著者
横川 太郎
出版者
経済理論学会
雑誌
季刊経済理論 (ISSN:18825184)
巻号頁・発行日
vol.52, no.3, pp.19-31, 2015-10-20 (Released:2017-09-19)

This paper examines the Subprime Mortgage Crisis as a Minsky Crisis by reexamining Minsky's Financial Instability Hypothesis. The fundamental proposition of the Financial Instability Hypothesis is that "Stability is destabilizing". When we re-examine the process of endogenous destabilization of the financial structure in the capitalist economy from the point of view of financial innovation, it reveals that financial innovations deploy "speculative finance" and "Ponzi finance." Increasing investment to specific capital assets requires new financial products that overcome regulation constraints. New financial products also must have acceptable yield and maturity both for lenders and borrowers. Financial instability develops in periods of "tranquility" when decreasing liquidity preferences attracts economic entities to obtain alternative assets with high interests instead of cash and demand deposits. In this process financial innovations are carried out and a pyramiding of liquid assets is built. However, the chain of financial contracts made in pyramiding of liquid assets increases likelihood of a serious liquidity crisis by the liquidity shortage of central financial institutions or financial markets. It means that financial innovation endogenously increase financial instability. Since 2000s, a huge pyramiding of liquid assets which is called the Originate-to-Distribute (OTD) Model had been created. In the OTD model, subprime mortgages loan originated by commercial banks were converted into CDO. Off-balance sheet entities of commercial banks and hedge funds bought the majority of AAA tranches. Re-securitization made it possible for them to produce large amounts of short-term financial assets from long-term financial assets and to raise funds from MMMF and Securities Lenders in short term using such as repo and ABCP. MMMF raised funds from selling the shares to households and firms. Securities Lenders raised funds from long-term savings of the household sector. However, the downgrading of subprime MBS by rating agencies since June 2007 invoked liquidity crisis in the CP market and the repo market. It made it impossible for off-balance sheet entities of commercial banks and hedge funds to raise funds in those markets. Money center banks which provided liquidity support to off-balance sheet entities and investment banks which provided fund to hedge funds through repo and prime brokerage made losses. Collapse of Lehman Brothers in September 2008 caused run on MMMF and Securities Lenders. The run reduced investment and exacerbated the liquidity crisis further. In short, the OTD Model which constituted of banks, off-balance entities, hedge funds, MMF and Securities Lenders formed a chain of financial contracts to earn interests from the interest gaps. This scheme made financial structure vulnerable to liquidity shortage. The chain of financial contracts was collapsed by downgrading of subprime MBS. This entailed huge liquidity crisis and severe depression. I conclude from the point of endogenous destabilization that Subprime Mortgage Crisis is one of a Minsky Crisis.
著者
原 朋志
出版者
續日本紀研究会
雑誌
續日本紀研究 (ISSN:0559894X)
巻号頁・発行日
no.403, pp.1-20, 2013-04

1 1 1 1 OA 農經聞記

出版者
[書写者不明]
巻号頁・発行日
vol.第3巻, 1800

1 1 1 1 藝林珠璣

著者
埼玉県中学師範学校
巻号頁・発行日
1879
著者
大島 丈史 内平 直志
出版者
一般社団法人 国際P2M学会
巻号頁・発行日
pp.114-131, 2018 (Released:2018-04-16)
参考文献数
14

プロジェクトマネジャーに必要とされる知識には、形式知化が容易なものと難しいものがある。定量的管理プロセス等は比較的形式知化が容易であるが、リスクの特定や問題への対策検討などは経験や暗黙知の占める部分が多く、組織での知識継承が難しい。近年のAI(人工知能)技術の進展に伴い、異常の予測等の暗黙知の領域についても、AIの活用によって補完する取組みも行われ始めている。本稿では、ソフトウェア開発プロジェクトを中心として、プロジェクトマネジメントの知識を、形式知化やシステム化の可否やAIによる代替または補完の可否によって分類し、AI活用や知識継承の枠組みとして活用する方法を提案し、活用事例によって知識分類モデルの利用効果を評価する。

2 2 2 2 OA 俳句友かゝ美

著者
楠蔭波鴎 著
出版者
柏原圭文堂
巻号頁・発行日
1894
著者
遠藤 由紀子
雑誌
昭和女子大学女性文化研究所紀要 = Bulletin of the Institute of Women's Culture,Showa Women's University (ISSN:09160957)
巻号頁・発行日
no.45, pp.13-36, 2018-03-31

Yamakawa was the chief retainer of the Aizu Domain at the end of the Edo Period. TheYamakawa family comprised seven siblings, of whom the first son Hiroshi, second son Kenjiro,and fifth daughter Sutematsu were famous. This paper clarified the life of the second daughter Miwathat has remained unknown to date. Miwa moved to the border of the Shimokita Peninsula when theAizu Domain was reconstructed as the Tonami Domain after the Boshin War. Her husband MasaeiSakurai worked as the principal of an elementary school. In 1886, all members of her family settledin Nemuro as a colony because her first son Yasuhiko was recruited as militia settlement. Miwadelivered five sons and five daughters. As she was education-obsessed, she sent most of them toTokyo from Nemuro and let them live in the Yamakawa family home as students. All brothers andsisters of the Yamakawa family maintained harmonious relations and supported each other wellinto adulthood. Miwa was an ideal, dutiful wife and devoted mother who always stayed with herhusband and educated her children over the course of her lifetime, though she taught sewing at onetime in her life.

4 4 4 4 石炭 : 読本

著者
水野良象 著
出版者
春秋社
巻号頁・発行日
1958
著者
黒川春村 編
出版者
巻号頁・発行日
vol.[3],

4 4 4 4 原子力読本

著者
村上昌俊 著
出版者
春秋社
巻号頁・発行日
1961
出版者
日経BP社
雑誌
日経ものづくり (ISSN:13492772)
巻号頁・発行日
no.601, pp.123-125, 2004-10

自社の技術を囲い込むため,多くの企業が特許出願に力を入れている。これに伴い,知的財産(知財)部門に期待される役割も変わってきている。日経ものづくりが実施したアンケート結果からは,知財部門に対し,より戦略的な役割が求められていることが分かった。他社の特許調査や,出すべき特許の方向性をアドバイスする—といった特許戦略の先導役が期待されている。