Chapter 4. Impacts of a Declining and Aging Population on Central and Local Government Expenditures in Japan
|
|
- Aldous Shepherd
- 5 years ago
- Views:
Transcription
1 Chapter 4 Impacts of a Declining and Aging Population on Central and Local Government Expenditures in Japan Eiji Sumi, Niigata University Sunchung Oh, Kansai University 1. Introduction Here, we analyze the influence of a declining and aging population on central and local government expenditure. We expect that a population decline in the future will cause a decrease in government expenditure. On the other hand, we expect that population aging will cause an increase in government expenditure. For instance, public welfare plays an important role in a municipality s services. Therefore, we expect that an expansion of expenditure for public welfare caused by population aging will have the biggest influence on a municipality s finances. Moreover, as the degree of population decline and aging differs from region to region, we expect that these two phenomena will have various effects on the expenditures of prefectures and municipalities. Therefore, we consider that it is important to analyze how structural changes in Japanese society, population decline, and population aging will influence central and local government expenditures. However, in general, the Japanese government s medium-term budget forecast is based on only a medium-term economic perspective (e.g. nominal GDP growth rate). Thus, this might make the government choose inappropriate policies. Here, we adopt the following two procedures to forecast central and local government expenditures. Firstly, we regress government expenditures on population and rate of aging to see which factors influence government expenditure. Secondly, if it is verified that population and aging are factors that affect decisions on government expenditure, we put future population and rate of aging into an estimated regression model. We can get forecasting data on government expenditures from FY2006 to FY2030 in this way. The composition of this paper is as follows. In Section 2, we describe concretely the forecast method of central and local government expenditures. In Section 3, we show the estimation results of central and local government expenditures from 71
2 FY2006 to FY2030. Finally, we analyze what factors influence the change in nominal expenditure from FY2006 to FY2030: i.e., price changes, population change and aging change. 2. Methodology for estimating present and future expenditures 2.1 Model for estimating present national expenditure We verify the decision factors of expenditure in central government. First, we explain the model that estimates central government expenditure by population and rate of aging. We define the expenditure of central government as General Expenditure. General Expenditure is total expenditure minus National Debt Service (costs allotted to repaying principal and interest on government debt) and Local Allocation Tax. We define the estimation model as follows. Where t=fy1964,,fy2004, OLDR = the rate of aging We define that u is an error term. We assume AR1 here. We define that is other disturbance elements and i.i.d. The rate of aging (OLDR) is defined as the number of persons aged 65 years or more. We adopt General Expenditure as central government expenditure. This is because National Debt Service depends not on population etc., but on public debt balance and interest rate. Local allocation tax is calculated from a constant ratio of national tax income. This fund is needed by central government to implement policies. We obtain General Expenditure data for the term FY1964-FY2004 from Statistics of Public Finance. We obtain the population in the future and the rate of aging from Population Projections by Prefectures- (2000) - (2030) - March in 2002 of National Institute of Population and Social Security Research (IPSS). Annual expenditure is deflated using the GDP deflator 1. We use data for the 41 years from FY1964 to FY2004 for the estimation. Considering the problem of serial correlation on error term, we estimate this model using the Prais-Winsten method. 1 Benchmark year is
3 We describe the sign condition of each explanation variable here. We expect that the decrease of population will cause a decreasing factor for government expenditure. On the other hand, we expect that aging will cause an increasing factor for government expenditure. Therefore, we forecast that the sign of the coefficient of population is positive, and the one of aging is also positive Methodology for estimating future central government expenditure Next, we obtain the forecast of central government expenditure using the modeled population and rate of aging in the future. We assume FY2006 to be the time when the forecast starts. However, we can obtain financial accounts data only until FY2004, and have budget data only for FY2006. So, we calculate expenditure in FY2006 by the following procedures. Step 1: We obtain the forecast expenditure of the central government by applying population and rate of aging in the future to the regression model. Step 2: There is a difference between the annual expenditure budget in FY 2006 and the forecast expenditure obtained by Step 1. We arrange the constant term of regression from this difference. Step 3: We obtain the forecasted expenditure after FY2007 with the regression model having the corrected constant term exogenously for population and rate of aging in the future. The expenditures calculated according to the above-mentioned procedure are evaluated in FY2000 prices. Therefore, we change them to nominal values using the forecasted GDP deflator Estimation model for local expenditure Now, let us focus on the expenditures of prefectures and municipalities. The expenditure data for municipality totals relate to 47 prefectural administrative divisions. We forecast the influence that population decline and population aging in the future have on local expenditure. We verify the decision factor of local expenditure by regressing local expenditure on population and rate of aging. We define the estimation model as follows. 2 Table 2 (E1) shows that every explanatory variable is positive and significant. 3 Figure 18 shows the forecast GDP deflator for FY
4 We define u i as an element that shows the individual effect. is other disturbance elements and i.i.d. And, we use data on expenditure except public debt servicing expenses. We obtain local expenditure data from Statistical Annual Report of Local Public Finance. We obtain the population in the future and the rate of aging from Population Projections by Prefectures- (2000) - (2030) - March in 2002 of National Institute of Population and Social Security Research. The nominal local expenditure is deflated using the Consumer Price Index 4. The theoretical grounds of the expenditure regression model are the same as the method of calculating Basic Fiscal Needs, which is the basic data used to decide local expenditure. It is clarified that Basic Fiscal Needs are almost explained by population and area as mentioned in the preceding research of Hayashi (1995) and Nagamine (2000). Actually, the population factor is adopted mainly in the process by which Basic Fiscal Needs is calculated. The local expenditure regression model here is based on such research results. We use a panel data set consisting of 47 prefectures observed yearly over 17 years (FY1986 to FY2002) a balanced panel. We adopt a fixed effect model. Table 3 shows a detailed estimate obtained by the fixed effect model. We can confirm the existence of the individual effect by comparing the Least Squares Dummy Variable (LSDV) model with a Without Dummy model. As a result, the F statistic for testing the joint significance of individual effects is strongly in favor of a prefecture specific effect in the data. We describe the sign condition of each explanation variable. We expect that population decrease is a decreasing factor for government expenditure. On the other hand, we expect that aging is an increasing factor for government expenditure. Therefore, we consider that the sign of the coefficient of population is positive, and that of aging is also positive. As shown in Table 3, every explanatory variable shows 4 The data on expenditure are evaluated at 2000 prices. 74
5 a positive sign, and we reject the null hypothesis. Moreover, we can also validate our estimation model with the F-test. 2.4 Methodology for estimating future local expenditure Next, we obtain the forecasted expenditure of the central government by adding population and rate of aging in the future to the model. We assume FY2006 to be the starting time for the forecast. However, only the budget for FY2006 is available. So, we calculate the expenditure in FY2006 by the following procedures. Step 1: We obtain the forecasted expenditure of local government by adding population and rate of aging in the future to the regression model. Step 2: The annual expenditure in FY 2006 is obtained by multiplying the ratio of Local Public Finance Program in FY2006 to Local Public Finance Program in FY2003 by the final accounts in FY2003. There is a difference between the annual expenditure budget in FY2006 and forecasted expenditure obtained by Step 1. We arrange the constant term of regression from this difference. Step 3: We obtain the forecasted expenditures after FY2007 with the regression model having the corrected constant term exogenously for the population of each administrative division in the future and the rate of aging in the future. The expenditure calculated according to the above-mentioned procedure is evaluated at FY 2000 prices. Therefore, we change them to nominal values using the forecast GDP deflator. 3. Prediction of government expenditure 3.1 Prediction of central government expenditure We show the forecasted General Expenditure from FY2006 to FY First, we compare the forecasted General Expenditure based on the forecast model of population and rate of aging with General Expenditure (NGR) extended by the nominal GDP growth rate. As shown in Figure 1, the forecasted General Expenditure based on population and rate of aging stands at 62.1 trillion yen (+33.9% compared 5 The forecast value is nominal. 75
6 to FY2006), while General Expenditure in FY2006 is 46.4 trillion yen. On the other hand, General Expenditure (NGR) that increases at the nominal economic growth rate stands at 92.9 trillion yen (+100.3%). There is a difference of about 30.8 trillion yen in FY Contribution of factors changing central expenditure We analyze what influence population decline and population aging in the future have on General Expenditure in the future based on the forecast model. Then, we decompose the change in nominal General Expenditure from FY2006 to FY2030 into contribution of population, aging, and factor of price changes, and see what influence those factors have. The results are shown in Figure 2 and Figure 3. The change in nominal General Expenditure from FY2006 to FY2030 is divided into real change and nominal change. Real change is the change in real expenditure, which can be explained by the factors of population and aging. Nominal change is the change in annual expenditure caused by price changes. In short, the following relationship exists between the factors. Change in nominal expenditure = Contribution of prices + Contribution of real expenditure As shown in Figure 2, the change in nominal General Expenditure from FY2006 to FY2030 is decomposed into the change in expenditure caused by price changes, and in real terms by both factors of population and aging. (In Figure 2, 46.4 trillion yen at the starting point of FY2006 is replaced with 0.) As shown in Figure 2, nominal General Expenditure increases by 15.7 trillion yen (+33.9%) in FY2030 compared to FY2006. (In short, this nominal general expenditure stands at 62.1 trillion yen.) The contribution of price rises is trillion yen (+36.8%), and the contribution of real expenditure is 1.3 trillion yen ( 2.8%), as shown in Figure 2. Real General Expenditure declines by 1.3 trillion yen in FY2030 compared to FY2006, as shown in Figure 3. (In short, this real General Expenditure stands at 45.1 trillion yen.) This shows that the contribution of the factor of aging is +9 trillion yen (+19.4%), and the contribution of population decline is 10.3 trillion yen ( 22.3%). 76
7 Note: Exp (NGR) is the expenditure extended by nominal economic growth rate. Figure 1: Forecast of the central General Expenditure Note: The change from FY2006 to FY2030. Figures in parentheses are percentages. Figure 2: Contribution of factors of expenditure change 77
8 Note: The change from FY2006 to FY2030. Figures in parentheses are percentages. Figure 3: Contribution of factors of real expenditure change 3.3 Forecast of local expenditure We show the forecasted expenditure for prefectures (47 administrative divisions) and municipalities from FY2006 to FY First, we compare the forecasted local expenditure based on the forecast model of population and rate of aging with local Expenditure (NGR) extended by nominal GDP growth rate. As shown in Figure 4, the forecasted prefecture expenditure based on population and rate of aging stands at 71.9 trillion yen (+55.0%), while expenditure in FY2006 is 46.4 trillion yen. On the other hand, prefecture expenditure (NGR) that expands at the nominal economic growth rate stands at 93.3 trillion yen (+100.3%). There is a difference of about 21.1 trillion yen in FY2030. As shown in Figure 4, the forecasted municipality expenditure based on population and rate of aging stands at 75.7 trillion yen (+57.5%), while expenditure in FY2006 is 48.1 trillion yen. On the other hand, municipality expenditure (NGR) that expands at the nominal economic growth rate stands at 96.3 trillion yen (+100.3%). There is a difference of about 20.6 trillion yen in FY Each value is nominal. 78
9 This shows that the entire local expenditure increases from 94.5 trillion yen in FY2006 to trillion yen (+56.3%) in FY2030. On the other hand, expenditure that expands in proportion to nominal GDP growth rate stands at trillion yen (+100.3%) in FY2030. Table 1 shows nominal prefecture and municipality (47 administrative divisions) expenditure in FY2006 and FY Contribution of factors changing local expenditure We have analyzed what influence population decline and population aging in the future has on local expenditure in the future based on the forecast model. Then, we decomposed the change in nominal local expenditure from FY2006 to FY2030 into the contributions of population, aging, and the factor of price changes, and see what influence those factors have. The results are shown in Figures 6~9. First, we look at prefecture expenditure. As shown in Figure 6, the change in nominal prefecture expenditure from FY2006 to FY2030 is decomposed into the change in expenditure caused by price changes and in real terms by changes of both factors of population and aging. (In Figure 6, 46.4 trillion yen at the starting point of FY2006 is replaced by 0.) As shown in Figure 6, nominal prefecture expenditure increases by 25.5 trillion yen (+55.0%) in FY2030 compared to FY2006. (In short, this nominal prefecture expenditure stands at 71.9 trillion yen.) As shown in Figure 6, the contribution of price rises is trillion yen (+42.1%). Real prefecture expenditure increases by 6.4 trillion yen (+13.7%) in FY2030 compared to FY2006, as shown in Figure 7. (In short, real prefecture expenditure stands at 52.8 trillion yen.) This shows that the contribution of the factor of aging is +9.5 trillion yen (+20.5%), and the contribution of population decline is 3.1 trillion yen. ( 6.8%) Next, we look at municipality expenditure. As shown in Figure 8, the change in nominal municipality expenditure from FY2006 to FY2030 is decomposed into the change in expenditure caused by price changes and in real terms by both factors of population and aging. (In Figure 8, 48.1 trillion yen at the starting point of FY2006 is replaced by 0.) As shown in Figure 8, nominal municipality expenditure increases by 27.7 trillion yen (+57.5%) in FY2030 compared to FY2006. (In short, this nominal prefecture expenditure stands at 75.7 trillion yen.) 79
10 The contribution of price rises is trillion yen (+41.8%), as shown in Figure 8. Real municipality expenditure increases by 7.6 trillion yen (+15.7%) compared to FY2006 in FY2030, as shown in Figure 9. (In short, real prefecture expenditure stands at 55.7 trillion yen.) This shows that the contribution of the factor of aging is trillion yen (+33.7%), and the contribution of population decline is 8.6 trillion yen ( 18.0%). Compared to the influences population decline and population aging have on real expenditure in prefectures and municipalities in Figure 7 and Figure 9, you can understand that both population decline and population aging have big influences on municipalities. While in municipalities the level of expenditure reduction caused by population decline is relatively high, the level of expenditure increase caused by population aging is far higher than that of population decline. Actually, in FY2030 the influence of the population factor is a 3.1 trillion yen decrease in prefectures and a 8.6 trillion yen decrease in municipalities. On the other hand, the influence of the factor of aging is a 9.5 trillion yen increase in prefectures and a 16.6 trillion yen increase in municipalities. The reason why the influence of aging is large in municipalities is that a lot of welfare services for the aged are provided by municipalities. Therefore, it can be forecast that financial demand caused by aging is generated in municipalities. In the same way as can be seen in Figures 6~9, we can see that the change in nominal prefecture or municipality expenditure from FY2006 to FY2030 is decomposed into the change of expenditure caused by price changes and in real terms by both factors of population and aging in each administrative division in Figures 10~13 7 As shown in Figure 10 and Figure 12, the contribution of real expenditure is negative only in Hokkaido and Osaka Prefecture. It can be seen that population decline and aging contribute to the change in real expenditure in each administrative division in Figure 11 and Figure 13. In FY2030, population decline causes reductions of 0.26 trillion yen and 0.34 trillion yen, respectively, in Hokkaido and Osaka Prefecture. Likewise, it causes reductions of 0.73 trillion yen and 0.94 trillion yen, respectively, in Hokkaido and Osaka s municipalities. The level of expenditure increase caused by population 7 The data for municipalities is combined with that for prefectures. 80
11 decline is far higher than that of population aging in only Hokkaido and Osaka Pref. The reason is that Hokkaido and Osaka Prefecture have relatively large-scale population declines. It is forecasted that there will be a decline of 847,000 persons in Hokkaido and 1,097,000 persons in Osaka Prefecture from FY2006 to FY2030. This means a substantial reduction in the financial load compared to the present situation in Hokkaido and Osaka Prefecture. Conversely, there will be population increases in Shiga Prefecture and Okinawa Prefecture, although the total population of Japan will decrease according to the data of IPSS by FY2030. In Shiga Prefecture and Okinawa Prefecture, population increases respectively by 67,000 persons and 125,000 persons. Therefore, an additional increase in financial demand caused by the population increase is generated in Shiga Prefecture and Okinawa Prefecture. 81
12 Note: Exp(NGR) is expenditure extended by nominal GDP growth rate. Figure 4: Forecast of prefectural expenditure Note: Exp(NGR) is expenditure extended by nominal GDP growth rate. Figure5: Forecast of municipal expenditure 82
13 Prefecture Table.1: Forecast of local expenditure Municipality Note: Unit: Trillion Yen %(percentage change in FY2030 compared to FY2006 ) 83
14 Note: The change from FY2006 to FY2030. Figures in parentheses are percentages. Figure 6: Contribution of factors of nominal prefectural expenditure change Note: The change from FY2006 tofy2030. Figures in parentheses are percentages. Figure 7: Contribution of factors of real prefectural expenditure change 84
15 Note: The change from FY2006 to FY2030. Figures in parentheses are percentages. Figure 8 Contribution of factors of nominal municipal expenditure change Note: The change from FY2006 to FY2030. Figures in parentheses are percentages. Figure 9 Contribution of factors of real municipal expenditure change 85
16 Note: The change from FY2006 to FY2030. Figure 10 Contribution of factors of nominal prefectural expenditure change Note: The change from FY2006 to FY2030. Figure 11. Contribution of factors of real prefectural expenditure change 86
17 Note: The change from FY2006 tofy2030. Figure 12 Contribution of factors of real municipal expenditure change (division of prefecture) Note: The change from FY2006 to FY2030. Figure 13 Contribution of factors of real municipal expenditure change (division of prefecture) 87
18 4. Conclusion General Expenditure increases by 33.9% (+15.7 trillion yen) in FY2030 from FY2006. This consists of contributions of +36.8%(+17.1 trillion yen) from price changes and -2.8% (-1.3 trillion yen) change of real expenditure. The impacts of population factor and aging factor are -22.3% (-10.3 trillion yen) and +19.4% (+9.0 trillion yen), respectively. Prefecture expenditure increases by 55.0% (+25.5 trillion yen) in FY2030 from FY2006. This consists of contributions of %( trillion yen) from price changes and %(+6.4 trillion yen) change of real expenditure. The impacts of the population factor and aging factor are -6.8%(-3.1 trillion yen) and %(+9.5 trillion yen), respectively. Municipality expenditure increases by 57.5% (+27.7 trillion yen) in FY2030 from FY2006. This consists of contributions of +41.8% (+20.1 trillion yen) from price changes and +15.7% (+7.6 trillion yen) change of real expenditure. The impacts of the population factor and aging factor are -18.0% (-8.6 trillion yen) and +33.7% (+16.2 trillion yen), respectively. Compared to the influences that population decline and population aging have on real expenditures of prefecture and municipalities, both population decline and population aging have major influences on municipalities. The level of the expenditure increase caused by population aging is far higher than that of population decline, although in municipalities the level of expenditure reduction caused by population decline is relatively high. The reason why the influence of aging is large in municipalities is that a lot of welfare services for the aged are provided by municipalities. Therefore, it can be forecast that financial demand caused by aging is generated in municipalities. For both central and local expenditures, expenditures that only expand at the nominal economic growth rate trace a higher growth route than expenditures based on the factors of population and aging. Thus, this might make the government choose inappropriate policies. In reality, expenditure that became unnecessary because of population decline, as expenditure has increased with population increase, is not necessarily reduced. For instance, most education expenses are personnel expenses for teachers. The level of education expenses is strongly sustained by employment security and aging of teachers, regardless of any decrease in the number of students. 88
19 A case in which expenditure does not decrease with population decline can occur due to the short lag that occurs when taking action for public policy. However, this rigidity of expenditure does not necessarily continue into the future. If consolidation and reorganization of schools are promoted and the personnel system becomes flexible, education expenses can be expected to decrease in the future with a declining population of children. Therefore, we consider that the forecast here reflects reality more precisely when public-sector reform progresses and the expenditures are reviewed effectively as required. 89
20 References Hiroahi, Hayashi (1995) Sozei seisaku no keiryo bunseki {The positive analysis of tax policy}, Nihonhyoron sha. Jun-Ichi, Nagamine(2000) Chihou koufuzei no santei kouzou/haibun kouzou ni kansuru bunseki {The analysis of calculation and allocation structure in Local Allocation Tax}, Koukyou sentaku no kenkyu {Public Choice Studies}, Vol.35,Keiso-Shobo. National Institute of Social Security Research (2000) Population Projections by Prefectures - (2000) - (2030) - March in 2002 Association of Local Public Statistics of Local Public Finance annual report The Ministry of Finance Statistics of Public Finance 90
21 Appendix 1. Relations between expenditure and nominal rate of economic growth In general, the Japanese government medium-term budget forecast is based only on a medium-term economic perspective (e.g. nominal GDP growth rate). Thus, this might make the government choose inappropriate policies. As is shown in Figure 14, the year-to-year percentage change at annual rates of actual expenditures of central and local governments, except debt servicing, has no clear relation with that of the nominal GDP growth rate from FY1985 to FY2003. (The correlation coefficient between nominal GDP growth rate and year-to-year percentage change at annual rates of actual expenditures are (central), (prefectures), and 0.515(municipalities) respectively. It seems that expenditure of local governments has a relation to rate of nominal GDP growth, but not with national general expenditure.) Figures 15~17 show that the actual expenditure of central and local governments (represented by solid line), and expenditure (NGR) that is increased by the rate of economic growth (represented by dotted line). It does not strictly correlate to actual expenditure and expenditure that is increased by the rate of nominal GDP growth. The gap between actual expenditure and expenditure that is increased by the rate of nominal GDP growth grows mainly in the long-term. Moreover, there is the tendency for actual expenditure to grow faster than expenditure that is increased by the rate of nominal GDP growth. The analysis of the decision factors of expenditure in this paper has no significant relation between General Expenditure of prefectures and municipalities, and GDP growth rate 8. 8 Therefore, they are excluded from explanation variables. The Table 2 shows the results of an estimation of central government expenditure. 91
22 Figure 14 Correlation between nominal GDP growth rate and actual expenditure change rate Note: Base 85 means General Expenditure (NGR) that takes FY1985 as the starting point, and is extended by nominal GDP growth rate. Figure 15 Comparison between actual central expenditure and NGR 92
23 Note: Same as Figure 15. Figure 16 Comparison between actual prefectural expenditure and NGR Note: Same as Figure 15. Figure 17 Comparison between actual municipal expenditure and NGR 93
24 2. Results of estimation by expenditure model We explain the estimation results in detail. First, we analyze the factors deciding expenditure of central government using the following regression model. In addition, to confirm whether or not economic growth rate influences expenditure, we also adopt a model (E2) by which real economic growth rate (PEGR) is added to the explanatory variables. (E1) (E2) Where t=fy1964,,fy2004,regr= Real Economic Growth Rate It is defined that u is the error term. We assume AR1. We adopt the Prais-Winsten method to solve the problem of serial correlation. The estimate results are shown in Table 2. In the E1 model, the null hypothesis of =0 is accepted with DW Statistics=1.714 according to the result of the Durbin-Watson Test, and the auto-correlation has been removed. The signs of the coefficient of population and rate of aging are both positive, and these variables affect expenditure significantly. In the E2 model, which adds real economic growth rate (PGR) to the explanatory variables, the null hypothesis of =0 is accepted with DW Statistics=1.712 as the result of the Durbin-Watson Test, and the auto-correlation has been removed. The real economic growth rate does not affect expenditure significantly. On the other hand the signs of the coefficient of population and rate of aging are both positive, and these variables affect expenditure significantly. Next, we analyze the factors to decide expenditure of local governments using the following regression model. (E3) Where t=fy 1986,, FY 2002, i = 1,,47(Prefectures) We define u i as an element that shows individual effects. is other disturbance elements and i.i.d. And, we use data on expenditure except public debt servicing expenses. We use the panel data set consisting of 47 Prefectures observed every year for 17 94
25 years (FY1986 to FY2002) a balanced panel. We adopt the fixed effect model. Table 3 shows a detailed estimate obtained by the fixed effect model. We can confirm the existence of individual effects by comparing the Least Squares Dummy Variable (LSDV) model with the Without Dummy model. As a result, the F-statistic (F(n-1, nt-n-k+1)) for testing the joint significance of individual effects is strongly in favor of the prefecture specific effect in the data. Here, n is the number of individuals, T is period, and k is the number of explanation variables. As shown in Table 3, the signs of the coefficient of population and rate of aging are both positive, and these variables affect expenditure significantly. Moreover, we can also validate our estimation model from the F-test. Finally, the expenditure estimated is evaluated in FY 2000 prices. Therefore, we must deflate them to the change nominal value using the forecast GDP deflator. The forecasting GDP deflator is shown in Figure 18. Table 2. Estimation Results (E1) Dependent Variable: Real General Expenditure (E2) Dependent Variable: Real General Expenditure Note: D.W. = Durbin-Watson Statistics. N= Number of observations. 95
26 Table 3 Estimation Results:Local Government Prefecture Municipality Note: Fixed effect model. Id-test is a test for fixed effect. F statistic for testing the joint significance of individual effects is F(n-1,nT-n-k+1). 96
27 Fig 18 GDP Deflator 97
Chapter 6. Estimation of Loss of Tax Revenue due to a Declining Number of Children and an Aging Population
Chapter 6 Estimation of Loss of Tax Revenue due to a Declining Number of Children and an Aging Population Kyoji Hashimoto, Kansai University Sunchung Oh, Kansai University 1. Introduction This paper reports
More informationDiscussion Papers In Economics And Business
Discussion Papers In Economics And Business The long-run relationship between the Japanese credit and money multipliers Mototsugu Fukushige Discussion Paper 13-19 Graduate School of Economics and Osaka
More informationVolume Title: The Economic Consequences of Demographic Change in East Asia, NBER-EASE Volume 19
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: The Economic Consequences of Demographic Change in East Asia, NBER-EASE Volume 19 Volume Author/Editor:
More informationFactors in the returns on stock : inspiration from Fama and French asset pricing model
Lingnan Journal of Banking, Finance and Economics Volume 5 2014/2015 Academic Year Issue Article 1 January 2015 Factors in the returns on stock : inspiration from Fama and French asset pricing model Yuanzhen
More informationCHAPTER 7 MULTIPLE REGRESSION
CHAPTER 7 MULTIPLE REGRESSION ANSWERS TO PROBLEMS AND CASES 5. Y = 7.5 + 3(0) - 1.(7) = -17.88 6. a. A correlation matrix displays the correlation coefficients between every possible pair of variables
More informationWhy the saving rate has been falling in Japan
October 2007 Why the saving rate has been falling in Japan Yoshiaki Azuma and Takeo Nakao Doshisha University Faculty of Economics Imadegawa Karasuma Kamigyo Kyoto 602-8580 Japan Doshisha University Working
More informationSUB MODULE 2 DECENTRALIZATION AND THE ROLE OF THE CENTRAL GOVERNMENT
SUB MODULE 2 DECENTRALIZATION AND THE ROLE OF THE CENTRAL GOVERNMENT Case Study 2 Function and Role of the Council on Economic and Fiscal Policy Trinity reform as an example In this case study, we will
More informationEconomic Effects of THE REEVISED MONEY LENDING BUSINESS CONTROL AND REGULATION LAW and The Underground Finance 1
Economic Effects of THE REEVISED MONEY LENDING BUSINESS CONTROL AND REGULATION LAW and The Underground Finance 1 Takao Iida, Professor, Faculty of Economics Sapporo University, ABSTRACT This paper analyzes
More informationEstimating Future Renewal Costs for Road Infrastructure and Financial Burden in Japanese Prefectures
Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.12, No.1, March 2016 95 Estimating Future Renewal Costs for Road Infrastructure and Financial Burden in Japanese Prefectures
More informationFinancial Liberalization and Money Demand in Mauritius
Illinois State University ISU ReD: Research and edata Master's Theses - Economics Economics 5-8-2007 Financial Liberalization and Money Demand in Mauritius Rebecca Hodel Follow this and additional works
More informationPanel Regression of Out-of-the-Money S&P 500 Index Put Options Prices
Panel Regression of Out-of-the-Money S&P 500 Index Put Options Prices Prakher Bajpai* (May 8, 2014) 1 Introduction In 1973, two economists, Myron Scholes and Fischer Black, developed a mathematical model
More informationSome variables which affect sales of insurance companies after 1998 in Japan -
Some variables which affect sales of insurance companies after 1998 in Japan - Hideto Azegami (Kyotogakuen University) 1. Introduction The Japanese life insurance market experienced considerable change
More informationWomen s Labor Supply and Taxation Analysis of the Current Situation Using Data *
Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.14, No.2, March 2018 267 Women s Labor Supply and Taxation Analysis of the Current Situation Using Data * Izumi Yokoyama
More informationStudy on the Optimum Medical Payment System under the Asymmetric Information Structure
Study on the Optimum Medical Payment System under the Asymmetric Information Structure Hiroshi YOSHIDA* (Associate Professor, Graduate School of Economics and Management, Tohoku University) 1. Introduction
More informationAppended Notes. Nagoya City Aichi Pref. Other regions Other prefectures
Appended Notes AN 1.2.1 Figure 1.2.18, etc. Definition of Japan s regional economic categories Analyses in Chapter 1.2 are based on numerous regional categories, which were integrated into the following
More informationThe Misalignment of the Korean Won: Is It Overvalued? Taizo MOTONISHI Kansai University September 2006
The Misalignment of the Korean Won: Is It Overvalued? Taizo MOTONISHI Kansai University September 2006 Motivation There is much discussions on exchange rate misalignment Is Korean Won Overvalued? Is Japanese
More informationWill the consumption tax hike dampen consumer spending once again? Households familiar prices and thrift-consciousness hold the key
Mizuho Economic Outlook & Analysis September 7, 2018 Will the consumption tax hike dampen consumer spending once again? Households familiar prices and thrift-consciousness hold the key < Summary > Japan
More informationAsian Economic and Financial Review, 2016, 6(4): Asian Economic and Financial Review. ISSN(e): /ISSN(p):
Asian Economic and Financial Review ISSN(e): 22226737/ISSN(p): 23052147 URL: www.aessweb.com THE NEW KEYNESIAN PHILLIPS CURVE IN THAILAND THROUGH TWO FINANCIAL CRISES Hiroaki Sakurai 1 1 Ministry of Land,
More informationDATABASE AND RESEARCH METHODOLOGY
CHAPTER III DATABASE AND RESEARCH METHODOLOGY The nature of the present study Direct Tax Reforms in India: A Comparative Study of Pre and Post-liberalization periods is such that it requires secondary
More informationThe Present Situation and Problems of the FCA in Japan
Journal of National Fisheries University 58 ⑴ 53-58(2009) The Present Situation and Problems of the FCA in Japan Ken Hokimoto Abstract : In Japan, fisheries cooperative associations have been reorganized
More informationMinistry of Health, Labour and Welfare Statistics and Information Department
Special Report on the Longitudinal Survey of Newborns in the 21st Century and the Longitudinal Survey of Adults in the 21st Century: Ten-Year Follow-up, 2001 2011 Ministry of Health, Labour and Welfare
More informationRecent Economic Developments
Recent Economic Developments September 26, 218 Cabinet Office Government of Japan Contact for inquiries: Directorate General for Economic Research +81-3-6257-1567
More informationThe impact of the ESIFs for Lithuanian economy in and the evaluation of development priorities for the programming period
The impact of the European structural and investment funds for Lithuanian economy in 2014-2020 and the evaluation of development priorities for the 2021-2027 programming period Summary June 2017 The evaluation
More informationRecent Comovements of the Yen-US Dollar Exchange Rate and Stock Prices in Japan
15, Vol. 1, No. Recent Comovements of the Yen-US Dollar Exchange Rate and Stock Prices in Japan Chikashi Tsuji Professor, Faculty of Economics, Chuo University 7-1 Higashinakano Hachioji-shi, Tokyo 19-393,
More informationBooth School of Business, University of Chicago Business 41202, Spring Quarter 2016, Mr. Ruey S. Tsay. Solutions to Midterm
Booth School of Business, University of Chicago Business 41202, Spring Quarter 2016, Mr. Ruey S. Tsay Solutions to Midterm Problem A: (30 pts) Answer briefly the following questions. Each question has
More informationChapter 2 Macroeconomic Analysis and Parametric Control of Equilibrium States in National Economic Markets
Chapter 2 Macroeconomic Analysis and Parametric Control of Equilibrium States in National Economic Markets Conducting a stabilization policy on the basis of the results of macroeconomic analysis of a functioning
More informationLife Insurance Fact Book (2017)
Life Insurance Fact Book (217) The Life Insurance Association of Japan Introduction The Life Insurance Fact Book summarizes key performance indicators of life insurance companies operating in Japan. We
More informationTomomi Miyazaki Graduate School of Economics, Kobe University
Housing (Land Price) Bubbles, Government Responses, and Economic/Corporate Adjustments in Japan Tomomi Miyazaki Graduate School of Economics, Kobe University Issues to be Discussed Today 1. Land price
More informationPerformance: Japanese Experiences
Demographic Changes and Macroeconomic Performance: ese Experiences May, BOJ-IMES Conference Masaaki Shirakawa Governor of the Bank of Chart Demographic Changes in 6 million Child and aged population Working-age
More information9. Assessing the impact of the credit guarantee fund for SMEs in the field of agriculture - The case of Hungary
Lengyel I. Vas Zs. (eds) 2016: Economics and Management of Global Value Chains. University of Szeged, Doctoral School in Economics, Szeged, pp. 143 154. 9. Assessing the impact of the credit guarantee
More informationANNEX 3. Overview of Household Financial Assets
ANNEX 3. Overview of Household Financial Assets This Annex to the Lithuanian Economic Review presents an overview of household financial assets and an analysis of their dynamics and structure. These assets
More informationFBBABLLR1CBQ_US Commercial Banks: Assets - Bank Credit - Loans and Leases - Residential Real Estate (Bil, $, SA)
Notes on new forecast variables November 2018 Loc Quach Moody s Analytics added 11 new U.S. variables to its global model in November. The variables pertain mostly to bank balance sheets and delinquency
More informationThe University of Chicago, Booth School of Business Business 41202, Spring Quarter 2017, Mr. Ruey S. Tsay. Solutions to Final Exam
The University of Chicago, Booth School of Business Business 41202, Spring Quarter 2017, Mr. Ruey S. Tsay Solutions to Final Exam Problem A: (40 points) Answer briefly the following questions. 1. Describe
More informationThe Effectiveness of Non-traditional Monetary Policy and the Inflation Target Policy : The Case of Japan in Comparison with the US
Economics & Management Series EMS-2013-11 The Effectiveness of Non-traditional Monetary Policy and the Inflation Target Policy : The Case of Japan in Comparison with the US Osamu Nakamura International
More informationAlexander O. Baranov
Alexander O. Baranov (NOVOSIBIRSK STATE UNIVERSITY, NOVOSIBIRSK, RUSSIA) DEVELOPMENT OF MONETARY BLOCK OF THE DYNAMIC INPUT OUTPUT MODEL OF RUSSIAN ECONOMY In this article we pay main attention to the
More informationCenter for Risk Research Faculty of Economics SHIGA UNIVERSITY
CRR WORKING PAPER SERIES A Working Paper No. A-19 Spousal Tax Deduction, Social Security System and the Labor Supply of Japanese Married Women Shingo Takahashi, Masumi Kawade and Ryuta Ray Kato September
More informationTax revenue structure and its effect on economic growth
Available online at www.scholarsresearchlibrary.com Archives of Applied Science Research, 2014, 6 (1):209-222 (http://scholarsresearchlibrary.com/archive.html) ISSN 0975-508X CODEN (USA) AASRC9 Tax revenue
More informationPublic Employees as Politicians: Evidence from Close Elections
Public Employees as Politicians: Evidence from Close Elections Supporting information (For Online Publication Only) Ari Hyytinen University of Jyväskylä, School of Business and Economics (JSBE) Jaakko
More informationBooth School of Business, University of Chicago Business 41202, Spring Quarter 2010, Mr. Ruey S. Tsay. Solutions to Midterm
Booth School of Business, University of Chicago Business 41202, Spring Quarter 2010, Mr. Ruey S. Tsay Solutions to Midterm Problem A: (30 pts) Answer briefly the following questions. Each question has
More informationDeterminants of Launch Spreads on EM USD-Denominated Corporate Bonds
Bank of Japan Working Paper Series Determinants of Launch Spreads on EM USD-Denominated Corporate Bonds Naoto Higashio * naoto.higashio@boj.or.jp Takahiro Hirakawa ** takahiro.hirakawa@boj.or.jp Ryo Nagaushi
More informationCompany Stock Price Reactions to the 2016 Election Shock: Trump, Taxes, and Trade INTERNET APPENDIX. August 11, 2017
Company Stock Price Reactions to the 2016 Election Shock: Trump, Taxes, and Trade INTERNET APPENDIX August 11, 2017 A. News coverage and major events Section 5 of the paper examines the speed of pricing
More informationWho Killed the Japanese Money Multiplier? A Micro-data Analysis of Banks
February 15, 2003 Still Extremely Preliminary. Please do not quote. Who Killed the Japanese Money Multiplier? A Micro-data Analysis of Banks Etsuro Shioji (Yokohama National University) Abstract This paper
More informationOverview 1. Economy and Market Trends 3. 1 Economic Overview 3. 2 Stock Market 6. 3 Bond Market 9. 4 Investment Trusts Derivative Market 13
CONTENTS FACT BOOK 2017 Overview 1 Ⅰ Economy and Market Trends 3 1 Economic Overview 3 2 Stock Market 6 3 Bond Market 9 4 Investment Trusts 11 5 Derivative Market 13 6 Investor Trends 14 7 Household Financial
More informationUCD CENTRE FOR ECONOMIC RESEARCH WORKING PAPER SERIES
UCD CENTRE FOR ECONOMIC RESEARCH WORKING PAPER SERIES 2006 Measuring the NAIRU A Structural VAR Approach Vincent Hogan and Hongmei Zhao, University College Dublin WP06/17 November 2006 UCD SCHOOL OF ECONOMICS
More informationInstantaneous Error Term and Yield Curve Estimation
Instantaneous Error Term and Yield Curve Estimation 1 Ubukata, M. and 2 M. Fukushige 1,2 Graduate School of Economics, Osaka University 2 56-43, Machikaneyama, Toyonaka, Osaka, Japan. E-Mail: mfuku@econ.osaka-u.ac.jp
More informationWhy Does Japan s Saving Rate Decline So Rapidly? Kentaro Katayama. Visiting Scholar Policy Research Institute, Ministry of Finance, Japan
Why Does Japan s Saving Rate Decline So Rapidly? Kentaro Katayama Visiting Scholar Policy Research Institute, Ministry of Finance, Japan December,2006 The views expressed in this paper are those of the
More informationTHE IMPACT OF OIL REVENUES ON BUDGET DEFICIT IN SELECTED OIL COUNTRIES
THE IMPACT OF OIL REVENUES ON BUDGET DEFICIT IN SELECTED OIL COUNTRIES Mohammadreza Monjazeb, Arezoo Choghayi and Masumeh Rezaee Economic department, University of Economic Sciences Abstract The purpose
More informationHuman capital, fertility decline, and economic development: the case of Costa Rica since 1950.
XXIVth IUSSP General Population Conference Salvador, 18-24 August 2001 S39 Population and Development Human capital, fertility decline, and economic development: the case of Costa Rica since 19. Héctor
More informationEffects of FDI on Capital Account and GDP: Empirical Evidence from India
Effects of FDI on Capital Account and GDP: Empirical Evidence from India Sushant Sarode Indian Institute of Management Indore Indore 453331, India Tel: 91-809-740-8066 E-mail: p10sushants@iimidr.ac.in
More informationJ. Basic. Appl. Sci. Res., 3(4) , , TextRoad Publication
J. Basic. Appl. Sci. Res., 3(4)847-854, 2013 2013, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Investigation the Effects of Working Capital Management
More informationSOCIAL SECURITY AND SAVING: NEW TIME SERIES EVIDENCE MARTIN FELDSTEIN *
SOCIAL SECURITY AND SAVING SOCIAL SECURITY AND SAVING: NEW TIME SERIES EVIDENCE MARTIN FELDSTEIN * Abstract - This paper reexamines the results of my 1974 paper on Social Security and saving with the help
More informationAnnual Report on the Japanese Economy and Public Finance 2007
Annual Report on the Japanese Economy and Public Finance 27 - Toward Higher Productivity Growth - Summary August 27 Cabinet Office Government of Japan Contents Chapter 1 Continued Economic Recovery and
More informationThe Scheduled Increase in the Pension Age and the Effect of Job Security Measures for the Elderly in Supporting Their Subsistence
The Scheduled Increase in the Pension Age and the Effect of Job Security Measures for the Elderly in Supporting Their Subsistence Koji Hamada The Japan Institute for Labour Policy and Training This thesis
More informationManagement Science Letters
Management Science Letters 2 (2012) 2625 2630 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl The impact of working capital and financial structure
More informationA case study of Cointegration relationship between Tax Revenue and Foreign Direct Investment: Evidence from Sri Lanka
Abstract A case study of Cointegration relationship between Tax Revenue and Foreign Direct Investment: Evidence from Sri Lanka Mr. AL. Mohamed Aslam Ministry of Finance and Planning, Colombo. (mohamedaslamalm@gmail.com)
More informationMeasuring the indirect losses from natural disasters: the case of the Great East Japan Earthquake 1
Measuring the indirect losses from natural disasters: the case of the Great East Japan Earthquake 1 Nariyasu Yamasawa Atomi University 2 November 12, 2014 ABSTRACT In this paper, we attempt to measure
More informationThe Comparative Analysis of Exchange RateRegimes
The Comparative Analysis of Exchange RateRegimes Yoshino, Naoyuki Kaji, Sahoko Suzuki, Ayako 1. Introduction The purpose of this paper is to analyze the optimal exchange rate regime by use of a simple
More informationTax or Spend, What Causes What? Reconsidering Taiwan s Experience
International Journal of Business and Economics, 2003, Vol. 2, No. 2, 109-119 Tax or Spend, What Causes What? Reconsidering Taiwan s Experience Scott M. Fuess, Jr. Department of Economics, University of
More informationFOREIGN TRADE MULTIPLIER IN ROMANIA BEFORE AND AFTER ACCESSION TO THE EUROPEAN UNION
FOREIGN TRADE ULTIPLIER IN ROANIA BEFORE AND AFTER ACCESSION TO THE EUROPEAN UNION Pop-Silaghi onica Ioana Babeş-Bolyai University Faculty of Economics Cluj-Napoca, Romania Email: monica.pop@econ.ubbcluj.ro
More informationAnalysis of the Determinants of Minimum Wages in Japan
Analysis of the Determinants of Minimum Wages in Japan Keiko Tamada Fukuoka University This paper overviews Japan s minimum wage system and examines the determinants of guideline increases (meyasu-gaku),
More informationDepartment of Agricultural Economics PhD Qualifier Examination January 2005
Department of Agricultural Economics PhD Qualifier Examination January 2005 Instructions: The exam consists of six questions. You must answer all questions. If you need an assumption to complete a question,
More informationHow has Japan Housing Finance Agency s Flat 35 affected regional housing loan markets?
How has Japan Housing Finance Agency s Flat 35 affected regional housing loan markets? Nobuyoshi YAMORI * (Professor, Graduate School of Economics, Nagoya University) Kazumine KONDO ** (Associate Professor,
More informationPolitical Economy of Public Capital Formation in Japan *1
Policy Research Institute, inistry of Finance, Japan, Public Policy Review, Vol.4, No.1, December 2008 77 Political Economy of Public Capital Formation in Japan *1 Haruo KONDOH Assistant Professor, Department
More informationIS INFLATION VOLATILITY CORRELATED FOR THE US AND CANADA?
IS INFLATION VOLATILITY CORRELATED FOR THE US AND CANADA? C. Barry Pfitzner, Department of Economics/Business, Randolph-Macon College, Ashland, VA, bpfitzne@rmc.edu ABSTRACT This paper investigates the
More informationCreation of Kansai Mirai Financial Group. Kansai Mirai Financial Group, Inc.
Creation of Kansai Mirai Financial Group Kansai Mirai Financial Group, Inc. September 26, 2017 Resona Holdings, Inc. (RHD) The Minato Bank, Ltd. (MB) Kansai Urban Banking Corporation (KUB) The Kinki Osaka
More informationWhite Paper on Local Public Finance, 2017
FY215 Settlement White Paper on Local Public Finance, 217 Illustrated Contents The Role of Local Public Finance 1 FY215 Settlement Overview 5 Revenues 7 1. Revenue Breakdown 7 2. Revenues in Regular Portion
More informationPredictable Stock Returns in the United States and Japan: A Study of Long-Term Capital Market Integration. John Y. Campbell Yasushi Hamao
Predictable Stock Returns in the United States and Japan: A Study of Long-Term Capital Market Integration John Y. Campbell Yasushi Hamao Working Paper No. 57 John Y. Campbell Woodrow Wilson School, Princeton
More informationTrade Openness and Disaggregated Import Demand in East African Countries
Modern Economy, 2017, 8, 667-689 http://www.scirp.org/journal/me ISSN Online: 2152-7261 ISSN Print: 2152-7245 Trade Openness and Disaggregated Import Demand in East African Countries Micah Samuel Gaalya
More informationA Note on the POUM Effect with Heterogeneous Social Mobility
Working Paper Series, N. 3, 2011 A Note on the POUM Effect with Heterogeneous Social Mobility FRANCESCO FERI Dipartimento di Scienze Economiche, Aziendali, Matematiche e Statistiche Università di Trieste
More informationDoes Manufacturing Matter for Economic Growth in the Era of Globalization? Online Supplement
Does Manufacturing Matter for Economic Growth in the Era of Globalization? Results from Growth Curve Models of Manufacturing Share of Employment (MSE) To formally test trends in manufacturing share of
More informationRicardo-Barro Equivalence Theorem and the Positive Fiscal Policy in China Xiao-huan LIU 1,a,*, Su-yu LV 2,b
2016 3 rd International Conference on Economics and Management (ICEM 2016) ISBN: 978-1-60595-368-7 Ricardo-Barro Equivalence Theorem and the Positive Fiscal Policy in China Xiao-huan LIU 1,a,*, Su-yu LV
More informationLocal Government Spending and Economic Growth in Guangdong: The Key Role of Financial Development. Chi-Chuan LEE
2017 International Conference on Economics and Management Engineering (ICEME 2017) ISBN: 978-1-60595-451-6 Local Government Spending and Economic Growth in Guangdong: The Key Role of Financial Development
More informationEconomic Activity, Prices, and Monetary Policy in Japan
Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Okinawa August 29, 2018 Hitoshi Suzuki Bank of Japan Global Economy Chart 1 IMF Projections as of July
More informationChanges in Economic Effect of Infrastructure and Financing Methods *
Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.12, No.1, March 2016 47 Changes in Economic Effect of Infrastructure and Financing Methods * Masaki Nakahigashi Associate
More informationGraduate School of Business, University of Chicago Business 41202, Spring Quarter 2007, Mr. Ruey S. Tsay. Solutions to Final Exam
Graduate School of Business, University of Chicago Business 41202, Spring Quarter 2007, Mr. Ruey S. Tsay Solutions to Final Exam Problem A: (30 pts) Answer briefly the following questions. 1. Suppose that
More informationCHAPTER 2. Hidden unemployment in Australia. William F. Mitchell
CHAPTER 2 Hidden unemployment in Australia William F. Mitchell 2.1 Introduction From the viewpoint of Okun s upgrading hypothesis, a cyclical rise in labour force participation (indicating that the discouraged
More informationA Statistical Analysis to Predict Financial Distress
J. Service Science & Management, 010, 3, 309-335 doi:10.436/jssm.010.33038 Published Online September 010 (http://www.scirp.org/journal/jssm) 309 Nicolas Emanuel Monti, Roberto Mariano Garcia Department
More informationUS, European and Asian Investors in the Japanese Stock Market
US, European and Asian Investors in the Japanese Stock Market Akiko Kamesaka* Abstract This paper investigates aggregate buying and selling by foreign investors, subdivided into US, European and Asian
More informationDiscussion Papers In Economics And Business
Discussion Papers In Economics And Business THREE ALTERNATIVE HYPOTHESES ON THE YEN DOLLAR EXCHANGE RATE OVER THE LAST 30 YEARS Yuzo Honda and Hitoshi Inoue Discussion Paper 15-15 Graduate School of Economics
More informationBooth School of Business, University of Chicago Business 41202, Spring Quarter 2014, Mr. Ruey S. Tsay. Solutions to Midterm
Booth School of Business, University of Chicago Business 41202, Spring Quarter 2014, Mr. Ruey S. Tsay Solutions to Midterm Problem A: (30 pts) Answer briefly the following questions. Each question has
More informationSUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION
2007 2008 2009 2010 Year IX, No.12/2010 127 SUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION Prof. Marius HERBEI, PhD Gheorghe MOCAN, PhD West University, Timişoara I. Introduction
More informationChapter 3. Wage Elasticity of Labor Supply: A Survey-Based Experimental Approach *
Chapter 3 Wage Elasticity of Labor Supply: A Survey-Based Experimental Approach * Fumio Ohtake, Osaka University Shinji Takenaka, Osaka University Kengo Yasui, Osaka University Abstract This research is
More informationThe Impact of Foreign Direct Investment on the Export Performance: Empirical Evidence for Western Balkan Countries
Abstract The Impact of Foreign Direct Investment on the Export Performance: Empirical Evidence for Western Balkan Countries Nasir Selimi, Kushtrim Reçi, Luljeta Sadiku Recently there are many authors that
More informationChapter 1 International Comparison of Corporation Tax Burden: With the Use of Statutory Tax Rate and Effective Tax Rate
Chapter 1 International Comparison of Corporation Tax Burden: With the Use of Statutory Tax Rate and Effective Tax Rate Yuri Yoshida * 1. Introduction In recent years, a number of countries have implemented
More informationJapan s Public Pension: The Great Vulnerability to Deflation
ESRI Discussion Paper Series No.253 Japan s Public Pension: The Great Vulnerability to Deflation by Mitsuo Hosen November 2010 Economic and Social Research Institute Cabinet Office Tokyo, Japan Japan s
More informationCorporate Governance and Banks Performance: An Empirical Study
OSR Journal of Business and Management (OSR-JBM) e-ssn: 2278-487X, p-ssn: 2319 7668 Corporate Governance and Banks Performance: An Empirical Study Naresh Kumar 1, Dr. Sudesh 2 1 (Senior Research Fellow,
More informationChapter 4 Level of Volatility in the Indian Stock Market
Chapter 4 Level of Volatility in the Indian Stock Market Measurement of volatility is an important issue in financial econometrics. The main reason for the prominent role that volatility plays in financial
More informationComposition of Foreign Capital Inflows and Growth in India: An Empirical Analysis.
Composition of Foreign Capital Inflows and Growth in India: An Empirical Analysis. Author Details: Narender,Research Scholar, Faculty of Management Studies, University of Delhi. Abstract The role of foreign
More informationEstimating the Impact of Changes in the Federal Funds Target Rate on Market Interest Rates from the 1980s to the Present Day
Estimating the Impact of Changes in the Federal Funds Target Rate on Market Interest Rates from the 1980s to the Present Day Donal O Cofaigh Senior Sophister In this paper, Donal O Cofaigh quantifies the
More informationFY2014 Settlement White Paper on Local Public Finance, Illustrated
FY214 Settlement White Paper on Local Public Finance, 216 Illustrated Contents The Role of Local Public Finance 1 FY214 Settlement Overview 5 Revenues 7 1. Revenue Breakdown 7 2. Revenues in Regular Portion
More informationSTUDYING THE IMPACT OF FINANCIAL RESTATEMENTS ON SYSTEMATIC AND UNSYSTEMATIC RISK OF ACCEPTED PLANTS IN TEHRAN STOCK EXCHANGE
STUDYING THE IMPACT OF FINANCIAL RESTATEMENTS ON SYSTEMATIC AND UNSYSTEMATIC RISK OF ACCEPTED PLANTS IN TEHRAN STOCK EXCHANGE Davood Sadeghi and Seyed Samad Hashemi Department of Accounting Management,
More informationGDP, Share Prices, and Share Returns: Australian and New Zealand Evidence
Journal of Money, Investment and Banking ISSN 1450-288X Issue 5 (2008) EuroJournals Publishing, Inc. 2008 http://www.eurojournals.com/finance.htm GDP, Share Prices, and Share Returns: Australian and New
More informationThe Economic Situation and Income Inequality among the Older People in Japan: Measurement by Quasi Public Assistance Standard 1
Review of Population and Social Policy, No. 10, 2001, 81 106 The Economic Situation and Income Inequality among the Older People in Japan: Measurement by Quasi Public Assistance Standard 1 Atsuhiro YAMADA*
More informationMacroeconomic Modeling for Planning in Nepal
Macroeconomic Modeling for Planning in Nepal BRIEF OVERVIEW Team : Lal Shanker Ghimire, Joint Secretary, NPCS Suman Aryal, D. Director General, CBS Rabi Shanker Sainju, Programme Director, NPCS, Ramesh
More informationPrice Expectations and Consumption under Deflation: Evidence from Japanese Household Survey Data
ESRI Discussion Paper Series No.133 Price Expectations and Consumption under Deflation: Evidence from Japanese Household Survey Data by Masahiro Hori and Satoshi Shimizutani April 2005 Economic and Social
More informationDistributive Impact of Low-Income Support Measures in Japan
Open Journal of Social Sciences, 2016, 4, 13-26 http://www.scirp.org/journal/jss ISSN Online: 2327-5960 ISSN Print: 2327-5952 Distributive Impact of Low-Income Support Measures in Japan Tetsuo Fukawa 1,2,3
More informationTHE IMPACT OF EXPORTS AND IMPORTS ON EXCHANGE RATES IN INDIA
International Journal of Banking, Finance & Digital Marketing, Vol.1, Issue 1, Jul-Dec, 2015, pp 01-08, ISSN: 2455-MUZZ THE IMPACT OF EXPORTS AND IMPORTS ON EXCHANGE RATES IN INDIA ww.arseam.com Abstract:
More informationMonthly Report of Prospects for Japan's Economy
Monthly Report of Prospects for Japan's Economy August 1 Macro Economic Research Centre Economics Department http://www.jri.co.jp/english/periodical/ This report is the revised English version of the July
More informationAnalysis of Russia s Regional Socio-Economic Situation Indicators
ISSN 039-117 (online) ISSN 039-9340 (print) June 015 Doi:10.5901/mjss.015.v6n3s7p47 Abstract Analysis of Russia s Regional Socio-Economic Situation Indicators Galina V. Backusheva Financial University
More informationQ2. Time Series Analysis: Capital Gains Realizations and the Average Effective Tax Rates Q2.
Econ 74 Public Economics Assignment #3 Q. Time Series Analysis: Capital Gains Realizations and the Average Effective Tax Rates Q. a) The time series of realizations of capital gains as a percentage of
More information