each of its steps. Hence, unlike in Dréze and Poussin's model, the roles of market mechanisms at each step of the procedure are emphasized. In this context, it is to be noted that the present procedure makes use of not only the markets for the usual private goods but also the markets for“pollution rights”, the setting up of which was advocated by Dales.
The main characteristics of the present procedure are well-definedness, monotonicity, and convergence to Pareto optima.

抄録全体を表示