著者

國枝 繁樹

出版者

一橋大学大学院経済学研究科

雑誌

一橋経済学 (ISSN:18812376)

巻号頁・発行日

vol.9, no.1, pp.9-43, 2015-07

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Despite huge Japanese public debt, some argue that low JGB interest rates imply that Japanese fiscal construction is not urgent. In this paper, I consider several factors behind the low JGB interest rates. First, using Barro (2006, 2009)'s rare disaster models with the projected probability and size of economic damage of great earthquakes in Japan, I show that the low safe interest rates may reflect larger risk aversion and/or larger risks. Also, the large convenience yields may explain the low JGB interest rates. However, these are based on the belief that Japanese government will take drastic tax increases and expenditure cuts to recover fiscal sustainability. If the default risk is recognized, high risk aversion and loss of large convenience yields imply that interest rates can jump up. In my estimation, when the default risk of JGBs in rare disasters is recognized, their interest rates can rise above 7%. Further, some of the policies that effectively worked as financial repression policies (such as heavy safe asset investment by GPIF) will change in near future. In conclusion, low JGB interest rates do not imply that fiscal reconstruction is not urgent in Japan.

著者

十河 孝雄

出版者

一橋大学大学院経済学研究科

雑誌

一橋経済学 (ISSN:18812376)

巻号頁・発行日

vol.2, no.1, pp.51-71, 2007-07

著者

和田 一哉

出版者

一橋大学大学院経済学研究科

雑誌

一橋経済学 = Hitotsubashi economics (ISSN:18812376)

巻号頁・発行日

vol.11, no.1, pp.35-45, 2017-07

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Interest in problems of environment and sustainability has grown considerably in the developing world, as the Sustainable Development Goals emphasizes them. This paper outlines some viewpoints of neoclassical economists on environmental problems, reviews the arguments there, and examines how the "commitment principle," one of Teranishi's ideas, should be understood among the arguments. In particular, the "commitment principle" might be closely associated with Amartya Sen's idea on one of the person's rational will:" commitment." Teranishi's" commitment principle," however, still remains to be examined. Based on Sen's arguments, or by cultivating his own idea, Teranishi's" commitment principle" is expected to be explored further for future environmental studies.

著者

山川 俊和

出版者

一橋大学大学院経済学研究科

雑誌

一橋経済学 (ISSN:18812376)

巻号頁・発行日

vol.7, no.2, pp.215-236, 2014-01

著者

森 宜人

出版者

一橋大学大学院経済学研究科

雑誌

一橋経済学 (ISSN:18812376)

巻号頁・発行日

vol.10, no.1, pp.35-64, 2016-07

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This paper shows how the urban governance in Germany changed in the period around the building of Weimar Republic using a case study on the unemployment relief in Hamburg. In Germany, the Reich begun to deal with the unemployment problem on the basis of the wartime welfare in 1915. Its administration was, however, in the hands of such urban organizations as municipalities and private charities, and the roll of the Reich was limited to offer them subsidies. This framework was basically taken over by the unemployment relief introduced by the Reich in 1918 that served as the core system in this field until the introduction of the unemployment insurance by the Reich in 1927. The aim of the present paper is to examine the relationships in this framework between the Reich and the urban organizations, between the official and private sectors in the city, and between the unemployment relief and the public welfare in the municipality.

著者

國枝 繁樹

出版者

一橋大学大学院経済学研究科

雑誌

一橋経済学 (ISSN:18812376)

巻号頁・発行日

vol.5, no.1, pp.21-50, 2011-07

被引用文献数

2