We analyze the efficiency and structure of the JGB futures market by examining how macroeconomic announcements influence the rate of return and the volatility by using tick data. By using the third function and FFF approach, the influence lasts three hours after the announcements. The JGB futures market is not efficient, if we take OLS's result into consideration. The influence of macroeconomic announcements to volatility is also analyzed with GARCH model in this study, and an analysis of the non-symmetry of volatility is done through GJR model. Our results show it takes more than one hour to return for volatility to the half level. So, we cannot consider JGB future market to be efficient. GJR shows that volatility is not symmetrical.

抄録全体を表示

The purpose of this paper is to research how much "High Risk - High Return" response can influence a household economy. And Taiwanese liquid crystal display industry which has many "High Risk - High Return" response companies is focused on, compared with Japanese liquid crystal display industry which has many "Low Risk - Low Return" response companies. Ordinary Japanese workers prefer joining "Low Risk - Low Return" response companies to joining "High Risk - High Return" response companies, because they can work free from anxiety in "Low Risk - Low Return" response companies. But it is not easy for "Low Risk - Low Return" response companies to survive in today's fast-moving economy. And only "High Risk - High Return" response companies can give return to workers. "High Risk - High Return" response companies may be essential in our society. In order to live comfortably in today's society, every worker may be required to change his thinking of risk. And it can be helpful for every worker to acquire skill necessary for work.

抄録全体を表示

This paper analyzes the duality of Community Banks as one of their distinctive management features, from the point of view not only of economics but also sociology. Community Banks pursue profits rationally as economic actors, and they do not take feelings into consideration. But on the other hand they communicate with members of the community considering the feelings of other people to prove themselves worthy of the community's trust, and play a social part in bringing the community to prosperity in their role as social actors. In this way Community Banks have a different characteristic from major banks, their financial administration having a double standard. The duality of Community Banks has an influence on their financial condition through a positive feedback loop. We will describe three elements of this duality as a distinctive management feature and analyze the relation between three elements of the duality and overall financial conditions empirically.

抄録全体を表示

This paper analyzes the size distribution of income and wealth of the elderly in 1994 and 1999, by estimating the elderly household accounts by size of income and wealth on SNA (System of National Accounts). According to the analysis result, the inequality of primary income among the elderly in 1999 spread from 1994, but the inequality of adjusted disposable income (after redistribution in cash and in kind) reduced a little because the redistribution effect of social security benefits increased. The inequality of net worth reduced because land assets decreased.

抄録全体を表示

While Local Currency System (LCS) has been in second rising period since World Economic Crisis in 1930's, various types of LCS are not systematically classified though there have been many LCS studies. This has been caused by following two major reasons : using vaguely defined "Local" of which extent is context dependent ; and indefinite positioning of LCS in Local Management (LM) context. This article analyzes two types of LCS, Mutual-Aid Facilitation (MAF) oriented one and Local Economy Vitalization (LEV) oriented one, with framework of Marketing Network Model in LM and clarifies the following : 1) LCS is one of important variables in LM Matrix ; 2) LCS which pursues both purposes of MAF and LEV may function in middle and mountainous (rural) area though it may not function in urban area ; 3) Essential function of LCS for MAF is based on "Shadow Networkers (individuals who independently network)" activities, while LCS for LEV function to "disconnect target from universal exchange system of Legal Monetary System (LMF)"; 4) Although LCS has large impact on alternation of LMF impact remains indirect one, meantime LCS requires certain instruments for expediting involvement in initial stage ; 5) Although involvement of Local Governments (LGs) is required or admissible, it is desirable to be supportive one mainly due to dissimilar nature of LG's principle of conducts from initiating entities for LCS.

抄録全体を表示

This article, informed by a version of game thoery, purports to reinterpret 'credit crunch' that hitted Japanese banks in the second half of the 1990s, in spite of the low interest rate prevailing. This study first indicates that a bank may disrupt its continual customer relationship as implicit agreement, if and when the discount factor for the bank's future profits falls. It is further suggested that the disruption may take the form of credit rationing, rather than the operation of interest rate, when the bank desires its own information, held about the customers' credit position and accumulated through the past dealings, not to be known to its rivals.

抄録全体を表示

By analyzing the branching patterns of 10 sectors of deposit financial institutions in the Tokyo metropolitan area, I find that post office locates branches in accordance with area, population and the number of enterprise. This fact indicates that post office takes into consideration the principle of 'providing their service widely and equally'. Japan Agricultural and Fisheries Cooperatives are taking the similar branching patterns to post office. On the other hand, the branching patterns of private financial institutions excluding Japan Agricultural and Fisheries Cooperatives are based upon the profit principle by prioritizing enterprises. As for the competitions of branches, no competition is found between post office and private sector. Post office is analyzed to compete with none of the 9 private financial institutions in terms of branching patterns. This result shows that post office is not an obstacle to private financial institutions in terms of branching patterns. The number of competitions among 10 financial institutions is very small. Thus it's assumed that competitions among financial institutions in the same sector are severe in terms of branching patterns.

抄録全体を表示

In this paper, we investigate whether the flexible price monetary (FPM) model holds in yen/U.S. dollar exchange rates using cointegration tests procedures. In analysis, we derive the FPM model from money-in-the-utility-function model. Moreover, it is said that monetary demand function in Japan has changed due to a series of financial system instability from 1997 ends of the year, zero-interest-rate policy from February 1999, and quantitative relaxation from March 2001 in recent years. Therefore, we divide all samples into two sub-periods, i.e. (i) from January 1986 through December 1998, (ii) from January 1986 through December 2001, and we investigate the effects of structural change in money demand function on exchange rates determination. As a result, we show that there is a unique cointegration vector, and it satisfies the sign condition, when we use data from January 1986 through December 1998. In addition, impulse responses are examined to assess the model's responses to random disturbances in each included variables, and we get the results that are consistent with the prediction of the FPM model. These results imply that the FPM model derived from money-in-the-utility-function model has good explanation power to trace actual exchange rates behavior. On the other side, when we use data from January 1986 through December 2001, two cointegration vectors are identified, but they don't satisfy the sign conditions. These results mean the possibility that money demand function in Japan has changed in recent years.

抄録全体を表示

We analyze the intra-daily trade frequency of the Nikkei 225 futures listed on Osaka Securities Exchange (OSE) and Singapore Exchange (SGX). Since the number of trades can be considered as the proxy for information inflow to financial market, the analysis in this paper can be considered as the test of the 'heat wave' and 'meteor shower' hypothesis. The data we analyze are the number of trades aggregated from the ultra-high-frequency data at one minute interval in OSE and SGX. After de-trending the data, we estimate Multiplicative Error Model proposed by Engle (2002). The empirical results show that (1) strong persistence in the number of trades is found in OSE and SGX, (2)'heat wave' and 'meteor shower' effects are found in the both market.

抄録全体を表示

This paper tries to examine institutions, especially the institution of corporation according to the Side-Payments Approach. The starting point of the analysis is the stockholder-bondholder conflict and the implication of the side payments between them. It is understood that the side payments depends on a compensation principle including the efficiency property. Finally the institution of corporation is considered as the mechanism which keeps justice of distribution through the side payments under the basic rules of the Market Value Rule and the limited liabilities.

抄録全体を表示

In this paper, the various view points of the users of social infrastructures such as the post office, shops, private financial institutions, and so on are extracted. Through the process of quantitative and qualitative analyses, some characteristic important aspects are analyzed. From the output of these analyses, the hypothesis about the potential function of those social infrastructures to nurture social capital in the communities to foster co-operation among the residents, is examined. In conclusion, reviewing the flow of this essay, the future plan of the study on this theme is discussed.

抄録全体を表示

An increase of Japanese national medical expenditure resulting from rapid aging society and low birthrate is a serious problem in recent years, and a spread measure of generic drugs have been drawing attention as one of a solution. This study examines the factor that may prevent the spread of generic drugs from progressing in our country ; the impact of the progress of the spread of generic drugs comparing our case with those in foreign countries from a viewpoint of economics. The structure of this paper is as follows : First, a comparative institutional analysis is made about generic drugs to find the institutional infrastructure that can affect the spread of generic drugs substantially. Second, the review of previous studies on generic drugs is made using the method of economic analysis, which find three big issues in terms of the behavior of generic pharmaceutical manufactures, pharmaceutical price indexes, and the amount of consumption or prescription. Finally, a plausible and preferable institutional design relevant to the implication by the medical policy is proposed.

抄録全体を表示

What is the characteristic of the old people? In this paper, I distinguish the old people from the young people, based on the investment period permitted by the span of life. I confine all my attention to utility function with the same relative risk aversion at all levels of wealth. Do lifetime considerations affect the portfolio selection? For simplicity of exposition, I assume that the young people live for three periods and the old people live for two periods. The vehicle of analysis is a stochastic, discrete-time dynamic programming model that postulates an expected lifetime utility function to be maximized. The present lifetime model reveals that it does not itself affect the portfolio selection for the old people not to be permitted for longer investment.

抄録全体を表示

This paper examines the possibility of captives in Japan that would be influential to household consumers. Since Nago City of Okinawa Prefecture challenges to be the first captive domicile in Japan, this paper especially focuses on direct or indirect benefits that captives would contribute to the household consumers who live in Nago City and Okinawa. From the success story of Dublin City of Ireland, captives would have a possibility of increasing employment, enhancing information and transportation infrastructure, protecting environment and investing in financial education. The influences would result in a significant increase of their life level. A simulation indicates that 100 captives and their related business could create about JPY 210 billion to the local economy, JPY 233 billion tax income to the prefecture, and 2,200 employments over a 10 year term. Those numbers are significant for Okinawa and the tax income can be used for the household consumers. However, captives in Japan might end up in a failure with strong internal and external resistance as shown in cases of Germany, Italy and France where insurance business styles are similar to the Japanese one.

抄録全体を表示