This paper attempts to forecast the changes in the Kansai-Areafs import and export when the East Asia Free Trade Agreements (FTA) is concluded among several countries in East and South-East Asia. We simulate the changes in the Kansai-Areafs trade in the following manner. First, we survey the...

This paper investigates whether the upturns and downturns of the U.S. market exert asymmetric influence on the conditional mean and volatility of the Japanese market using the daily returns on stock price indices. Using both the EGARCH and SV models, which simultaneously allow two kinds of...

The purpose of this paper is to develop an experimental model which links inter-institutional flow of funds to real macroeconomy and then to estimate quantitatively the effects of changing scale of postal savings or government financial institutions on GDP. The empirical analysis indicates that...

Previous researches studied how the components of fiscal spending affect the economic growth but did not explicitly enquire into how to adjust the components in order to achieve the highest rate of economic growth starting from the present shares of components. We investigate how to determine...

This paper investigates traditional financing and distant trades during modernization process of financial industry in Japan. Especially, a case of Yamaguchi prefecture in the 1870s is focused on. At the beginning of the Meiji era, although the system of the remittance draft was sufficiently...

We present an econometric approach to the problem of detecting bid rigging in procurement auctions using bidding data for paving works in Ibaraki City, Osaka, Japan. We first show that sporadic price wars are caused by the participation of potential goutsiders.h Assuming that the ring is...

The paper incorporates a partial asymmetric price adjustment model for individual investors action into an EGARCH model, clarifies the relationship between the price adjustment speed, the market efficiency and asymmetric price adjustment, and measures over (under)-evaluation of stock value. The...

In this article, we consider a derivative pricing model for the stochastic volatility model under an incomplete information. The incomplete information in our works, supposes that the true value of the drift for the stock price process is a random variable, investors only have an information of...

It is known that bid rigging in public-work auctions in Japan often takes the form of exchanging favors. In such a scheme, the winner is designated based on the amount of favor he has given to other members of the ring. By explicitly modeling gfavorh as an explanatory variable, this paper...

Many macroeconomists and policymakers have debated the effectiveness of the quantitative monetary-easing policy (QMEP) that was introduced in Japan in 2001. This paper measures the effect of the QMEP on aggregate output and prices, and examines its transmission mechanism, based on the vector...