Abenomics and theoretical and empirical analysis of the Japanese economy

• Project/Area Number: 26285044
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Partial Multi-year Fund
• Section: 一般
• Research Field: Economic theory
• Research Institution: The University of Tokyo
• Principal Investigator: FUKUDA SHIN-ICHI 東京大学, 大学院経済学研究科(経済学部), 教授 (00221531)
• Research Collaborator: Tanaka Mariko 武蔵野大学, 経済学部, 准教授 ; Yamada Junji 富山大学, 経済学部, 准教授 ; Nakamura Junichi 日本政策投資銀行, 設備投資研究所, 副所長 ; Owen Robert F. ナント大学, 教授 ; Wong Kar-yiu ワシントン大学, 教授
• Project Period (FY): 2014-04-01 – 2018-03-31
• Project Status: Completed (Fiscal Year 2017)
• Budget Amount: ¥8,840,000 (Direct Cost: ¥6,800,000、Indirect Cost: ¥2,040,000); Fiscal Year 2017: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000); Fiscal Year 2016: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000); Fiscal Year 2015: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000); Fiscal Year 2014: ¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
• Keywords: アベノミクス / 金融市場 / マクロ経済学 / 日本経済 / リスクマネー / 経済理論 / 金融論 / 経済政策 / 高頻度データ / ゾンビ企業 / 潜在成長

Outline of Final Research Achievements

Investigating real-time data under "Abenomics", this research investigated short-term and long-term perspectives of the Japanese Economy theoretically and empirically and derived their policy implications. Orthodox analytical methods of macroeconomics and monetary economics were applied in the analysis. We could derived several useful lessons for the Japanese economy.

Research Products

• [Journal Article] Impacts of Japan’s negative interest rate policy on Asian financial markets (2018)
  • Author(s): Fukuda Shin-ichi
  • Journal Title: Pacific Economic Review Volume: 23 Issue: 1 Pages: 67-79
  • DOI: 10.1111/1468-0106.12253
  • Peer Reviewed
• [Journal Article] he Role of Corporate Governance in Japanese Unlisted Companies (2018)
  • Author(s): Shin-ichi Fukuda, Munehisa Kasuya, Jouchi Nakajima
  • Journal Title: Japan and the World Economy Volume: 印刷中 Pages: 27-39
  • DOI: 10.1016/j.japwor.2018.03.006
  • Peer Reviewed
• [Journal Article] Monetary Policy and Covered Interest Parity in the Post GFC Period: Evidence from the Australian Dollar and the NZ Dollar (2017)
  • Author(s): Shin-ichi Fukuda and Mariko Tanaka
  • Journal Title: Journal of International Money and Finance Volume: 近刊 Pages: 301-317
  • DOI: 10.1016/j.jimonfin.2017.02.022
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] The Impacts of Emerging Asia on Global Financial Markets (2017)
  • Author(s): Fukuda Shin-ichi、Tanaka Mariko
  • Journal Title: Emerging Markets Finance and Trade Volume: 53 Issue: 12 Pages: 2725-2743
  • DOI: 10.1080/1540496x.2017.1342244
  • Peer Reviewed
• [Journal Article] 長期停滞懸念下におけるマクロ経済：最近の議論のオーバービューと日本経済への含意 (2017)
  • Author(s): 福田慎一
  • Journal Title: 経済分析 Volume: 193 Pages: 5-19
• [Journal Article] 企業家精神と設備投資 ―デフレ下の設備投資低迷のもう一つの説明― (2017)
  • Author(s): 福田慎一、粕谷宗久、慶田昌之
  • Journal Title: フィナンシャル・レビュー Volume: 132 Pages: 109-129
• [Journal Article] 企業の資金余剰と現預金の保有行動 (2017)
  • Author(s): 福田慎一
  • Journal Title: フィナンシャル・レビュー Volume: 132 Pages: 3-26
• [Journal Article] 人口減少がマクロ経済成長に与える影響：経済成長理論からの視点 (2017)
  • Author(s): 福田慎一
  • Journal Title: 経済分析 Volume: 196 Pages: 9-27
• [Journal Article] Regional Liquidity Risk and Covered Interest Parity during the Global Financial Crisis: Evidence from Tokyo, London, and New York (2016)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: International Economic Journal Volume: 30 Issue: 3 Pages: 339-359
  • DOI: 10.1080/10168737.2016.1211842
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates (2016)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Journal of the Japanese and International Economies Volume: 42 Pages: 109-122
  • DOI: 10.1016/j.jjie.2016.10.001
  • NAID: 210000186229
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] Abenomics: Why was it so successful in changing market expectations? (2016)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Journal of the Japanese and International Economies Volume: 37 Pages: 1-20
  • DOI: 10.1016/j.jjie.2015.05.006
  • NAID: 210000166723
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] Unconventional Monetary Policy and its External Effects: Evidence from Japan’s Exports (2016)
  • Author(s): Shin-ichi Fukuda and Tsutomu Doita
  • Journal Title: The Developing Economies Volume: 54 Issue: 1 Pages: 59-79
  • DOI: 10.1111/deve.12094
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] On the Predictability of Daytime and Nighttime Yen/Dollar Exchange Rates (2016)
  • Author(s): Shin-ichi Fukuda
  • Journal Title: Applied Economics Letters Volume: 23 Issue: 9 Pages: 618-622
  • DOI: 10.1080/13504851.2015.1093077
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] 日銀の異次元の金融政策が為替レートに与えた影響に関する検証 (2015)
  • Author(s): 福田慎一
  • Journal Title: 証券アナリストジャーナル Volume: 53 Pages: 6-19
  • Acknowledgement Compliant
• [Journal Article] 財政赤字と世代間の不平等：私的な所得移転からの視点 (2014)
  • Author(s): 福田慎一・作道真理
  • Journal Title: 堀内昭義・花崎正晴・中村純一編『金融経済と企業行動の動態分析』 Volume: 第8章 Pages: 315-339
• [Journal Article] 量的金融緩和政策の「出口」に向けて (2014)
  • Author(s): 福田慎一
  • Journal Title: 証券アナリストジャーナル Volume: 52 Pages: 35-44
• [Presentation] Inflation Target and Anchor of Inflation Forecasts in Japan (2018)
  • Author(s): 福田慎一・相馬尚人
  • Organizer: International Atlantic Economic Society
  • Int'l Joint Research
• [Presentation] The Impacts of Asian Financial Markets on Global Economies (2017)
  • Author(s): 福田慎一
  • Organizer: International Atlantic Economic Society
  • Place of Presentation: ドイツ・ベルリン
  • Year and Date: 2017-03-24
  • Int'l Joint Research
• [Presentation] The Impact of "Trumponomics" on East Asian Economies: Some Perspectives from Japan (2017)
  • Author(s): 福田慎一
  • Organizer: TV Chosun_KERI International Conference
  • Place of Presentation: 韓国・ソウル
  • Year and Date: 2017-03-15
  • Int'l Joint Research / Invited
• [Presentation] The Impacts of Asian Financial Markets on Global Economies (2017)
  • Author(s): 福田慎一・田中茉莉子
  • Organizer: Asia Pacific Economic Association
  • Int'l Joint Research
• [Presentation] The Impacts of Asian Financial Markets on Global Economies (2017)
  • Author(s): 福田慎一・田中茉莉子
  • Organizer: International Atlantic Economic Society
  • Int'l Joint Research
• [Presentation] Monetary Policy and Covered Interest Parity in the Post GFC Period: Evidence from the Australian Dollar and the NZ dollar (2016)
  • Author(s): 福田慎一
  • Organizer: International Atlantic Economic Society
  • Place of Presentation: アメリカ合衆国・ワシントンDC
  • Year and Date: 2016-10-15
  • Int'l Joint Research
• [Presentation] Spillover Effects of Japan’s Quantitative and Qualitative Easing on East Asian Economies (2016)
  • Author(s): 福田慎一
  • Organizer: Asia Pacific Economic Assosiation
  • Place of Presentation: インド・コルカタ
  • Year and Date: 2016-07-04
  • Int'l Joint Research
• [Presentation] Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates (2015)
  • Author(s): Shin-ichi Fukuda
  • Organizer: NBER-CEPR-TCER TRIO Conference
  • Place of Presentation: 東京大学(東京都文京区）
  • Year and Date: 2015-12-16
  • Int'l Joint Research
• [Presentation] Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates (2015)
  • Author(s): 福田慎一
  • Organizer: International Atlantic Economic Society
  • Place of Presentation: ミラノ（イタリア）
  • Year and Date: 2015-03-11 – 2015-03-14
• [Presentation] Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates (2014)
  • Author(s): 福田慎一
  • Organizer: Asia-Pacific Economic Association
  • Place of Presentation: ルーアン（フランス）
  • Year and Date: 2014-10-16 – 2014-10-17
• [Presentation] Regional Liquidity Risk and Covered Interest Parity during the Global Financial Crisis: Evidence from Tokyo, London, and New York (2014)
  • Author(s): 福田慎一
  • Organizer: Asia-Pacific Economic Association
  • Place of Presentation: ソウル（韓国）
  • Year and Date: 2014-09-18 – 2014-09-19
• [Presentation] Japan’s Lost Decades and Abenomics (2014)
  • Author(s): 福田慎一
  • Organizer: Korea Economic Association
  • Place of Presentation: ソウル（韓国）
  • Year and Date: 2014-08-11 – 2014-08-12
  • Invited
• [Presentation] AbenomicsWhy was it so successful? (2014)
  • Author(s): 福田慎一
  • Organizer: NEAR foundation
  • Place of Presentation: ソウル（韓国）
  • Year and Date: 2014-06-11
  • Invited
• [Book] 21世紀の長期停滞論 (2018)
  • Author(s): 福田 慎一
  • Total Pages: 224
  • Publisher: 平凡社
  • ISBN: 4582858635
• [Book] 金融システムの制度設計 (2017)
  • Author(s): 福田 慎一
  • Total Pages: 266
  • Publisher: 有斐閣
  • ISBN: 4641165092
• [Book] 「失われた20年」を超えて (2015)
  • Author(s): 福田慎一
  • Total Pages: 274
  • Publisher: NTT出版
• [Book] 「失われた１０年」を超えて (2015)
  • Author(s): 福田慎一
  • Publisher: NTT出版