Suchergebnisse

1. Introduction -- 2. Interdisciplinary Approach to Long-Term Welfare Effects of Displacement -- 3. Short-Term Versus Long-Term Effects of Forced Displacement -- 4. The long-term livelihood effects of the conservation-led displacement in Kanchanpur, Nepal -- 5. Attitudes Toward Land Acquisition in Indonesia -- 6. The Political Economy of Caste, Forced Displacement and Impact on Local Communities' Welfare in Nepal -- 7. Special Economic Zones and Livelihood Changes: Evidence from India -- 8. Attitudes Towards Forced Displacement in West Bengal, India: To Move (Again) or Not? -- 9. Land Trust to Facilitate Development Through Land Transfer -- 10. Economic Development and Effects on Land -- 11. Land Pooling as a Means of Mitigating Land Displacement in India -- 12. Conclusion

This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011.The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of

This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the "originate and distribute" model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability

This paper revisits the fiscal sustainability condition proposed by Domar (1944). The Domar condition is derived from the government budget constraint and thus focuses on the supply side of the government bond. By considering the demand for the government bond, this paper finds that public debt sustainability depends on interest rate sensitivity to changes in government bond supply and demand. Data shows that the prediction of our model on public debt sustainability is consistent with the cases of Greece and Japan.

This study analyzes the impact of a high-speed rail line on tax revenues and on the economy of affected regions within the country. The economic impact of infrastructure investment can be induced by changes in tax revenues when the infrastructure is in operation. Accurate regional GDP data are not necessarily available in many Asian countries. However, tax data can be collected. Therefore, this study uses tax revenue dates in order to estimate spillover effects of infrastructure investment. The Kyushu high-speed rail line was constructed in 1991 and was completed in 2003. In 2004, the rail line started operating from Kagoshima to Kumamoto. The entire line was opened in 2011. We estimated its impact in the Kyushu region of Japan by using the differencein- difference method, and compared the tax revenues of regions along the high-speed railway line with other regions that were not affected by the railway line. Our findings show a positive impact on the region's tax revenue following the connection of the Kyushu rapid train with large cities, such as Osaka and Tokyo. Tax revenue in the region significantly increased during construction in 1991–2003, and dropped after the start of operations in 2004–2010. The rapid train's impact on the neighboring prefectures of Kyushu is positive. However, in 2004–2013, its impact on tax revenue in places farther from the rapid train was observed to be lower. When the Kyushu railway line was connected to the existing high-speed railway line of Sanyo, the situation changed. The study finds statistically significant and economically growing impact on tax revenue after it was completed and connected to other large cities, such as Osaka and Tokyo. Tax revenues in the regions close to the high-speed train is higher than in adjacent regions. The difference-in-difference coefficient methods reveal that corporate tax revenue was lower than personal income tax revenue during construction. However, the difference in corporate tax revenues rose after connectivity with large cities was ...

This paper studies how an aging population affects economic performance and the effectiveness of fiscal and monetary policies. We develop a New Keynesian dynamic stochastic general equilibrium model with heterogeneous households, workers, and retirees. We demonstrate that an increase in the proportion of working population increases aggregate output, consumption, and investment by increasing total labor supply in the long run. It also increases wages and reduces social security burden of the government. This paper also finds that effectiveness of fiscal and monetary policies is weakened when the proportion of retirees becomes larger. This is the reason why recent monetary policies cannot recover the Japanese economy from the prolonged stagnation.

Rapidly rising local government debt in Japan presents a nontrivial addition to the central government debt. The planned replacement of the approval system for local government bor- rowing by a 'consultation system' in FY 2006 does not remove the implicit central govern- ment guarantee for local debt and thus the moral hazard involved in the system. Given all the risks associated with high debt levels (crowding out, inflation, potential insustainability) and the bad selection of projects financed under the current system, we suggest to restrict local government borrowing to user based revenue bonds, where investors receive the future revenue of the project and have an incentive to carefully select and monitor the projects they finance. In a generation model we show that this not only improves the sustainability of local government debt, but that it is highly likely that the debt will be sustainable.

Smes' role in asia, difficulties in accessing finance, and remedies -- Role of smes in Asia and the financing challenges they face / Naoyuki Yoshino and Farhad Taghizadeh-Hesary -- Enhancing access to finance for SMEs : the case of Central Asia / Arnault Prêtet and Tabea Klang -- Credit risk databases and credit scoring of SMEs -- A comprehensive method for credit risk assessment of small and medium-sized enterprises based on Asian data / Naoyuki Yoshino and Farhad Taghizadeh-Hesary -- The role of credit rating agencies in addressing gaps in micro and small enterprise financing : the case of India / Savita Shankar -- Establishment of the credit risk database : concrete use to evaluate creditworthiness of SMEs / Satoshi Kuwahara, Naoyuki Yoshino, Megumi Sagara, and Farhad Taghizadeh-Hesary -- Credit risk analysis of small and medium-sized enterprises based on Thai data / Naoyuki Yoshino, Farhad Taghizadeh-Hesary, Phadet Charoensivakorn, and Baburam Niraula -- Credit guarantee schemes and SME finance -- Oil price fluctuations, creditworthiness of the financial system, and SME financing in Kazakhstan / Yergali Dosmagambet, Yessengali Oskenbayev, Farhad Taghizadeh-Hesary, and Moldir Mukan -- The role of credit guarantee schemes in financing micro, small, and medium enterprises : the case of India / Navin Kumar Maini -- Role of credit guarantee for financing MSMEs : evidence from rural and urban areas in Indonesia / Adhitya Wardhono, Mohamad Ikhsan Modjo, and Eka Wahyu Utami -- Role of credit guarantee scheme in the development of small and medium-sized enterprises : with emphasis on knowledge-based enterprises / Roohollah Aboojafari, Alireza Daliri, Farhad Taghizadeh-Hesary, Mohammad Mokhtari, and Mohsen Makhitiari -- Credit supplementation system for unlocking sme and start-up access to finance : the case of Japan / Atsuo Kuroda -- The Korea credit guarantee fund and its contribution to the economy / Jong-goo Lee, Sunyoung Hong, Taehyun Lee, and Wooinn Park -- Marketing: the crucial success factor for Pakistan's credit guarantee scheme / Talha Nadeem and Raheel Rasool -- Small and medium-sized enterprises' financing in Singapore / Youngho Chang and Cedric Rimaud -- Credit guarantee scheme and small and medium-sized enterprise finance : the case of Turkey / Mustafa Yagci -- Challenges in implementing the credit guarantee scheme for SMEs : the case of Vietnam / Le Ngoc Dang and Anh Tu Chuc.

Summary -- Preface and Introductory Remarks -- Contents -- About the Editors and Contributors -- Editors -- Contributors -- Abbreviations -- 1 Japan's Lost Decade: Causes and Remedies -- 1.1 Introduction -- 1.2 Causes of the Long-Term Recession in Japan -- Aging Population -- Monetary Transfers from Central to Local Governments -- Banking Behavior -- Excessive Contractionary Monetary Policy -- Reduced Effectiveness of Fiscal Policy -- High Appreciation of the Yen in the Mid-1990s -- Banking Crisis of 1998 -- Japan's Ineffective Monetary Policy -- 1.3 Comparison of the Economic Collapse in Japan and Greece -- 1.4 Empirical Analysis -- Empirical Model -- Unit Root Test -- Empirical Results -- 1.5 Remedies for Stimulating Growth in Japan -- Remedy 1: Required Reforms Regarding the Aging Population -- Remedy 2: Increasing Female Participation in the Economy -- Remedy 3: Reduction of Transfers from Central to Local Governments -- Remedy 4: Reform of the Agriculture Sector -- Remedy 5: Diversification of Households' Asset Allocation -- Remedy 6: Switching Asset Allocation Pension Funds and Insurance Companies from Pay-as-You-Go to 401(k)-Style -- Remedy 7: Review of Asset Management Fees -- Remedy 8: Use of Hometown Investment Trust Funds to Finance Riskier Businesses -- Remedy 9: Optimal Mix of Public and Private Funds -- Remedy 10: Review of Monetary Policy Goals -- Remedy 11: Diversification of the Energy Basket -- 1.6 Concluding Remarks -- References -- 2 Changes in Economic Effect of Infrastructure and Financing Methods: The Japanese Case -- 2.1 Introduction -- 2.2 Changes to and Evaluation of Productivity Effect of Public Capital in Recent Years -- Estimation Model of the Economic Effect of Public Capital -- Methods for Measuring the Productivity Effect of Public Capital -- Industrial and Regional Classification