Naoyuki Yoshino

Verified

Naoyuki verified their affiliation via an institutional email.

Learn more

Verified

Naoyuki verified their affiliation via an institutional email.

Learn more

• PhD(Economics)Johns Hopkins University
• Professor Emeritus at Keio University

This study examines the impact of aging on the effectiveness of various fiscal expenditures, including government consumption, one-time government transfers to households, public investment and R&D spending, using a dynamic stochastic general equilibrium model. Our findings reveal that (1) Aging enhances the effects of the transfer on augmenting GD...

Environmental, Society, and Governance (ESG) investments have become increasingly popular in recent years, and, at the same time, many rating agencies provide ESG scores for each company. This means that the ESG investment model may have moved from the traditional two-factor model of risk-return to a three-factor model adding an ESG component to it...

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors' participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for...

Private participation in infrastructure projects is showing signs of recovery after the COVID-19 pandemic. The overall trend, however, has remained stagnant over the last eight years. This means that the investment gap in infrastructure is expected to continue to widen. The figure is predicted to be even larger when the infrastructure requirement...

Unlabelled: This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment (ePayment) services in Japan. We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan's 2019 Financial Literacy Survey. We then analyze the relationship between this i...

A sustainable financing strategy for SMEs should aim to enhance a low-cost collateral-free supply of loans to SMEs with good track records of repayments to banks. In this paper, we suggest two alternative financing models for SMEs that address certain borrowing constraints of SMEs. First, the model incorporates institutional mechanisms involving th...

Most rules and regulations for protecting the environment and reducing greenhouse gas emissions target large enterprises. Although small and medium-sized enterprises (SMEs) have major shares in most Asian economies, they remain outside the purview of most environmental rules and regulations. The primary purpose of this study is to assess the associ...

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors’ participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for...

This article proposes a tax sharing scheme between governments and private sector investors of Information and Communications Technology (ICT) infrastructure. The current COVID-19 pandemic has not only emphasized the crucial need of ICT infrastructure development, but has also expanded government budget deficits in many countries. Therefore, partic...

This study is the first to exhaustively calculate the degree of concentration in regional banking markets using the outstanding amount of loans and deposits at branches and headquarters of financial institutions in Japan. Calculating the Herfindahl-Hirschman Index (HHI) for loans and deposits for each prefecture and for each urban employment area f...

The COVID-19 pandemic highlights the importance of information and communication technology (ICT) not only for the economy but also for human well-being. However, the investment gap in ICT infrastructure has been growing and is expected to reach more than $30 billion by 2040. We argue that one of the ways to attract private sector involvement in IC...

Currently, the private investment is not enough to fill the US$ 2.5 trillion gap of SDGs, this will endanger the SDGs achievements in 2030. The financial sector needs to be aligned with the SDGs in order to fill the finance gap. The financial sector’s imperative includes standardizing SDG accounting and reporting to identify strengths and weaknesse...

This study tries to find new insights of implementations of carbon tax policy as a suitable way to reach the long-term zero-carbon plan. This paper explores how carbon tax can affect the macroeconomy in Japan through the structural vector autoregression (S-VAR) technique conducted for the quarterly data throughout 2005–2020. A theoretical general e...

The Indian economy is one of the fastest-growing economies of the world with India being an important G-20 member. Ever since the Indian economy made its presence felt on the global platform, the research community is now even more interested in studying and analyzing what India has to offer. This volume has 32 chapters and covers a wide range of t...

Due to Covid-19, many governments spent huge amounts of money on medical care, health, sanitation and vaccination. Fiscal budget for infrastructure investment is squeezed. However, infrastructure is an engine of growth in many Asian countries. This chapter will address how to bring private sector funds into infrastructure investment. This would be...

This chapter is an empirical attempt to model Indian economy at an aggregate level using annual samples from 1980–81 through 2020–21. Major theoretical premise of the chapter follows the New Keynesian AD-AS framework with backward-looking inflation expectations. Aggregate demand is captured via its components, namely private consumption, private in...

This chapter analyses the impacts of various policies on household consumption in face with unexpected longevity. An overlapping generational model with three sectors: household, production sector, and government, are constructed. This paper shows if the population is aging and unexpected longevity will keep on rising, taxing the young to support t...

The goal of our study is to examine the impact of natural disasters on the South Pacific Stock Exchange. We use daily time-series data for Fiji’s stock market for the period 2000-2019. Our empirical framework is based on three factor regression models, namely the market model, the Fama and French three-factor model, and the Fama and French five-fac...

There is a dearth of empirical studies on infrastructure in Central Asia due to a lack of data: most studies have focused on a single country. This study fills the gap in the literature by providing empirical evidence based on a firm-level enterprise survey among nine Central Asia Regional Economic Cooperation (CAREC) member countries.

This study examines the role of energy security in poverty reduction in the 12 poorest Asian economies from 2000 to 2019. We postulated an energy security index using principal component analysis. We adopted the system generalized method of a moment technique to manage endogeneity and dynamism in the model. For robustness, we applied a panel-correc...

This paper examines the quantile dependence between energy commodities (oil, coal, and natural gas) and the real housing returns of the nine US census divisions for the period 1991–2019. In contrast to the literature on the association between oil and housing markets, we contribute by studying the effect of additional commodities on the housing mar...

This study estimates the utility function, including the rate of return, riskiness, greenness, and mood across selected countries. We incorporate mood as investors’ sensitivity or momentum towards environmental issues. This study assumes that higher sensitivity of environmental issues compels the firms to follow green measures. We report that the p...

The financing gap has been a major concern for countries to realise their 2030 Agenda for Sustainable Development even before the coronavirus (COVID-19) pandemic outbreak. Quality infrastructure is needed to accelerate the service provisions in the 2030 Agenda. Closing the trillion-dollar infrastructure gap and addressing social, environmental a...

The main objective of the Bank of Japan’s monetary policy is inflation targeting; however, it may be associated with the recently increased income disparity in Japan. Using the autoregressive distributed lag (ARDL) estimation model, this study conducted in the context of an aging society revealed that the bank’s monetary policy increased income ine...

Improvements in energy efficiency (EE) can deliver a “double dividend” by reducing emissions and helping to protect the environment. Yet, constraints such as limited access to finance and inadequate policy tools and instruments have placed serious limitations on the promotion of EE improvements. In this policy paper, we first highlight the key poli...

This book is devoted to investigating the policy design and effectiveness of financial and market-based instruments to promote energy efficiency financing. The concept of this monograph is to present the latest results related to energy efficiency funding schemes, energy efficiency obligations, voluntary agreements, auction mechanisms, and Super En...

Successful startups and small businesses can play a significant role in economic growth and job creation. They also contribute to economic dynamism by spurring innovation and injecting competition. Startups are known to introduce new products and services that can create new value in the economy. It is notable that most startups exit within their f...

Investment volume in green projects, specifically in the green electricity market, suffers from limitations such as inadequate long-term financing, various risks, and a low rate of return on investment. Renewable energy power purchase agreements (PPAs), as a direct legal contract between a power provider and a power buyer, are one of the most popul...

The purpose of this paper is to examine easing monetary policy after COVID-19 in comparison to monetary policy after the bubble in Japan and the US. Significant increases in base money after COVID-19 can be observed in many developed countries, and this may cause bubbles in the future. Japanese banks faced with huge non-performing loans (NPLs) afte...

Asia remained the largest energy consumer in 2020. The Russian Federation hopes to gain a greater share of the Asian energy market. This study examined the Russian Federation-Asia and Pacific energy trade patterns using gravity trade theory and GMM panel estimation for 17 selected Asia and Pacific economies. We found that the Russian Federation's e...

As societies continue to work towards achieving the Sustainable Development Goals (SDGs), many challenges exist in determining the most effective approaches to support them in doing so. One of the biggest lies the upgrading of current infrastructure, and the development and maintenance of new infrastructure, which is crucially important to pro...

With increasing concern over climate change, many see green finance as a solution to fund sustainable projects. In particular, green bonds—a type of debt instrument which aims to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highl...

This study proposes a theoretical model for measuring the greenness factors of a firm. We develop the multifactor utility function and find that the proportion of investment in green bonds is higher if greenness factors account for by a firm and vice versa. Moreover, we further develop the global aspects of greenness measures which identify how muc...

The COVID-19 pandemic and the global recessions have reduced the investments in green projects globally that would endanger the achievement of the climate-related goals. Therefore, the post-COVID-19 world needs to adopt the green financial system by introducing new financial instruments. In this regard, green bonds—a type of debt instrument aiming...

This article examines the current portfolio allocation in ESG and Green projects. Traditional investments focus on rates of return and risks associated with investment. Environmental, Social and Governance (ESG) or Green factors are additional components that investors have to pay attention to. Environmental protection is very important. However, a...

Infrastructure investment is a key factor for economic development and job creation. Water supply, electricity, road, railways, and airports, among others, will bring in business to the Central Asia and Caucasus region and enhance the welfare of the people. Quality infrastructure refers not only to fiscal quality but also to the new business ac...

State-owned enterprises (SOEs) are usually thought to be in charge of increasing social welfare. At the same time, their relatively low performance poses several problems, including slowing down economic growth. Therefore, it is crucial for central governments to implement a comprehensive evaluation method to assess the performance of SOEs. Previou...

If students of economics or finance want to work in financial technology (fintech), they must first acquire at least a basic understanding of statistics and econometrics.

This paper analyzes the influence of certain factors on the demand and supply of solar modules by employing the fully modified ordinary least squares method using Japanese data. Our regression analysis shows that interest rates and money supply (M2) significantly impact the solar photovoltaic module supply, indicating that lower interest rates and...

This study examines how the greenness of the firm affects the short- and long-term performance of IPOs. To measure the greenness of the firm, we develop the Greenness Index based on the emissions produced. We find that the greenness of the firms operating in services and financial sectors is higher than in other sectors. To examine the short- and l...

This paper analyzes a unique case of default risks associated with a solar homes program in Bangladesh, implemented by the Infrastructure Development Company Limited (IDCOL). Out of 4.3 million solar homes adopter households, about 1.2 million households became default in paying their due payment of the solar home system. We explain the behavior of...

The paper proposes the way to improve digital education by introducing the way to provide lectures to mobile phones so that everybody can listen to the lectures. Top teacher in each subject can provide lectures to all over the country. The simulation about how much improvement of digital education can enhance evonomic growth.

Global Solutons Journal, Issue 6, 2021, pp.198-206. After Covi-19 hit into the world, many countries started massive fiscal support program together with strong easing of monetary policy. Budget deficits started to rise in many countries and monetary authority started to purchase massive government bonds from the market. Fiscal deficits are covered...

This paper proposes a floating-interest-rate infrastructure bond, where the interest of a government bond is paid to investors during the period of construction and the early period of operation. Unlike the usual government bond, which provides a fixed interest rate, the proposed floating-interest-rate infrastructure bond pays a floating interest,...

International remittances by immigrants to their home countries is key in the funding development in migrant-sending countries. This study investigates the combined impact of international remittance inflows and financial inclusion on economic growth using a sample of 60 low- and middle-income countries over 1996–2017. The study constructs a compos...

This book provides practical policy recommendations that are useful for developing Asia and for accelerating poverty reduction plans in the rest of the world. Poverty reduction in all its forms remains one of the greatest challenges facing humanity. In developing Asia, rapid growth in countries and sub-regions such as China, India, and Southeast As...

Hong Kong’s housing market witnessed a dramatic housing price appreciation in recent years, with the price index for private domestic housing units being three times higher than ten years ago. This trend is supported by both internal and external factors, as illustrated in this paper. By developing a theoretical model and an empirical analysis on t...

In many Asian countries, land acquisition is one of the main issues for infrastructure development that delays the completion of projects and lowers the rate of return of private investment. Land trust will increase is the way to smoothen usage transfer from land owners to infrastructure operators.

This paper examines how population aging affects the output effect of a government spending shock by using a panel data of OECD countries. The government spending shock is identified as a forecast error of government spending, and its output effect is estimated by using the local projection method. We find that population aging affects the output e...

By the end of 2040, Asia will contribute more than half of global gross domestic product (in terms of purchasing power parity) and will account for 40% of the world’s consumption. Asia is expected to lead the direction and flow of capital, innovation, trade, and talent. This shift in axis of growth requires that bottlenecks—strained infrastructure,...

This research piece is an empirical attempt to model the Indian economy at an aggregate level with annual data, ranging from 1980 to 2019. The major theoretical premise of the paper mimics the New Keynesian framework, which is based on the microeconomic foundations of Keynesian economics. The paper proposes a whole economic structure in the form of...

In this study, we assess the impact of quality infrastructure, development, and corruption on damage caused by a natural disaster using panel data from 14 Asia and the Pacific countries for 2007–2017. Employing the generalized method of moments and vector error correction model, this study’s main contribution to the literature lies in the quantific...

Energy security, a multidimensional concept that encompasses the notion of resource availability, accessibility, environmental acceptability, and cost affordability, has been widely discussed. However, the same cannot be said about energy insecurity, a concept that may not necessarily mirror energy security, but also comprises the various consequen...

This article examines the current portfolio allocation in Sustainable Development Goal (SDG) and Green projects. Traditional investments are focusing on rates of return and risk associated with investment. SDG, Environmental, Social and Corporate Governance (ESG) or Green factors are additional components which investors have to pay attention to. I...

Unlike energy security, energy insecurity has not been extensively studied. While energy security is broadly understood to represent energy resources' securing, mere physical availability does not necessarily mean that the resources can reach end-users. Energy insecurity is not merely a mirror image of energy security, given the diverse consequence...

Infrastructure projects such as roads and railways bring businesses into the region and connect the rural area to cities. Infrastructure plays an essential role in mitigating income disparities by creating jobs. In the long run, growth dividends from infrastructure development and industrialization are likely to be materialised, and the acquisition...

This proposal adopts a holistic approach to strategic transport investment by discussing the wider economic impacts (WEIs) analysis method in terms of several dominant and emerging methods. The WEIs analysis goes beyond the effects captured in a standard cost-benefit analysis (CBA). A CBA addresses the market for transport services and infrastructu...

Motivated by the rise of state capitalism, the paper investigates the relationship between ownership identity and the performance of firms in terms of profitability and solvency. Using cross-sectional data covering over 25,000 firms worldwide and by employing various empirical methods, we find robust evidence that state-owned enterprises (SOEs) ten...

Technical developments in the sphere of distributed ledger technologies (DLTs) provide the opportunity to enhance existing tools of social funding. In a first step, we elaborate their application to the community‐based hometown investment trust (HIT) fund, which provides financing for small‐scale renewable energy projects. In a second step, we mode...

As Bangladesh is a densely populated and land-scarce country, a land trust method can be applied in order to ensure productive and sustainable land management. We argue that land trust can be applied to managing agricultural land, khas land, real estate, and a delta in a sustainable manner in Bangladesh. The benefits of land trust include containin...

Increased consumption of nonrenewable energy sources may lead to more air pollution, resulting in negative health impacts in a society. The main purpose of this study is to investigate the relationship between fossil fuel energy consumption and health issues using generalized method of moments estimation technique for data from 18 Asian countries (...

This policy brief examines the need for coordinated fiscal and monetary stimulus to address challenges related to the scale of COVID-19’s spread and severe negative impact on the global economy. The aim is to encourage the G20 to develop a coordinated framework and principles to guide effective measures on a global scale. In the short-term, this ap...

The international remittances by immigrants to their home countries is one of the key sources of funding development in middle-income countries, especially in migrant-sending countries. This study assesses the determinants of international remittances using panel data from 22 Asia-Pacific middle-income countries, most of which are well-known migran...

https://www.jef.or.jp/journal/pdf/232nd_EVGE.pdf Many governments provided credit guarantee to SME loans. In order to avoid moral hazard problem, the paper proposes differenciated credit guarantee ratio and/or differenciated credit guarantee fee for SME loans. Maintenance of infrastruture investment and financing for new infrastructure investmet w...

Japan economy is dominated by Small and Medium enterprises. It covers around 99.7% of all enterprises operated in Japan and employs around 70% of the working population and account for a large portion of economic output. But, like other SMEs in the world, they also the ones that have hardly hit by COVID-19 quarantine and business closures. Japanese...

In this paper we develop an analytical framework using the household utility maximization approach to model stability conditions to avoid household debt overhang. Our theoretical framework suggests that household debt stability is a function of five factors, namely the rate of interest, period of lending, income growth, loan-to-income ratio, and ho...

The Covid-19 pandemic and global economic recession has shrunk global energy demand and collapsed fossil fuel prices. Therefore, renewable energy projects are losing their competitiveness. This endangers the achievement of several Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change. Various consulting companies define the...

This paper explores the methods and policies that could enhance the financial connectivity between Europe and Asia in infrastructure investments. We argue that if Asian governments agree to enter into a long-term repayment commitment with a share of spillover tax revenues of public infrastructure projects under a regulatory framework, it could attr...

The paper addresses the possibility of distortion of optimal portfolio allocation based on current ESG investment proposed by many consulting companies. Since the definition of each consulting company is different, the portfolio allocation of investors will distort optimal portfolio allocation by focusing on (1) rate of retun, (2) risks and (3) ESG...

Japanese monetary policy up to 1991 was based on a mix of price-based and quantity-based instruments and targets. Echoes of this system are today found in Chinese monetary policy. We explore the transition of these two regimes using historical statistics, computational text analysis, and structural vector autoregressive (SVAR) models. Specifically,...

This article discusses how monetary and fiscal policy can work during the coronavirus shock and how to deal with the structural problem of population aging in Japan. The sudden drop in stock prices in many countries reflects a decline in market sentiment. Money is shifting from riskier assets to safer assets which causes stock prices to drop furthe...

< Global Solutions Journal, Issue 5 > The paper addresses that the effectiveness of monetary and fiscal policy diminishes as country faces with aging population.

This study is the first attempt to investigate the patterns of imports and exports between the Russian Federation and East/Southeast Asian economies, namely, the People's Republic of China; Hong Kong, China; Macau, China; Japan; the Republic of Korea; Mongolia; Cambodia; Lao People's Democratic Republic; Brunei; Indonesia; Malaysia; Myanmar; the Ph...

Japan's aging population poses a variety of problems, one of which is the increase in neurological disorders. In this study, we propose a framework quantifying the decline in gross domestic product (GDP) resulting from the reduction of labor from two neurological disorders, Alzheimer's disease and strokes. Using panel data from Japanese prefectures...

An energy resource as a production input plays a major role in various economic sectors, including commodity production, transportation, and electricity generation. However, increased energy consumption may lead to more air pollution, resulting in negative health impacts in a society. The main purpose of this study is to investigate the relationshi...

Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of economic growth. Strengthening regional cooperation and integration in different Asian sub-regions offers great potential for eliminating poverty and achieving inclusive and sustainable development. Hurdles...