Research activity information

• Feb. 2025 大阪銀行協会, 大銀協フォーラム特別賞, 中小企業向け信用スコアリングモデル：ビッグデータとAIを活用した金融革新

  劉亜静, 藤原賢哉


• Feb. 2019 Osaka Bankers Association, Osaka Banking Association Forum Excellence Award, Study on diffusion process of cashless conversion and economic influence

  FUJIWARA KENYA

  Others


• Mar. 2001 金融ジャーナル, 金融ジャーナル賞優秀論文賞, 銀行の経営組織とリスク管理体制について

  FUJIWARA Kenya

• 中小事業者におけるキャッシュレス決済導入における課題

  中岡孝剛, 藤原賢哉

  Feb. 2025, 日本政策金融公庫論集, (66) (66), 21 - 35, Japanese

  [Invited]

  Research institution


• Peer-to-Peer Lending for Individual and MSME Finance: Evidence from an Original Survey in China

  Yajing Liu, Kenya Fujiwara, Toshiki Jinushi

  Jun. 2024, International Review of Economics and Finance, 93(PartA) (PartA), 38 - 51, English

  [Refereed]

  Scientific journal


• The Analysis of the Determinants and Managerial Outcomes of the Introduction of Cashless Payments

  Takayoshi Nakaoka, Kenya Fujiwara

  Jan. 2024, 生活経済学研究, 59, 1 - 11, Japanese

  [Refereed]

  Scientific journal


• 我が国事業者におけるキャッシュレス決済サービスの利用実態：導入が経営成果に与える影響の調査

  中岡孝剛, 藤原賢哉, 鞆大輔

  2022, 近畿大学商経学叢, Japanese

  Research institution


• How the COVID-19 Pandemic Changed Consumer Lifestyle: Evidence From High Frequency Panel Data In Japan

  Kenya Fujiwara

  2022, Japanese Journal of Monetary and Financial Economics, 10, 2 - 10, English

  [Refereed]

  Scientific journal


• Cashless Payment Statistics using Consumer Purchase Panel Data and its Application to Economic Analysis

  藤原賢哉

  Jul. 2021, 国民経済雑誌, 224(1) (1), Japanese

  Research institution


• Impact of covid19 on consumer spending: analysis from consumer purchasing data

  Fujiwara Kenya

  Oct. 2020, Business Insight, (111) (111), 19 - 21, Japanese

  Research institution


• A Study on Dissemination of Cashless Payment in Korea and Choice of Payment Method in Japan

  FUJIWARA Kenya, KWAK Charee

  Feb. 2020, 大銀協フォーラム研究助成論文集, (25) (25), Japanese


• Economics on Cashless Payment

  FUJIWARA Kenya

  Oct. 2019, 国民経済雑誌別冊, 9 - 20, Japanese

  Research institution


• A Study on the Present Situation of P2P Loan Market in China -from the result of the questionnaire survey-

  FUJIWARA KENYA, JINUSHI TOSHIKI, YAH\JING LIU

  P2P finance, Fintech, SME, Plattform

  Kobe University, Aug. 2019, Journal of economics & business administration, 220(2) (2), 1 - 20, Japanese

  Research institution


• Empirical analysis on success factors of crowdfunding

  FUJIWARA KENYA

  Doshisha University, 2019, The Doshisha business review, 77 - 87, Japanese

  [Invited]

  Research institution


• 生命保険会社のシンジケート・ローンに関する実証分析

  FUJIWARA Kenya

  Apr. 2018, 国民経済雑誌, 217(4) (4), 1 - 20, Japanese

  Research institution

  Link to Kobe Univ. Repository (Kernel)


• ロボアドバイザーに関する経済学的考察と利用実態調査

  FUJIWARA Kenya

  Mar. 2017, FP研究, (16) (16), Japanese

  Scientific journal


• ローン・アナウンスメントと株価反応に関する実証分析

  FUJIWARA Kenya

  Mar. 2017, 経営研究, (63) (63), Japanese

  Research institution

  Link to Kobe Univ. Repository (Kernel)


• How should banks support SMEs to manage funding risks in China? The role of relationship banking

  FUJIWARA Kenya, Liu Yajing, Nobuyoshi Yamori, Toshiki Jinushi

  Jun. 2016, Nguyen, D. K. et al. eds, Risk Management in Emerging Markets: Issues, Framework and Modeling, Emerald, English

  [Refereed]

  Scientific journal


• シンジケート・ローンの組成と株価に関する研究

  FUJIWARA Kenya

  Kobe University, Apr. 2014, 国民経済雑誌, 209(4) (4), 31 - 44, Japanese

  Research institution

  Link to Kobe Univ. Repository (Kernel)


• Financial Crises and Securitization - Loan Syndication and Credit Cycles-

  FUJIWARA Kenya

  Jul. 2012, 国民経済雑誌, 第206巻(第1号) (第1号), 73 - 88, Japanese

  Research institution

  Link to Kobe Univ. Repository (Kernel)


• 本邦シンジケート・ローン市場の現状について

  FUJIWARA Kenya

  Kobe University, May 2010, 国民経済雑誌, 201(5) (5), 51 - 78, Japanese

  Scientific journal

  Link to Kobe Univ. Repository (Kernel)


• 倒産法制の経済分析―破綻処理効率性に関する展望と検証

  FUJIWARA Kenya

  Nov. 2007, 市場と適応(斎藤彰編 法律文化社), 228 - 257, Japanese

  Scientific journal


• Bankruptcy procedures and the efficiency of corporate debt:Restructuring in Korea and Japan

  FUJIWARA Kenya

  May 2006, CNAEC Research Series, KIEP, 06-03, English

  Research institution


• 「金融仲介機関」

  Fujiwara Kenya, Marushige Toshihiko

  Apr. 2006, 『金融経済学ハンドブック』, ー, Japanese

  Scientific journal


• Does the Japanese Closed-End Fund Puzzle Exist? : An Empirical Study of the Efficiency of the Financial Market in Japan

  Fujiwara Kenya

  Apr. 2006, International Journal of Business, 11, 33 - 45, English

  Scientific journal


• Corporate Debt Restructuring and Public Institutions in Japan: Do government-Affiliated Financial Institutions Soften Budget Constraints?

  Fujiwara Kenya

  Apr. 2006, Public Policy Review, 2(1) (1), 141 - 176, English

  Scientific journal


• Addition to the Nikkei 225 Index and Japanese Market Response: Temporary Demand Effect of Index-arbitrageurs

  Kenya Fujiwara, K Okada, Nobuyuki Isagawa

  Apr. 2006, Pacific-Basin Finance Journal, 14, 395 - 409, English

  [Refereed]

  Scientific journal


• 「債務免除と企業再生」

  Fujiwara Kenya, Isagawa Nobuyuki, Yamashita Tadayasu

  日本証券アナリスト協会, Apr. 2005, 『証券アナリストジャーナル』, 第43巻,34-44頁。(4) (4), 34 - 44, Japanese

  Scientific journal


• 「企業の破綻処理と公的金融機関－政府系金融機関はソフト・バジェットか－」

  Fujiwara Kenya

  Apr. 2005, 『フィナンシャル・レビュー』, 第79号,52-78頁。, Japanese

  Scientific journal


• Why do Japanese Banks get involved in the Bad Loan Problem: An Investigation of Bank Organization and Lending Behavior

  Fujiwara Kenya

  Apr. 2005, Finance India, Vol.14, pp.871-886., English

  [Refereed]

  Scientific journal


• 「日本銀行政策決定会合と金融政策の効率性」

  Fujiwara Kenya

  神戸大学経済経営学会, Dec. 2004, 『国民経済雑誌』, 第190巻,第6号,67-92頁。(6) (6), 67 - 91, Japanese

  Scientific journal


• わが国信託銀行業の生産性と効率性の検証

  FUJIWARA Kenya, 播磨谷浩三

  Nov. 2003, 信託研究奨励金論集, (24) (24), 88 - 101, Japanese

  Scientific journal


• 不動産競売市場に関する問題とその効率性－不良債権問題と企業清算市場

  FUJIWARA Kenya

  神戸大学経済経営学会, Mar. 2003, 国民経済雑誌, 187(3) (3), 77 - 90, Japanese

  Research institution


• インデックス型投資信託と金融市場の効率性齊藤誠編著

  FUJIWARA Kenya

  May 2002, 日本の金融再生戦略, 167 - 195, Japanese

  Scientific journal


• 伝統的金融システムからの脱却

  FUJIWARA Kenya, 家森信善

  東洋経済新報社, Jun. 2001, エコノミクス, (5) (5), 162 - 172, Japanese

  Scientific journal


• わが国投資信託のパフォーマンスについて

  FUJIWARA Kenya

  神戸大学経済経営学会, Jun. 2001, 国民経済雑誌, 183(6) (6), 63 - 79, Japanese

  Research institution

  Link to Kobe Univ. Repository (Kernel)


• 信用データ・ベース計画の意義と課題

  FUJIWARA Kenya

  Aug. 2000, 貯蓄経済研究センター

  Scientific journal


• 銀行監督行政の問題点

  FUJIWARA Kenya

  Jan. 2000, 現代の金融と政策（小佐野広・本多祐三編著,日本評論社）, 273 - 306, Japanese

  Scientific journal


• 金融政策・規制に関するルールと裁量の問題について

  FUJIWARA Kenya

  Apr. 1999, 郵政省貯金局調査リポート, 1 - 36, Japanese

  Scientific journal


• 銀行システムの脆弱性－再建への問題点

  FUJIWARA Kenya

  Aug. 1998, IMF・神戸大学合同シンポジウム報告書, Japanese

  Symposium


• 中央銀行の独立性の理論

  FUJIWARA Kenya

  Jun. 1998, 中央銀行の独立性（三木谷良一・石垣健一編著, 東洋経済新報社）, 79 - 105, Japanese

  Scientific journal


• 不良債権問題に関する一考察

  FUJIWARA Kenya

  Mar. 1998, 現代日本の金融システム, Japanese

  Scientific journal


• 金融機関への役員派遣について

  FUJIWARA Kenya, 家森信善

  日本金融学会, Nov. 1997, 金融経済研究, (14) (14), 70 - 85, Japanese

  [Refereed]

  Scientific journal


• 社債市場における幹事証券と受託銀行の機能について

  FUJIWARA Kenya

  Aug. 1997, 国民経済雑誌, 176(5) (5), 101 - 121, Japanese

  Research institution


• 中央銀行の独立性と情報収集・分析能力について

  FUJIWARA Kenya

  Mar. 1997, 現代日本の金融システム, Japanese

  Scientific journal


• M&Aからみたメインバンクの機能について－日本的M&Aメカニズムの特徴と評価－

  FUJIWARA Kenya

  学術雑誌目次速報データベース由来, Oct. 1996, 経済学論集, 62(3) (3), 43 - 62, Japanese

  [Refereed]

  Scientific journal


• 郵政事業の地域別収益構造について

  FUJIWARA Kenya

  Mar. 1996, 現代日本の金融システム, Japanese

  Scientific journal


• 受託銀行はなぜ倒産企業の社債を買い取るのか

  FUJIWARA Kenya

  Mar. 1996, 日本の資本市場, 287 - 315, French

  Scientific journal


• 監督当局からの再就職と金融機関経営

  FUJIWARA Kenya, 家森 信善

  Aug. 1995, 経済科学, 43(3) (3), 1 - 15, Japanese

  Scientific journal


• メインバンクと株式保有

  FUJIWARA Kenya

  Aug. 1994, 経済論叢, 18(2) (2), 253 - 291, Japanese

  Research institution


• 情報の非対称性と金融政策

  FUJIWARA Kenya

  Mar. 1993, 金融政策と金融自由化, 44 - 67, Japanese

  Scientific journal


• 企業倒産とメインバンク制－メインバンクの救済機能について－

  FUJIWARA Kenya

  Jul. 1992, 金融経済研究, (4) (4), 37 - 48, Japanese

  [Refereed]

  Scientific journal


• 郵便貯金の金利リスクについて

  FUJIWARA Kenya

  Mar. 1992, 1990年代の金融環境の変化と公的金融機関, Japanese

  Scientific journal


• 郵政事業の範囲の経済効果

  FUJIWARA Kenya, 地主敏樹

  Mar. 1992, 1990年代の金融環境の変化と公的金融機関, Japanese

  Scientific journal


• 銀行の自己資本選択と預金保険制度について

  FUJIWARA Kenya

  Aug. 1991, 経済学論究, 45(1) (1), 103 - 120, Japanese

  Scientific journal


• 銀行の健全性と公的規制

  FUJIWARA Kenya

  Aug. 1991, 金融学会報告, (71) (71), 46 - 52, Japanese

  Scientific journal


• 銀行の危険資産選択と政策当局の「評判の効果」について

  FUJIWARA Kenya

  Aug. 1991, 経済論叢, 15(1) (1), 213 - 232, Japanese

  Research institution


• メインバンクの役割とその変化について

  FUJIWARA Kenya

  Dec. 1989, 金融ジャーナル, 95 - 102, Japanese

  Scientific journal


• 日本のメインバンクとその機能

  FUJIWARA Kenya

  Aug. 1988, 六甲台論集, 35(2) (2), 1 - 14, Japanese

  Research institution


• 預金保険、有限責任および銀行の資産選択

  FUJIWARA Kenya

  Aug. 1987, 六甲台論集, 33(4) (4), 76 - 87, Japanese

  Research institution

• An Empirical Analysis of Consumer Surplus and Social Costs of Cashless Payments in Japan

  Fujiwara Kenya

  Mar. 2023, Discussion Paper Series, Kobe University, 2023(04) (04), 1 - 23, Japanese


• How the Covid-19 Pandemic Changed Consumer's Lifestyles: Evidence from High-Frequency Panel Data in Japan

  Kenya Fujiwara

  Jul. 2021, Discussion Paper Series, Kobe University, 2021(22) (22), 1 - 20, English

  Others


• 新型コロナ関連の金融支援に関する実態調査

  藤原賢哉, 地主敏樹, 家森信善

  Lead, Mar. 2021, 神戸大学経営学研究科ディスカッションペーパーシリーズ, Japanese

  Link to Kobe Univ. Repository (Kernel)


• Market sentiment effect on IPO Initial Returns: Evidence from the stock markets of Hong Kong and Japan

  何相濱, 山﨑尚志, 藤原賢哉

  Mar. 2020, Discussion Paper Series, Kobe University, (4) (4)


• An Empirical Analysis of Investor Sentiment on the Hong Kong Stock Market: The Impact of the Financial Crisis and the Difference between Institutional and Individual Investors

  劉亜林, 藤原賢哉, 山﨑尚志

  Mar. 2020, Discussion Paper Series, Kobe University, (5) (5), English


• Survey report on the latest trends in the Chinese P2P lending market

  Yajing Liu, Toshiki Jinushi, Kenya Fujiwara

  Oct. 2019, Discussion Paper Series, Kobe University, (27) (27), Japanese


• 中国Ｐ２Ｐレンディング市場の動向と第3者決済市場の実態調査

  Liu Yajing, JINUSHI TOSHIKI, FUJIWARA KENYA

  Graduate School of Business Administration, KObe University, Nov. 2018, Discussion Paper Series, Graduate School of Business Administraion, Kobe University, (2018・14) (2018・14), 1 - 14, Japanese

  Technical report


• Financial Crises, Bank Lending, and Trade Credit: Evidence from Chinese Enterprises

  Liu Yajing, Fujiwara Kenya

  Graduate School of Business Administration, KObe University, Oct. 2017, Discussion Paper Series, Graduate School of Business Administraion, Kobe University, (2017・25) (2017・25), 1 - 15, English

  Technical report


• Report on the Current Situation and Trend of the China's P2P Lending Market

  Liu Yajing, JINUSHI TOSHIKI, Fujiwara Ken-ya

  We Focus on the P2P lending among the rapidly growing China's Fintech industry.
  We visited several major institutions in order to investigate their current situations and future trends.

  Graduate School of Business Administration, KObe University, Sep. 2017, Discussion Paper Series, Graduate School of Business Administraion, Kobe University, 2017(21) (21), 1 - 15, Japanese

  Technical report


• フィンテックが描く金融システムの未来

  FUJIWARA Kenya

  現代経営学研究所, Jul. 2017, ビジネスインサイト, 25(98) (98), 2 - 9, Japanese

  Introduction scientific journal


• 金融市場の効率性

  藤原 賢哉

  神戸大学, Apr. 2013, 経済学・経営学学習のために, 2013, 39 - 47, Japanese


• 金融システム・金融機関

  FUJIWARA Kenya

  Mar. 2011, ハンドブック経営学（神戸大学経済経営学会編、ミネルバ書房）, 109-119, Japanese

  Introduction other


• サブプライムローン問題と金融システム

  FUJIWARA Kenya

  神戸大学, Sep. 2008, ビジネスインサイト, 16(3) (3), 4 - 5, Japanese

  Others


• 第10章 金融商品の販売ルールと投資家保護 (現代日本の金融システム--金融市場と金融政策) -- (第2部 金融機関)

  藤原 賢哉

  貯蓄経済研究室, Mar. 2006, 現代日本の金融システム, 12, 261 - 288, Japanese


• Bank Organization and Lending Behavior:Independence of Credit Supervision Office and Bad Loan Problem in Japan

  Fujiwara Kenya

  Kobe Gakuin University, 20 Dec. 2002, 神戸学院経済学論集, 34(3) (3), 121 - 145, English


• 企業の破たん処理からみた不良債権問題

  FUJIWARA Kenya

  Aug. 2002, ビジネスインサイト, 10(2) (2), Japanese

  Others


• Reemployment of Retired Bureaucrats in Financial Institutions

  YAMORI Nobuyoshi, FUJIWARA Kenya

  学術雑誌目次速報データベース由来, 1995, The economic science, 43(3) (3), 1 - 16, English

• On Research of Digitalization of Finance

  Kenya Fujiwara

  Contributor, 278-282, 神戸大学経済経営学会, Mar. 2023


• 金融の仕組みと働き

  FUJIWARA Kenya, 田中敦, 岡村秀夫, 播磨谷浩三, 野間敏克

  Joint work, 有斐閣, Sep. 2017, Japanese

  Textbook


• 金融制度と組織の経済分析-不良債権問題とポストバブルの金融システム

  FUJIWARA Kenya

  Single work, 中央経済社, Mar. 2006, Japanese

  Scholarly book


• 『金融用語辞典』

  Fujiwara Kenya

  Single work, 東洋経済新報社, Apr. 2005, Japanese

  Scholarly book


• 『金融システム論』

  Fujiwara Kenya, Tanaka Atsushi

  Single work, 有斐閣, 2005, Japanese

  Scholarly book


• 金融論入門

  FUJIWARA Kenya, 家森信善

  Joint work, 中央経済社, Apr. 2002, Japanese

  Textbook


• 現代金融論講義

  FUJIWARA Kenya, 家森信善

  Joint work, 中央経済社, Apr. 1998, Japanese

  Textbook


• 現代金融論入門

  FUJIWARA Kenya, 貞木展生, 北岡孝義, 小村衆統

  Joint work, 勁草書房, Jun. 1992, Japanese

  Textbook

• キャッシュレス決済に関する消費者余剰とネットワークコストに関する実証研究

  藤原賢哉, 中岡孝剛

  日本金融学会, May 2024, Japanese

  Oral presentation


• A study on the representativeness of alternative data.

  Kenya Fujiwara

  金融システム研究会, Feb. 2024, Japanese

  Oral presentation


• An Empirical study on the effects of policy campaigns during the covid-19 on consumer behavior in Japan.

  Kenya Fujiwara

  Japan Monetary Association, Jul. 2023, Japanese

  Oral presentation


• A Study of the Working from Home on Commuting Behavior in Japan

  Kenya Fujiwara

  Japan Society of Household Economics, Jun. 2023, Japanese

  Oral presentation


• キャッシュレス化とデジタル社会の未来

  藤原 賢哉

  金融研究会, Mar. 2022, Japanese

  Keynote oral presentation


• 金融×デジタライゼーションがもたらす社会変革

  藤原 賢哉

  デジタルユニバーシティ, Mar. 2022, Japanese

  [Invited]


• How the covid-19 pandemic changed consumer's lifestyles: evidence from high-frequency panel data in Japna

  Kenya Fujiwara

  Japan Society of Monetary Finance, Oct. 2021, English

  Oral presentation


• A Study on Consumers' Choice of Payment Methods and the Economic Welfare of Cashless Society

  Kenya Fujiwara

  生活経済学会, Jun. 2021, Japanese

  Oral presentation


• An economic analysis on cashless society

  Fujiwara Kenya

  Society of Commerce and Business Administration, Jul. 2020, Japanese

  [Invited]

  Public discourse


• A Note and Questionnaire Survey on Robo Advisor

  FUJIWARA Kenya

  日本FP学会, Sep. 2019, Japanese, 日本FP学会, 神戸大学, Domestic conference

  Oral presentation

• 東アジア経済学会


• 応用経済学会


• 法と経済学会


• American Economic Assosiation


• 金融法学会


• 消費者金融サービス学会


• 日本ファイナンス学会


• 生活経済学会


• 日本経済学会


• 日本金融学会

• 新型コロナウイルス下における外出自粛要請と消費者心理、消費支出、人流変化の時間依存性に関する研究

  大川情報通信基金, 2022 - 2023


• A study on the measurement of consumer surplus and social costs of cashless payment in Japan

  Kenya Fujiwara

  Nomura School of Advanced Management, Sep. 2020 - Sep. 2022


• Development of a regional financial model that meets regional expectations-Disaster Resilience, Population Decline, and FinTech

  Yamori Nobuyoshi

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Kobe University, 01 Apr. 2019 - 31 Mar. 2022

  This project was based on relationship banking research and focused on three issues: (1) coping with frequent natural disasters, (2) coping with a declining population, and (3) the effective use of fintech. We analyzed the challenges for bank management to create a new banking business model. As a result, we concluded that financial institutions must increase the capacity for business viability assessment to meet the social demands. The FSA also needs to implement policies that will encourage financial institutions to take action to achieve this goal.


• Research on statistical construction and maintenance and economic impact of cashless payment

  FUJIWARA Kenya

  科学研究費補助金／基盤研究（B), Apr. 2019 - Mar. 2022, Principal investigator

  Competitive research funding


• 市場型間接金融とリスクの市場化：銀行・保険・企業金融の統合アプローチ

  藤原 賢哉

  科学研究費補助金／基盤研究(B), 2010, Principal investigator

  Competitive research funding


• 「市場化社会の法動態学」研究教育拠点

  樫村 志郎

  2006

  Competitive research funding


• 「市場化社会の法動態学」研究教育拠点

  樫村 志郎

  2005

  Competitive research funding


• インフレ・ターゲティング政策と経済安定化―アジア諸国の経験と日本への影響―

  地主 敏樹

  科学研究費補助金／基盤研究(B), 2005

  Competitive research funding


• An International Comparative Research on the Inflation Targeting Policy ; Whether It Is Valid under the Deflation?

  JINUSHI Toshiki, FUJIWARA Kenya, MIYAO Ryuzo, ISHIGAKI Kenichi, FUJIWARA Hideo, KITAOKA Takayoshi

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Kobe University, 2002 - 2004

  The inflation targeting has been adapted by the many countries over the world. Though it was advocated as a special policy operation against the deflation in Japan, it is close to the world standard of the monetary policy operation in reality. This research project aims to research on the experiences of the inflation targeting policy in countries and to examine its applicability onto Japan. The followings are our major findings. 1)There have been variations in the design of the inflation targeting among the countries but, after a decade of experiences, the common trend has emerged towards the inflation targeting as the "flexible framework" for the monetary policy operation. The typical example is New Zealand, where the rigid rules and accounting system were introduced initially but the recent reform changed it towards the "flexible framework". Other countries are mostly in the same direction and the academic researches basically support that trend. 2)The inflation-targeting countries have expanded the limit in the policy information disclosure. In this point, there has been no reverse trend. The current frontrunners exhibit their main economic models and implement the "peer review" of the total policy-making process. This trend is supported by the theoretical works and is followed by the developing countries like Thailand. The European Central Bank is exceptionally restricted in this regard, since its policy making body includes the representatives from the different countries. 3)The Swedish monetary policy operation is often mentioned as the rare success example against the deflation in the Great Depression era. However, its adoption of the priceKievel target is followed shortly after by the adoption of the British-Pound peg policy. Thus, the consistency and the validity of its price-level targeting should be re-examined more carefully. 4)The empirical part of the research project showed that the traditional quantity indicator, M2+CD lost its information content for economic forecasts in the late 1990s, and examined its causes. The theoretical parts showed that the policy-making by the committee, which is common among the inflation-targeting countries, might leads to the excessively cautious decisions, and that the interest-rate control is a valid tool in the inflation targeting.


• An international study on the investment and consumption behavior of firms and households under the fewer children and aging society

  SAKAKIBARA Shigeki, TAKAO Atsushi, KATO Hideaki, FUJIWARA Kenya, FUKUTA Yuichi, ISAGAWA Nobuyuki

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (A), Kobe University, 2001 - 2004

  It is important to investigate the effects of the fewer children and aging society as well as the global ization on the money flow and the savings/investment process in order to consider the Japanese economy in the 21^ century. In this project we made a comprehensive study on the investment and consumption behavior of firms and households both theoretically and empirically. Summary of results of this project is as follows. 1.Pension and Insurance markets and the investment-consumption behavior of firms and households New methods such as the weather derivatives and the CAT bond as well as the real option approach are examined. Also we investigated the performance of investment trusts in Japan. In addition, we found the fact that corporate finance instruments such as the treasury stock repurchase and the callable convertible bond including the dissolution of the cross-shareholdings in Japan had significant effects on firms' value 2.Regal protection for investors (creditors) and the investment-consumption behavior of firms and households In order to cope with both the protection of investors and the incentives of developntent of new financial products by financial institution, a general selling principle, i.e., the suitable principle, which affects the allocation of the burden of proof in case is very important. As for the protection of creditors, we focused the bankruptcy laws and found the difficulty in restructuring the bankrupt firms efficiently. Last, we examined the origin and role of the business kyosei which is a kind of business ethics or social norm in Japan. 3.Price Formation, Liquidity effect, and Anomaly in Securities market and the investment-consumption behavior of firms and households We examined the existence of the rational bubble or the discount puzzle in the international financial markets and evaluated the liquidity effects on price formation. Furthermore, we analyzed and found the market anomaly by focusing on the event of the replacement of the Nikkei 225 index, the half year effect (calendar effect), the winner-looser effect, the divergence of the ETF share price and its per share portfolio value.


• 金融取引ルールに関する基礎的研究

  藤原 賢哉

  日本学術振興会, 科学研究費助成事業, 奨励研究(A), 神戸大学, 1998 - 1999

  1,金融機関の破綻処理のあり方に関しては、わが国の現状と課題について論点を整理するとともに、金融機関の破綻処理のあり方や債権回収方法の違いにより、借り手企業が受ける影響が異なってくるかどうかについて実証的研究を行った。具体的には、各種資料(信用調査会社データベース等)をもとに、破綻金融機関を主な取引銀行とする企業の倒産や整理回収機構・銀行における回収状況について調査するとともに、代替的な破綻処理手段に関する評価・考察を行った。これら研究成果の一部は、郵便貯金振興会のディスカッションペーパーで公表した。 2,金融機関の社内分社化や金融持ち株会社におけるガバナンスやリスク遮断の問題については、おもに組織内部における権限の責任の配分という観点から分析を行った。具体的には、銀行の組織特性と貸出行動との関係についてパネル分析を行うとともに、分社化および金融持ち株会社下における各部門のインセンティブについて考察を行った。研究成果の一部は国民経済雑誌において公表した。 3,金融サービス法に関する分析については、顧客情報(借り手および貸し手)の利用と保護という問題に焦点を当てて検討を行った。具体的には、(1)中小・個人向け融資におけるデータベース構築の有用性と個別銀行の情報提供動機の問題(正確な情報提供は顧客基盤を失う恐れ)、(2)個人投資家に関するプライバシー(資産規模や購入履歴・家族構成等の情報)保護と金融商品販売にあたっての利用にかんするトレード・オフの問題、に分けて理論的考察を行った。前者のテーマについては、「共同データ・ベース計画の意義と課題」というタイトルで、貯蓄経済研究センターの報告書として掲載される予定である。


• A Theoretical, Institutional and Comparative Study on the Independence of Central Bank

  ISHIGAKI Kennichi, FUJIWARA Kennya, UE Katsuya, MIYAO Ryuzo, JINUSHI Toshiki, MIKITANI Ryoichi

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Kobe University, 1996 - 1997

  The results of our research project, "Independence of Central Bank" will be published from Toyokeizai-shinpousha in May. 1998. The Book is composed of three sections, 17 chapters. In the first section, the old Bank of Japan Act and the new one are compared each other, and some important points of New Act and an appropriate monetary policy are examined. Political pressure from domestic and international Authorities and the effects on monetary policy performance are analyzed. In the second section, we make theoretical surveys on the independence of the central bank and examines statistically the results between performance and the independence. In the third section, we make discussion on some important central banks --- Federal Reserve Bank of America, Bank of England, Deutsche BundesBank, Reserve Bank of New Zealand and so on --- in advanced countries and makes clear of the relation between independence and monetary policy performance. We get the following important results from this research 1. The relation between the independence of central bank from governments is, generally speaking, positive. 2. The independence 0f central banks is being raised in the advanced countries based on worse inflation experiences in 1970's and 80's. In some countries such as New Zealand, France, Japan and England, New Central Bank Acts are established to raise it. I other countries such as Canada and Australia, new agreements between the Government and the central bank contribute the increase of independence of the central banks. 3. The new Bank of Japan Act increases its independence from the Japanese Government, however there are some weak points such as lack of accountability.


• バブル経済期における銀行組織上の問題点について

  藤原 賢哉

  日本学術振興会, 科学研究費助成事業, 奨励研究(A), 神戸大学, 1996 - 1996

  1.日経NEEDS-TSおよび金融人事問題研究会の発行資料、銀行人事システムに関する書物等を用いて銀行の人事システム、役員経歴、経営パフォーマンス等についてのデータを入手した。 2.日米の銀行人事システムに関する比較研究をおこなった。わが国では、採用・昇進が人事部によって決められ、また、職務の専門性が低く(ジェネラリスト指向)、途中で他の銀行に転身することが少ないのに対して、米国では、職務の専門性が高く、他行からの中途採用が多いほか、昇進・評価も所属する職務の長・グループによって決定されている。また、部門別に、予算と収益目標が設定され、権限と責任体制が明確になっている点もわが国と大きく異なっている。 3.わが国銀行人事システムの変化とその問題点。バブル経済の前後において、わが国でも人事評価に能力主義を導入する傾向が強くなっている。給与に関しては職務給、賞与に関しては、項目どとの評価に応じた賞与体系が導入されている。また、総合職の分化や通年採用など人事のflexibilityを高める工夫が行われている。これらの人事システムの変化は、銀行員のインセンティブを高めることが期待される一方、評価システムの重要性や問題点(客観性、評価基準の設定、誰を評価者にするか、大和銀行問題など)を浮き彫りにしており、今後さらに検討が必要であると考える。 4.バブル経済と人事システムのあり方との関係。バブル経済期における審査部の役割について、役員に締める審査部出身者の地位について検討を行った。また、金融業務の専門化やアンバンドリング化など、今後の銀行経営にとって必要とされる改革と、従来の人事システムとの関係(矛盾)について検討を行った。さらに、現在検討されている金融持株会社と人事システムとの関係についても考察を行った。


• わが国のメインバンク制に関する実証的研究

  藤原 賢哉

  日本学術振興会, 科学研究費助成事業, 奨励研究(A), 広島大学, 1993 - 1993

  1.企業経営危機時におけるメインバンクの役割 (1)倒産企業の法的整理形態の違いと、メインバンク融資シェア、担保順位、従業員数、倒産原因等との相関について統計的に検討を行い、メインバンクとの関係が深い企業ほど、再建型の整理形態をとる傾向が強いことを確認した。(2)構造不況業種の一つである海運業について、倒産企業と非倒産企業を比較し、非倒産企業ほどメインバンクの融資シェアが高く、取引金融機関数も小さい傾向があることを統計的に確認した。 2.M&Aにおけるメインバンクの役割 (1)交友的なM&Aにおいて、メインバンクは、企業間の情報の非対称性を緩和する形で、仲介、融資等の面で、重要な役割を果たしていること、(2)敵対的なM&Aにおいて、メインバンクは、被買収企業を援助する形で機能していること、(3)M&Aは、メインバンクによる企業救済の一手段として見なせること、等の事実を実証的に確認した。


• Expansion and Globalization of Financial Markets, and Financial System, Monetary Policy; Theory, Practice, and International Comparison

  MIKITANI Ryoichi, HONDA Yuzo, FUJIWARA Kenya, UE Katsuya, JINUSHI Toshiki, ISHIGAKI Kenichi

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Co-operative Research (A), Kobe University, 1990 - 1991

  Final Research Results are to be published as a book titled World Financial Deregulation and Monetary Policy. Its first part deals with theories of monetary policy; it surveys standard literatures and shows the most recent developments. In the macro chapter, "the neutrality of money" is highlighted and, the theoretical developments are summarized, from the Keynesian --Monetarist debate to the recent New Classical-- New Keynesian debate. In the micro chapter, "the asymmetry of information" is the central concept; problems like the opotimality of the debt contract, credit rationing, and bank run are treated theoretically. In the chapter of international coordination, the possibility of adverse results caused by macro policy coordination is emphasized, and the justification for the BIS regulation is theoretically clarified, both using the game theoretic approach. The second part has nine chapters on the country case studies; Japan, USA, Canada, Germany, France, England, Australia, and EC. The evolution of financial system reforms, and the corresponding changes in monetary policy regimes, and the resulting macroeconomic performances are summarized for each country with clear division of time periods. The third part compares the country case studies and tries to extract lessons from them. Firstly, among final policy goals, most countries gave top priority to high employment till the mid 70s and did so to low inflation since then to the mid 80s; but, currently, they are divided into two groups, the inflation-first group and the pragmatic group which adjust policy priorities corresponding to economic situations. Secondly, the history of the operating strategies shows the same pattern; "the discretion" was common till the mid 70s, and "the rule" was common since then till the mid 80s; currently, the pragmatic group adopts "the discretion" and the inflation-first group adapts "the rule". However, the distance between the two procedures have been lessened; neither groups no longer utilize the extreme strategies. Finally, it is asserted that the macroeconomic performances are not evidently different between the two groups. It might be the results of the significant convergence in the ways of policy operation but we must wait until future large shocks to evaluate the two directions fully.