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Demographic changes, international capital movements and profitability of net external assets

Research Project

Project/Area Number 15H03368
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Money/ Finance
Research InstitutionMusashi University

Principal Investigator

OHNO SANAE  武蔵大学, 経済学部, 教授 (40307145)

Co-Investigator(Kenkyū-buntansha) 熊本 方雄  東京経済大学, 経済学部, 教授 (30328257)
松原 聖  日本大学, 商学部, 教授 (40336699)
黒坂 佳央  武蔵大学, 総合研究所, 研究員 (80139401)
鈴木 唯  武蔵大学, 経済学部, 教授 (80746694)
Project Period (FY) 2015-04-01 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥12,090,000 (Direct Cost: ¥9,300,000、Indirect Cost: ¥2,790,000)
Fiscal Year 2017: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2016: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2015: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Keywords対外純資産 / 少子高齢化 / 家計の資産運用 / 企業の海外進出 / 為替レート / 国際資本移動 / 直接投資
Outline of Final Research Achievements

The objectives of this research projects are two-fold. The first objective is to examine the impact of demographic changes on the domestic macroeconomy and international capital flows. We employed an overlapping generations model incorporating investment adjustment costs to explore the relationship of a change in population structures with asset price and return. Furthermore, we attempted to clarify the impact of the lower growth of productive population on international capital movements and interest receipts from abroad. Second objective is to investigate profitability of net external assets. We particularly focused on outward direct investments, one of the major items in the Japanese external asset position in the recent years, and analyzed the return determinants, paying sufficient attention to the impact of tax erosion and risk premium for macro risk factors. In the research project, we also studied foreign exchange valuation effects.

Report

(4 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Annual Research Report
  • 2015 Annual Research Report
  • Research Products

    (29 results)

All 2018 2017 2016 2015

All Journal Article (20 results) (of which Int'l Joint Research: 3 results,  Peer Reviewed: 7 results,  Open Access: 4 results,  Acknowledgement Compliant: 1 results) Presentation (6 results) (of which Int'l Joint Research: 4 results) Book (3 results)

  • [Journal Article] 対外純資産の評価効果2018

    • Author(s)
      大野早苗
    • Journal Title

      武蔵大学論集

      Volume: 65 Pages: 71-80

    • NAID

      120006491092

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 対外直接投資収益率の決定要因-日米の比較-2018

    • Author(s)
      大野早苗・鈴木唯
    • Journal Title

      フィナンシャルレビュー

      Volume: 136

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 人口変動と国際収支の発展段階説2018

    • Author(s)
      黒坂佳央
    • Journal Title

      武蔵大学論集

      Volume: 66

    • NAID

      120006636609

    • Related Report
      2017 Annual Research Report
  • [Journal Article] ドルとの通貨代替と国際金融のトリレンマ2017

    • Author(s)
      熊本方雄
    • Journal Title

      日経研月報

      Volume: 473 Pages: 14-23

    • Related Report
      2017 Annual Research Report
  • [Journal Article] Currency Substitution and Monetary Policy Effects: The Case of Latin American Countries2017

    • Author(s)
      Hisao Kumamoto and Masao Kumamoto
    • Journal Title

      International Journal of Economics and Finance

      Volume: 9 Issue: 2 Pages: 32-45

    • DOI

      10.5539/ijef.v9n2p32

    • Related Report
      2017 Annual Research Report 2016 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] Bank Lending Channel in Transmission of Monetary Policy in Japan, 2000-2012: The Sign Restrictions VAR Approach2017

    • Author(s)
      Masao Kumamoto and Juanjuan Zhuo
    • Journal Title

      Applied Economics and Finance

      Volume: 4 Issue: 2 Pages: 87-100

    • DOI

      10.11114/aef.v4i2.2137

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 2016年における円ドルレートの変動原因について-日経記事アプローチ-2017

    • Author(s)
      黒坂佳央
    • Journal Title

      武蔵大学論集

      Volume: 65

    • Related Report
      2016 Annual Research Report
  • [Journal Article] Mixing Washington Consensus with Beijing Consensus and Corruption in Africa2016

    • Author(s)
      Yui Suzuki and Omer Gokcekus
    • Journal Title

      The Singapore Economic Review

      Volume: 61 Issue: 02 Pages: 1-14

    • DOI

      10.1142/s0217590816400294

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 日本の金融政策効果波及経路における銀行貸出経路の実証分析-VARモデルに基づくアプローチ-2016

    • Author(s)
      熊本方雄 卓涓涓
    • Journal Title

      東京経大学会誌

      Volume: 291 Pages: 33-81

    • NAID

      120005894171

    • Related Report
      2016 Annual Research Report
  • [Journal Article] 英国のEU離脱は国際経済にどのような影響をもたらすか2016

    • Author(s)
      熊本方雄
    • Journal Title

      経済セミナー

      Volume: 692号 Pages: 53-55

    • NAID

      40020968809

    • Related Report
      2016 Annual Research Report
  • [Journal Article] 対外直接投資の収益性について2016

    • Author(s)
      大野早苗
    • Journal Title

      証券アナリストジャーナル

      Volume: 54 Pages: 52-57

    • Related Report
      2016 Annual Research Report
  • [Journal Article] EUにおける地域経済格差と文化の関連性2016

    • Author(s)
      竹添友志 大野早苗
    • Journal Title

      武蔵大学論集

      Volume: 64 Pages: 27-36

    • NAID

      40021051486

    • Related Report
      2016 Annual Research Report
  • [Journal Article] 保険会社はシステミック・リスクの影響を受けるのか?2016

    • Author(s)
      大野早苗
    • Journal Title

      証券経済研究

      Volume: 93号 Pages: 15-34

    • NAID

      40020790130

    • Related Report
      2015 Annual Research Report
  • [Journal Article] 特集 外国為替証拠金取引:解題2016

    • Author(s)
      大野早苗
    • Journal Title

      証券アナリストジャーナル

      Volume: Volume 54 Pages: 1-4

    • Related Report
      2015 Annual Research Report
  • [Journal Article] The Effects of Interprovincial Migration on Human Capital Formation in China2016

    • Author(s)
      Yui Suzuki and Yukari Suzuki
    • Journal Title

      Asian Economic Journal

      Volume: 印刷中

    • Related Report
      2015 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Do exchange rate arrangements and capital controls influence international capital flows and housing prices in Asia?2015

    • Author(s)
      Sanae Ohno and Junko Shimizu
    • Journal Title

      Journal of Asian Economics

      Volume: Volume 39 Pages: 1-18

    • DOI

      10.1016/j.asieco.2015.04.004

    • Related Report
      2015 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 円安の日本経済への影響:対外純資産に対する評価効果に焦点を当てて2015

    • Author(s)
      大野早苗
    • Journal Title

      証券アナリストジャーナル

      Volume: Volume 53 Pages: 28-37

    • Related Report
      2015 Annual Research Report
  • [Journal Article] Determinants of International-Meeting Venues: from Data of Japanese Cities2015

    • Author(s)
      Kiyoshi Matsubara
    • Journal Title

      日本大学商学部『商学集志』

      Volume: Volume 85 Pages: 93-113

    • NAID

      40020621898

    • Related Report
      2015 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Bank lending channel in transmission of monetary policy in Japan, 2000-2012: Bayesian estimation analysis2015

    • Author(s)
      Masao Kumamoto and Juanjuan Zhuo
    • Journal Title

      Applied Economics and Finance

      Volume: Volume 3 Pages: 23-37

    • Related Report
      2015 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] 人口構造の変化が株価に与える影響2015

    • Author(s)
      熊本方雄
    • Journal Title

      金融調査研究会報告書

      Volume: Volume 54 Pages: 69-83

    • Related Report
      2015 Annual Research Report
  • [Presentation] Systemic Liquidity Risk and Measurement of Connectedness2017

    • Author(s)
      Sanae Ohno
    • Organizer
      Singapore Economic Review Conference
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Endogenous FDI Spillovers with Spillover-Prevention Costs2016

    • Author(s)
      Kiyoshi Matsubara
    • Organizer
      the 56th European Regional Science Association (ERSA) Congress
    • Place of Presentation
      ウィーン・オーストリア
    • Year and Date
      2016-08-26
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Are Insurance Companies Susceptible to Systemic Risk?2016

    • Author(s)
      Sanae Ohno
    • Organizer
      日本国際経済学会
    • Place of Presentation
      学習院大学(東京都・豊島区)
    • Year and Date
      2016-06-04
    • Related Report
      2016 Annual Research Report
  • [Presentation] Trading Company and Indirect Exports2015

    • Author(s)
      Kiyoshi Matsubara
    • Organizer
      6th International Conference on "Economics of Global Interactions: New Perspectives on Trade, Factor Mobility and Development"
    • Place of Presentation
      Bari (Italy)
    • Year and Date
      2015-09-07
    • Related Report
      2015 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Excess liquidity and commodity boom2015

    • Author(s)
      Sanae Ohno
    • Organizer
      Singapore Economic Review Conference
    • Place of Presentation
      Singapore
    • Year and Date
      2015-08-05
    • Related Report
      2015 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 金融危機時における金融機関のCDS2015

    • Author(s)
      大野早苗
    • Organizer
      日本金融学会春季大会
    • Place of Presentation
      東京経済大学(東京都・国分寺市)
    • Year and Date
      2015-05-16
    • Related Report
      2015 Annual Research Report
  • [Book] 『マイナス金利と年金運用』(第7章所収)2017

    • Author(s)
      大野早苗
    • Publisher
      きんざい
    • ISBN
      9784322132304
    • Related Report
      2017 Annual Research Report
  • [Book] 金融危機時における金融機関のCDS: 流動性逼迫の影響とシステミック・リスク(茶野務・安田行宏編著『経済価値ベースのERM:グローバル規制改正とリスク管理の高度化』(第10章所収)』)2016

    • Author(s)
      茶野努・大塚忠義・増井正幸・鈴木雅貴・西山昇・浅見潤一・浜崎浩一・植村信保・安田行宏・大野早苗・菅野正泰
    • Total Pages
      276
    • Publisher
      中央経済社
    • Related Report
      2015 Annual Research Report
  • [Book] 徹底解説国際金融:理論から実践まで2016

    • Author(s)
      清水順子・大野早苗・松原聖・川崎健太郎
    • Total Pages
      324
    • Publisher
      日本評論社
    • Related Report
      2015 Annual Research Report

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Published: 2015-04-16   Modified: 2019-03-29  

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