Details of a Researcher - Tsujimura, Kazusuke

Presentations -

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A Comparative Flow-of-Funds Study of the OECD Countries

TSUJIMURA KAZUSUKE

The International Association for Research in Income and Wealth 29th General Conference (Joensuu, Finland) ,

2006.08

Poster presentation, The International Association for Research in Income and Wealth

As the U.S. federal budget deficit has increased dramatically since 2001, the twin deficits are re-emerging as a much-discussed topic. Nevertheless, the FRB executives argue that the people should pay more attention to the current account deficit rather than to the twin deficits as a pair. Their contention that the aging population in many advanced economies outside the U.S. is a significant factor underlying the dearth of domestic investment in those countries turned out to be well-founded. However, we failed to find any concrete evidence to support the claim that it is the direct cause of the global saving glut.

International Trade and Finance Association 15th International Conference, Istanbul, Turkey, May 18-21, 2005

TSUJIMURA KAZUSUKE

International Trade and Finance Association 15th International Conference (Istanbul, Turkey) ,

2005.05

Oral presentation (general), International Trade and Finance Association

The purpose of this paper is to examine the outcome of the introduction of euro from the perspective of the flow of funds between the leading countries of the world. The data used in this study have been prepared from the International Banking Statistics (IBS) published by the Bank for International Settlements (BIS). To educe only the direct effects of the launch of euro, we have opted for the mixed effects model. The basic formula of our model is that of the gravity model widely used in the analysis of the international trade. The technical contribution of this paper is that the mixed effects model is proved to be an effective instrument to investigate a nested panel data. The specification could be easily examined by the likelihood ratio tests by decomposing the model into fixed and random effects elements. Since all the fixed effects parameters estimated in the mixed effects model has been proved to be statistically significant, we used the parameters to educe the following practical implications. As a conclusion it can be said that the success of the introduction of euro might be a little overstated. Especially the prosperity of the non-euro EU countries could be short-lived. The inauguration of the new currency will surely benefit the euro area, but the effects on the non-euro members of EU is not clear as suggested in the casual observations.

Quantitative Evaluation of Foreign Exchange Intervention and Sterilization in Japan –A Flow-of-Funds Approach–

TSUJIMURA KAZUSUKE

Annual Missouri Economics Conference (Columbia, Missouri, US) ,

2005.04

Oral presentation (general), Hosted by The Department of Economics at the University of Missouri-Columbia, the Research Division of the Federal Reserve Bank of St. Louis, the Research Division of the Federal Reserve Bank of Kansas City, April 1-2, 2005.

The frequency of foreign exchange intervention by the Ministry of Finance of Japan (MOF) increased dramatically between 2001 and 2004. The Bank of Japan (BOJ) acting as the agency of MOF has also intervened in the short-term money market by itself, from time to time, to sterilize the yen flooding into it. However, the effectiveness of the operations could be different from one type of operation from the other because the transactions taken place between the monetary authorities and the private sectors are completely different. It is why we have employed asset-liability-matrix (ALM) derived from the flow-of-funds accounts to evaluate the effectiveness of each type of operations.

我が国資金循環構造の変容と発展

辻村和佑

環太平洋産業連関分析学会第15回大会 (静岡県熱海市) ,

2004.10

Oral presentation (general), 環太平洋産業連関分析学会

Asset-Liability-Matrix Analysis Derived from Flow-of-Funds Accounts: the Bank of Japan's Quantitative Monetary Policy Examined

TSUJIMURA KAZUSUKE

International Association for Research in Income and Wealth 28th general conference (Cork, Ireland) ,

2004.08

Oral presentation (general), International Association for Research in Income and Wealth

Does Monetary Policy Work under Zero-Interest-Rate?

TSUJIMURA KAZUSUKE

The 21st Symposium on Banking and Monetary Economics (Niece, France) ,

2004.06

Oral presentation (general), Groupe ment de Recherche Economie monetaire et financiere

Does Monetary Policy Work under Zero-Interest-Rate?

TSUJIMURA KAZUSUKE

Canadian Economic Association 38 th Annual Meetings (Tront, Canada) ,

2004.06

Oral presentation (general), Canadian Economic Association

Foreign Exchange Intervention and Sterilization in Japan -A Flow of Funds Approach-

TSUJIMURA KAZUSUKE

International Trade and Finance Association 14th International Conference (San Antonio, Texas, US) ,

2004.05

Oral presentation (general), International Trade and Finance Association

Does Monetary Policy Work under Zero-Interest-Rate?

TSUJIMURA KAZUSUKE

Forecasting Financial Markets and Economic Decision-making FindEcon 2004 (Lodz, Poland) ,

2004.05

Oral presentation (general), Department of Econometrics, University of Lodz

Does Monetary Policy Work under Zero-Interest-Rate?

TSUJIMURA KAZUSUKE

Fourth Annual Missouri Economics Conference (Columbia, Missouri, US) ,

2004.04

Oral presentation (general), The Department of Economics at the University of Missouri-Columbia, the Research Division of the Federal Reserve Bank of St. Louis, the Research Division of the Federal Reserve Bank of Kansan City

Does Monetary Policy Work under Zero-interest Rate?

辻村和佑

XII International “Tor Vergata” Conference on Banking and Finance (University of Rome “Tor Vergata”Faculty of Economics) ,

2003.12

Oral presentation (general)

The Making of International Flow-of-Funds Table

辻村和佑

環太平洋産業連関分析学会第14回大会 (静岡県熱海市) ,

2003.11

Oral presentation (general), 環太平洋産業連関分析学会

外国為替平衡操作と不胎化の効果に関する資金循環分析

辻村和佑

日本経済学会2003年度秋季大会 (明治大学) ,

2003.10

Oral presentation (general), 日本経済学会

量的金融緩和政策の資金循環分析

辻村和佑

日本経済学会2003年度春季大会 (大分大学) ,

2003.06

Oral presentation (general), 日本経済学会

資産デフレの資金循環分析

辻村和佑

環太平洋産業連関分析学会第13回大会（西南学院大学） (西南学院大学, 福岡) ,

2002.11

Oral presentation (general)

日本銀行による量的緩和政策の資金循環分析

辻村和佑

2002年度日本統計学会（明星大学） (明星大学,東京) ,

2002.09

Oral presentation (general)

産業連関モデルの資金循環表への応用

環太平洋産業連関分析学会第12回大会（大阪経済大学） (大阪経済大学) ,

2001.11

経済全体の資金の流れを鳥瞰するひとつの方法として貸借対照表形式の資金循環表を制度部門間の取引表形式に組替えた金融連関表を提案している。これによって資金がどの主体からどの主体に流れているのかを見てとることができる。本稿ではその作表方法を解説するとともに、金融構造をより立体的に把握できるよう、産業連関分析に対応した三角化とレオンティフ逆行列の分析をおこなっている。

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