Details of a Researcher - Tsujimura, Kazusuke

Presentations -

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Negative Interest Rate and the Public Deficit: Classical Loanable Funds Theory Revisited

TSUJIMURA MASAKOTSUJIMURA KAZUSUKE

International Conference on Economic Theory and Policy (Tokyo, Japan) ,

2017.09

Oral presentation (invited, special)

As Keynes contended in the General Theory, according to the classical theory of loanable funds, the equilibrium interest rate is determined at the intersection of the saving and investment curves. The former is derived from the intertemporal choice of consumption while the latter represents the marginal product of capital. Some classical authors, such as Taussig, discuss negative interests in this framework. Since the market interest rate rarely became negative until recently, if the equilibrium interest rate had been negative, the government would have had to fill the saving-investment gap by running a public deficit. Negative interest rates would surely cure this problem. Cassel, however, mentions another possibility: that the saving curve has a downward rather than upward slope. It is problematic because there is a possibility that the saving and investment curves do not at all intersect. If they do not intersect, lowering interest rates may enlarge the public deficit rather than reduce it. Thus, it is essential to identify the shape of the two curves before taking any policy action, either to raise or to lower the interest rate.

Financial Intermediation in Brazilian Economy from Flow of Funds Analysis

Erika BURKOWSKI ERIKAKIM JIYOUNGTSUJIMURA KAZUSUKETSUJIMURA MASAKO

25th International Input-Output Conference (Atlantic City, NJ, US) ,

2017.06

Oral presentation (general), International Input Output Association

This paper presents the Flow-of-Funds Analysis applied to improve knowledge about financial flows in Brazilian economy. We develop asset-liabilities-matrixes (ALM) to the years 2004 and 2009, which are disaggregated in 10 institutional sectors to obtain a broadly overview of the specific structure of flows in Brazilian financial system. From flow-of-funds indexes we could illustrate the role of each institutional sector in the system, than we could highlight that during the period, there was a movement to increase the participation of others financial firms in financial system, excluding government-sponsored banks, while enterprises and government were working as financial intermediaries in an informal market.

Funds Flow Method of National Accounting

TSUJIMURA KAZUSUKE

日中両国の経済と金融に関する研究セミナー (Tokyo, Japan) ,

2016.11

Public lecture, seminar, tutorial, course, or other speech, 立正大学、中国人民大学

The objective of this paper is twofold: (i) to design a flow-of-funds based national accounting system, an equivalent of cash-flow statement in business accounting; and (ii) to make from-whom-to-whom flow-of-funds matrix for Japan 1995-2013. Special features of the study is while so-called Flow of Funds Accounts (also known as financial accounts in Europe) covers only the lender-borrower relationship, Flow-of-Funds based National Accounts proposed in this study includes all the payments, such as sales, wages, interest, etc.

The Value Added and Operating Surplus Deflators for Industries: The Right Price Indicators that should be Used to Calculate the Real Interest Rates

ITSUO SAKUMATSUJIMURA KAZUSUKETSUJIMURA MASAKO

34th International Association for Research in Income and Wealth (IARIW) General Conference (Dresden, Germany) ,

2016.08

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

After the global financial crisis of 2008-2009, the governments of the world are piling up deficits to close the saving-investment gap in the private sector. The governments cannot accumulate deficits endlessly so that they must urgently promote the investments in the private industries. It is obvious that lowering the market rate of interest is one of the best policies to boost the capital investment. The problem is that what inflation rate they have in their mind when the entrepreneurs make investment decisions. Not only the output prices, but also the composition of inputs and their prices differ from one industry to another. Therefore, the value added deflator or even the operating surplus deflator for each industry are better alternative to calculate the real interest rate.

Flow-of-Funds Based National Accounting: An Experimental Application to the US Economy

TSUJIMURA KAZUSUKETSUJIMURA MASAKO

34th International Association for Research in Income and Wealth (IARIW) General Conference (Dresden, Germany) ,

2016.08

Poster presentation, International Association for Research in Income and Wealth

The objective of this paper is twofold: (i) to design a flow-of-funds based national accounting system, an equivalent of cash-flow statement in business accounting; and (ii) to make from-whom-to-whom flow-of-funds matrix for the U.S. to find out if there were structural changes in the first decade of the century. The matrix is tentatively derived from the Integrated Macroeconomic Accounts by removing the imputations that do not involve payment of funds. We found that there was a conspicuous structural change between 2008 and 2010 when the subprime mortgage crisis hit the economy; and the dominant factor was the shift in monetary policy. Our conclusion is that the economy is highly susceptible to both Federal Reserve’s supply of funds and its portfolio.

Public Debt in the Flow-of-Funds Perspective

TSUJIMURA MASAKOTSUJIMURA KAZUSUKE

24th International Input-Output Association (IIOA) Conference (Seoul, Korea) ,

2016.07

Oral presentation (invited, special), International Input-Output Association

Since the global financial crisis of 2008-2009, public debt in advanced economies has increased substantially. In the past, people blamed the governments for the overwhelming public deficit; however, more recently, they began to notice that the real cause lies in the saving-investment imbalance in the private sector rather than in the lax fiscal policy of the government. According to the empirical evidence, almost all the countries, in which non-financial corporations are net savers, are suffering from government deficits. The real problem is that the mature economies are no longer investing enough to maintain the trade balance so that they cannot invest the surplus funds abroad either because of the balance of payments constraint.

資金授受に立脚した国民経済計算体系の構築

辻村雅子辻村和佑

環太平洋産業連関分析学会第26回（2005年度）大会 (東京) ,

2015.11

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

バブル崩壊やサブプライム危機など、経済の節目となる事象は金融市場の混乱が実物市場に波及する形態をとることが指摘される。残念ながら今日、世界各国で公表されている資金循環統計は、金融市場取引のみの記述に止まり、実物市場取引を包含しない。本研究では経済主体間の資金授受に着目することで、実物・金融の両市場を包括する国民経済計算体系を提案する。また既存の国民経済計算をもとに、産業連関表等各種の統計資料を併用することで、資金の授受を伴わない帰属計算分をはがして、部門別の資金授受に関する統計を作成し、さらにこれを加工することで、制度部門×制度部門形式の資金循環行列の作成を試みる。これを用いて近年の資金循環構造変化を分析することが、本研究の目的である。

Saving-Investment Imbalance and the Public Debt

TSUJIMURA MASAKOTSUJIMURA KAZUSUKE

60th International Statistical Institute (ISI) World Statistics Congress (Rio de Janeiro, Brazil) ,

2015.07

Poster presentation, International Statistical Institute

Foundations of International Flow-of-Funds Accounts

TSUJIMURA KAZUSUKE

60th International Statistical Institute (ISI) World Statistics Congress (Rio de Janeiro, Brazil) ,

2015.07

Oral presentation (invited, special), International Statistical Institute

The current version of the balance of payments statistics (BPM6) consists of the goods and services account, the primary income account, the secondary income account, the capital account, and the financial account. The accounts are to be compiled on a horizontal double-entry bookkeeping basis; it ensures the consistency of recording for each transaction category by counterparties. The nature of horizontal double entry allows the bilateral international transactions to be presented in a from-whom-to-whom matrix format; several international organizations publish such statistics. This paper is an attempt to tentatively make an international flow of funds accounts using the available data. The from-whom-to-whom matrix consists of 242 economic regions, and covers the goods and services account, the primary account, and FDI and portfolio investment portion of the financial account of the balance of payments statistics. The enhancement of balance of payments statistics in the from-whom-to-whom format and accompanying analytical tools will surely promote the better understanding of the flow of funds at the global perspective.

Public Debt in the Perspective of National Accounting

TSUJIMURA KAZUSUKETSUJIMURA MASAKO

International Association for Research in Income and Wealth (IARIW) 33rd General Conference (Rotterdam, the Netherlands) ,

2014.08

Poster presentation, International Association for Research in Income and Wealth

Since the global financial crisis of 2008-2009, public debt in advanced economies has increased substantially. In all 22 OECD countries that have public debt, the excess liabilities (i.e. negative financial net worth) of the non-financial corporations are less than the excess financial assets (i.e. positive financial net worth) of the households. In these countries, non-financial corporations are reluctant to invest so that the private sector in total has excess financial assets. They are investing surplus funds abroad but the government has no choice but to absorb the remaining surplus. That means, in the national accounting perspective, the real problem is not the public debt itself but the dearth of investment and the saving glut in the private sector; it is apparent that the public sector alone cannot solve the problem.

Foundations of Flow-of-Funds Based National Accounting: Roman Law, Historical Costs and Economic Bubbles

TSUJIMURA MASAKOTSUJIMURA KAZUSUKE

14th Annual Missouri Economics Conference (Columbia, MO, US) ,

2014.03

Oral presentation (general), The Department of Economics at the University of Missouri-Columbia and the Federal Reserve Banks of St. Louis and Kansas City

The collapse of the U.S. housing bubble in the 2000s and the consequent financial crisis and global recession reminded us of the importance of a database that enables us to review the interdependence between the real and financial markets. The objective of this paper is twofold: (i) to clarify the mechanism of formation and collapse of economic bubbles in the national accounting perspective; and (ii) to design a flow-of-funds based national accounting system, an equivalent of cash flow statement in business accounting, that serves the purpose best. Since economic transactions – especially financial transactions – heavily depend on the legal system, we will give the fundamental concepts of national accounting that is based on the balance sheets, which is in turn based on the Roman law concepts of jus in rem and jus in personam. Both assets and liabilities are separately measured in the amount of funds for which they are exchanged. In this system, macroeconomic saving-investment imbalance is equivalent to the sum of valuation changes in immovable (i.e. non-produced) as well as in financial assets, which constitutes an economic bubble.

Foundations of Flow-of-Funds Based National Accounting

TSUJIMURA KAZUSUKETSUJIMURA MASAKO

21st International Input-Output Association (IIOA) Conference (Kokura, Japan) ,

2013.07

Oral presentation (invited, special), International Input-Output Association

The recent financial crisis and global recession reminded us of the importance of a
database that enables us to review the interdependence between the real and financial
markets. The objective of this paper is twofold: (i) to reconstruct a flow-of-funds based
national accounting system from scratch; and (ii) to clarify the meaning of economic
bubbles in the national accounting perspective. We will give the fundamental concepts
of national accounting that is based on the balance sheets, which is in turn based on the
Roman law concepts of jus in rem and jus in personam. Both assets and liabilities are
separately measured in the amount of funds for which they are exchanged. In this
system, macroeconomic saving-investment imbalance is equivalent to the sum of
valuation changes in immovable as well as in financial assets, which constitutes an
economic bubble.

Foundations of Flow-of-Funds Based National Accounting

辻村和佑、辻村雅子

第77回国民経済計算研究会『国民経済計算の到達地点と課題』 (関西大学、千里山キャンパス) ,

2012.11

Oral presentation (invited, special), 国民経済計算研究会

In April 2009, in the midst of the financial crisis and global recession, the Group of Twenty (G-20) finance ministers and central bank governors called for exploration of information gaps and provide appropriate proposals for strengthening data collection. In response, International Monetary Fund (IMF) and Financial Stability Board (FSB) recommended to develop a strategy to promote the compilation and dissemination of the balance sheet approach, flow of funds, and sectoral data more generally. It is well known that it was Morris Copeland who systematically drew the ground design of the money-flows accounts (MFA), or flow of funds accounts as we now call it. Although the term “flow of funds” implies the use of a time dimension associated with movement, spending, and consummation of transactions, the present-day flow of funds accounts, as the consequence of the drastic remodeling by the Fed in the 1950s, covers only the creditor-debtor relationship rather than the more general payer-payee relationship. The objective of this paper is to reconstruct a truly flow-of-funds based national accounting system. Among five alternatives, historical cost accounting has the most relevance to the flow-of-funds based national accounting because the book value of the assets and liabilities are the amount of funds that have changed hands in the acquisition process. The system is entirely founded on the Roman law concepts of jus in rem and jus in personam and the quadruple entry system. It is expected that this system will ultimately enhance the understanding of economic bubbles and other phenomena that relate to both real and financial economy.

資金循環分析の軌跡と展望

辻村和佑

2012年度統計関連学会連合大会 (北海道大学高等教育推進機構) ,

2012.09

Oral presentation (invited, special), 日本統計学会

1929年10月28日のブラック・マンデーに端を発した世界恐慌や、1980年代後半の我が国のバブルとそれに続く失われた10年、そして2007年夏以降に顕在化した米国のサブプライム問題に至るまで、経済の節目となる事象は、金融市場の混乱が実物市場に波及する形態をとることが知られている。このような事象を経済理論の俎上に載せ、これを定量的に分析するためには、金融市場と実物市場の相互依存関係を鳥瞰する統計資料が不可欠であり、この点で両市場を包摂する経済統計としてのNational Accountingへの期待は大きい。しかしながら、現行の体系は産業連関表を土台として、Product Flow法をその推計の基礎と位置付けており、実物市場と金融市場との関係を分析するには、隔靴掻痒の感がある。実は、現行SNAの創始者として名高いRichard Stoneが、1945年に提示したその原型は、むしろ現行の企業会計に近い、資金の授受に即したFunds Flow法を基礎としていたが、今日これはUnited Nations (1947)の付録として姿をとどめるのみである。Copeland (1947, 1952)のMoneyflows Accountsは、部門別貸借対照表のみに立脚した今日の資金循環統計とは異なり、資金の授受を基礎とするNational Accountingの体系であり、その表章形式は1968SNAにも大きな影響を与えている。この種のFunds Flow法による体系の特徴は、①垂直複式記帳により部門内整合性が、②水平複式記帳により部門間整合性が、③取得原価主義会計により異時点間整合性が、それぞれ担保されることにある。とくに取得原価主義会計は、資産価額の変動要因を観察できる点で、現行SNAの買戻価格主義会計に勝っていると考えられる。また、もとより取得原価主義会計は資金の授受に注目した会計原則であり、その表章形式をPayer-Payee Matrixに変換することが可能である。Payer-Payee Matrixは、実物取引はもちろん、金融取引をも含めて、部門間相互の資金授受を記録するものであり、いわば天気図のように、経済の状況を一望できる道具として、National Accountingの新境地を切り開くものとなることが期待される。

Foundations of Balance Sheet Economics

TSUJIMURA KAZUSUKE and TSUJIMURA MASAKO

International Association for Research in Income and Wealth (IARIW) 32nd General Conference (Boston, USA) ,

2012.08

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

The recent financial crisis and global recession reminded us of the importance of a
database that enables us to review the interdependence between the real and financial
economy. The objective of this paper is threefold; (i) to reconstruct a flow-of-funds
based national accounting system; (ii) to clarify the meaning of economic bubbles in the
national accounting perspective; (iii) to propose a from-whom-to-whom payer-payee
matrix format of national accounting presentation. In historical cost accounting, the
book value of an item in the balance sheet is the amount of funds that have changed
hands in the last transaction. Thus the changes in the balance sheets of the concerning
parties are directly correlated with the flow of funds from the payer to the payee. The
payer-payee matrix that records the flow of funds between the all economic entities can
be a useful device for national accounting.

Balance Sheet Economics of the Subprime Mortgage Crisis

TSUJIMURA MASAKO and TSUJIMURA KAZUSUKE

Savings and Flow of Funds: Enhancing and Improving Flow of Funds Accounts (Boston, USA) ,

2012.04

Oral presentation (invited, special), Consortium on Financial Systems and Poverty’s academic workshop

As Copeland (1947; 1952) demonstrated with his money-flows accounts more than half a century ago, the balance sheets of economic entities are closely interrelated through a lender–borrower relationship. This paper is an attempt to describe the US subprime mortgage crisis in the framework of ‘balance sheet economics’, which was originally proposed by Stone (1966) and Klein (1977; 1983). Since it is almost impossible to collect all the balance sheets of economic entities, we use flow-of-funds accounts instead to simulate the negative consequences resulting from home mortgage delinquencies. We show that the pass-through sequence converges when the original delinquency is made up by loss of net worth in any of the economic entities. Most of the eventual loss is incurred by ‘Households and Nonprofit Organizations’ and ‘Rest of the World’. A portion of pass-through loss is eventually incurred by foreign countries with excess external assets, such as Japan, Ireland, etc.

Copeland's Money-Flow Accounts and the Presentation Format of National Accounts

TSUJIMURA KAZUSUKE and TSUJIMURA MASAKO

IARIW 31st General Conference (St-Gallen, Switzerland) ,

2010.08

Poster presentation, International Association for Research in Income and Wealth

Structural Analysis of International Capital Allocation: An Application of Cournot-Nash Equilibrium Model

TSUJIMURA KAZUSUKE

第18回環太平洋産業連関分析学会 (中京大学、名古屋) ,

2007.11

Oral presentation (general)

The Convergence of Financial Structures in Europe: A Euclidean Distance Panel Data Approach

TSUJIMURA KAZUSUKE

The 24th International Symposium on Money, Banking and Finance (Rennes, France) ,

2007.06

Oral presentation (general), organized by the C.N.R.S. Research Group on Monetary and Financial Economics

This paper reveals that there was a convergence in the financial structures of the member states after the introduction of the euro, but there was a similarity among them even before the introduction of the new currency. To determine the dominant factors that will cause convergence in the economic structure represented in matrices, we developed an estimation method, based on squared Euclidean distance, as an application of the panel data analysis. It is found that some demographic factors along with various economic factors play a crucial role in the conversion process of the financial structure.

A Nested Mixed-effects Analysis of the Introduction of the Euro

TSUJIMURA KAZUSUKE

2006年度統計関連学会連合大会 (東北大学川内キャンパス、仙台) ,

2006.09

Oral presentation (general), 日本統計学会

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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