詳細検索結果
以下の条件での結果を表示する:
全文: "資産担保証券"
50件中 1-20の結果を表示しています
  • 辻村 雅子
    産業連関
    2009年 17 巻 1-2 号 88-104
    発行日: 2009/06/30
    公開日: 2015/03/25
    ジャーナル フリー
    本稿では,サブプライム問題をバランスシートの視点で整理し,これを一覧する統計資料である米国の資金循環勘定をもとに分析している.併せて産業連関分析の標準的な分析手法となっているレオンティエフ逆行列の,資金循環分析における経済学的意味を再確認することも課題である.米国のサブプライム危機という,当初は局所的な問題であったものが,これを放置することで世界的問題に発展するメカニズムを,既存の金融連関表の乗数分析の枠組みの範疇で,単純化して描写する試みである.
  • 酒井 健
    日本不動産学会誌
    2002年 16 巻 3 号 85-90
    発行日: 2002/12/27
    公開日: 2011/06/15
    ジャーナル フリー
    Securitization market is most rapidly growing segment of the U.S capital markets.
    The market was formed by the organization called GSE (s), such as Fannie Mae and Ginnie Mae, and its history is over thirty years.
    Mortgage backed securitization market is getting matured in our country, nevertheless it will be growing rapidly, because the Government Housing Loan Corporation (GHLC) would issue their MBS steady and continuously.
    However it is important that we shall pursue original securitization model as there are lots of differences in the custom and business system between U.S and Japan. For example, the customers could apply loss mitigation plan when they have difficulties to repay with the securitization model of GHLC.
    Japanese MBS market is still immature; hence, we need more time to develop the infrastructure for securitization, which is well behind of the U. S.
  • 石倉 雅男
    季刊経済理論
    2010年 47 巻 2 号 38-48
    発行日: 2010/07/20
    公開日: 2017/04/25
    ジャーナル フリー
    The global financial meltdown triggered by the subprime mortgage crisis in the US can never be considered without reference to the difference between the traditional "originate to hold" model of financial intermediation, where loan assets are held by banks till their maturities, and the "originate-to-distribute" model, which is based on the securitization of loan assets. This paper examines how the evolution of a financial system affects the macroeconomy from the perspective of the securitization of loan assets and the resulting shifts in the flow of funds among economic sectors. The examination yielded the following findings and interpretations. First, the sales of loan assets from banks to securities-issuing institutions (represented by the Special Purpose Vehicles, or the Structured Investment Vehicles) and the issuance of securities backed by those loan assets allow illiquid loan assets on the balance sheets of banks to be converted into more liquid assets, such as cash or reserves, thus extending flexibilities in the banks' management of their assets. Second, in case loan assets should be sold from banks to the asset-purchasing entities without issuance of securities backed by those loan assets, there can be no conversion from loan assets to more liquid assets like cash or reserves in the asset column of banks' balance sheets. Third, those institutional practices to enhance the market liquidity of the securities backed by loan assets, and those that facilitate investors to acquire those securities as stores of value, can be considered to lead to greater flexibilities in the banks' management of their assets. Fourth, the liquidity preference of banks can provide relevant perspectives for the reason why banks will sell their loan assets to security-issuing institutions and hold the proceeds from the sales of those assets in liquid form at the cost of interest revenues from loan repayments. From the perspective of this paper, those policies that facilitate securitization of loan assets and, more broadly, securitization of finance, will lead to higher priorities on extending flexibilities in the asset management of financial sectors.
  • 河村 哲二
    季刊経済理論
    2009年 46 巻 1 号 4-21
    発行日: 2009/04/20
    公開日: 2017/04/25
    ジャーナル フリー

    The financial crisis that originated in the United States has developed into a serious 'once-in-a century' global crisis. A recurrence of the 1930s-type Great Depression seems to be structurally imminent. Simple 'Bubble and Burst' accounts are prevailing to explain the cause and the whole process of the crisis. Such simple arguments are not sufficient to elucidate the real dimensions of the current global crisis. It is true that structured financing contained serious institutional and systemic deficiencies, and that the collapse of the vast expansion of risk-taking financing through an unregulated and extremely high leveraged labyrinthine structured finance mechanism constituted a crucial aspect of the current global crisis. It incorporates complicated risk aversion and diversification schemes. The pricing systems are based on false assumptions that ignore Frank Knight's uncertainty about the market economy. Anyhow, it provided a major mechanism of the rapid expansion of subprime financing and "predatory" lending in the U.S. housing markets particularly in the late 2000s on the basis of historical improvements of housing and other credit segregation after the Civil Right Act and especially after the 1977 Community Reinvestment Act. Moreover, it boosted the speculative expansion of CDOs and other various type of securitized product markets in general, together with relating leveraged financing. Exacerbating sub-prime mortgage failures spreading from the early 2007 triggered the overall collapse of "risk assets" markets and led to the cumulative global financial crisis. However, one salient feature of the current crisis should be noted. The financial crisis ignited by the U.S. sub-prime crisis has proliferated quite rapidly in the global financial system and brought about a very serious interrelated contraction of the U. S and global real economy. The whole process should be grasped as the crisis of the U.S. -centered global capital accumulation regime that emerged through the global capitalism-ization of the U.S. in these two decades in response to the breakdown of the postwar Pax Americana system in the mid-1970s. The key nexus is the conjunction of the multi-layered Global City functions and the Neo-imperial circuits of global capital flow centered in the U. S., which are combined through the financial facilities in the global financial center New York, based on the US dollar as the key international currency. Globalization of business, finance and information constituted the major dynamics. Major neo-liberal re-organization of the postwar corporate system started, especially in the 1980s. Increasing volatility and instability in the currency and financial markets induced notable financial innovations and globalization, making full use of IT, under neo-liberal deregulations from the early 1980s, which has brought about Financialization of capital accumulation and Casinoization of financial markets. The process has been promoted by the neo-liberal inversion of government roles typified in the "Washington Consensus" and the parallel neo-liberal shifts of the roles of international institutions including the IMF and other international arrangements. It should be noted that this U.S. centered capital accumulation nexus has provided the major global economic growth framework not only for the U.S. but also for the rest of the world so far. The recent notable growth of the emerging economies like China or BRICs has been achieved while closely related to such key nexus. In the United States, it provided the major dynamics for the 1990s "longest" economic expansion and the conspicuous IT boom in the late 1990s. Largescale speculative risk money flooded into IT venture business, actively intermediated by New York financial markets. Typical Global City situations developed in Southern California, which provided the

    (View PDF for the rest of the abstract.)

  • 石倉 雅男
    季刊経済理論
    2008年 45 巻 3 号 23-33
    発行日: 2008/10/20
    公開日: 2017/04/25
    ジャーナル フリー
    It has often been argued that the relationship-based or bank-centered financial system should evolve into the market-based indirect financial system, reflecting the Japanese economy's experience since the 1980s. The financing of non-financial domestic sectors through bank lending has reduced since the late 1990s, as evidenced by the data from the Flow of Funds Accounts. This paper chronologically examines the evolution of the Japanese financial system since the early 1980s, focusing on the problems facing the banking sector. The examination yielded the following findings and interpretations. First, the deregulation of the capital market since the late 1970s led to a reduced dependence of non-financial large firms on bank debt since the early 1980s and an increase in bank lending to specific sectors such as real estate, construction, and retail businesses, resulting in deteriorated soundness of bank management. Second, the credit expansion in the late 1980s was facilitated by regulatory measures which failed to keep pace with the sophistication and diversification of banking activities, as well as by the monetary policy assigned to multiple targets such as stabilizing inflation, stemming the appreciation of the yen, and containing a rise in asset prices. Third, during the period from 1998 through 2003, without reasonable costs imposed on the financial sector, public funds of 10.4 trillion yen were injected to deal with the failed financial institutions including the large ones. Fourth, the Quantitative Easing Policy by the Bank of Japan provided the banking sector with the financial environment free from liquidity problems during the period from March 2001 through March 2006, when both the disposal of non-performing loans and the shake-out of small-to-medium-sized financial institutions were accelerated under the Financial Revitalization Program, which was launched in October 2002. The financial sector should contribute to the sustainable growth of the regional economy, in exchange for the favorable financial environment granted by the central bank. Fifth, securities backed by loan assets, such as RMBS and CMBS, have been issued in the amount comparable to that of straight corporate bonds in the Japanese financial market since 2004. Market-based indirect financing through the securitization of loan assets will be promoted in the Japanese financial system, requiring the improvement of existing regulations on loan origination and securitization procedures.
  • 望月 薫雄, 伊藤 滋, 高城 申一郎
    日本不動産学会誌
    2001年 15 巻 2 号 3-8
    発行日: 2001/08/25
    公開日: 2011/06/15
    ジャーナル フリー
  • 平田 研
    日本不動産学会誌
    1999年 13 巻 2 号 40-44
    発行日: 1999/02/18
    公開日: 2011/06/15
    ジャーナル フリー
  • 井村 喜代子
    季刊経済理論
    2009年 46 巻 1 号 43-44
    発行日: 2009/04/20
    公開日: 2017/04/25
    ジャーナル フリー
  • 坂野 友昭
    經營學論集
    2000年 70 巻
    発行日: 2000/09/01
    公開日: 2017/08/01
    会議録・要旨集 オープンアクセス
  • 行動経済学の観点からの住宅金融と,その住まい方への影響の分析
    沓澤 隆司, 大竹 文雄, 水谷 徳子
    住宅総合研究財団研究論文集
    2008年 34 巻 137-148
    発行日: 2008年
    公開日: 2018/01/31
    ジャーナル オープンアクセス
    今日の日本の住宅ローン市場は,フラット35と呼ばれる証券化を通じた長期・固定ローンが供給される一方で,民間からは多様なローン商品が供給されるなど急速に変化している。こうした変化を分析するため,利用者のローン選択の要因,期限前償還,借り換え,延滞等の要因について操作変数法,比例ハザードモデル等を用いて推定した。この結果,金利水準の変化,利用者の危険回避度のほか,居住の移動可能性や新築中古の別などが影響し,金利上昇がローン選択の変化を通じて住宅需要を下落させることがわかった。また,証券化のために発行されるMBSの投資家は,株式よりはリスク回避的であるが,公社債よりは収益性重視の傾向が認められる。
  • 谷川 幹
    時事英語学研究
    2008年 2008 巻 47 号 17-34
    発行日: 2008/09/01
    公開日: 2012/11/13
    ジャーナル フリー
    英文ジャーナリズムでは記事のリードにおいて事実を誇張したり単純化したりするなどして字句通りのことを意味しないことがある。このような文の書き方はリードに特有な文章技法として英文ジャーナリズム (特にアメリカンジャーナリズム) では確立しているように思われる。本稿は米紙の最新の事例や編集者へのインタビュー、定量的な手法による分析を通じて、この文章技法の規則性と特徴を明らかにすることを目的とする。
  • 小原 篤次
    国際開発研究
    2004年 13 巻 1 号 83-98
    発行日: 2004/06/30
    公開日: 2020/01/29
    ジャーナル フリー

    After the Asian currency crisis, the argument about the financial structure and financial markets among Asia countries was moving to the policy identification and formulation stages. The necessity for the local cooperation in a financial field spread as common recognition. Central banks and monetary authorities in the East Asia region set up strengthening bond market in the region following the first agreement of the bilateral swap arrangements in ASEAN plus 3, the Chiang Mai Initiative. This is a second comprehensive bond market program after Brady bond mainly for debt reduction in Latin America countries.

    Asia countries expect bond markets to solve two mismatches (a period and currency) which were one of critical factor of financial turmoil in Asia. In order for the Asia bond market to function as markets, not only promotion of the primary bond market but also the secondary market bond to facilitate efficient price formation, timely financing.

    The investors, especially institutional investors will play important role for formulation of the bond market. Japanese investor is the second biggest bond investor and the biggest in the region. But their investment to the regional bond market was limited. We outlined their heavily relied on domestic bonds' portfolios compared with other developing countries and also presented the factor of conservative investment stance for risk assets. For instance, regarding investment to the foreign bonds, Japanese institutional investors choused the bonds more than AA grade although they investment lower domestic bonds. We explained their risk evasion by five factors such as a conservative investment guideline, government control, and lack of professionals.

    After bankruptcy of some Japanese big companies in 2001, risk management consciousness is uprising in investment communities. They could contribute to the current bond market program if they change their conservative stance.

  • 清水 良樹
    季刊経済理論
    2012年 49 巻 1 号 53-63
    発行日: 2012/04/20
    公開日: 2017/04/25
    ジャーナル フリー
    The Eurosystem (ECB and NCBs) is centaral bank under the single currency. The Eurosystem introduced non-taraditional monetary policy for crisis. This is common with other central banks. In non-traditional monetary policy the central bank to purchase risky assets and intervenes in the open market. Euroarea (Countries adopting euro) has structure of a single currency and diversified financial. The Eurosystem does not provided outright operations of government bond to maintain consistency of monetary policy. Features of the Eurosystem as central bank are that not to play a function of government bank. Therefore, digestion of the treasury is limited and sovereign risk becomes obvious and easy.
  • 横川 信治
    季刊経済理論
    2014年 51 巻 1 号 71-73
    発行日: 2014/04/20
    公開日: 2017/04/25
    ジャーナル フリー
  • 井村 喜代子
    季刊経済理論
    2012年 49 巻 2 号 93-95
    発行日: 2012/07/20
    公開日: 2017/04/25
    ジャーナル フリー
  • 福田 泰雄
    季刊経済理論
    2011年 47 巻 4 号 83-85
    発行日: 2011/01/20
    公開日: 2017/04/25
    ジャーナル フリー
  • 杉之原 真子
    国際政治
    2013年 2013 巻 171 号 171_144-171_155
    発行日: 2013/01/30
    公開日: 2014/12/13
    ジャーナル フリー
  • 今野 浩
    研究 技術 計画
    1999年 14 巻 3 号 169-173
    発行日: 1999/11/25
    公開日: 2017/12/29
    ジャーナル フリー
    In the "first financial engineering boom" in the latter half of the 1980's, Japanese financial organizations tried to introduce advanced financial technologies developed in Europe and the U.S., and recruited many science/engineering students. Although this boom was short-lived and vanished with the end of the "bubble economy", research efforts in this field were maintained until the advent of the "Japanese financial big bang", or attempts at radical reform of the financial system of the country, including opening up the market to other countries. This triggered a second boom, in which science/engineering schools, traditionally aloof from finance, began joining field. Following a brief summary of this development and the present states of financial engineering, the author presents a proposal on future curriculum in this field.
  • 伊藤 誠
    季刊経済理論
    2011年 47 巻 4 号 104-106
    発行日: 2011/01/20
    公開日: 2017/04/25
    ジャーナル フリー
  • 三木 隆二郎
    日本年金学会誌
    2018年 37 巻 69-74
    発行日: 2018/04/01
    公開日: 2018/05/08
    ジャーナル フリー
feedback
Top