論文 - 辻村　和佑

War and peace (Part 2): Structural analysis of the Fed's original flow of funds accounts 1939–1953

Tsujimura M., Tsujimura K.

Statistical Journal of the IAOS 41 （ 3 ） 873 - 900 2025年09月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  18747655

　概要を見る

In our previous article, Tsujimura and Tsujimura,¹we explicated that the input-output table, which depicts the transactions of goods and services between industries, had been intensively used to prepare the U.S. economy for World War II, and to rebuild Europe after the war. As Leontief,²the architect of the system, has asserted, “a definitive input-output analysis will require the incorporation of purely monetary transactions as are represented by credit operation, taxes, subsidies, and other unilateral transfers. The release of the study by the Board of Governors of the Federal Reserve System should contribute much to the development of realistic analysis within the framework of the input-output approach.” In this sequel, we will explore this original and unique statistics, Flow of Funds in the United States 1939–1953, one of the greatest works in the history of national accounting, to find out how the war was financed and how the postwar economy was formed using the Leontief's tools of structural analysis.

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War and Peace: Structural changes in the U.S. industries 1939-1958

Tsujimura K., Tsujimura M.

Statistical Journal of the IAOS 39 （ 3 ） 617 - 648 2023年09月

共著, 筆頭著者,  ISSN  18747655

　概要を見る

In his memoir published in 2002, George Dantzig, who had invented the simplex algorithm to solve linear programming problems, praised Wassily Leontief as a great pioneer for proposing a large but simple matrix model that represents the interindustry input-output structure of an economy. Input-output tables, which depict the transactions of goods and services between industries, have been intensively used to prepare the U.S. economy for World War II, and to eventually liberate Europe. This paper not only revisits the early development of structural analysis but also applies it to the 1939, 1947 and 1958 U.S. input-output tables using triangulation and dispersion indices as fundamental tools. The degree of integrity represented in the Leontief inverse significantly increased as the division of work progressed in the time of war to achieve maximum productivity. The structural changes ensured a smooth transition of the American economy from peacetime to wartime, and later, the fast rebuilding of European economies that had been completely devastated during the war.

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Flow-of-funds structure of the U.S. economy 2001–2018

Tsujimura M., Tsujimura K.

Economic Systems Research 33 （ 3 ） 385 - 416 2021年

研究論文（学術雑誌）, 査読有り,  ISSN  09535314

　概要を見る

Great inventions and substantial productivity growth of the Roaring Twenties brought unprecedented prosperity to the United States. After Black Thursday in the fall of 1929 however, the U.S. economic landscape changed dramatically. To ensure that the bitter experience of the Great Depression does not recur, Wesley Mitchell and Morris Copeland, the architects of flow-of-funds analysis, urged a better understanding of the circulation of funds, the means of payment. The new century has so far brought us many technological innovations and new ways of doing business. The objective of the paper is to find out if and how well the funds have been flowing in the U.S. economy over the past two decades, using the flow-of-funds matrix (payer-payee matrix) proposed by Tsujimura and Tsujimura ([2018]. A flow of funds analysis of the U.S. quantitative easing. Economic Systems Research, 30(2), 137–177. https://doi.org/10.1080/09535314.2018.1443908). The industrial revolution of the new century does not seem to have enough momentum circulating funds, the lifeblood of the economy.

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Roman law in the national accounting perspective: Usus, fructus and abusus

Tsujimura K., Tsujimura M.

Statistical Journal of the IAOS 37 （ 2 ） 613 - 628 2021年

研究論文（学術雑誌）, 査読有り,  ISSN  18747655

　概要を見る

Application of accounting discipline to the organization of economic data aids in both collection and interpretation of economic and jurisprudential knowledge, for it highlights gaps in the basic statistics and clarifies interrelations among the parts of the structure. The legal systems of nearly all countries are generally modeled upon four legal systems: Mesopotamian law, Roman law, Islamic law and Anglo-Norman law. The first half of the paper compares the four legal systems in detail. The foundation of any accounting system, including national accounting, is a balance sheet that lists assets and liabilities; assets include both property rights and claims while liabilities are legal responsibilities and obligations. Therefore, special attention is given to the Roman law of things, which has furnished the foundations of much of the modern law of property and obligations in civil law systems. Usus, fructus and abusus have been recognized as pillars of private property since the antiquity. Although the concepts are intrinsic to property rights, they are useful tools to delineate the characteristics of claims and obligations. Some accounting examples are given at the end of the paper.

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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, 筆頭著者, 査読有り

　概要を見る

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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To Raise or Not To Raise, that is the Question: Loanable Funds Theory of Interest Revisited

Masako Tsujimura and Kazusuke Tsujimura

Review of Keynesian Studies 4   98 - 121 2022年12月

研究論文（学術雑誌）, 共著, 査読有り

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

　概要を見る

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.

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

　概要を見る

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

　概要を見る

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.

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

　概要を見る

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

　概要を見る

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

　概要を見る

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

　概要を見る

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

　概要を見る

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

　概要を見る

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．

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

　概要を見る

This paper considers the asymptotic normality of a linear combination of chi-square variables, and provides the condition for the asymptotic normality.

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

　概要を見る

The purpose of this paper is to examine the outcome of the introduction of euro from the perspective of the international banking positions between the leading countries of the world.