研究者詳細 - 辻村　和佑

論文 - 辻村　和佑

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A Flow of Funds Analysis of the US Quantitative Easing

TSUJIMURA KAZUSUKE & TSUJIMURA MASAKO

Economic Systems Research （Taylor and Francis） 30 （ 2 ） 137 - 177 2018年04月

研究論文（学術雑誌）, 共著, 査読有り

After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan’s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset-liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.

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The value added and operating surplus deflators for industries: The right price indicators that should be used to calculate the real interest rates

SAKUMA ITSUO, TSUJIMURA MASAKO & TSUJIMURA KAZUSUKE

Statistical Journal of the IAOS （IOS Press） 34 （ 2 ） 235 - 253 2018年05月

研究論文（学術雑誌）, 共著, 査読有り

After the global financial crisis of 2008–2009, many advanced economies are suffering from a dearth of domestic investment opportunities. It has been said that lowering real interest rate is the best policy to boost the capital investment. The problem is 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 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. In the first half of the paper, we examine the theoretical meaning of the value added deflators using a highly simplified symmetric input output table. In the latter half, we will use so-called SNA-IO, the input-output table published as a part of Japanese SNA, to experimentally estimate both value added and operating surplus deflators. The study reveals that if lowering interest rate depreciate the local currency, it will depress value added deflators, and in turn, will discourage capital investments. In this sense, lowering interest rate is a double-edged sword; the governments and central banks should think twice before taking such a policy.

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Balance Sheet Economics of the Subprime Mortgage Crisis

TSUJIMURA MASAKO and TSUJIMURA KAZUSUKE

Economic Systems Research （Routledge） 23 （ 1 ） 1-25 2011年03月

研究論文（学術雑誌）, 共著, 査読有り, ISSN 0953-5314

Dearth of Domestic Investment and the Global Saving Glut: An International Panel Data Study

辻村和佑

The Journal of Econometric Study of Northeast Asia （Economic Research Institute for Northeast Asia） 7 （ 1 ） 1-21 2010年03月

研究論文（学術雑誌）, 共著, 査読有り, ISSN 1880-6988

The consequences of the introduction of the euro: a nested mixed- effects analysis of the international banking positions

辻村和佑・辻村雅子

Empirical Economics （Springer） 37 （ 3 ） 583-397 2009年12月

研究論文（学術雑誌）, 共著, 査読有り, ISSN 0377-7332

In this paper, we will examine the effects of the launch of the euro from the perspective of the international banking positions by a combination of the gravity model, widely used to explain the structure of world trade, and the mixed effects model, which is a hybrid version of the fixed and random effects models of panel
data analysis. The specification could be examined by the likelihood ratio tests by decomposing the model into fixed and random effects elements. The empirical study indicates that the new currency is certain to benefit the euro area, but the effects on the non-euro members of the EU are not as clear as superficial analysis suggests.

Does Monetary Policy Work under Zero- Interest-Rate?

辻村和佑

Journal of Applied Input-Output Analysis （Pan Pacific Association of Input-Output Studies） 11&12 49-72 2006年12月

研究論文（学術雑誌）, 共著, 査読有り

In the spring of 1999, the Japanese call money rate reached to the zero-interest-rate level,
and has remained under quarter percent since then. “Does monetary policy work under zero
-interest-rate at all?” is the question to be answered in this study. We are to examine the effectiveness
of so-called Quantitative Easing Policy (QEP) introduced by the Bank of Japan
in March 2001 using Asset-Liability-Matrix (ALM) derived from the Flow-of-Funds Accounts.
The conclusions of this article is that the performance of the QEP conducted by the
BOJ is improving gradually in recent days, partially because of the introduction of new
measures including corporate stock and ABS purchasing operations.

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

Kazusuke Tsujimura & Masako Mizoshita

Economic Systems Research, vol.15, no.1, pp.51-67. （International Input-Output Association） 15 （ 1 ） 51-67 2003年03月

研究論文（学術雑誌）, 共著, 査読有り

A Structural Analysis of Japanese Economic Development

TSUJIMURA KAZUSUKE & TSUJIMURA MASAKO

IDE Discussion Paper （ 695 ） 1 - 48 2018年02月

研究論文（大学，研究機関等紀要）, 共著

Japan successfully escaped from poverty after the world war and attained prosperity in a matter of two decades. There were two keys for the success. One was the priority production system – the idea to develop the industries at the bottom of the triangulated input-output table first, and to climb the triangle step by step. The second key for the success was the country's unique financial system; they deliberately grew both long-term financial institutions for large enterprises and local credit associations for small businesses. When Japanese exporting manufacturers fought the appreciation of yen at the end of the 20th century, their answer was the mass introduction of industrial robots. The exporters won the fight but the country did not. What went wrong; what lesson do we learn from it?

資金授受に立脚した国民経済計算体系の構築 ―コープランドの原点に立ち戻ったGDPを補完する新たな指標―

辻村雅子辻村和佑

立正大学「経済学季報」 66 （ 1・2 ） 1 - 53 2016年11月

研究論文（大学，研究機関等紀要）, 共著

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。

国民経済計算のミクロ的基礎

辻村和佑・辻村雅子

産業連関―イノベーション&I-Oテクニーク（環太平洋産業連関分析学会） 16 （ 3 ） 57-72 2008年10月

研究論文（学術雑誌）, 共著, 査読有り, ISSN 1341-9803

国民経済計算は所得支出勘定や資本調達勘定など一連の勘定から成り立っており、それぞれの勘定は複式簿記の記帳方法にしたがって記録されている。本稿ではまず、国民経済計算の背後にある勘定間の関係について、企業会計を基にミクロ的な視点に立脚して整理する。さらに企業会計と国民経済計算とを接続する際に横たわる論点を浮き彫りにする目的から、各国の会計報告書を統一様式に変換しようというBACHデータベースの試み、フランス会計基準の影響を受けかつてOCAM諸国で採用されていた企業会計基準であるPlan OCAMについて紹介する。

コープランドのマネーフロー表と93SNA（後編）

辻村和佑

産業連関―イノベーション&I-Oテクニーク（環太平洋産業連関分析学会） 15 （ 3 ） 54-66 2007年10月

研究論文（学術雑誌）, 共著, 査読有り, ISSN 1341-9803

レオンティエフによって考案された産業連関表が，国民経済計算体系に推計の基礎を与えていることは良く知られている．これに対して，コープランドが提案したマネーフロー表が，SNAの表象形式に重要な基礎を与えているという事実は，あまり認識されていない．初学者に93SNAの表象形式が一見複雑に見えるのは，これがモノではなくマネーをもとに発想されているからにほかならない．そこで本稿においては，マネーフロー表の構想を特徴づける重要な論点，すなわち制度部門別勘定，バランスステートメントと複々式記帳，現金主義と取得価額主義に焦点をしぼり，この3つの観点から現行の93SNAの表象形式を再検討する．

Civil Law, Quadruple Entry System and the Presentation Format of National Accounts

辻村和佑

Keio Economic Observatory Discussion Paper No. 109. 36 2007年09月

研究論文（その他学術会議資料等）, 共著

One of the advantages of Roman law is simplicity. The quadruple entry system based on it gives a rigorous accounting framework to the system of national accounts when it is combined with the historical cost accounting. Such a system retains all the desirable features of the modern accounting: intra-sector consistency, inter-sector consistency and intertemporal consistency. The foremost advantage of the system of national accounts is that it is the only statistics that depicts the interrelations between financial and real economy. The proposed scheme of this paper presents flows and stocks in an integrated framework, which makes it possible to clarify the relationship between savings and wealth and, therefore the relationship between income and wealth. This will enhance understanding of the interactivity between financial and real phenomena such as financial bubbles, crashes and economic depressions well within the framework of the system.

コープランドのマネーフロー表と93SNA（前編）

辻村和佑

産業連関―イノベーション&I-Oテクニーク（環太平洋産業連関分析学会） 15 （ 2 ） 71-80 2007年06月

研究論文（学術雑誌）, 共著, 査読有り, ISSN 1341-9803

On the Asymptotic Normality for the Linear Combination of Chi-square Variables

辻村和佑

Keio Economic Observatory Discussion Paper No. 103. 12 2006年10月

研究論文（その他学術会議資料等）, 共著

The Consequences of the Inauguration of Euro : A Nested Mixed-effects Analysis of the International Banking Transactions

辻村和佑

Keio Economic Observatory Discussion Paper No. 94. 16 2005年02月

研究論文（その他学術会議資料等）, 共著

Compilation and Application of Asset-Liability Matrices : A Flow-of-Funds Analysis of the Japanese Economy 1954-1999

辻村和佑

Keio Economic Observatory Discussion Paper No. 93. 50 2004年11月

研究論文（その他学術会議資料等）, 共著

In this paper, we will discuss the details of the compilation process of asset-liability matrix from flow-of-funds account (financial balance sheets) taking the example of Japan 1954-1999. Asset-liability matrix is a sector-by-sector square matrix, so the advantage is that we can apply the tremendous asset that the input-output analysis has accumulated since the early days of its development. However, input-output and asset-liability matrices are not necessarily identical twins. One of the leading peculiarities of the asset-liability matrix is that two distinct sector-by-sector matrices are derived from a set of balance sheets. The first one describes the propagation process of fund-raising while the other one depicts that of fund-employment. When there are discrepancies in the valuation of assets and liabilities, the magnitude of the dispersion could be different in one system from another. This will give us a clue to the generation mechanism of financial bubbles.

Quantitative evaluation of foreign exchange intervention and sterilization in Japan: A flow-of-funds approach

辻村和佑

International Trade and Finance Association 15th International Conference, Working Paper 22. （International Trade and Finance Association） 28 2004年05月

研究論文（研究会，シンポジウム資料等）, 共著, 査読有り

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.

Quantitative evaluation of foreign exchange intervention and sterilization in Japan: A flow-of-funds approach

辻村和佑

Keio Economic Observatory Discussion Paper No. 92 24 2004年04月

研究論文（その他学術会議資料等）, 共著

わが国繊維産業の現状と課題

辻村和佑

Keio Economic Observatory Discussion Paper No.91 62 2004年04月

研究論文（その他学術会議資料等）, 共著

繊維産業といえばわが国で空洞化が進展していると考えられる業種であり、とくに衣服の縫製分野では中国への生産移転が大規模に進行している。競争力のない産業を保護する必要はなく自然淘汰に任せるべきとの主張も多い。しかしながら今日のわが国の置かれている状況はきわめて厳しい。長年にわたるわが国の不況で国内市場が沈滞し、競争力のない産業を自然淘汰に任せていたのでは輸出産業すべてが淘汰されかねない。その意味で繊維産業は貴重な生き証人であり、この産業から学ぶことはわが国の未来を見据える上できわめて重要であると考えられる。本稿では、繊維産業の実態や産業全体の問題点等を工業統計表と貿易統計に加えて個別調査結果からまとめている。

Does Monetary Policy Work under Zero-Interest-Rate?

辻村和佑

Keio Economic Observatory Discussion Paper No.87 26 2003年10月

研究論文（その他学術会議資料等）, 共著

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