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グローバル COE (Center of Excellence) プログラム DECEMBER 2009 No. 5
Raising Market Quality- Integrated Design of “Market Infrastructure”
Employment of the Elderly in an Aging Society
Activity Report
1. International Conference: “Asian Economic Panel Meeting”
2. Comparative Analysis of Enterprise Data(CAED) 2009 Conference
3. The Keio University International Economics History Research Conference:
“Market Infrastructure and Economic Development in Modern Asia”
4. Historical Analysis Department Workshop: “Resource Use and Resource Management in Contemporary Asia”
5. Mini Workshop on Micro-data Study on Liberalization of International Trade and Investment
6. Intensive Lecture: “International Banking and Liquidity Allocation:
Cross-border Financial Services versus Multinational Banking”
7. Keio University/Kyoto University Joint Global COE Program: Raising Market Quality – Integrated Design of
“Market Infrastructure” Research Results Presentation Meeting
8. Research Presentation Meeting: “New Frontiers in Marketing Research”
9. Indonesia Seminar: “Development of the Corporate Credit Information Database and
Credit Guarantee System”
Introduction of Research Activities ▼ Finance and Money Department
List of Achievements
Awards, Information
02 年齢を基準としない
04 活動報告
1. International Conference:“Asian Economic Panel Meeting”
2. Comparative Analysis of Enterprise Data(CAED) 2009 Conference
3. 国際経済史研究会「近代アジアにおける市場インフラと経済発展」
4. 歴史分析班ワークショップ「近現代アジアにおける資源利用と資源管理」
5. 国際班ミニ・ワークショップ「国際貿易・投資の自由化のミクロデータ研究」
6. Intensive Lecture:“International Banking and Liquidity Allocation:
Cross-border Financial Services versus Multinational Banking”
7. 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
8. 研究報告会「マーケティング研究のニュー・フロンティア」
9. Indonesia Seminar:“Development of the Corporate Credit Information Database and
Credit Guarantee System”
11 研究活動紹介 ▼ 財政班
12 業績一覧
16 受賞・お知らせ
Employment of the Elderly
in an Aging Society
Atsushi Seike
清家 篤
President, Keio University
たとえば今年の大学新入生である。彼らは 1990 年を少
し過ぎた頃(浪人生ならばちょうど 1990 年あたり)に生
まれている。その 1990 年の日本における、65 歳以上の
高齢人口比率は 12%程度であった。つまり、彼らは、日
本で高齢人口比率がまだ 10 人に 1 人を超えたばかりの頃
2005 年には高齢人口比率は 5 人に 1 人となっている。生
比率は 2 倍近くになったのである。
そして彼らが順調にいけば大学卒業を迎える 2013 年に
はこの比率は 25%となる。人口の 4 人に 1 人の社会に就
職していくわけだ。やがて 40 代の働き盛りを迎える頃、
2030 年代の前半には、この比率は 3 分の1を超える。
最終的に彼らが高齢者になる 2050 年代半ばには、高
齢人口比率は 40%となる。5 人に 2 人は高齢者という社
意味で、厚生年金の支給開始年齢が 65 歳に引き上げられ
つつあるのは当然であるし、定年の年齢も早晩 65 歳にな
しかし 65 歳を、現役世代と引退世代の区分とすること
さえ非現実的となってくる。すでに 65 歳の平均余命は、
男性で 18.6 年、女性で 23.64 年となっている。男性なら、
Japan is beginning to undergo an unprecedented aging of society, never before experienced by any country on earth. As
part of this transformation, the youth now poised to enter the
adult world are a generation witnessing astounding changes.
They are leading lives in which Japan’s population structure is
literally being turned upside down.
Let us consider the incoming freshmen who entered college this year. They were born around 1990, and in that year
12% of Japanese were 65 or older. So these youth were born
at a time when the ratio of senior citizens had just surpassed
one in ten. That percentage then suddenly increased, shooting up to one in five by around the time they graduated from
middle school in 2005. Thus in the short period from their
birth through the completion of their compulsory education
Japan’s elderly population ratio nearly doubled to 20%. In
2013, when these youth graduate from college, the ratio will
rise further to 25%. They will enter the work force in a society where senior citizens constitute one-fourth of the population. By the time they are in their 40s, at the height of their
work careers in the early 2030s, the percentage of elderly Japanese will surpass one in three. Finally when they themselves
become senior citizens in the mid 2050s, the elderly population ratio will be 40% -- their generation will grow old in a
society where two out of five Japanese are elderly.
Along with this tremendous aging, Japan’s social systems
will also have to be radically reformed. There is no point to
maintaining systems created when there were few senior citizens and many young people under a population structure
with a large percentage of elderly and a small working-age
population. In that sense, it is only natural that the minimum
age for initiating pension benefits payments (the pensionable
age) is being raised to 65. The mandatory retirement age will
move up to 65 as well.
However, 65 will soon become unrealistic as the dividing
line between active workers and retirees. The average remaining life expectancy at 65 is now 18.6 years for men and 23.64
years for women. For men, that is as long as the period from
birth through graduation from high school, and for women it
would run from birth through the completion of a master’s
満額年金の支給開始年齢を段階的に 67 歳まで引き上げつ
の場合はさらに長く、70 歳ちかくまで支給開始年齢を引き
そうなれば当然、雇用の面でも、少なくとも 70 歳くらい
現在は 65 歳となっている現役世代と引退世代の区切り
を、少なくとも 70 歳に引き上げてはどうだろうか。それだ
けでも、これからの高齢人口比率は 5 ∼ 6 パーセントは下
さらに、ほぼ男性の平均寿命マイナス 5 歳、女性の平均
寿命マイナス 10 歳にあたる 75 歳を高齢者の定義年齢とす
れば、現在でも高齢人口比率は 10%程度、2030 年でも 20
%程度となる。ちなみに支給開始年齢が 65 歳の国民年金
の発足した 1960 年の日本人の平均寿命は、男性が 65.32
歳、女性が 70.19 歳であった。つまり年金の支給開始年齢
はほぼ男性の平均寿命と同じ、女性の平均寿命から 5 歳
引いたものだったから、これに比べれば、年金を 75 歳支
したことも、GCOE における学際的な研究テーマにして頂
degree. No matter how you look at it, it is just too long a
period of time to live as “elderly.”
If the pensionable age is not raised further, it will not be
possible to maintain the fiscal balance of Japan’s pay-as-yougo pension system. Even in the U.S., where the aging of
society is far milder than in Japan, the social security pension
eligible age for the payment of full benefits is being raised in
stages to 67. In the case of Japan, to limit the burden on the
working-age population and conversely ensure solid pension
payments for post-retirement life, the age should probably
be raised even higher to nearly 70.
In terms of employment, of course, that means Japan
must realize a society where people can continue working at
least until around age 70. That will demand radical changes
to current employment practices such as seniority-based
wages and seniority-based promotion systems which make it
difficult to hire older workers. It will also require approaches to work with a better work-life balance so that older employees can go on working and younger employees will not
dissipate their vitality and intellectual abilities by working
excessively long hours in their youth. The nation must arrange the requisite conditions, and greatly expand elderly
Expanded elderly employment is absolutely essential to
lessen the burden on younger generations. It is also an effective strategy to check the decline in the nation’s economic
growth rate from decreasing manpower in an aging society.
Above all, in the case of Japan, elderly employment will provide meaning in life to the vast number of older people with
a strong desire to work.
Therefore the age which separates active workers from
the elderly, which is presently 65, should probably be increased to at least 70. That one measure alone would effectively reduce Japan’s elderly population ratio by 5-6%. If the
definition of elderly was lifted further to age 75, which is
roughly five years below the average life expectancy for men
and 10 years below the average life expectancy for women,
Japan’s elderly population ratio would be about 10% today
and around 20% in 2030. Incidentally, the average life expectancies in Japan in 1960 when the national pension system was launched with a pensionable age of 65 were 65.32
for men and 70.19 for women. In other words, the pensionable age was roughly the same as the average life expectancy
for men and five years below the average life expectancy for
women. Compared with those initial conditions, there
should be nothing strange at all about raising the pensionable
age to 75 today.
Of course, it might be difficult to suddenly raise the age
standards all at once. Regardless, given the possibility that
this will be considered in the future, it would be meaningful
to conduct simulations on how such changes in the pensionable age would impact Japanese industry and people’s lives. I
believe it would be profitable for the GCOE to address this
field of inquiry as an interdisciplinary research theme.
Activity Report
International Conference: “Asian Economic Panel Meeting”
September 6-7, 2009
2009 年 9 月 6・7 の 両 日、 慶 應 義 塾 大 学 三 田 キ ャ ン パ ス に お い て
The Asian Economic Panel Meeting took place September 6-7, 2009 at the Keio University Mita Campus. This
“Asian Economic Panel Meeting”が開催された。本会議は、アジアの
international conference is a venue for deliberations on
Asian policy, centered on Asian studies researchers and
回は特別報告を含めて、13 件の研究報告が行われた。
research organisations. The meeting had a total of 13
研究報告では、2008 年度より世界中に深刻な影響をもたらしたサブプラ
presentations, including three special reports.
The presentations included discussions from variイム金融危機にどのように対処するのか、経済理論と実際に政策に携わって
ous angles on responses to the subprime financial criいる政策当局の関係者による意見を踏まえ、さまざまな角度から討論がなさ
sis, which had a severe impact worldwide from fiscal
2008, considering economic theory and the opinions of
the policy authorities engaged in actual implementation. In particular, the presentations by Takehiko Nakao
of the Ministry of Finance International Bureau and Yoイ前大蔵大臣、アンワーナスティオン・インドネシア証券取引所会長(前イ
suke Kawakami of the Deposit Insurance Corporation of
Japan clarified Japan’s actual response to the subprime
financial crisis as well as the current conditions in Asia.
The Asian presenters and panel members included
former Thailand’s Minister of Finance Chalongphob
大学グローバル COE プログラムから吉野直行拠点リーダー(慶應義塾大学)
Sussangkarn, Indonesia Stock Exchange Chairman (and
former Bank Indonesia Deputy Governor) Anwar Nasuンクを説明した経済モデルの報告発表、矢野誠教授(京都大学経済研究所) tion, Bank of Japan Deputy Governor Kiyohiko Nishimura, Australian National University Professor Warwick
McKibbin and other policymakers and economists from
each country, who engaged in lively discussions.
From the Keio University/Kyoto University Joint
Global COE program, Keio University Professor Naoyuki Yoshino presented research on an economic model
which explains the linkage between public policy and
the issuance of government bonds, especially under
Liberal Democratic Party administrations, and Kyoto
University Institute of Economic Research Professor
Makoto Yano spoke on the topic of “Avoiding Another
Subprime-type Crisis in Financial Markets.” These preグモールが貧困削減にどの
sentations elicited vibrant debate concerning the prior
related research on market quality.
Other papers examined the subprime debacle
became a global financial crisis, the influence on
Professor Warwick
Professor Kaliappa
tax revenues from piracy and infringements in the Asian
Pillai Kalirajah
region, foreign direct investment and the independence
(The Australian
(The Australian
of bilateral trade within Asia, technology development
National University) National University)
and employment in China, a new composite index to
measure economic integration in the Asia-Pacific region, how big shopping malls affect poverty reduction
in India, and an experimental economics approach to
trade negotiations, with lively exchanges of opinions
among the participants.
One scene of participants in AEP meeting
Comparative Analysis of Enterprise Data(CAED) 2009 Conference
October 2-4, 2009
The 2009 Comparative Analysis of Enterprise Data
(CAED) conference was held Oct. 2-4, 2009 at Hitotsub度統計・実証分析拠点構築」と経済産業研究所(RIETI)主催の「企業デー
ashi Memorial Hall in Tokyo. The conference was hostタ比較研究(Comparative Analysis of Enterprise Data: CAED)
ed by the Hitotsubashi University Global COE program
Research Unit for Statistical and Empirical Analysis in
Social Sciences (Hi-Stat) and the Research Institute of
データ実証分析の研究交流の機会を設けるために 2003 年から1∼2年お
Economy, Trade and Industry (RIETI). The Keio /Kyoto
きに行われているもので、今回は第 5 回、初めてのアジアにおける開催であっ
University Joint Global COE program participated as a
た。参加者は約 350 人(うち外国人が約 150 人)にのぼり、世界最先端
CAED has been held every one or two years since
2003 as a global conference for research exchange on
特に我々慶應・京大連携グローバル COE は、日本のみならずアジアの
the empirical analysis of enterprise data. This was the
fifth CAED conference, and the first one held in Asia.
The event was a great success with about 350 particiに参加し、木村福成、松浦寿幸、清田耕造、早川和伸は総計 5 本の論文
pants (including about 150 from overseas), presentations of the latest global research findings and vibrant
文 は 次 の 通 り。
(1)Kiyota, Kozo and Okazaki, Tetsuji,“Industrial
The Joint Global COE program is a major repository
Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in
for enterprise data from Japan and elsewhere in Asia,
Japan, 1956-1964.”(2)Kimura, Fukunari,“The Nature and
and made a strong appeal at CAED for Japan as an important research base in this field. The International and
Characteristics of Production Networks in East Asia: Evidences
Economic Development Department was actively infrom Micro/Panel Data Analysis.”(3)Kneller, Richard; Inui,
volved from the conference planning stages, with FukuTomohiko; Natsuura, Toshiyuki; and McGowan, Danny, “The
nari Kimura, Toshiyuki Matsuura, Kozo Kiyota and KazuRole of Multinationals in Japanese Productivity Decline.”(4) nobu Hayakawa listed in the program as authors or coauthors of the following five papers: (1) Kiyota, Kozo and
Hayakawa, Kazunobu; Kimura, Fukunari; and Matsuura, Toshiyuki,
Okazaki, Tetsuji, “Industrial Policy Cuts Two Ways: Evi“Gains from Fragmentation at the Firm Level: Evidence from
dence from Cotton Spinning Firms in Japan, 1956Japanese Multinationals in East Asia.”
(5)Matsuura, Toshiyuki;
1964;” (2) Kimura, Fukunari, “The Nature and CharacterMotohashi, Kazuyuki; and Hayakawa, Kazunobu,“How Does FDI
istics of Production Networks in East Asia: Evidence
from Micro/Panel Data Analysis;” (3) Kneller, Richard;
Affect Performance at Home? An Activity-level Analysis for
Japanese Electrical Machinery and Electronics Firms.” 木 村 福 成、 Inui, Tomohiko; Matsuura, Toshiyuki; and McGowan,
Danny, “The Role of Multinationals in Japanese Produc松浦寿幸、清田耕造はセッション・チェアとしても議論をリードした。
tivity Decline;” (4) Hayakawa, Kazunobu; Kimura, Fuku また、木村福成がチーフ・エコノミストを務めている国際機関、東アジア・ nari; and Matsuura, Toshiyuki, “Gains from Fragmentation at the Firm Level: Evidence from Japanese Multinaアセアン経済研究センター(ERIA; ジャカルタ)との連携も進め、Chin
tionals in East Asia;” and (5) Matsuura, Toshiyuki; MotoHee Hahn( 韓 国 )、Dionisius Narjoko( イ ン ド ネ シ ア )
hashi, Kazuyuki; and Hayakawa, Kazunobu, “How Does
FDI Affect Performance at Home? An Activity-level
Analysis for Japanese Electrical Machinery and Electronics Firms.” Fukunari Kimura, Toshiyuki Matsuura
and Kozo Kiyota also led discussions in their roles as
session chairs.
Additionally, the International and Economic Development Section arranged for the presentation of papers
by Chin Hee Hahn (South Korea), Dionisius Narjoko (Indonesia) and Archanun Kohpaiboon (Thailand) through
liaison with the Economic Research Institute for ASEAN
and East Asia (ERIA), an international organization based
in Jakarta where Fukunari Kimura serves as Chief Economist, contributing to the further internationalization of
CAED, which has seen little participation from developing Asia.
2009 年 10 月 2 日∼ 4 日、一橋大学グローバル COE「社会科学の高
Professor Fukunari Kimura
(Keio University)
Professor Kozo Kiyota
(Yokohama National University)
活動報告 Activity Report
3 国際経済史研究会「近代アジアにおける市場インフラと経済発展」
The Keio University International Economics History Research Conference:
"Market Infrastructure and Economic Development in Modern Asia"
August 27-28, 2009
2009 年 8 月 27、28 日に長崎歴史文化博物館で、慶應義塾大
The Keio University international economics history research con学国際経済史研究会「近代アジアにおける市場インフラと経済発展」 ference “Market Infrastructure and Economic Development in
Modern Asia” took place August 27-28, 2009 at the Nagasaki Muが開催された。本研究会では、学内外の経済史研究者が集まり、市
seum of History and Culture. At the conference, economic history
場インフラの形成・変化が経済発展あるいは市場のあり方にどのよ researchers from inside and outside the university discussed how
うに影響したのかについて、交通・情報インフラ、金融、流通・貿 the formation and change of market infrastructure impact economic development and the nature of markets from such per易などの側面から議論された。2 日間を通して 11 本の研究報告が
spectives as transportation and telecommunications infrastruc行われ、近代アジアにおける多様な市場の歴史実証分析が示される ture, finance, distribution and trade.
A total of 11 research papers were presented over the two
giving empirical historical analyses on market diversities in
modern Asia and deepening discussions on the relation between
market infrastructure and market
quality from a historical perspective.
Following the conference,
participants toured the Mitsubishi
Heavy Industries Nagasaki Shipyard
& Machinery Works History Museum at the invitation of General Af機会をもった。
fairs Section Chief Akihiro Uesugi for
meaningful discussions and direct
examinations of historical materials
One scene of the presentation
at the conference
and displays.
4 歴史分析班ワークショップ「近現代アジアにおける資源利用と資源管理」
Historical Analysis Department Workshop: “Resource Use and Resource Management in
Contemporary Asia”
November 7, 2009
2009 年 11 月 7 日に慶應義塾大学三田キャンパス G-SEC にて、 A historical analysis workshop, “Resource Use and Resource
Management in Contemporary Asia”, was held on November 7,
2009 at the Keio University Mita Campus G-SEC lab. The work石資源世界経済』の形成と森林伐採・環境劣化の関係に関する比較
shop was co-sponsored by the Keio University/Kyoto University
史的研究」との共催で「近現代アジアにおける資源利用と資源管理」 Joint Global COE and the Kyoto University Humanosphere Global
と題するワークショップが開催された。本ワークショップでは、資 COE program grant-in-aid for scientific research basic research B
initiative, “Comparative Historical Research on the Relation be源管理の歴史的変容を資源開発と利用それぞれの分析から明らかに
tween Deforestation and Environmental Degradation and the Forすることを目的に報告が行われた。
mation of Fossil Fuel Resource Global Economics.” The work 第 1 セッションでは、近代日本における資源開発と資源管理を shop presentations were designed to clarify the historical changes
テーマに、高柳友彦報告は温泉資源を、島西智輝報告は砂利資源を in resource management via analyses of both resource development and resource use.
The theme of the first session was resource development and
2 セッションでは、森林資源開発と利用をテーマに、谷口忠義報告 resource management in contemporary Japan. Keio University
は近代日本における薪炭商の役割について、杉原薫・西村雄志報告 researcher Tomohiko Takayanagi and Rikkyo University Assistant
Professor Tomoki Shimanishi presented papers examining hot
springs resources and gravel resources, respectively.
The second session focused on forest resource development
and use. Niigata Seiryo University Associate Professor Tadayoshi
Professor Haruka
Taniguchi presented research on the role of the wood and charYanagisawa (left,
coal business in modern Japan, and in their paper Kyoto UniverChiba University),
sity Professor Kaoru Sugihara and Matsuyama University AssociProfessor Tomoki
Shimanishi (center,
ate Professor Takeshi Nishimura examined the commercialization
Rikkyo University),
of forests in India under British colonial rule. In the discussion
and Dr. Tomohiko
session, participants discussed the quality of competition in reTakayanagi (right,
source trading.
Keio University)
慶應・京都グローバル COE・科学研究費補助金・基盤研究 B「『化
5 国際班ミニ・ワークショップ「国際貿易・投資の自由化のミクロデータ研究」
Mini Workshop on Micro-data Study on Liberalization of International Trade and Investment
October 1, 2009
2009 年 10 月 1 日に慶應義塾大学三田キャンパスにおいて、 A mini-workshop on the liberalization of international trade and
investment featuring invited researchers from South Korea, Thailand and Indonesia was held October 1, 2009 at the Keio Univer(ERIA) の援助の下、韓国・タイ・インドネシアの 3 カ国の研究者
sity Mita Campus, with sponsorship from the Economic Research
をお招きし、企業マイクロデータを用いた国際貿易・投資の自由 Institute for ASEAN and East Asia (ERIA).
At the workshop participants discussed how changes in trade
and investment systems, which have a great impact on market
quality in developing countries, influence foreign direct investぼす貿易・投資に関する制度変更が、企業の直接投資や輸出行動 ment and export behavior. The three invited researchers presentに及ぼす影響について議論が行われた。インドネシアについて ed reports concerning their respective countries, with Dionisius
は、ERIA の Narjoko Dionisius 氏、タイについては、タマサー Narjoko of ERIA addressing Indonesia, Associate Professor Archanun Kohpaiboon (Thammasat University) speaking about Thailand,
ト大学 Kohpaiboon Archanun 准教授、韓国については、Korea
and Chin Hee Hahn of the Korea Development Institute examining
Development Institute の Hahn Chin Hee 氏より、それぞれ研 South Korea.
The research reports on Indonesia and Thailand both exam究論文の報告が行われた。インドネシアとタイの研究は、いずれ
ined technology transfer from multinationals to local companies,
with implications for the incentive policies developing countries
上国の多国籍企業誘致政策に示唆を及ぼす研究報告であった。一方、 may pursue to lure multinationals. The report on South Korea ex韓国の研究報告では、輸出による海外市場へのアクセスが生産性の amined whether or not export access to overseas markets boosts
向上をもたらすか否かを検証するものであり、特に技能労働者集約 productivity, and suggested that the likelihood of successful technology acquisition may be higher at factories with high concentra的な工場ほど、技術の獲得に成功している可能性が高いことが示さ
tions of skilled labor. Dr. Hahn’s paper on
れた。また、Hahn 氏の論文は、Propensity
South Korea was also stimulating because
it made use of propensity score matching,
Score Matching と呼ばれる、国際経済分野
which is a relatively new analytical method
in the field of international economics.
The papers presented at the mini-workshop all used enterprise and business esプで報告された研究は、いずれも、グローバル
tablishment level data analysis to indentify
how globalization improves economic wel企業・事業所レベルのデータで検証した分析で
fare, bringing renewed awareness of the
Dr. Dionisius Narjoko Professor Archunun
あり、マイクロデータによる研究が大きな可能 (Economic Research Kohpaiboon
great potential for research based on miInstitute for ASEAN (Thammasat University) cro-level data.
Economic Research Institute for ASEAN and East Asia
and East Asia)
6 Intensive Lecture: “International Banking and Liquidity Allocation: Cross-
border Financial Services versus Multinational Banking”
2009 年 10 月 3 日 に 慶 應 義 塾 大 学 に お い て、 ド イ ツ・ ラ イ
October 3, 2009
On October 3, 2009 Professor Uwe Vollmer of University of Leipzig
プ チ ッ ヒ 大 学 の Professor Dr. Uwe Vollmer 教 授 を お 招 き し、 (Germany) presented a lecture entitled “International Banking and
Liquidity Allocation: Cross-border Financial Services versus Multinational Banking” at the Keio University main campus.
Financial Services versus Multinational Banking”と題する講
Professor Vollmer’s lecture can be summarized as follows.
Bank statutory capital requirements are presently becoming a ma義が開催された。講義の概要は以下のとおりである。
jor policy issue. In particular, the phenomenon of pro-cyclicality –
whereby banks lend aggressively during business expansions
る。特に、景気が拡大している際には株価が上昇し、自己資本価値 because their share prices rise pushing up the value of their eqが高まるため、銀行は積極的な貸出行動をとる半面、景気低迷期 uity capital and conversely suddenly pull back on lending during
には逆に自己資本価値が下がり、銀行貸出が急激に収縮してしま contractions because the value of their equity capital drops – has
been identified as a problem. Prof. Vollmer used case studies
う ProCyclicality(景気順応性)が問題点として指摘されている。
from Europe, and noted how capital requirements have different
Vollmer 教授は、ヨーロッパの事例を取り上げ、銀行が外国に進出 effects on banks advancing into foreign countries depending on
する際、持ち株会社を設立するか合弁会社とするかの違いにより、 whether they form joint ventures or establish holding companies
for foreign market entry.
Over 30 students attended the lecture, which was followed by
講義には、30 名以上の学生が参加し、活発な質疑応答が行われた。 a lively question and answer session.
“International Banking and Liquidity Allocation: Cross-border
活動報告 Activity Report
COE プログラム「市場の高質化と市場インフラの総合的設計」報告会
Keio University/Kyoto University Joint Global COE Program: Raising Market Quality–Integrated
Design of “Market Infrastructure” Research Results Presentation Meeting
October 31, 2009
2009 年 10 月 31 日(土)
、慶應義塾大学三田キャンパス GSEC-Lab
On October 31, the Joint Global COE program held a research results presentation meeting at the Keio University
Mita Campus GSEC-LAB, with a committee of six outside
evaluators. The evaluators were National Graduate Institute
学副学長、福田慎一・東京大学大学院経済学研究科教授、八代尚宏・国際基 for Policy Studies President Tatsuo Hatta, Hitotsubashi Uni督教大学教養学部教授、北村行伸・一橋大学経済研究所教授、岩井克人・東 versity Executive Vice President Eiji Tajika, University of
Tokyo Graduate School of Economics Professor Shinichi Fu京大学大学院経済学研究科教授(当日は欠席)の 6 名である。
kuda, International Christian University College of Liberal
各研究分野によるグローバル COE 研究内容の報告、大学院教育・国際的 Arts Professor Naohiro Yashiro, Hitotsubashi University Inな海外との連携に関する報告、会計報告がなされ、出席された5名の評価委 stitute of Economic Research Professor Yukinobu Kitamura,
and University of Tokyo Graduate School of Economics Pro員から、コメントがなされた。
fessor Katsuhito Iwai (who was absent that day).
「市場の質」に関する、各研究分野の報告では、(1) 預貯金中心で効率性
The meeting featured reports on research being conが劣ると言われてきた日本の証券市場の理論・実証分析(野田・矢野論文)
、 ducted by the Global COE in various research fields, with
(2) 慶應家計パネルデータを用いた労働市場の質的な変化に関する実証分析 comments by the five evaluators in attendance. It also included an accounting report, and a report on links with grad(山本論文)、(3) 生産ネットワークの形成によるアジア生産市場の効率化に
uate school education and with overseas institutions.
関する計量分析(木村論文)、(4) 公債市場・インフラボンド市場・中小企
The research reports concerning market quality in each
included (1) “Theoretical Analysis of Japan’s Securities
Market, which is said to be Savings Oriented and Ineffi策展開(吉野論文)、(5) サブプライムローン問題を端緒とする今回の金融
cient” (Noda & Yano); (2) “Empirical Analysis of Labor Mar危機に関連した市場型間接金融市場の在り方(池尾論文)、(6) 中国の綿花 ket Quality Changes using KHPS Data” (Yamamoto); (3)
取引市場の質と不正問題(瀬戸林論文)、(7) 価格競争における先導者・追 “Quantitative Analysis of Making Asian Production Markets
More Efficient by Forming Production Networks” (Kimura);
(4) “Development of Asian Policies to Gradually Improve
Market Quality through Government Bond, Infrastructure
場の質」を分析対象としている。図は、各分野の研究と「市場の質」の関係 Bond and SME Securitized Debt Markets” (Yoshino); (5)
“Market-format Indirect Financing Markets Related to the
Financial Crisis sparked by the Subprime Loan Problem”
(Ikeo); (6) “Chinese Cotton Trading Market Quality and
Fraud” (Setobayashi); and (7) “Theoretical Analysis of Lead<研究報告プログラム>
er-Follower Model in Price Competition” (Komatsubara).
While the fields and substance of the research papers
were different, they all adopted market quality as the sub矢野誠(京都大学経済研究所教授、慶應義塾大学大学院経済学研究科客員教授)
ject of analysis. The following figure illustrates the relations
野田顕彦(慶應義塾大学グローバル COE 研究員)
between market quality and the research in each field.
山本勲(慶應義塾大学大学院商学研究科准教授 )
(6)「市場の質に関する歴史分析――20 世紀初頭、中国棉花取引におけ
瀬戸林政孝(慶應義塾大学グローバル COE 研究員)
小松原崇史(京都大学経済研究所グローバル COE 助教)
(8) 大学院教育と国際連携
(9) 会計報告
Research Presentation Meeting: "New Frontiers in Marketing Research"
September 24, 2009
2009 年 9 月 24 日に、 経営 ・ 会計 ・ 商業班の報告会 「マーケティング研究の
ニュー・フロンティア」 が開催され、 プロジェクト研究員による 2 件の報告が行わ
前者はこれまでのブランド研究をレビューし、 その限界を指摘した上で、 エージェ
ント ・ シミュレーションによる統合的なアプローチの重要性を示そうという研究で
ある。 後者は、 先行研究間で実証結果にばらつきのある、 メーカーによるチャネル
選択を、 ケイパビリティ要因を導入することによって理論的・実証的・体系的に説
明しようという研究である。 いずれも若手研究者による博士論文作成に向けた野心
報告会にはコメンテータとして、 小田部正明教授 ( 米国テンプル大学フォックス
経営大学院教授・慶應義塾大学大学院商学研究科特別招聘教授 ) をお迎えした。 グ
ローバルに活躍されている小田部教授からは、 (1) 実務との関連、 (2) アカデミック
な貢献、 (3) 受け手にとっての研究の面白さ、 (4) 長期的に取り組めるテーマという
視点からコメントを頂いた。 辛口なコメントもあったが、 研究を進める上で大いに
報告会には、 経営学、 会計学分野の教員・大学院生 20 名程度が参加し、 相互の
理解も進んだ。 さらに、 報告会後開催された懇親会には、 小田部教授にも参加頂き、
グローバル COE プロジェクトでは、 大学院生の教育を重視しているが、 このよ
うな報告会の意義を確認することもできた。 今後もこのような報告会を継続的に開
Professor Masaaki Kotabe
(The Fox School of Business and
Management, Temple University)
Professor Hidesuke Takata
(Keio University)
The Management, Accounting and Commerce Department held a research presentation meeting
“New Frontiers in Marketing Research” on September 24, 2009 at the Keio University Mita Campus, with two reports by project researchers: “Vacuum Areas in Brand Research” by Kousaku Morioka
and “Are the Main Determinate Factors in Channel
Integration Transaction Cost Factors or Capability
Factors?” by Hidesuke Takata.
The former reviewed brand research to date,
noted its limitations and demonstrated the importance of an synthetic approach through agent simulations. The latter was an effort to theoretically, empirically and systematically explain manufacturers’
channel selection, for which prior research has
reached disparate empirical conclusions, by introducing capability factors. Both were papers by
young researchers adopting ambitious subject matter toward the preparation of their doctoral theses.
The Washburn Chair Professor of International
Business and Marketing The Fox School of Business Temple University (Keio University Graduate
School of Business and Commerce Visiting Professor) Masaaki Kotabe served as the meeting commentator. Professor Kotabe, who is active globally,
provided comments on the research from the perspectives of (1) connection to real-world practice,
(2) academic contribution, (3) research interest to
those hearing the presentation, and (4) potential as
a theme for long-term investigations. While some of
the comments were critical, they contained useful
advice for advancing the research.
About 20 faculty and graduate students in management and accounting fields took part, and deepened their mutual understanding. Professor Kotabe
also attended an informal social gathering following
the official program, where he gave additional advice to the presenters.
The Global COE project emphasizes the education of graduate students, and the significance of
that emphasis is confirmed by gatherings like this
one. The department plans to continue holding similar research presentation meetings in the future.
One scene of participants in the research presentation
meeting “New Frontiers in Marketing Research”
活動報告 Activity Report
Indonesia Seminar:“Development of the Corporate Credit Information
Database and Credit Guarantee System”
October 19, 2009
2009 年 10 月 19 日、 イ ン ド ネ シ ア( バ リ ) に お い て、
ASEAN 事務局、インドネシア中央銀行、(日本国)財務省共催
による Indonesia Seminar“Development of The Corporate
Credit Information Database And Credit Guarantee
COE は、研究テーマの1つとして中小企業向け金融市場におけ
COE 代表)
前原康宏(CRD 理事、
カルタ、JICA Expert, Bapepam-LK)による報告、午後はイン
(1) アジア各国では、雇用者数・企業数ともに中小企業が大き
(2) また、家族経営の中小企業では、日々の経営情報を蓄積す
(3) インドネシアでは、中小企業政策を実施する政府機関が多
(4) 中小企業金融を活性化するには、中小企業の信用情報を制
これには日本における CRD(Credit Risk Data)のノウハウが役
立つと思われる。日本では、2001 年から中小企業データの収
集が開始され、CRD 協会によって運営されており、今日では中
(5) データベースの信頼性を高めるには、企業情報の収集方法
A joint seminar, “Development of the Corporate Credit Information Database and Credit Guarantee System” was held in
Bali, Indonesia on October 19, 2009. The event was co-sponsored by the ASEAN Secretariat, Bank Indonesia and the Ministry of Finance Japan.
This seminar was held to discuss specific policies toward
developing a database on SMEs in Indonesia. Our Keio/Kyoto
Joint Global COE is addressing systems and policy design to
reduce the information asymmetry of SMEs in financial markets as one research theme, and the seminar provided an opportunity to make policy proposals based on the results of that
The Japanese speakers Naoyuki Yoshino (Keio University
Professor and Keio/Kyoto Global COE Project Leader), Yasuhiro Maehara (Hitotsubashi University Professor and CRD Association Director) and Shigehiro Shinozaki (JICA [Jakarta Office] Expert to the Bapepam-LK) presented reports in the
morning session, followed by presentations from the Indonesian side in the afternoon. The matters discussed at the seminar may be summarized as follows.
(1) Although SMEs account for large percentages of both the
number of companies and the number of employees in Asian
countries, loans to SMEs invariably decline when credit turns
tight because of the lack of accumulated SME credit data.
(2) Family businesses are not in the habit of keeping and storing daily management records, and many small companies
keep no books at all. For that reason, efforts must begin with
educating family businesses on accounting practices.
(3) In Indonesia, there are many government organizations
which implement SME policy and some data have been accumulated, but with little data exchange between each organization and the central bank. Moreover, the scale of existing credit-guarantee organizations remains small.
(4) The compilation of a database to systematically collect, accumulate and organize credit data on Indonesian SMEs is essential to stimulate SME financing in Indonesia, and the knowhow of the Credit Risk Data (CRD) Association of Japan should
prove useful. The Japanese CRD database, which is operated
by the CRD Association, began collecting SME data from 2001
and can now be used to calculate the bankruptcy ratio.
(5) The method of collecting corporate data is the key to improving database reliability. In Japan, the data collection function is carried out by public credit guarantee associations (one
for each prefecture plus five in major cities), and this gives
SMEs an incentive to submit their business data. That is because the ability of SMEs to receive loans from financial institutions in Japan largely depends on whether or not they can
obtain guarantees from credit guarantee associations. So
SMEs must submit their own financial and non-financial data
to these associations to secure credit guarantees.
The seminar was attended by the senior deputy governor
of Bank Indonesia, the vice ministers of related ministries and
other Indonesian government officials, with lively discussions,
making use of the Japanese experience, on what steps should
be taken to advance the data collection process.
Finance and Money Department
2008 ∼ 2009 年度にかけて、KHPS・JHPS で、税財政の分析
そ の 中 間 段 階 の 研 究 結 果 の 1 つ と し て、 リ ー ダ ー の 土 居 丈 朗 が
2009 年6月に日本経済学会春季大会で”Poverty traps with Local
Allocation Tax grants in Japan”と題した招待講演を行った。この
る地方交付税(Local Allocation Tax grants)制度が、地方自治体
また、2008 年度において、平賀一希(経済学部助教(研究)
口允崇 ( 経済学研究科博士課程 ) 氏の共同研究「政府消費、公共投資、
人 ( ないしは家計 ) の効用に寄与する政府消費、さらに公務員人件費を
Professor Takero Doi
(Keio University)
Finance and Money Department Goals and Progress
The purposes of the Finance and Money Department are to examine and
analyze the policy effects of financial policies designed to rectify market
failures. Correcting market failures is essential to realize high market
quality. The department uses enterprise, local government and other
panel data to analyze the economic effects of public works and other
fiscal expenditures and of tax reforms, and to prepare concrete proposals regarding the division of roles between government and markets and
regarding policy frameworks for improved market quality.
During Fiscal 2008-2009 the department organized KHPS and JHPS
data for fiscal policy analyses, analyzed the inter-government finance
system between the central and local governments using local government finances panel data, carried out fiscal policy analyses based on
macroeconomic theory, and otherwise investigated fiscal policy systems
and fiscal policies to correct market failures.
In terms of improving market quality, market failures resulting from
information asymmetry, imperfect competition and externalities can be
rectified through building up suitable fiscal systems and devising appropriate fiscal policies. The Finance and Money Department carries out
specific theoretical and empirical analyses on how fiscal systems and
fiscal policies to address market failures should be reformed, considering
the conditions of existing systems.
As one interim research result, in June 2009 department leader
Takero Doi presented an invited lecture entitled “Poverty Traps with
Local Allocation Tax Grants in Japan” at the annual spring meeting of
the Japanese Economic Association. In his lecture, through panel data
analyses in an analytical framework constructed based on endogenous
economic growth theory, Professor Doi clarified how the local allocation
tax grants system, which is the main channel for fiscal transfers under
Japan’s national and local tax structure, incorporates disincentives for
local government bodies to reduce expenditures or work toward bringing
greater vitality to local economies creating natural revenue increases,
and thus obstructs economic growth over the long term (how it creates
poverty traps).
Also during Fiscal 2008 Keio University Department of Economics
Research Assistant Professor Kazuki Hiraga and Graduate School of Economics doctoral candidate Masataka Eguchi published a joint research
paper “Fiscal Policy Effects focusing on Differences in Government Consumption, Public Investment and Government Employment” which uses
a dynamic general equilibrium model framework to analyze the macroeconomic effects, respectively, from increased government expenditures
on public works such as roads and bridges which contribute to corporate
production activities, from increased non-monetary government benefits
which contribute to individual (or household) utility, and from increased
government spending on the salaries of public servants and other employment. Classifying government expenditures in this manner makes it possible to explain the phenomenon whereby higher government expenditures
result in higher private-sector consumption and sometimes in higher private-sector investment, which cannot be explained by conventional neoclassical models. In greater detail, while higher public works expenditures
lead to increases in both private consumption and private investment,
increased government consumption results in higher private investment
but lower private consumption. Meanwhile, increased government employment causes distortions in the labor market which lower productivity
and thus reduce both private-sector consumption and investment. These
impacts are consistent with the results of empirical analyses in Japan,
and indicate that government consumption, public investment and government employment exert different macroeconomic effects through each
market. This point may be said to reconfirm the importance of improving
market quality via government policies to rectify market failures.
The Finance and Money Department will continue to examine and
research ideal fiscal policies to improve market quality, and to prepare
and present specific policy proposals.
List of Achievements
English Papers and Others (in Refereed Journals)
Revankar, Nagesh, and Naoyuki Yoshino, “An Empirical Analysis of
Japanese Banking Behavior in a Period of Financial Instability,” Keio
Economic Studies 45, 1-15, July, 2008.
Abe, Naohito, and Tomoaki Yamada, “Nonlinear Income Variance Profiles
and Consumption Inequality over the Life Cycle,” Journal of the Japanese
and International Economies 23(3), 344-366, September, 2009.
Wakasugi, Ryuhei, and Harue Wakasugi, “The Effects of Regulation on
Japan’s Pharmaceutical Research and Development,” The Japanese
Economy 35(4), 107-132, February, 2009.
1 外国語論文(査読付き学会誌)
Alvstam, Claes G., Patrik Strom, and Naoyuki Yoshino, “On the Economic
Interdependence between China and Japan: Challenges and Possibilities,”
Asia Pacific Viewpoints 50(2), 198-214, August, 2009.
Berliant, Marcus, and Masahisa Fujita, “Dynamics of Knowledge Creation
and Transfer: The Two Person Case,” International Journal of Economic
Theory 5(2), 155-179, June, 2009.
Doi, Junko, Kazumichi Iwasa, and Koji Shimomura, “Giffen Behavior
Independent of the Wealth Level,” Economic Theory 41(2), 247–267,
November, 2009.
Fujita, Masahisa, and Jacques F. Thisse, “New Economic Geography: An
Appraisal on the Occasion of Paul Krugman’s 2008 Nobel Prize in Economic
Sciences,” Regional Science and Urban Economics 39(2), 109-119, March,
2 日本語論文(査読付き学会誌・紀要・その他)
Japanese Papers (in Refereed Journals, Proceedings, etc.)
の分析」『日本労働研究雑誌』No.589、43-64 頁、2009 年 8 月
って」『経営哲学』6(2)、2-13 頁、2009 年 8 月
金子隆「IPO の過小値付け現象――新しい解釈の試み」
『三田商学研究』52 巻 2 号、
81-97 頁、2009 年 6 月
Ishibashi, Koji, “Effects of Asymmetric Information within a Firm on
Oligopolistic Market Outcomes,” Japanese Economic Review, published
online, September, 2009.
『経済研究』第 60 巻第 3 号、193-204 頁、2009 年 7 月
Ito, Banri, Ryuhei Wakasugi, and Eiichi Tomiura, “Offshoring by Japanese
Firms: A Comparison of Destinations,” Harvard Asia Quarterly 12(1), 14-19,
February, 2009.
理論を踏まえて」『三田商学研究』52 巻 4 号、41-64 頁、2009 年 10 月
Iwasa, Kazumichi, and Toru Kikuchi, “Indirect Network Effects and the
Impact of Trade Liberalization: A Note,” The Journal of International Trade
and Economic Development, 2009, forthcoming.
Kikuchi, Tomoo, and John Stachurski, “Endogenous Inequality and
Fluctuations in a Two-Country Model,” Journal of Economic Theory 144(4),
1560-1571, July, 2009.
Kikuchi, Toru, and Kazumichi Iwasa, “Interregional Trade, Industrial Location
and Import Infrastructure,” International Economics and Economic Policy,
2010, forthcoming.
Kimura, Masako, and Daishin Yasui, “Public Provision of Private Child
Goods,” Journal of Public Economics 93(5-6), 741-751, June, 2009.
Kitamura, Yukinobu, and Noriyuki Takayama, “How to Make the Japanese
Public Pension System Reliable and Workable,” Asian Economic Policy
Review 4(1), 97-120, June, 2009.
Naoi, Michio, Miki Seko, and Kazuto Sumita, “Earthquake Risk and Housing
Prices in Japan: Evidence Before and After Massive Earthquakes,” Regional
Science and Urban Economics 39(6), 658-669, November, 2009.
――――, “Community Rating, Cross Subsidies and Underinsurance: Why
So Many Households in Japan Do Not Purchase Earthquake Insurance,”
Journal of Real Estate Finance and Economics, 2009, forthcoming.
Naoi, Michio, Kazuto Sumita, and Miki Seko, “Estimating Consumer’s
Valuation of Earthquake Risk: Evidence from Japanese Housing Markets,”
International Real Estate Review, 2009, forthcoming.
Nishimura, Kazuo, Alain Venditti, and Makoto Yano, “Optimal Growth and
Competitive Equilbrium Business Cycles under Decreasing Returns in TwoCountry Models,” Review of International Economics 17(2), 371-391, May,
Nishimura, Kazuo, and John Stachurski, “On Geometric Ergodicity of the
Commodity Pricing Model,” International Journal of Economic Theory 5(3),
293-300, September, 2009.
Okamoto, Daisuke, “Social Relationship of a Firm and the CSP-CFP
Relationship in Japan: Using Artificial Neural Networks,” Journal of Business
Ethics 87(1), 117-132, June, 2009.
Oishi, Takayuki, and Mikio Nakayama, “Anti-Dual of Economic Coalitional
TU Games,” The Japanese Economic Review 60(4), 560-566, December,
第 65 巻2号、45-63 頁、2009 年 6 月
――――「わが国の少子化に伴う家族の変化と今後の展望」『公衆衛生』第 73
巻8号、568-572 頁、2009 年 8 月
74、27-34 頁、2009 年 10 月
『三田商学研究』第 51 巻第 6 号、179-201 頁、
2009 年 2 月
馬欣欣「中国都市部における既婚女性の労働供給の規定要因――1995 年、
2002 年中国都市家計調査に基づいて」
『アジア研究』第 55 巻第 3 号、1-20 頁、
2009 年 12 月
賃金格差」『日本労務学会誌』第 11 巻第 1 号、18-31 頁、2009 年 12 月
就業・退所行動」『社会保障研究』第 45 巻第 2 号、121-133 頁、2009 年 9
八代充史「定年延長と継続雇用制度――60 歳以降の雇用延長と人的資源管理」
本労働研究雑誌』No.589、20-29 頁、2009 年 8 月
矢野誠「サブプライム金融危機──「市場の質理論」から見た原因と対策[第 2 回]」
『経済セミナー』No.647、78-84 頁、2009 年 4 月
――――「現代の金融危機と『市場の質理論』」『学術の動向』第 14 巻 6 号、
44-57 頁、2009 年 6 月
の効果」『日本労働研究雑誌』No.589、4-19 頁、2009 年 8 月
――――「国際経済ショックと日本の貿易」『JBIC 国際調査室報』近刊
3 書籍および書籍所収論文
Books and Papers Published in Books
Naoi, Michio, Kazuto Sumita, and Miki Seko, “Does Earthquake Risk
Influence the Quality of Life in Japan?,” in E. P. Hammond, and A. D. Noyes
ed., Housing: Socioeconomic, Availability, and Development Issues, Nova
Science Publishers, May, 2009.
Seko, Miki, and Kazuto Sumita, “Does Introducing Income Tax Deduction
System Linked to Capital Losses Increase Homeowner’s Mobility in
Japan?,” in Warren J. Berube, and Camron N. Pinto ed., Taxation, Tax
Policies and Income Taxes, Nova Science Publishers, July, 2009.
――――, “Does Introducing Rental Housing With Fixed Rental Terms
Improve Welfare in Japan?,” in Paul E. Weston, and Robert N. Townsend
ed., Welfare Economics, Nova Science Publishers, 2009.
口美雄・瀬古美喜・照山博司・慶應−京大連携グローバル COE 編『日本の家計
行動のダイナミズム V――労働市場の高質化と就業行動』慶應義塾大学出版会、
2009 年 9 月
4 新聞・雑誌掲載論文等
Papers, etc., Published in Newspapers and Magazines
Seko, Miki, “Book Review: Accelerating Japan’s Economic Growth:
Resolving Japan’s Growth Controversy by F. Gerald Adams, Lawrence
R. Klein, Yuzo Kumasaka, and Akihiko Shinozaki,” Journal of Economic
Literature XLVII, September, 2009.
『創文』523、14-18 頁、
2009 年 9 月
神田さやこ「環ベンガル湾塩交易ネットワークと市場変容 1780-1840 年」籠谷
直人・脇村孝平編『帝国とアジア・ネットワーク――長期の 19 世紀』世界思想社、
2009 年 10 月
2009 年 9 月 1-10 日朝刊
『金融』750、3-9 頁、2009 年 9
口美雄・瀬古美喜・照山博司ほか編『日本の家計行動のダイナミズム V――労働
市場の高質化と就業行動』慶應義塾大学出版会、2009 年 9 月
北村行伸「今の状況は大恐慌より 1873 年世界不況に似ている?」『週刊ダイヤモ
ンド』特大号、70-72 頁、2009 年 4 月 4 日
本経済新聞』2009 年 7 月 13 日朝刊
ほか編『日本の家計行動のダイナミズム V――労働市場の高質化と就業行動』慶
應義塾大学出版会、2009 年 9 月
『厚生労働統計通信』第 52 号、
2-3 頁、2009 年 8 月
経済新聞社、2009 年 1 月
日本経済新聞出版社、2009 年 11 月
2009 年 6 月
直井道生「項目回答率とパネル調査回答継続――KHPS 新規追加サンプルを用い
V――労働市場の高質化と就業行動』慶應義塾大学出版会、2009 年 9 月
中山幹夫「文庫版 解説」J. フォン ノイマン・O. モルゲンシュテルン/銀林浩・
橋本和美・宮本敏雄監訳『ゲームの理論と経済行動Ⅲ』筑摩書房、2009 年 7 月
ナミズム V――労働市場の高質化と就業行動』慶應義塾大学出版会、2009 年 9
水町勇一郎編著『労働市場制度改革』日本評論社、2009 年 3 月
2 財政と所得保障』東京大学出版会、2010 年 1 月上旬(刊行予定)
樋口美雄・瀬古美喜・照山博司ほか編『日本の家計行動のダイナミズム V――労
働市場の高質化と就業行動』慶應義塾大学出版会、2009 年 9 月
深尾光洋「米国金融危機と 2009 年の日本経済」
『日本貿易会 月報』3 月号、28
頁、2009 年 3 月
――――「 金 融 危 機 の 背 後 に あ る も う ひ と つ の バ ブ ル 」
『Economic Review』
13(2)、2 頁、2009 年 4 月
『学術の動向』6 月号、58 頁、
2009 年 6 月
――――「6 月号:マネーサプライ統計の大改訂」「7 月号:二酸化炭素排出削減
「8 月号:米国の金融監督体制改革/特別レポート「年金財政と温暖
化対策――不都合な事実を直視せよ」」「9 月号:金融システム改革の方向性」「10
『日本経済研究センター会報』6-10 月号、2009
年 6-10 月
ラの総合的設計』」『三田評論』No.1123、108-109 頁、2009 年 5 月
克服への処方箋(経済産業研究所 HP 短期集中連載)、2009 年 2 月
若杉隆平「経済教室:WTO の監視機能強めよ」『日本経済新聞』2009 年 1 月 27
――――「2009 年の日本経済――創造的革新への転換期」[RIETI] 2009 年の日本
経済を読む(Web 掲載)、2009 年 1 月
5 学会報告等
京大学出版会、2010 年 1 月下旬(刊行予定)
深尾光洋「第 3 章 アメリカ発の金融危機と金融監督の行方」吉野直行・矢野誠・
質化』慶應義塾大学出版会、2009 年 8 月
――――「第4章 米国発の金融危機と金融システム改革」伊藤隆敏・八代尚宏
編『日本経済の活性化』日本経済新聞出版社、2009 年 9 月
福田慎一・照山博司『演習式 マクロ経済学・入門』有斐閣、2009 年 9 月
古田和子「上海網絡与近代東亜――19 世紀」王小嘉訳・ 和平審校『后半期東亜
的貿易与交流』中国社会科学出版社、2009 年 9 月
古美喜・照山博司ほか編『日本の家計行動のダイナミズム V――労働市場の高質
化と就業行動』慶應義塾大学出版会、2009 年 9 月
宮内環「第7章 労働供給関数」蓑谷千凰彦・牧厚志編『応用計量経済学ハンド
くということ」第 4 巻)』ミネルヴァ書房、2009 年 9 月
2009』東洋経済新報社、2009 年 9 月
齢者の働きかた』ミネルヴァ書房、2009 年 8 月
ム金融危機と市場の高質化』慶應義塾大学出版会、2009 年 8 月
誠編著『国際経済の新構図――雁行型経済発展の視点から』文眞堂、2009 年 5 月
Fujiwara-Greve, Takako, “Cooperation in Repeated Prisoner's Dilemma with
Outside Options,” at Stony Brook International Game Theory Festival, the
State University of New York at Stony Brook, USA, July 16, 2009.
―――――, “Cooperation in Repeated Prisoner's Dilemma with Outside
Options,” at Far Eastern and South Asia Meeting of the Econometric
Society, The University of Tokyo, Tokyo, Japan, August 3, 2009.
―――――, “Voluntarily Separable Repeated Prisoner's Dilemma with
Shared Belief,” at European Meeting of the Econometric Socity, Barcelona
Graduate School of Economics, Barcelona, Spain, August 25, 2009.
Furuta, Kazuko, “Information Asymmetry and Market Order in China: An
Open Economy of the Late Nineteenth and Early Twentieth Centuries,”
at 15th World Economic History Congress, Utrecht University, the
Netherlands, August 4, 2009.
―――――, “Why and How do We Reconsider Market Order in China from
the Song Dynasty to the Republican Period?” at 15th World Economic
History Congress, Utrecht University, the Netherlands, August 4, 2009.
―――――, “The Shanghai Network: Reconsidering the Economic Order
in Late Nineteenth-Century East Asia,” at the Center for Chinese StudiesSpecial Lecture, the School of Pacific and Asian Studies, University of
Hawaii at Manoa, USA, October 12, 2009.
Iwasa, Kazumichi, “Multiple Equilibria in a Dynamic North-South Model,” at
International Conference on Difference Equations and Applications, Estoril,
Portugal, October 20, 2009.
Kanda, Sayako, “Fuel Crisis and Conditions of Salt Workers in Early
Nineteenth Century of Bengal,” at 15th World Economic History Congress,
Utrecht University, the Netherlands, August 6, 2009.
―――――, “Taste, Merchants and the Expansion of Global Trade:
Competitition and Changes in the Salt Market in Eastern India,
c.1820-1860,” at 15th World Economic History Congress, Utrecht
University, the Netherlands, August 8, 2009.
Komatsubara, Takashi, “Endogenous Price Leadership and the Quality of
Competition,” at The Western Economic Association International 84th
Annual Conference, the Sheraton Vancouver Wall Center, Vancouver,
Canada, July 2, 2009.
Miyoshi, Koyo, and Makoto Yano, “Labor Exploitation: A Theory and
Evidence,” at The Western Economic Association International 84th Annual
Conference, the Sheraton Vancouver Wall Center, Vancouver, Canada, July
1, 2009.
Noda, Tomohiko, and Hisashi Okamoto, “The Determinants in the Timing
of Downsizing in Large Japanese Firms,” at 2009 Far East and South Asia
Meeting of the Econometric Society, The University of Tokyo, Tokyo, Japan,
August 2-4, 2009.
Oishi, Takayuki, “Quality of Assignment Markets with Middlemen,” at The
Western Economic Association International 84th Annual Conference, the
Sheraton Vancouver Wall Center, Vancouver, Canada, July 2, 2009.
―――――, “The Core and Competitive Equilibria of Assignment Markets
with Middlemen,” at the Waseda Game Theory Workshop, Waseda
University, Tokyo, Japan, August 23, 2009.
Seko, Miki, Kazuto Sumita, and Michio Naoi, “Residential Mobility Decision
in Japan: Identifying the Effects of Housing Equity Constraints and Income
Shocks under the Recourse Loan System,” at Asia-Pacific Real Estate
Research Symposium, University of Southern Calilfornia, USA, July 10,
―――――, “Residential Mobility Decision in Japan: Identifying the Effects
of Housing Equity Constraints and Income Shocks Under the Recourse
Loan System,” at 2009 Joint AREUEA-AsRES International Conference,
University of California Los Angeles, USA, July 12, 2009.
Savtchenko, Lioudmila, “Foreign Devaluation as a Coordinating Device
of Heterogeneous Investors: A Game-Theoretic Analysis of Financial
Contagion,” at the seminar, Osaka University, Osaka, Japan, June 4, 2009.
―――――, “Foreign Devaluation as a Coordinating Device of Heterogeneous
Investors: A Game-Theoretic Analysis of Financial Contagion,” at The
Western Economic Association International 84th Annual Conference, the
Sheraton Vancouver Wall Center, Vancouver, Canada, July 2, 2009.
Takata, Hidesuke, “Channel Choice in Foreign Markets: Capabilities and
Transaction Cost Approaches,” at 2009 AMS World Marketing Congress;
Academy of Marketing Science, Oslo School of Management, Norway, July
22-25, 2009.
Tsuya, Noriko, “To Die or To Leave: Demographic Responses to Famines in
Rural Northeastern Japan, 1716-1870,” at IUSSP Seminar on Demographic
Responses to Sudden Economic and Environmental Change, Chiba, Japan,
May 22, 2009.
―――――, “Gender Relations and Family Forms: Japan as an Illustrative
Case,” at Inter-Asia Roundtable on Gender Relations in the 21st Century
Asian Family, Singapore National University, Singapore, August 17, 2009.
―――――, “Below-Replacement Fertility in East Asia: Patterns, Factors,
and Policy Implications,” at XXVI International Population Conference,
Marrakech, Morocco, October 1, 2009.
―――――, “Will the Second Demographic Transition Be Global?: The
Case of Japan,” at XXVI International Population Conference, Marrakech,
Morocco, October 2, 2009.
Yamamoto, Isamu, “How are the Hours of Work Affected by Regulations?:
White-Collar Exemption and ‘Name-Only’ Store Manager in Japan,” at 2009
Far East and South Asia Meeting of the Econometric Society, The University
of Tokyo, Tokyo, Japan, August 2-4, 2009.
―――――, “When Do People Work? Measuring Trends in Work Timing
with a Japanese Time-Use Survey,” at 31st Conference of the International
Association for Time Use Research, Leuphana University, Lüneburg,
Germany, September 23, 2009.
Yano, Makoto, “Rochester Economics in Complex Equilibrium Dynamics,”
at Third Keio/Kyoto International Conference on Market Quality Economics
-International Economic Issues- IEFS Japan Annual Meeting, Kyoto
University, Kyoto, Japan, April 3, 2009.
―――――, “Avoiding Another Subprime-Type Crisis in Financial Markets,”
at Asian Economic Panel Meeting, Keio University, September 7, 2009.
Yoshino, Naoyuki, Presentation at ASEAN + 3 Finance and Central Bank
Deputies Meeting, Bangkok, Thailand, April 7-8, 2009.
―――――, “Japan’s Response toward Financial Crisis,” at The Shadow Gn
Meeting ,Luiss University, Rome, Italy, May 6-7, 2009.
―――――, “Development of Corporate Credit Information Database and
Credit Guarantee System,” at APEC Symposium on SME Strategies to
Manage the Impacts of the Global Financial Crisis, Taipei, Taiwan, June 8-9,
―――――, “Financial Crisis and the Role of SME Database in Asia,” at The
5th SEACEN/ABAC/ABA/PECC Public-Private Dialogue For The Asia-Pacific
Region, Bangkok, Thailand, July 27-28, 2009.
―――――, Presentation at University of Gothenburg, Sweden, August 27,
―――――, Presentation at Martin Luther University of Halle-Wittenberg,
Germany, August 31, 2009.
―――――, “Japanese Financial System,” at US-Japan 5 Universities’
Seminar, State University of New York, New York, USA, September 22,
―――――, “Japanese Bond Market,” at Fordham University, New York,
USA, October 23, 2009.
Yoshino, Naoyuki, and Tetsuro Mizoguchi, “Political Business Cycle in Japan
and Instability of Budget Deficits,” at University of Konstanz, Germany,
September 2, 2009.
―――――, “Political Business Cycle in Japan and Instability of Budget
Deficits,” at Asian Economic Panel Meeting, Keio University, Tokyo, Japan,
September 6, 2009.
Yoshino, Naoyuki, Sahoko Kaji, Tamon Asonuma, “Choices of Optimal
Policy Instruments under the Floating and the Basket-Peg Regimes,” at
2009 Far East and South Asia Meeting of the Econometric Society, The
University of Tokyo, Tokyo, Japan, August 3, 2009.
抜試験の変遷を利用した実証分析」日本経済学会 2009 年度春季大会、京都大学、
2009 年 6 月 6 日
石井加代子「就業構造基本調査を用いた介護労働者の就業行動」第 16 回ファイ
ザーヘルスリサーチフォーラム、千代田放送会館、2009 年 11 月 7 日
山形大学、2009 年 12 月 12-13 日
Wakasugi, Ryuhei, “International Trade under Global Depression,” at EUJapan Centre for Industrial Cooperation, Seminar on “Impact of Financial
Crisis on Trade and Investment,” Tokyo, Japan, February 25, 2009.
―――――,“Firms with Productivity Heterogeneity and Choice of
Internationalization Modes: Statistical Evidence from Japanese Firm-Level
Data,”at CEPR-RIETI International Workshop on Internationalization of
Firms and Trade: a Comparison between Japan and Europe, Tokyo, Japan,
March 27, 2009.
―――――, “Export Versus FDI with Firm Heterogeneity: New Statistical
Evidences,” at Third Keio/Kyoto International Conference on Market Quality
Economics ‒International Economic Issues- IEFS Japan Annual Meeting
2009, Kyoto, Japan, April 3-4, 2009.
―――――, “Global Recession and Trade Linkage between China and
Japan,” at DRC-RIETI Workshop on The Growth of Chinese Industries in the
Global Economy, Tokyo, Japan, May 22, 2009.
―――――, “The Internationalization of Japanese Firms: New Findings
Based on Firm-Level Data,” at Seminar, China Center for Economic
Research, Beijing, China, June 18, 2009.
―――――, “Inward and Outward FDI and Industrial Policy of Japan,”
at Conference, Development Research Center, Chinese Council of State,
Beijing, China, July 19, 2009.
経営史学会関東部会大会、慶應義塾大学、2009 年 7 月 18 日
――――「大会シンポジウム 「交通と市場・流通」問題提起」
おける鉄道輸送の発展と地域経済」市場史研究会 2009 年度秋季大会、慶應義
塾大学、2009 年 11 月 29 日
Yagyu, Tomoko, “The Internal Slave Trade and the Cotton Economy:
Social and Institutional Change in the Early 19th Century U.S. South,” at
15th World Economic History Congress, Utrecht University, Utrecht, the
Netherlands, August 5, 2009.
四方理人「有配偶女性の離職と再就職」日本人口学会、関西大学、2009 年 6
月 13 日
2009 年度秋季大会、専修大学、2009 年 10 月 10 日
営管理研究科、2009 年 6 月 27 日
神田さやこ「19 世紀前半期カルカッタにおける燃料市場の形成と石炭取引」
2009 年度経営史学会関東部会大会、慶應義塾大学、2009 年 7 月 18 日
――――「問題提起:エネルギー資源制約と日本の経済成長(1920 − 1970
年代)」第 78 回社会経済史学会全国大会、東洋大学、2009 年 9 月 27 日
小松原崇史「Endogenous Price Leadership」日本経済学会 2009 年度秋季
大会、専修大学生田キャンパス、2009 年 10 月 10 日
佐藤一磨「2008 年度卒業生アンケート分析――志望業界の変化と就職活動結果
について」日本キャリアデザイン学会、千葉商科大学、2009 年 9 月 27 日
島西智輝「1960 ∼ 70 年代における石炭資源開発と石炭利用――電力用一般
(パネルディスカッション報告)社会経済史学会第 78 回全国大会、
東洋大学、2009 年 9 月 27 日
――――「戦後日本の石炭市場における需要開拓と取引制度の再編」2009 年度
経営史学会関東部会大会報告、慶應義塾大学、2009 年 7 月 18 日
圏形成史研究会第 75 回例会、立教大学、2009 年 8 月 1 日
――――「戦前期日本の鉄道業における枕木調達」社会経済史学会第 78 回全国
大会、東洋大学、2009 年 9 月 26 日
瀬古美喜・隅田和人・直井道生「Residential Mobility Decision in Japan:
Identifying the Effects of Housing Equity Constraints and Income
Shocks Under the Recourse Loan System」日本経済学会 2009 年度秋季
大会、専修大学、2009 年 10 月 10 日
学、2009 年 6 月 6 日
度春季大会、京都大学、2009 年 6 月 7 日
――――「When Do People Work?: Measuring Trends in Work Timing
with a Japanese Time-Use Survey」日本経済学会2009年度秋季大会、
専修大学、2009 年 10 月 11 日
日本会計研究学会第 68 回全国大会、関西学院大学、2009 年 9 月 3 日
日本原価計算研究学会第 35 回全国大会、一橋大学、2009 年 9 月 7 日
目して」日本金融学会、香川大学、2009 年 11 月 7 日
ム、東京、2009 年 7 月 6 日
――――「Firm Heterogeneity and Different Modes of Internationalization」
慶應義塾大学経済学部公共経済セミナー・GCOE・経済学会、東京、2009 年
10 月 2 日
橋誠一郎生誕 125 周年記念研究集会、パレスホテル箱根、2009 年 7 月 11 日
点から」日本人口学会第 61 回大会、関西大学、2009 年 6 月 13 日
戸田淳仁「Prohibiting Sex or Prohibiting True Love? An Empirical
Assessment of Effect of Statutory Rape Law on Teenage Marriage in
Japan」日本経済学会 2009 年度秋季大会、専修大学、2009 年 10 月 10 日
直井道生・瀬古美喜・隅田和人「Earthquake Risk and Housing Prices in
Japan: Evidence Before and After Massive Earthquakes」
東京大学、2009 年 7 月 28 日
ホテル箱根、2009 年 7 月 11 日
野田知彦・岡本弥「インサイダーと雇用調整」日本経済学会 2009 年度秋季大会、
専修大学、2009 年 10 月 11 日
78 回全国大会、東洋大学、2009 年 9 月 27 日
藤田昌久「イノベーションと人材の多様性」KIER-RIETI 公開シンポジウム イ
ノベーションと人材育成、京都大学百周年記念ホール、2009 年 1 月 16 日
――――「On the Evolution of Spatial Economics Past, Present and
the Future(空間経済学の発展:過去、現在と未来)
」日本経済学会 2009 年
度春季大会、京都大学百周年記念ホール、2009 年 6 月 6 日
――――「Global Crisis and the Future of East Asian Economy: From
the Viewpoint of Spatial Economics」日本経済学会 75 周年記念シンポジウ
ム、政策研究大学院大学想海樓ホール、2009 年 10 月 9 日
古田和子「問題提起:情報 ・ 信頼・市場の質」グローバル COE ヒストリーセミナー、
慶應義塾大学、2009 年 6 月 22 日
――――「問題提起:情報、信頼、市場の質」社会経済史学会第 78 回全国大会、
東洋大学、2009 年 9 月 27 日
星野高徳「1920 ∼ 30 年代東京市における屎尿処理市営市」首都圏形成史研究
会第 75 回例会、立教大学、2009 年 8 月 1 日
――――「戦後期東京市近郊における屎尿流通網の変容」社会経済史学会第 78
回全国大会、東洋大学、2009 年 9 月 26 日
2009 年度春季大会、京都大学吉田キャンパス、2009 年 6 月 6 日
2009 年 6 月 21 日
――――「日本におけるガラスの天井は存在するか――KHPS を用いた実証分析」
日本労務学会、東北福祉大学国見キャンパス、2009 年 8 月 1 日
影響」日本経済学会 2009 年度秋季大会、専修大学、2009 年 10 月 10 日
――――「中国 IT 産業の生産性および業務実行の阻害要因に関する実証分析」
中国経済学会、日本大学、2009 年 11 月 14 日
溝口哲郎「Amakudari: The Post-Retirement Employment of Elite Bureaucrats
in Japan」横浜国立大学近経研究会、横浜国立大学、2009 年 5 月 25 日
――――「Bribery Prevention and Efficiency Wage」日本経済学会 2009
年度秋季大会、専修大学、2009 年 10 月 11 日
三好向洋「Crime and Local Labor Market Opportunities for Low-skilled
Workers: Evidence from Japanese Prefectural Panel Data」日本経済学
会 2009 年度春季大会、京都大学、2009 年 6 月 7 日
――――「Labor Supply Behavior of Japanese Husbands and Wives」日
本経済学会 2009 年度秋季大会、専修大学、2009 年 10 月 11 日
――――「Labor Supply Behavior of Japanese Husbands and Wives」統
計研究会、2009 年 10 月 30 日
6 ディスカッション・ペーパー
Discussion Papers
Kanda, Sayako, “Forged Salt Bills and Calcutta’s Financial Crisis in the late
1820s,” September, 2009, Keio/Kyoto Global COE, DP2009-010.
Kimura, Masako, and Daishin Yasui, “Production Structure, Household
Time Allocation, and Fertility,” November, 2009, Keio/Kyoto Global COE, DP
Kuroda, Sachiko, and Isamu Yamamoto, “How are Hours Worked and
Wages Affected by Labor Regulations?: The white-collar exemption and
‘name-only managers’in Japan,” August, 2009, Keio/Kyoto Global COE,
Minami, Ryoshin, and Xin Xin Ma, “The Turning Point of Chinese Economy:
Compared with Japanese Experience,” September, 2009, ADBI.
Mizoguchi, Tetsuro, and Nguyen Van Quyen, “Amakudari: The PostRetirement Employment of Elite Bureaucrats in Japan,” September, 2009,
Keio/Kyoto Global COE, DP2009-011.
Naoi, Michio, “Attrition Bias in Longitudinal Survey: A Validation Study
with Interviewer's Record of Respondent Mobility,” August, 2009, Keio
University Joint Research Center for Panel Studies, DP-2009-003.
Naoi, Michio, Miki Seko, and Kazuto Sumita, “Community Rating, Cross
Subsidies and Underinsurance: Why So Many Households in Japan Do
Not Purchase Earthquake Insurance,” July, 2009, Keio Economic Society,
KESDP No.09-1.
――――, “Earthquake Risk and Housing Prices in Japan: Evidence Before
and After Massive Earthquakes,” July, 2009, Keio Economic Society, KESDP
Seko, Miki, Kazuto Sumita, and Michio Naoi, “Residential Mobility Decision
in Japan: Identifying the Effects of Housing Equity Constraints and Income
Shocks Under the Recourse Loan System,” September, 2009, Keio
Economic Society, KESDP No.09-3.
Wakasugi, Ryuhei, “Why the Financial Crisis Affected Japanese Exports So
Seriously?” September, 2009, Keio/Kyoto Global COE, DP2009-009.
Wakasugi, Ryuhei, and Ayumu Tanaka, “Firm Heterogeneity and Different
Modes of Internationalization: Evidence from Japanese Firms,” September,
2009, Institute of Economic Research, Kyoto University, No.681.
関するケーススタディ」2009 年 6 月、慶應・京都連携グローバル COE、
――労働時間規制が労働時間や賃金に与える影響」2009 年 8 月、慶應・京
都連携グローバル COE、DP2009-007
立大学、2009 年 6 月 23 日
――――「The 2008 World Financial Crisis and Market Quality」ミクロ
経済学・ゲーム理論研究会、京都大学、2009 年 10 月 15 日
小 林 淑 恵「 児 童 手 当 は 世 帯 内 で 何 に 使 わ れ た か? ―― パ ネ ル デ ー タ
(KHPS)2004 年∼ 2008 年を利用して」2009 年 10 月、慶應・京都連携グ
ローバル COE、DP2009-012
矢 野 誠・ 佐 藤 健 治「On a Stochastic Growth Model with L-infinity Dual
Vectors: A Differential Analysis」日本経済学会 2009 年度秋季大会、専修
大学、2009 年 10 月 11 日
平井健介「日本植民地期台湾における肥料市場の展開と農会」2009 年
11 月、慶應・京都連携グローバル COE、DP2009-14
受賞 Awards
● 環境経済・政策学会 第 1 回学術賞(2009 年 9 月 26 日受賞)
細田衛士 『資源循環型社会――制度設計と政策展望』慶應義塾大学出版会、2009 年
● International Biographical Centre Top 100 Educators of the World
お知らせ Information
『論争! 経済危機の本質を問う
樋口 美雄・瀬古 美喜・照山 博司・
慶應―京大連携グローバル COE 編著
吉野 直行・矢野 誠・樋口 美雄 編著
「 市 場 の 質 」 を キ ー ワ ー ド に、
追 跡・ 分 析 す る KHPS(Keio
Household Panel Survey) の
成果発信、第 5 弾。
2010年 6月に第Ⅵ巻刊行予定。
本グローバル COE によるシン
第 I 部
序 章
本書の目的と概要 第2章
第 I 部
KHPS の標本特性
第 II 部
第 II 部
金融・経済危機 2007 − 2009
:Conflicts と Complexity
サブプライム金融危機 第8章
第 III 部 論争! サブプライム金融危機
総括 金融市場の質の向上のための諸課題について
グローバル COE プログラム Newsletter
2009, December, No.5
発行日 2009 年 12 月 24 日
代表者 細田衛士
〒 108 − 0073 東京都港区三田 3 − 1 − 7 三田東宝ビル 5 階
TEL:03 − 5427 − 1869 FAX:03 − 5427 − 1872
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