わが国のスタンプは米国のスタンプ事業と比べ, 商店街が行う地域密着型の事業活動であり販促性コミュニティ活動である。顧客がスタンプを集める誘因は, 基本的には消費の節約からである。スタンプ事業が普及し, 競争業者ぶ増えると販促手段としての効果性が失われる。スタンプ事業の優位性は, 地域社会と商業め関係の希薄きを修正ずることに着眼し, 地域社会の要請に応えるべく販促手段からコミュニティ手段として転換を図ることで, スタンプを媒介とした'ふれあい'のある地域イベント事業で地域商業の活力を生みだすのが重要である。

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　近年，急速に発達してきている

ポイント交換市場の構造をネットワーク分析の手法を用いて分析した．その結果，ネットワーク内に混在している多様な主体が各自の意図に基づいて行動していることによって，⑴ポイント同士の交換関係についても，また市場全体としても，一方向的で非対称な構造をしており，⑵交換の行える経路が偏在し，交換にかかるルールも区々である複雑な市場となっていることが明らかになった．

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Objective. The objective of this paper is to survey the empirical studies examining how Corporate Social Responsibility（CSR）has been evaluated in the financial market, and compare the estimated results of Japanese market with those of the US and the UK. Different methodologies, research periods and topics were examined in previous studies, therefore, we surveyed and summarised those results to grasp trends of effects of CSR activities on firms. We also reveal what tasks should be analysed for further research. Furthermore, we clarify and discuss the possible factors for the differences between Japan, the US, and the UK by comparing the results of the research.

Results and Discussion. We concluded that CSR activities do not affect stock prices in the mid- and long-term even though the estimated results are shown as being positive in the Japanese markets. From the point of view of the short-run impact, a positive reaction toward the CSR-related news, including environmental news, has been observed more clearly in recent years. The trends for US and European markets have been similar to the trends in the Japanese case. We also discussed other possible benefits of implementing CSR activities other than impacts on financial assets. These benefits are “attracting excellent human resources” and “increased productivity of employees”. Although these benefits could be one of greatest factors affecting the firms, few researchers have examined them. Therefore, we determined them to be topics that should be further analysed.

Conclusions. We summarised empirical studies of if and how CSR is evaluated in the financial markets of Japan and Western countries. It is concluded that investors in these markets have not greatly appreciated the socially responsible behaviours of firms in the mid- and long-term. On the other hand, CSR-related announcements, including environmental news, had positive impacts on stock prices in Japanese markets. During recent years, investors in Western markets have reacted to CSR-related announcements but the statistical significance of the reaction depends on the literature. Additionally, an announcement that a firm was removed from the SRI Index had a greater impact on stock prices than an announcement that a firm was included in the index. The possible reason could be that CSR-related activities are not considered to be important by Western investors.

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本稿の目的は、不確実性が高まり、景気予測のニーズが増大する中で、民間のコンセンサス予測として「ESP フォーキャスト調査」がどのような意味を持っているのかを検討することである。情報通信技術（ICT）の発展は、景気に関する大量の情報を瞬時に入手して予測することを可能にした一方、景気の先行きに不確実性をもたらし、景気予測のニーズを増大させている。その中で、「ESP フォーキャスト調査」の役割として、第１に景気の先行きの参考となる基準を示すこと、第２に市場の期待形成を解明するための情報を提供すること、第３に景気のリスクや望ましい政策に関する民間エコノミストの多様な考えを紹介することが期待される。予測に不確実性はつきものだが、不確実性に関する情報として、確率の平均分布に加えて、蓄積されたデータからコンセンサス予測のバイアスの方向性や実績値が 50％の確率で入る区間についての指標も開発された。景気判断に資するために、エコノミストが平均的にみる景気の転換点の確率を算出したところ、山は 60％を超えて90％に近づくかどうか、谷は70％を超えるかどうかが注目点となる。

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本稿では、米国でのオルタナティブ（代替）データ及びそれを用いたナウキャスティングや様々な分析の取組について、公的機関と民間機関に分けて、それぞれの概要を紹介する。公的機関ではGDPなど景気動向全体のナウキャスティングが目立つのに対し、民間機関では人々の消費行動など、よりミクロな分析を試みている例が多い。 経済分析に代替データを使用することはまだ比較的新しい手法であるため、個人情報保護の観点からのデータの適切な取り扱いが懸念されており、今後規制が進み、データ使用に制約が生じる可能性がある。また、新型コロナウィルスによるパンデミック以降、代替データを用いた分析の精度の低下も指摘されている。

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Vietnam seems play good performance on economic development in the last three decades, and be ranked as lower middle income economy from the end of 2010. Undoubtedly, under a series of deregulation and economic liberalization policies since early of 1990s both of foreign direct investment (FDI) and domestic private capital enterprises (PVEs) have contributed largely to the development of the economy. However along with such the positive eff ects, the current social economic development policies of Vietnam revealed some negative effects on the long term economic growth of the country. Some recent works, such as ADB (2011), Ono (2011) etc, warned Vietnamese economy hidden some structural causes that may push it fall into a middle income trap (in which the income can not be improved to higher level) in the near future. The diminishing of GDP growth rate of Vietnam in the last two three years (from 7-8% down to 5-6%) may be the factual evidence of such warning. This paper focused on the fundamental causes of these structural problems of current Vietnamese economy, not by a pure economics sense but from a political economic approach by analysing the changes of economic development strategy of the government, based on the two basic concepts of state capitalism and crony capitalism. The hypothesis here is that, Vietnamese goverment (state) tried to introduce market mechanism as a tool for governing the economy, until middle of the first decade of 2000s, by its own way with the emphasis of the role of state capital, so-called state capitalism. However the strategy using government's power in order to rule over the economy, via state owned enterprise system (SOEs), has not run as well as expected. After WTO accession (from the end of 2006), the change of economic policies with further market liberalization under the rules of WTO has positive eff ects on development of FDI and PVEs sectors, in the sense of stimulation for profit seeking activities. But the mix of SOEs protection policies under the rules of dictatorial political system, and the new wave of market liberalization has created favourite conditions for rent seeking activities, which nourish reproduction of crony capitalism. As a result, this causes the structural problems for long term economic development of the country. The rest of the paper tried to verify the above hypothesis by examination of economic policies on the development of SOEs, PVEs and FDI via three periods, i) 1986-1999 - known as the first Doi Moi (economic innovation), ii) 2000-2006 - the second Doi moi, and iii) 2007-2014 - after accession of WTO, be called as the third Doi moi. The end of paper emphasised that, further progress on innovation of political economic system is indispensable for the long term social economic development of the country, but the more important issue is how to make the economy to be governed by "the rule of law" spirit.

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