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Etsuro Shioji 서울대학교 경제연구소 2020 Seoul journal of economics Vol.33 No.3
In recent years, many central banks around the world have conducted quantitative easing, namely a massive expansion of their balance sheets. This paper studies commercial banks’ lending behaviors under such a policy regime, using the Japanese data. Since April 2013, the Bank of Japan has executed quantitative easing of an extraordinary magnitude. This is known as the “Quantitative and Qualitative Monetary Easing (QQE)”. During this period, the overall size of bank reserves outstanding has become eight times larger in just six years. Yet aggregate data indicates that bank lending and money stock hardly responded. This seems to indicate that the traditional money creation process has totally collapsed. But is the money multiplier really completely “dead”? This paper utilizes a panel data on balance sheets of Japan’s regional banks to answer this question. The data is semiannual, consisting of observations from March and September between years 2013 and 2019. I study if a bank, which inherited a larger stock of reserves at the end of a period, would tend to expand its loans more aggressively in the subsequent period. It turns out to be important to divide the entire QQE period into two. During the first half of our sample period, between March 2013 and September 2015, I find no significant response of bank lending to an increased bank reserves. In the second half, between March 2016 and September 2019, a significantly positive response is observed. However, even for the latter period, the coefficients on bank reserves and government bonds turn out to be about the same: this suggests that injection of bank reserves by the central bank through purchases of government bonds, which has been the most dominant form of central bank transactions under the QQE, has not been effective.
Etsuro Takagi 한국응용곤충학회 2014 Journal of Asia-Pacific Entomology Vol.17 No.3
When monophagous and oligophagous insect herbivores colonize new areas, they sometimes use novel hosts. The availability of the new hosts can facilitate further expansion into regions beyond the geographic range ofthe original hosts, resulting in specialization on different host plant taxa in different parts of the herbivore'sgeographic range. Strongylocoris leucocephalus Linnaeus (Hemiptera: Miridae), which is a plant bug attackingCampanula spp., is widely distributed in the Eurasian continent, North Africa, and northern Japan. In the processof geographic range expansion, S. leucocephalus may incorporate novel host plants into their host range. I investigatedthe host plant species of S. leucocephalus in central Japan. Field observations revealed that the plant bugfed on the novel host plant Adenophora triphylla (Thunb.) A. DC. var. japonica (Regel) H. Hara (Campanulaceae),although feeding by S. leucocephalus was not associated with plant mortality. However, S. leucocephalus never fedon Campanula punctata Lam. var. hondoensis (Kitam.) Ohwi, the only Campanula species at the study site. Theplant bug S. leucocephalus and the novel host plant A. triphylla var. japonica are not entirely distributed sympatrically,suggesting that the plant bug has expanded its geographic range by incorporating new hosts.
( Kuronuma Etsuro ) 건국대학교 법학연구소 2015 一鑑法學 Vol.0 No.30
日本では、2014年の金融商品取引法の改正により、投資型クラウドファンディング を促進する法制が整えられた。本稿は、クラウドファンディングの意義を論じたの ち、2014年改正法の內容として、仲介業者の參入要件の緩和、發行者の開示義務の免 除、仲介業者による發行者情報の開示、および仲介業者の自主規制機關への加入につ いて解說する。さらに、クラウドファンディングのディスクロ-ジャ-規制に問題が あることを指摘し、さいごに、日本におけるクラウドファンディングの見通しについ て論じる。
International Trends in Capital Market Law: Japan
黑沼悅郎 ( Kuronuma Etsuro ) 제주대학교 법과정책연구소 2017 국제법무 Vol.9 No.1
2016년 5월 일본의 금융심의회는 `시장워킹그룹`(market working group)을 설치하여 시장·거래소에 관한 여러 문제에 대하여 검토하기 시작하였다. 검토대상사항은 고빈도거래(High frequency Trading, HFT), 사설거래(propriety trading system, PTS), 익명거래시장(Dark Pool), 상장지수연동형펀드(Exchange Traded Fund, ETF) 등, 현재 세계의 자본시장에서 대응이 요구되고 있는 문제와 금융사업자의 폭넓은 신인의무(Fiduciary Duty)에 관한 새로운 문제이다. 그리고 2016년 10월에는 `시장워킹그룹`(market working group) 하의 공정공시룰태스크포스(Fair Disclosure rule task Force)를 설치하여 발행자에 의한 선택적 정보공시금지 룰을 책정하기 위한 작업을 시작하였다. 그후 2016년 12월 7일에 태스크포스보고서가 공표되었고, 동월 22일에 시장워킹그룹의 보고서가 공표되었다. 이러한 보고서의 제언 중 법률개정이 필요한 것은 금융상품거래법의 개정안에 정리되어 2017년 4월 현재 국회에서 심의 중이다. 본고에서는 이러한 검토사항에 대하여 문제의 소재, 심의회의 논의상황, 보고서 및 법안의 내용을 소개하고 추가적인 검토를 한다. The Financial System Council of Japan started discussions on various issues surrounding capital markets and stock exchanges by establishing the Market Working Group in May 2016. Subjects of discussions are the issues which capital markets are facing worldwide such as High Frequency Trading, Proprietary Trading System, Dark Pool, and Exchange Traded Funds, as well as the old and new issue of Fiduciary Duty of various types of Financial Business Operators. In October 2016, the Fair Disclosure Task Force was formed under the Market Working Group and began working towards the making rules of prohibition on selective disclosure of information by issuers. A report by the Working Group was published on December 22 of 2016, whereas a report by the Task Force was made public on December 7 of 2016. Amendments of the Financial Instruments and Exchange Act are drafted with respect to some proposals in the two reports which need legislation, and the Bill to amend the Act is under deliberation at Japanese Diet now in April of 2017. On the each issue, this paper makes clear what the problem is, introduces discussions at the Council, contents of the two reports and the bill. It also analyzes some legal issues on the market reforms.
Yukiyoshi Teramoto,Etsuro Shimokawa,Tsugio Ezaki,Young-Hyup Lim,Suk-Woo Kim,Kun-Woo Chun 강원대학교 산림과학연구소 2016 Journal of Forest Science Vol.32 No.3
This study explained vertical distributions and growth environments for woody vegetation. It had been degenerated by long-term volcanic activity of Sakurajima; vegetation and thicknesses of tephra layers and forest soils were investigated at 5 sites (250-700 m in altitude) with different altitudes localized at the northwestern-northern flanks of Sakurajima in Kagoshima Prefecture. The results in 2015 were compared with the vertical distribution of woody vegetation in 1963, when the volcanic activity of Sakurajima was relatively moderate. Thus, we investigated temporal changes in the vertical distribution of woody vegetation owing to volcanic activity over about 50 years (1963-2015). We indicated altitude decreased, the number of woody vegetation, number of species, sum of cross-sectional area of tree diameter at breast height, Fisher-Williams’s diversity index , and forest soil thickness increased. However, these values were found to be degenerated when compared to climax forest values, and succession was incomplete. It seems that because the woody vegetation of the flank was affected by volcanic activity for a long time, exposing them to severe growth environments, areas with lower altitudes became distant from the craters of Sakurajima, thereby weakening the effect of volcanic activity in these areas at lower altitudes. a at the same altitudes over about 50 years (1963-2015) decreased by about 31-72%, and the sum of the cross-sectional area in tree diameter at breast heights decreased by about 14-62%. Thus, comparative growth environments for woody vegetation in 2015 were more severe than that of 1963, with respect to tephra layer thickness. In addition, for vegetation succession in the flank of Sakurajima, vegetation restoration should be promoted through the introduction of artificial woody plants covered by symbiotic microorganisms or organic materials.