金融政策が銀行システムの安定性に与える影響

• Project/Area Number: 17K03828
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Konan University
• Principal Investigator: 中島 清貴 甲南大学, 経済学部, 教授 (00367939)
• Project Period (FY): 2017-04-01 – 2021-03-31
• Project Status: Discontinued (Fiscal Year 2020)
• Budget Amount: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000); Fiscal Year 2020: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2017: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
• Keywords: 非伝統的金融政策 / Search for Yield / 銀行による過度なリスクテイキング / VAR / 関係特殊資産 / リレーションシップバンキング / 因果推論 / プルーデンス政策 / プルーデンシャル政策 / 政策効果の識別 / ベクトル自己回帰モデル / ローンレベルデータ / VARモデル / リスクテイキング / 予期されたショック / 操作変数推定 / 金融政策 / 信用リスクテイキング

Outline of Annual Research Achievements

２０２０年度は，主に，これまで行ってきた研究の改訂作業や投稿作業に心血を注いできた．とりわけ，非伝統的金融政策ショックの識別に関する論文（Identifying Quantitative and Qualitative Monetary Policy Shocks）と銀行資本の監査厳格化が金融システムの安定化に及ぼす影響に関する論文（The Impacts of Strengthening Regulatory Surveillance on Bank Behavior: A Dynamic Analysis from Complete to Incomplete Enforcement of Capital Regulation in Microprudential Policy）が，それぞれ，経済学の専門誌より改訂要求が来ており，現在，鋭意改訂をしている最中にある．前者は，非伝統的金融政策の効果をベースマネーの増加による「量的効果」と中央銀行バランスシート上の非伝統的金融資産資産の増加による「質的効果」に分けた上で，それらのマクロ経済への影響を厳密に測定するための新しい計量アプローチを提案している論文である．後者は，銀行資本の監査厳格化が，規制資本の増加をもたらす一方，銀行株主資本の価値を減少せしめ，貸し渋りをもたらすメカニズムを理論モデルによって提示している．さらに，この理論的洞察を下地に，日本の1990年代後半の早期是正措置を取り上げ，邦銀システム全体で，早期是正措置実施後に，規制資本が増加しているにも関わらず，株式資本価値が大きく減少し，貸し渋りが発生している状況を因果推論の手法を援用することによって実証している．これらの２つの研究以外の研究についても，改訂作業や投稿作業を通じて，引き続き公刊を目指して心血を注いでいく所存である．

Research Products

• [Journal Article] Cash Usage Tredns in Japan: Evidence Using Aggregate and Household Survey Data (2021)
  • Author(s): Hiroshi Fujiki and Kiyotaka Nakashima
  • Journal Title: Conference Volume International Cash Conference 2019 Deutsche Bundesbank:Cash in the Age of Diversity Volume: - Pages: 188-217
  • Open Access
• [Journal Article] The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet Risk and Lending Behavior (2021)
  • Author(s): Kiyotaka Nakashima and Koji Takahashi
  • Journal Title: SSRN Volume: -
  • DOI: 10.2139/ssrn.3284379
  • Open Access
• [Journal Article] Credit Allocation and Real Effects of Negative Interest Rates: New Micro-Evidence from Japan (2021)
  • Author(s): Kiyotaka Nakashima and Koji Takahashi
  • Journal Title: SSRN Volume: -
  • DOI: 10.2139/ssrn.3828900
  • Open Access
• [Journal Article] The Time Has Come for Banks to Say Goodbye: New Evidence on Bank Roles and Duration Effects in Relationship Terminations (2020)
  • Author(s): Kiyotaka Nakashima and Koji Takahashi
  • Journal Title: Journal of Banking and Finance Volume: － Pages: 105813-105813
  • DOI: 10.1016/j.jbankfin.2020.105813
  • Peer Reviewed
• [Journal Article] Cash Usage Trends in Japan: Evidence Using Aggregate and Household Survey Data (2020)
  • Author(s): Hiroshi Fujiki and Kiyotaka Nakashima
  • Journal Title: DEUTSCHE BUNDESBANK, Cash in the Age of payment diversity － Conference Volume Volume: －
  • Peer Reviewed / Open Access
• [Journal Article] The Sensitivity Effect of Uncertainty on Corporate Investment through Internal and External Financing: Evidence on Cautionary Channel from Japanese Manufacturing Firms (2020)
  • Author(s): Hitoshi Inoue, Masayo Kani, and Kiyotaka Nakashima
  • Journal Title: SSRN Working Paper Series 3510011 Volume: －
  • DOI: 10.2139/ssrn.3510011
  • Open Access
• [Journal Article] The Impacts of Strengthening Regulatory Surveillance on Bank Behavior: A Dynamic Analysis from Incomplete to Complete Enforcement of Capital Regulation in Microprudential Policy (2020)
  • Author(s): Kiyotaka Nakashima and Toshiaki Ogawa
  • Journal Title: SSRN Working Paper Series 3588085 Volume: －
  • Open Access
• [Journal Article] The Interaction Effect in a Nonlinear Specification of Bank Lending: A Replication and Reexamination of the Peek and Rosengren (2005) Results on “Unnatural Selection” (2020)
  • Author(s): Hitoshi Inoue, Kiyotaka Nakashima, and Koji Takahashi
  • Journal Title: SSRN Working Paper Series 3542044 Volume: －
  • DOI: 10.2139/ssrn.3542044
  • Open Access
• [Journal Article] Risk Taking Channel of Unconventional Monetary Policies in Bank Lending (2020)
  • Author(s): Kiyotaka Nakashima, Masahiko Shibamoto, and Koji Takahashi
  • Journal Title: SSRN Working Paper Series 3044582 Volume: －
  • DOI: 10.2139/ssrn.3044582
  • Open Access
• [Journal Article] Identifying Quantitative and Qualitative Monetary Policy Shocks (2020)
  • Author(s): Kiyotaka Nakashima, Masahiko Shibamoto, and Koji Takahashi
  • Journal Title: SSRN Working Paper Series 2960272 Volume: －
  • DOI: 10.2139/ssrn.2960272
  • Open Access
• [Journal Article] The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet and Lending Behavior (2019)
  • Author(s): Hitoshi Inoue, Kiyotaka Nakashima, and Koji Takahashi
  • Journal Title: SSRN Volume: －
  • Open Access
• [Journal Article] Identifying Quantitative and Qualitative Monetary Policy Shocks (2019)
  • Author(s): Kiyotaka Nakashima, Masahiko Shibamoto, and Koji Takahashi
  • Journal Title: SSRN Volume: －
  • Open Access
• [Journal Article] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending (2019)
  • Author(s): Kiyotaka Nakashima, Masahiko Shibamoto, and Koji Takahashi
  • Journal Title: SSRN Volume: －
  • Open Access
• [Journal Article] Cash Usage Trends in Japan: Evidence Using Aggregate and Household Survey Data (2018)
  • Author(s): Hiroshi Fujiki and Kiyotaka Nakashima
  • Journal Title: TCER Working Paper Series Volume: 39 Pages: 46-65
  • Open Access
• [Journal Article] The Real Effects of Bank-driven Termination of Relationships: Evidence from Loan-level Matched Data (2018)
  • Author(s): Kiyotaka Nakashima and Koji Takahashi
  • Journal Title: Journal of Financial Stability Volume: 39 Pages: 46-65
  • Peer Reviewed
• [Journal Article] The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data (2018)
  • Author(s): Kiyotaka Nakashima and Koji Takahashi
  • Journal Title: Journal of Financial Stability Volume: －
  • Peer Reviewed
• [Presentation] The Dynamic Effect of Uncertainty on Corporate Investment through Internal and External Financing (2019)
  • Author(s): Kani Masayo
  • Organizer: The 2019 Paris Financial Management Conference
  • Int'l Joint Research
• [Presentation] Cash Usage Trends in Japan: Evidence Using Aggregate and Household Survey Data (2019)
  • Author(s): Hiroshi Fujiki
  • Organizer: The High Security Printing Asia Conference in Yokohama
  • Int'l Joint Research
• [Presentation] Cash Usage Trends in Japan: Evidence Using Aggregate and Household Survey Data (2019)
  • Author(s): Hiroshi Fujiki
  • Organizer: International Cash Conference at Deutsche Bundesbank
  • Int'l Joint Research / Invited
• [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks (2019)
  • Author(s): Masahiko Shibamoto, Kiyotaka Nakashima, and Koji Takahashi
  • Organizer: The 2019 CEBRA Annual Meeting
  • Int'l Joint Research
• [Presentation] Credit Allocation and Real Effects of Negative Interest Rates: Micro-Evidence in Japan (2019)
  • Author(s): Kiyotaka Nakashima
  • Organizer: The International Conference on Computing in Economics and Finance
  • Int'l Joint Research
• [Presentation] Credit Allocation and Real Effects of Negative Interest Rates: Micro-Evidence in Japan (2019)
  • Author(s): Koji Takahashi
  • Organizer: 第21回TCERマクロコンファレンス
  • Int'l Joint Research / Invited
• [Presentation] Credit Allocation and Real Effects of Negative Interest Rates: Micro-Evidence in Japan (2019)
  • Author(s): Kiyotaka Nakashima
  • Organizer: 日本経済学会秋季大会
• [Presentation] The Impacts of Strengthening Regulatory Surveillance on Bank Behavior in Microprudential Policy (2019)
  • Author(s): Toshiaki Ogawa
  • Organizer: 日本経済学会秋季大会
• [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks (2019)
  • Author(s): Kiyotaka Nakashima
  • Organizer: Columbia University VF Seminar
• [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks (2019)
  • Author(s): Kiyotaka Nakashima
  • Organizer: 日本銀行金融研究所研究セミナー
  • Invited
• [Presentation] Identifying Quantitative and Qualitative Monetary Policy Shocks (2019)
  • Author(s): Masahiko Shibamoto
  • Organizer: Annual Meeting at Federal Reserve Bank of New York and Columbia University, Columbia University
  • Int'l Joint Research
• [Presentation] Credit Allocation and Real Effects of Negative Interest Rates: Micro-Evidence from Japan (2019)
  • Author(s): Kiyotaka Nakashima
  • Organizer: The International Conference on Computing in Economics and Finance, Carleton University, Ottawa
  • Int'l Joint Research
• [Presentation] The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet and Lending Behavior (2019)
  • Author(s): Hitoshi Inoue
  • Organizer: The Australian Meeting of the Econometric Society, Perth
  • Int'l Joint Research
• [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending (2018)
  • Author(s): Kiyotaka Nakashima
  • Organizer: The North American Meeting of the Econometric Society, University of California, Davis
  • Int'l Joint Research
• [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending (2018)
  • Author(s): Kiyotaka Nakashima
  • Organizer: The Royal Economic Society Annual Meeting, University of Sussex, Brighton
  • Int'l Joint Research
• [Presentation] Identifying Unconventional Monetary Policy Shocks (2018)
  • Author(s): Masahiko Shibamoto
  • Organizer: The International Association for Applied Econometrics Annual Conference
  • Int'l Joint Research
• [Presentation] Identifying Unconventional Monetary Policy Shocks (2018)
  • Author(s): Kiyotaka Nakashima
  • Organizer: he China Meeting of the Econometric Society, Fudan University, Shanghai
  • Int'l Joint Research
• [Presentation] The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet and Lending Behavior (2018)
  • Author(s): Hitoshi Inoue
  • Organizer: The Asian Meeting of the Econometric Society, Sogang University, Seoul
  • Int'l Joint Research
• [Presentation] Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending (2017)
  • Author(s): Kiyotaka Nakashima
  • Organizer: The European Meeting of the Econometric Society, ISCTU-IUL, Lisbon
  • Int'l Joint Research
• [Remarks] 研究者ホームページ
  • URL: http://kiyotaka.sakura.ne.jp/
• [Remarks] ACADEMIA
  • URL: https://independent.academia.edu/NakashimaKiyotaka
• [Remarks] ResearchGate
  • URL: https://www.researchgate.net/profile/Kiyotaka-Nakashima
• [Remarks] SSRN
  • URL: https://privpapers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1549748
• [Remarks] Kiyotaka Nakashima
  • URL: http://kiyotaka.sakura.ne.jp/
• [Remarks] 教員・研究者詳細 中島清貴
  • URL: https://researchers.adm.konan-u.ac.jp/html/205_ronbn_1_ja.html
• [Remarks] Academia
  • URL: https://konan-u.academia.edu/KiyotakaNakashima
• [Remarks] Researchgate
  • URL: https://www.researchgate.net/profile/Kiyotaka_Nakashima
• [Remarks]
  • URL: http://sky.geocities.jp/kiyotaka_nakashima