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KOBAYASHI Teruyoshi
Graduate School of Economics / Division of Economics
Professor

Researcher basic information

■ Research news
  • 15 Jan. 2019, Identifying “friends” in an objective manner: A new method for extracting the backbone of networked social interactions
    Link to Kobe Univ. HP
  • 14 Jul. 2015, A new mechanism to explain how a financial crisis happens
    Link to Kobe Univ. HP
■ Research Keyword
  • 複雑ネットワーク
  • テンポラル・ネットワーク
  • 金融政策
  • 金融システム
■ Research Areas
  • Natural sciences / Mathematical physics and basic theory
  • Humanities & social sciences / Theoretical economics

Research activity information

■ Award
  • Oct. 2023 モバイル・コミュニケーション・ファンド, 第22回ドコモ・モバイル・サイエンス賞（社会科学部門）優秀賞
    小林照義

  • Sep. 2021 KDDI財団, KDDI Foundation Award 貢献賞
    小林照義

  • Mar. 2020 村尾育英会, 学術賞, 「社会・経済ネットワークの動的解析」
    小林 照義

  • 2004 大阪大学社会経済研究所, 森口賞入賞
    小林 照義

  • 2003 神戸大学経済経営研究所, 兼松フェローシップ
    小林 照義

■ Paper
■ MISC
  • Teruyoshi Kobayashi, Tomokatsu Onaga
    Abstract New ideas and technologies adopted by a small number of individuals occasionally spread globally through a complex web of social ties. Here, we present a simple and general approximation method, namely, a message-passing approach, that allows us to describe the diffusion processes on (sparse) random networks in an almost exact manner. We consider two classes of binary-action games where the best pure strategies for individual players are characterized as variants of the threshold rule. We verify that the dynamics of diffusion observed on synthetic networks are accurately replicated by the message-passing equation, whose fixed point corresponds to a Nash equilibrium, while the conventional mean-field method tends to overestimate the size and frequency of diffusion. Generalized cascade conditions under which a global diffusion can occur are also provided. We extend the framework to analyze multiplex networks in which social interactions take place in multiple layers.
    Lead, Springer Science and Business Media LLC, 29 Aug. 2022, Economic Theory, 2103.09417, English
    [Refereed]
    Link to Kobe Univ. Repository (Kernel)

  • Consistency between ordering and clustering methods for graphs
    Tatsuro Kawamoto, Masaki Ochi, Teruyoshi Kobayashi
    A relational dataset is often analyzed by optimally assigning a label to each element through clustering or ordering. While similar characterizations of a dataset would be achieved by both clustering and ordering methods, the former has been studied much more actively than the latter, particularly for the data represented as graphs. This study fills this gap by investigating methodological relationships between several clustering and ordering methods, focusing on spectral techniques. Furthermore, we evaluate the resulting performance of the clustering and ordering methods. To this end, we propose a measure called the label continuity error, which generically quantifies the degree of consistency between a sequence and partition for a set of elements. Based on synthetic and real-world datasets, we evaluate the extents to which an ordering method identifies a module structure and a clustering method identifies a banded structure.
    27 Aug. 2022
    Link to Kobe Univ. Repository (Kernel)

  • Financial fire sales as continuous-state complex contagion
    Tomokatsu Onaga, Fabio Caccioli, Teruyoshi Kobayashi
    Trading activities in financial systems create various channels through which systemic risk can propagate. An important contagion channel is financial fire sales, where a bank failure causes asset prices to fall due to asset liquidation, which in turn drives further bank defaults, triggering the next rounds of liquidation. This process can be considered as complex contagion, yet it cannot be modeled using the conventional binary-state contagion models because there is a continuum of states representing asset prices. Here, we develop a threshold model of continuous-state cascades in which the states of each node are represented by real values. We show that the solution of a multi-state contagion model, for which the continuous states are discretized, accurately replicates the simulated continuous state distribution as long as the number of states is moderately large. This discretization approach allows us to exploit the power of approximate master equations (AME) to trace the trajectory of the fraction of defaulted banks and obtain the distribution of asset prices that characterize the dynamics of fire sales on asset-bank bipartite networks. We examine the accuracy of the proposed method using real data on asset-holding relationships in exchange-traded funds (ETFs).
    07 Jul. 2022
    Link to Kobe Univ. Repository (Kernel)

  • Teruyoshi Kobayashi
    Lead, Apr. 2022, arXiv, 2204.00804
    Technical report
    Link to Kobe Univ. Repository (Kernel)

  • Identifying the temporal dynamics of densification and sparsification in human contact networks
    Shaunette T. Ferguson, Teruyoshi Kobayashi
    Last, Jan. 2022, arXiv, 2201.09489
    Link to Kobe Univ. Repository (Kernel)

  • Sequential locality of graphs and its hypothesis testing
    Tatsuro Kawamoto, Teruyoshi Kobayashi
    Adjacency matrix is the most fundamental and intuitive object in graph analysis that is useful not only mathematically but also for visualizing the structures of graphs. Because the appearance of an adjacency matrix is critically affected by the ordering of rows and columns, or vertex ordering, statistical assessment of graphs together with their vertex sequences is important in identifying the characteristic structures of graphs. In this study, we propose a hypothesis testing framework that assesses how locally vertices are connected to each other along a specified vertex sequence, which provides a statistical foundation for an optimization problem called envelope reduction. The proposed tests are formulated based on a combinatorial approach and a block model with intrinsic vertex ordering. This work offers a novel perspective to a wide range of graph data obtained through experiments in different fields of science and helps researchers to conclude their findings with statistical guarantees.
    22 Nov. 2021, arXiv, 2111.11267
    Link to Kobe Univ. Repository (Kernel)

  • Unstable diffusion in social networks
    Teruyoshi Kobayashi, Yoshitaka Ogisu, Tomokatsu Onaga
    How and to what extent will new activities spread through social ties? Here, we develop a more sophisticated framework than the standard mean-field approach to describe the diffusion dynamics of multiple activities on complex networks. We show that the diffusion of multiple activities follows a saddle path and can be highly unstable. In particular, when the two activities are sufficiently substitutable, either of them would dominate the other by chance even if they are equally attractive ex ante. When such symmetry-breaking occurs, any average-based approach cannot correctly calculate the Nash equilibrium - the steady state of an actual diffusion process.
    Corresponding, 28 Sep. 2021, arXiv, 2109.14560
    Technical report
    Link to Kobe Univ. Repository (Kernel)

  • Editorial: Introduction to the special issue "Economics and Complex Networks"
    Teruyoshi Kobayashi, Naoki Masuda
    Lead, Jan. 2021, Japanese Economic Review
    Introduction scientific journal

  • A simple model for the macroscopic fluctuations of temporal networks
    Teruyoshi Kobayashi, Mathieu Génois
    Lead, May 2020, arXiv:2005.09445, English
    Technical report

  • Akira Matsui, Teruyoshi Kobayashi, Daisuke Moriwaki, Emilio Ferrara
    Abstract Understanding consumer behavior is an important task, not only for developing marketing strategies but also for the management of economic policies. Detecting consumption patterns, however, is a high-dimensional problem in which various factors that would affect consumers’ behavior need to be considered, such as consumers’ demographics, circadian rhythm, seasonal cycles, etc. Here, we develop a method to extract multi-timescale expenditure patterns of consumers from a large dataset of scanned receipts. We use a non-negative tensor factorization (NTF) to detect intra- and inter-week consumption patterns at one time. The proposed method allows us to characterize consumers based on their consumption patterns that are correlated over different timescales.
    Corresponding, Springer Science and Business Media LLC, 2020, Journal of Computational Social Science, in press, English, Co-authored internationally
    [Refereed]
    Link to Kobe Univ. Repository (Kernel)

  • Irreversible monetary policy at the zero lower bound
    Kohei Hasui, KOBAYASHI TERUYOSHI, Tomohiro Sugo
    Apr. 2019, Discussion Paper No.1906, Graduate School of Economics, Kobe University, English
    Technical report
    Link to Kobe Univ. Repository (Kernel)

  • Extracting the multi-timescale activity patterns of online financial markets
    KOBAYASHI TERUYOSHI, Anna Sapienza, Emilio Ferrara
    Feb. 2018, arXiv, English
    Technical report

  • Significant ties: Identifying relationship lending in temporal interbank networks
    KOBAYASHI TERUYOSHI, Taro Takaguchi
    Aug. 2017, arXiv:1708.08594, English
    Technical report

  • Social dynamics of financial networks
    KOBAYASHI TERUYOSHI, Taro Takaguchi
    Mar. 2017, arXiv:1703.10832, English
    Technical report

  • Immunizing networks by targeting collective influencers at a mesoscopic level
    KOBAYASHI TERUYOSHI, Naoki Masuda
    Jun. 2016, Discussion Paper Series, Graduate School of Economics, 1616, English
    Technical report
    Link to Kobe Univ. Repository (Kernel)

  • 金融政策と物価上昇率２％目標
    KOBAYASHI TERUYOSHI
    日本評論社, Mar. 2016, 経済セミナー, Japanese
    [Invited]
    Introduction commerce magazine

  • Trend-driven information cascades on random networks
    KOBAYASHI TERUYOSHI
    Kobe University, Aug. 2015, Kobe University Discussion Paper 1529, English
    Technical report
    Link to Kobe Univ. Repository (Kernel)

  • Cascades in multiplex financial networks with debts of different seniority
    KOBAYASHI TERUYOSHI, Charles D. Brummitt
    Jan. 2015, arXiv, 1501.05400, English
    Technical report

  • KOBAYASHI Teruyoshi
    名古屋大学大学院経済学研究科, 2011, Economic Science, 59巻3号(3) (3), 37 - 50, Japanese
    Introduction scientific journal

  • Nominal Income Targeting and Exchange Rate Variability
    Kobayashi Teruyoshi
    Kobe University, Dec. 2003, Journal of economics and business administration, 188(6) (6), 1 - 16, Japanese

■ Books And Other Publications
  • 金融政策(第2版) (【ベーシック+】)
    小林照義
    Single work, 中央経済社, Jan. 2020, ISBN: 4502332011

  • 金融政策
    KOBAYASHI TERUYOSHI
    Single work, 中央経済社, Feb. 2015, Japanese
    Textbook

■ Lectures, oral presentations, etc.
  • モビリティネットワークの高密度化におけるスケーリング則
    甲斐田裕清, 荻巣嘉高, 小林照義
    計算社会科学会, Feb. 2024
    Oral presentation

  • Ultra-densification in Temporal Social Networks
    Teruyoshi Kobayashi
    CCSS Workshop on Computational Social Science, Dec. 2023
    [Invited]
    Oral presentation

  • 不確実性下の情報拡散モデル
    第17回数理モデリング研究会, Sep. 2023
    Oral presentation

  • Propagation of Cost-Push Shocks in Production Networks
    小林照義
    SWET 2023, Aug. 2023
    Oral presentation

  • A threshold model of information cascades under uncertainty
    Teruyoshi Kobayashi
    NetSci2023 Satellite Workshop "Network Structure", Jul. 2023
    Oral presentation

  • 動的ネットワークにおけるレジーム推移
    小林照義
    ささしまセミナー, Jun. 2023
    [Invited]
    Public discourse

  • 動的な社会・経済ネットワークにおけるレジーム推移の検出
    小林照義
    アジア経済シンポジュウム, Mar. 2023
    [Invited]
    Invited oral presentation

  • Regime switching in human contact networks
    Teruyoshi Kobayashi
    Socioeconomic Networks and Network Science Workshop 2022, Aug. 2022, English
    [Invited]
    Invited oral presentation

  • Diffusion of competing goods on networks
    小林照義
    Mini Workshop on: "Network and Search", Mar. 2022
    [Invited]
    Oral presentation

  • 社会・経済ネットワークにおける連鎖現象と調整ゲーム
    小林照義
    第170 回地域科学ワークショップ, Mar. 2022
    [Invited]
    Public discourse

  • Temporal dynamics of densification and sparsification in human contact networks
    小林照義
    ブロックチェーン研究会, Dec. 2021
    [Invited]

  • Unstable diffusion in social networks
    小林照義
    DC Conference, Oct. 2021
    Oral presentation

  • 社会・経済システムのネットワーク解析
    小林照義
    データサイエンス・AIイノベーション研究推進センター・経済経営研究所ジョイントセミナー, Oct. 2021
    [Invited]
    Public discourse

  • Diffusion dynamics on monoplex and multiplex networks
    小林照義
    日本経済学会秋季大会, Oct. 2021
    Oral presentation

  • Scaling relations reveal the switching dynamics of temporal networks
    Teruyoshi Kobayashi
    CompleNet Live 2021, May 2021, English
    Oral presentation

  • The switching mechanisms of densification in temporal networks
    小林照義
    Eurasian Summit for Models of Society, Mar. 2021, English
    [Invited]
    Invited oral presentation

  • Two types of densification scaling in social and financial networks
    Teruyoshi Kobayashi
    NetSci 2020 satellite workshop “Complexity Meets Finance: Data, Methods and Policy Implications”, Sep. 2020, English
    [Invited]
    Invited oral presentation

  • Diurnal dynamics of financial systemic risk
    Shaunette Ferguson, Sadamori Kojaku, Teruyoshi Kobayashi
    NetSci-X 2020, Jan. 2020, English
    Oral presentation

  • Fire sales as multistate contagion on bipartite networks
    Tomokatsu Onaga, Fabio Caccioli, Teruyoshi Kobayashi
    Complex Networks 2019, Dec. 2019, English, International conference
    Poster presentation

  • Characterizing the dynamics of financial networks
    小林 照義
    キヤノングローバル戦略研究所「経済・社会への分野横断的研究会」, Nov. 2019, English, International conference
    [Invited]
    Invited oral presentation

  • 銀行間取引ネットワークのダイナミクス
    小林 照義
    RIMS共同研究「マクロ経済動学の非線形数理」, Oct. 2019, Japanese, Domestic conference
    [Invited]
    Public discourse

  • Uncovering the network dynamics in financial markets
    KOBAYASHI TERUYOSHI
    Macroeconomics workshop, Apr. 2019, English, 東京大学, Domestic conference
    [Invited]
    Public discourse

  • 社会・経済ネットワークの数理モデルとその解法
    KOBAYASHI TERUYOSHI
    次世代の科学技術を支える数値解析学の基盤整備と応用展開, Nov. 2018, Japanese, 京都大学数理解析研究所, Domestic conference
    [Invited]
    Invited oral presentation

  • Network approaches to analyzing the financial system
    KOBAYASHI TERUYOSHI
    慶應マクロセミナー, Oct. 2018, Japanese, Domestic conference
    [Invited]
    Invited oral presentation

  • 金融ネットワークのモデルと実データ解析
    KOBAYASHI TERUYOSHI
    ネットワーク科学セミナー2018, Aug. 2018, Japanese, Domestic conference
    [Invited]
    Invited oral presentation

  • The backbone of temporal networks
    KOBAYASHI TERUYOSHI
    第6回 数理モデリング研究会, Jul. 2018, Japanese, Domestic conference
    Public discourse

  • Identifying significant ties in temporal interbank networks
    KOBAYASHI TERUYOSHI
    NetSci2018 satelite meeting (SPFEN), Jun. 2018, English, International conference
    Oral presentation

  • Backboning temporal networks
    KOBAYASHI TERUYOSHI
    NetSci2018, Jun. 2018, English, International conference
    Oral presentation

  • テンポラル金融ネットワークのデータ解析
    KOBAYASHI TERUYOSHI
    ネットワーク科学と経済学の接点, Dec. 2017, Japanese, Domestic conference
    Public discourse

  • Temporal dynamics of interbank networks
    KOBAYASHI TERUYOSHI
    日本銀行金融研究所セミナー, Oct. 2017, Japanese, Domestic conference
    Public discourse

  • Identification of significant ties: An application to temporal interbank networks
    KOBAYASHI TERUYOSHI
    ネットワーク科学セミナー２０１７, Aug. 2017, Japanese, 統計数理研究所, Domestic conference
    Poster presentation

  • 銀行間ネットワークにおける取引パターンの検出
    KOBAYASHI TERUYOSHI
    第4回 数理モデリング研究会, Jul. 2017, Japanese, 高等セミナーハウス, Domestic conference
    Oral presentation

  • 銀行間ネットワークのデータ解析とモデリング
    KOBAYASHI TERUYOSHI
    人工知能学会 (OS19 金融情報学-ファイナンスにおける人工知能応用-), Jun. 2017, Japanese, ウインクあいち, Domestic conference
    [Invited]
    Invited oral presentation

  • Temporal dynamics of interbank networks
    KOBAYASHI TERUYOSHI
    NetSci2017, Jun. 2017, English, JW Marriott, Indianapolis, International conference
    Oral presentation

  • Immunizing networks by targeting collective influencers
    KOBAYASHI TERUYOSHI
    Kobe Workshop on Computational and Network Science 2016, Sep. 2016, English, Kobe U. Integrated research center, International conference
    [Invited]
    Invited oral presentation

  • A community-based collective influence algorithm for immunizing networks
    KOBAYASHI TERUYOSHI
    APEC-SSS, Aug. 2016, English, 東京大学, International conference
    Oral presentation

  • Cascades in multiplex financial networks with debts of different seniority
    KOBAYASHI TERUYOSHI
    Applied Econometrics conference, Jun. 2016, English, Alamoana Hotel, Honolulu, Hawaii, USA, International conference
    Oral presentation

  • 金融システミックリスクへのネットワーク論的アプローチ
    KOBAYASHI TERUYOSHI
    複雑ネットワーク ウインターセッション, Mar. 2016, Japanese, 茨城大学, Domestic conference
    Public discourse

  • Cascades in multiplex financial networks with debts of different seniority
    KOBAYASHI TERUYOSHI
    金融工学・数理計量ファイナンスの諸問題 2015, Dec. 2015, Japanese, 大阪大学中之島センター, Domestic conference
    Oral presentation

  • Cascades in multiplex financial networks with debts of different seniority
    KOBAYASHI TERUYOSHI
    Annual Conference by Four Universities of Japan and China Rethinking 0f East Asian Economy in 21th Century, Nov. 2015, English, Kobe University, International conference
    Oral presentation

  • 金融市場におけるシステミック・リスクへのネットワーク論的アプローチ
    KOBAYASHI TERUYOSHI
    ネットワークの科学, Aug. 2015, Japanese, 国際高等研究所, Domestic conference
    [Invited]
    Invited oral presentation

  • 大規模ネットワークにおける複数ノード組に対する重要度の特徴付け
    IRIE Rini, KOBAYASHI Teruyoshi, YAGUCHI Takaharu
    第44回数値解析シンポジウム, Jun. 2015, Japanese, ぶどうの丘, Domestic conference
    Oral presentation

  • 金融ネットワーク研究の潮流
    KOBAYASHI TERUYOSHI
    金融ネットワーク研究会, Jan. 2015, Japanese, 京急観音崎ホテル, Domestic conference
    Public discourse

  • Asset correlation and network fragility: How should we intervene?
    KOBAYASHI TERUYOSHI
    Systemic Risk: Mathematical Modelling and Interdisciplinary Approaches, Sep. 2014, English, Isaac Newton Institute, Cambridge University, International conference
    Oral presentation

  • 金融ネットワークのモデル化
    KOBAYASHI TERUYOSHI
    金融ネットワークに関する勉強会, Jul. 2014, Japanese, 日本銀行 金融機構局, Domestic conference
    Public discourse

  • 金融ネットワークモデル
    KOBAYASHI TERUYOSHI
    金融ネットワーク研究会, Jun. 2014, Japanese, ＮＥＣ 芝クラブ, Domestic conference
    Public discourse

  • Efficient immunization strategy to prevent financial contagion
    KOBAYASHI TERUYOSHI
    Modern monetary economics workshop, Sep. 2013, Japanese, 神戸大学, Domestic conference
    Oral presentation

  • Network versus portfolio structure in financial systems
    KOBAYASHI TERUYOSHI
    決済の経済学 ワークショップ, Jun. 2013, English, 日本銀行金融研究所, 日本銀行本店, International conference
    [Invited]
    Invited oral presentation

  • Network versus portfolio structure in financial systems
    KOBAYASHI TERUYOSHI
    バブル・金融危機ワークショップ, Feb. 2013, Japanese, 神戸大学経済経営研究所, Domestic conference
    Oral presentation

  • Firm entry, credit availability and monetary policy
    Kobayashi Teruyoshi
    Workshop on banking and industrial network at RIETI, Jan. 2011, English, RIETI, 東京, Domestic conference
    Invited oral presentation

  • Firm entry, credit availability and monetary policy
    Kobayashi Teruyoshi
    Workshop on Macroeconomics, Nov. 2010, English, 大阪大学, 大阪市, Domestic conference
    Invited oral presentation

  • Firm entry, credit availability and monetary policy
    Kobayashi Teruyoshi
    RIEB workshop on mathematical economics, 2010, English, 神戸大学, 神戸市, Domestic conference
    Oral presentation

  • Firm entry, credit availability and monetary policy
    Kobayashi Teruyoshi
    Joint Lunch Seminar, 2010, English, ECB, Frankfurt, Germany, International conference
    Invited oral presentation

■ Research Themes
■ Academic Contribution Activities
  • Associate Editor, Advances in Complex sustems
    Associate Editor, Advances in Complex sustems
    Nov. 2024 - Present
    Peer review etc

  • 計算社会科学会 理事
    計算社会科学会 理事
    Jan. 2022 - Present
    Academic society etc

  • Academic Editor, PLOS ONE
    Academic Editor, PLOS ONE
    2018 - Present
    Review

  • Program Committee, NetSci 2025
    Program Committee, NetSci 2025
    Nov. 2024

  • Program Committee, NetSci 2024
    Program Committee, NetSci 2024
    2024
    Academic society etc

  • Program Committee, CCS 2024
    Program Committee, CCS 2024
    2024
    Academic society etc

  • Program Committee, NetSci-X 2024
    Program Committee, NetSci-X 2024
    2024
    Academic society etc

  • Program Committee, NetSci 2023
    Program Committee, NetSci 2023
    Network Science Society
    2023 - 2023
    Academic society etc

  • Program Committee, NetSci-X 2023
    Program Committee, NetSci-X 2023
    2023
    Academic society etc

  • Program Committee, NetSci 2022
    Program Committee, NetSci 2022
    Network Science Society
    Jul. 2022
    Academic society etc

  • Program Committee, NetSci-X 2022
    Program Committee, NetSci-X 2022
    Network Science Society
    Mar. 2022
    Academic society etc

  • Guest Editor, Japanese Economic Review
    Guest Editor, Japanese Economic Review
    Jan. 2021
    Review

  • Program Committee, NetSci 2020
    Program Committee, NetSci 2020
    Network Science Society
    Sep. 2020
    Academic society etc

  • Program Committee, NetSci-X 2020
    Program Committee, NetSci-X 2020
    Network Science Society
    Jan. 2020
    Academic society etc

  • Guest Editor, Applied Network Science
    Guest Editor, Applied Network Science
    2020
    Review

  • Program Committee, CCS 2019
    Program Committee, CCS 2019
    Complex Systems Society
    Sep. 2019
    Academic society etc

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