Reference Materials

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Chapter 1

1. Section 1

  • FRB (2002) "An Investigation of Co-movements among the Growth Rate of G-7 countries".

2. Section 2

  • Fujiwara and Shinke (2003) "Analysis of Land Profit Ratio and Land Price-Lowering Factors", Cabinet Office, Economic Survey of Japan Discussion Papers, DP/03-2
  • Economic Planning Agency (1989) "Economic Survey of Japan, 1988-1989".
  • Economic Planning Agency (1999) "Economic Survey of Japan, 1998-1999".
  • Nakayama and Oshima (1999) "Formation of Inflationary Expectations", Research and Statistics Department, Bank of Japan, Working Paper Series 99-7
  • Takeaki Kariya (1986) "Concept of Econometric Analysis and its Reality", Toyo Keizai INC.
  • Toshihisa Toyoda (1987) "Inflation: Formation of Inflationary Expectations and Phillips Curve", Hamada, Kuroda and Horiuchi eds. "Macroeconomic Analysis of Japanese Economy", University of Tokyo Press.
  • Shinpo, Konishi and Oohira (1978) "Analysis of Stagflation by Monetarist Model", "Economic Analysis" Vol.72.
  • Shimada, Hosokawa and Seike (1982) "Analysis of Wage and Employment Adjustment Process", "Economic Analysis", Vol.84.
  • Shigeyuki Hamori (2000) "Econometrics", Chuokeizai-Sha.

3. Section 3

  • Bank of Japan, Research and Statistics Department, Economic Statistics Division (2001) "Introductory Flow of Funds", Toyokeizai Shinpo-sha.
  • Bank of Japan, Policy Planning Office (2002) "Role of Money Supply that can work for Monetary Policy Operations".
  • Chapter 2

    1. Section 1

  • G. Emery, Uga and Kawaguchi (1993) "Analysis of Business Credit and Company Relationship", Institute of Fiscal and Monetary Policy, Ministry of Finance, "Financial Review" (March 1993)
  • Okazaki and Horiuchi (1992) "Relationship between Corporate Equipment Investment and Main Banks"; Horiuchi and Yoshino eds. "Analysis of the Modern Japanese Finance", University of Tokyo Press.
  • Bank of Japan (2002) Report of the "Study Group on the Securitization of Small to Medium Enterprises' Receivables", Financial Markets Department Working Paper Series, Bank of Japan, 2002-J-6 (July 2002).
  • Hanasaki and Takeuchi (1997) "Characteristics of Equipment Investment Behavior of Japanese Corporations: International Comparison Based on Micro-Data", Institute of Fiscal and Monetary Policy, Ministry of Finance, Financial Review (June 1997).
  • Jensen, M. C., and W. H. Meckling (1976) "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure," Journal of Financial Economics 3, pp. 305-360.
  • Modigliani, F., and H. Miller (1958) "The Cost of Capital, Corporate Finance and the Theory of Investment," American Economic Review 48(3), pp.261-297.

2. Section 2

  • Omura and Masuko (2000) "Ad Interim Report of the Questionnaire concerning Financing System and Corporate Governance of Japanese Companies" Policy Research Institute of the Ministry of Finance ed. (October 2000)
  • Finance-receivable market conference (2003) "Loan Restructuring Market Conference Report" (March 2003)
  • Masaya Sakurakawa (2002) "Economic Analysis of the Financial Crisis", University of Tokyo Press (June 2002)
  • Japan Syndication and Loan-trading Association (JSLA)(2003) "Results of the Questionnaire concerning Finance-receivable Market for Business Corporations" JSLA Official Report Committee (April 2003)
  • Mariko Fujii(2001) "A Note on the Financial System Analysis: A Functional View", Policy Research Institute, Ministry of Finance, Financial Review (September 2001)
  • Noriyuki Yanagikawa (2000) "Economics of Contracts and Organizations", Toyokeizai Shimpo-sha
  • Dewatripont, M. and E. Maskin (1995) "Credit and Efficiency in Centralized and Decentralized Economies," Review of Economic Studies 62, pp.541-555.

3. Section 3

  • Ikeo and Seshimo (1998) "Systematic Framework for dealing with Companies' Bankruptcy", Miwa, Kanda and Yanagikawa eds. "Economics for Company Law", Chapter 8, pp.253-277, University of Tokyo Press.
  • RECOF Corporation (2003) "Japanese Corporate M&A Data Book 1988-2002" RECOF Corporation (February 2003)
  • Komiya and Amano (1972) International Economics, pp.435-436, Iwanami Shoten.
  • Saita and Sekine (2001) "Sectoral Credit Shifts in Japan: Causes and Consequences of Their Decline in the 1990s", Research and Statistics Department of
  • Bank of Japan, Working Paper 01-16
  • Industrial Revitalization Corporation establishment preparation office (2003) "Q&A concerning Industrial Revitalization Corporation".
  • Industrial Revitalization and Employment Policy Strategy headquarters (2002) "The Basic Guidelines about A Company and Industrial Revitalization" (December 19, 2002)
  • Study Group for the Guideline for Multi-Creditor Out-of-Court Workouts (2001) "Guideline for Multi-Creditor Out-of-Court Workouts".
  • Business Study Group for the Guideline for Multi-Creditor Out-of-Court Workouts (2002) "The Examination Result about the Guideline Employment".
  • Cabinet Office "Industrial Revitalization: Lessons from the Northern Europe and Asia", (2003) "Trends of the World Economy, Spring 2003".
  • Shinichi Hirota (1989) "The Insurance Offer Hypothesis of Main Banks in Japan", Doshisha University "Economics Discussion", Vol.41., No.3, pp.155-178.
  • Study Group of Bad Loans Commissioned Companies (2001-02) "Asset Management Corporation for Dealing with Bad Loans Overseas", "Financial Affairs", Kinzai Institute for Financial Affairs, INC. (December 3, 10, 17, 2001 and January 7, 21, 2003)
  • Horiuchi and Fukuda (1987) "What Role did Japanese Main Banks Play?", Bank of Japan, Financial Research Center "Financial Research", Vol.6., No.3, pp.1-28.
  • Miyajima, Kondo and Yamamoto (2001) "Formation of Japanese Corporate System and its Transformation: Dispatching External Executives and Corporate Performance", Japan Center for Economic Research, "Japanese Economic Studies", No.43, pp.18-45.
  • Akimitsu Fujii (2002) "Behavior Trends of Japanese Banks toward the Corporate Sector and Their Impact on the Economy", Development Bank of Japan, "Research Report", Vol.41 (August 2002).
  • Tsutomu Miyagawa(2003) "The Lost Decade and Transformation of Industrial Structure: Why Are New Growth Industries Not Being Born?", Iwata and Miyagawa eds.,"Economics series; What is the Real Cause for the Lost Decade?", pp.39-61, Toyokeizai Shimpo-sha (June 2003).
  • Diamond, D. (1984) "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, 51, pp.393-414.
  • Kane, E.J. and Klingebiel, D. (2002) "Alternatives to Blanket Guarantees for Containing a Systemic Crisis," Paper presented at WB/IMF/FRB seminar on "Policy Challenges for the Financial Sector in the Context of Globalization," June 5-7, 2002, Washington, D.C..
  • Klingebiel, D. (2000) "The Use of Asset Management Companies in the Resolution of Banking Crises: Cross-Country Experiences," World Bank Policy Research Working Paper 2284
  • Lilien, D.M. (1982) "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, 90, pp.777-793.
  • Meyerman, G.E. (2003) "The London Approach and Corporate Debt Restructuring in East Asia," Managing Financial and Corporate Distress: Lessons from Asia, C. Adams, R.E. Litan, and M. Pomerleano ed., Brookings Institution Press.
  • Pomerleano, M.(2003) "The Morning After: Restructuring in the Aftermath of an Asset Bubble," Asset Price Bubbles, Hunter, W. C., Kaufman, G. G., Pomerleano, M. ed., MIT Press.

4. Section 4

  • OECD (2003) "Employment Outlook 2002"
  • Omura, Iwaki, Mizugami, Sudo and Sugeta (2002) "The Disposal of Non-Performing Loans and Its Potential Influence II: With Emphasis on the Impact on Employment", Economic and Fiscal Policy Analysis Discussion Paper of the Cabinet Office-DP02-4
  • Kato, Fujiwara and Fujimoto (2003) "The Disposal of Non-Performing Loans and its Influence on the Bankruptcy and Employment", Economic and Fiscal Policy Analysis Discussion Paper of the Cabinet Office- DP03-3.
  • Takeshi Kimura (1999) "Review of the Downward Rigidity for the Nominal Wage: Is the Inflation to Some Extent necessary for the Labour Market to be Smoothly Worked?", Bank of Japan, Working Paper Series 99-4.
  • Economic Planning Agency (2000) "Annual World Economic Report, FY 2000".
  • Seiji Shimpo (2001) "Japanese Economy: Essential Factor for its Failure", Nihon Keizai Shinbun-sha.
  • Cabinet Office (2003) "Intellectual Round-table Conference Report about Training of youth".
  • Cabinet Office, edited by the Economic and Social Research Institute (2003) "Empirical Analysis in Connection with Job Creation and Unemployment", "Economic Analysis", No.168 (March 2003).
  • Cabinet Office (2003) "White Paper on the National Lifestyle, FY 2003".
  • The Japan Institute of Labour (2003) "Development of Working Support Policy for Youth in Foreign Countries: Case Study of the UK and Sweden", "Document series 2003, No.131".
  • Hattori and Maeda (2000) "The Japanese Employment System", Bank of Japan "Bank of Japan Research Papers", January 2000.
  • Yoshio Higuchi (2001) "Economics of Employment and Joblessness", Nihon Keizai Shimbun-Sha.
  • Yoshio Higuchi (2001) "How Should We Establish Safety Nets for Employment?", Ministry of Economy, Trade and Industry.
  • Yoshio Higuch (2001) "Characteristics of Employment Policy and its Trends in Japan", "Economic Studies", April 2001.
  • Ministry of Labour (2000) "Analysis of Labour Economy, FY 2000".
  • Naonori Mitani (2001) "Structural Changes in the Youth Labour Market and Employment Policies--Experiences in OECD Countries", "The Monthly Journal of the Japan Institute of Labour", 2001.
  • Chapter 3
  • 1. All sections
  • Yoshihide Ishiyama (1998) "Economics for the Hyper-Aging Society", Nippon Hyoron-Sha.
  • Economic Planning Agency (1995) "Economic Survey of Japan, 1994-1995".
  • Ministry of Health, Labour and Welfare (2003) "White Paper on Health, Labour and Welfare, 2003".
  • The Keizai-keiei Gakkai, Kobe University (2002) "Special Issue: Economic and Social Analysis of Aging Population", The Kokumin-Keizai Zasshi (Journal of Economics & Business Administration), Vol.185, No.1.
  • Ministry of Finance, Policy Research Institute (2000) "Progress in the Declining Birthrate and the Aging Society and Prospects for the Japanese Economy and Society", Research Report.
  • National Institute for Research Advancement (1998) "The Economic Effects of an Aging Population and Shifts in the Fertility Rate; Economy and Demographic Changes".
  • Matsutani and Fujimasa (2002) "Design of a Society with a Declining Population: Economics for an Affluent Future", Chukou-Shinsho.
  • Yukihiro Matsuyama (2002) "Halving the Population: The Way of the Japanese Economy", Toyokeizai shimpo-sha.
  • Yashiro, Oshio et al. (1997) "Economic Analysis of Japan's Aging Society", Institute for Economic Affairs of the Economic Planning Agency, "Economic Analysis", Vol.151.
  • Naohiro Yashiro (1999) "Economics for the Declining Birthrate and Aging: Market-Driven Structural Reform", Toyokeizai shimpo-sha.

2. Section 1

  • Hiroyuki Ida (2003) "The Japanese Society with an Increasing Number of Single Persons", Yosensha.
  • Hiroshi Ohbuchi (2002) "Structural Transformation of the Declining Birthrate and Aging Society", Kokumin-Keizai Zasshi, Vol.185.,No.1.
  • Hiroshi Ohbuchi (1997) "The Japanese Economy in the Era of a Declining Birthrate", NHK Press Association.
  • Hisakazu Kato (2001)"Introductory Population Economics", Nippon-Hyoron-Sha.
  • Satoshi Kawamoto ed. (2001) "Discussions on a Japan with a Declining Birthrate", Chuokoron-Shinsha.
  • Ministry of Health, Labour and Welfare (2002) "White Paper on Women's Labour, 2002".
  • Ministry of Health, Labour and Welfare (2003) "White Paper on the Labour and Economy, 2003".
  • National Institute of Population and Social Security Research ed. (2002) "Childcare Support in a Society with a Declining Birthrate".
  • National Institute of Population and Social Security Research Journal of Population Problems, Vol.57 No.4.
  • Hiroshi Kojima (2002) "Comparative Study on the Trend of Declining Birthrate and Countermeasures in Industrial Nations".
  • The Tax Commission, Japan (2003) "A Sustainable Tax System For Japan's Aging Society"
  • The Tax Commission, Japan, Subcommittee on the Basic Issues, 23rd Meeting Documents (2003).
  • Council for Gender Equality (2003) "Women's Efforts Support Policy".
  • Cabinet Office "White Paper on the Aging Society", FY2002, FY2003.
  • Cabinet Office (1997) "White Paper on the National Lifestyle, FY1997".
  • Cabinet Office (2001) "White Paper on the National Lifestyle, FY2001".
  • Cabinet Office "Annual Report on the State of Formation of a Gender-Equal Society", 2002 and 2003.
  • Yasushi Harada (2001) "Economics of the Declining Population", PHP Research Institute.
  • Yomiuri Shimbun (2003) "Special Issue: Society with a Declining Population"

3. Section 2

  • Kitamura and Fujiki (1995) "Application of Panel Data Analysis for International Comparison Studies", "Journal of Monetary Issues, Vol.14, No.1", Research Institute for the Monetary Issues of Bank of Japan.
  • Planning Bureau of Economic Planning Agency (2000) "Study Group on the Economy under the Declining Population", Interim Report.
  • Sadahiro and Shimasawa (2002) "Analysis of Endogenous Growth under a Declining Population: Japan Case Studies; Simulation Analysis by the Generation Double Model", "National Economy", No.165.
  • Masubuchi, Matsuya et al. (2002) "Analysis of the Social Security System by the Social Security Model", Economic and Fiscal Policy Analysis Discussion Paper Series, No.9 of the Cabinet Office.
  • Matsuura, Watanabe and Uemura (1998) "Medium and Long Term Japanese Economic Growth: Focus on Impact of Decrease in Amount of Labour Input Accompanying Aging", Research and Statistics Department of Bank of Japan, Working Paper series.
  • Feldstein,M., Horioka,C., (1980) "Domestic Savings and International Capital Flows" Journal of Economics,90,314-329.

4. Section 3

(1) The whole of the Section 3.

  • Takashi Oshio (2001) "Economics of Social Security, 2nd Ed.", Nippon-Hyoron-Sha.
  • Council on the Social Security System (2003) "Opinions on Future Direction of Social Security Reform: Toward the Realization of a Social Security System for the 21st Century".
  • Social Security Editorial Committee for the 21st Century (2001) ed. "Social Security for the 21st Century: Documents of the Expert Meeting for Discussing Ideal Social Security Structure", Chuohoki.
  • Nippon Keidanren (Japan Federation of Economic Organizations)(2003)"Towards an Energetic and Attractive Japanese Society".
  • Center for Economic and Public Policy Research ed., Japan Research Institute, Ltd., Research Division "Basic Concept of Taxation System and Social Security", Nippon Hyoron-Sha.
  • Hatta and Yashiro eds. (1998) "Social Insurance Reform: The Re-design of Pension, Nursing Care, Medical Treatment and Employment Insurance", Nihon Keizai Shimbun, Inc.
  • Yoshinori Hiroi (2001) "Social Security in Japan", Iwanami Shinsho.
  • Hiroshi Miyajima (1992) "Social Economics for the Aging Era: Family, Corporations and Government", Iwanami Shoten.
  • Masako Murakami (1999) "Economics of Social Security, 2nd Ed.", Toyokeizai Shimpo-Sha.
  • Naohiro Yashiro and Japan Center for Economic Research (2003) "Economics of Social Security Reform", Toyokeizai Shimpo-Sha.

(2) Increase of National Burden Rate and Issues for Public Sector

  • Asou and Yoshida (1996) "Generation-wise Benefits and Burdens in Generational Accounting", "Financial Review", March 1996, Institute of Fiscal and Monetary Policy, Ministry of Finance.
  • Iwamoto, Ozaki and Maekawa (1996) "Budget Deficit and Generational Accounting", Financial Review, March 1996, Institute of Fiscal and Monetary Policy, Ministry of Finance.
  • Toshiyuki Uemura (2001) "Economic Analysis of the Budget Burden", K.G. University Press.
  • Planning Bureau of Economic Planning Agency (1996) "Reference for Budget and Social Security Issues".
  • Cabinet Office (2001) "Annual Report on the Economy and Public Finance, FY2001".
  • Yoshikawa, Takayama and Uemura (2000) "National Burden Rate and Economic Growth: Empirical Analysis by OECD Countries' Panel Data", Research and Statistics Department of Bank of Japan, Discussion Paper series, 00-6.
  • Hiroshi Yoshida (1996) "Application of the General Accounting for the Local Finance", Financial Review, March 1996, Institute of Fiscal and Monetary Policy, Ministry of Finance.
  • Agell,J., Lindh,T., Ohlsson,H., (1997) "Growth and the Public Sector: A critical Review Essay" European Journal of Political Economy Vol.13 33-52.

(3) Reform of Administrative and Financial Organization by New Public Management (NPM).

  • Study Group of New Administrative Management (2002) "Toward the Realization of New Administrative Management".
  • Soshiro Ohsumi (1999) "New Public Management: Concept, Vision and Strategy", Nippon Hyoron-Sha.
  • Soshiro Ohsumi (2002) "New Public Management: Theory and Practice of Strategic Administration", Nippon Hyoron-Sha.
  • Ohsumi, Ueyama, Tamamura and Nagata (2003) "Japanese-style NPM: Challenges for Business Reform of Administration", Gyosei.
  • Economic Planning Agency (2000) "Economic White Paper, FY2000".
  • Honma and Saito (2001) "Reform of Local Government Finance: Application of New Public Management method", Yuhikaku.
  • Miyagawa and Yamamoto (2002) "Public Governance: Reform and Strategy", Nippon Hyoron-Sha.

(4) Reform of the Public Pension System

  • Ushimaru et al. (2000) "Concept of the Public Pension System and Direction of the Drastic Reform", Economic Research Institute of Economic Planning Agency, "Economic Analysis", Vol.161.
  • Takashi Oshio (1998) "Concept of Privatization of Pensions", Nihon Keizai Shimbun-sha.
  • Pension Bureau of the Ministry of Health and Welfare (1999) "Establishment of a Pension System for the 21st Century".
  • Ministry of Health, Labour and Welfare (2002) "Direction and Point of Issues on the Framework of Pension Reform".
  • The Tax Commission (2003) "Establishment of an Ideal Taxation System in a Aging Society with a Declining Birthrate".
  • Noriyuki Takayama (2000) "Pension Class: To the era when the national pension burden needs to be distributed".
  • Kazuhiko Nishizawa (2003) "Major Reform of the Pension System: "Postponement" is no longer allowed", Nihon Keizai Shimbun-sha.

(5) Reform of the Medical Care System

  • Institute for Health Economics and Policy (2002), Study Report on"Estimates of Health Expenditures based on the OECD System of Health Accounts and International Comparison".
  • Edited by the Study Group of Medical Insurance System(2003)"White Paper on Real Medical Insurance: Current Situation of Medical Security and its Issues (2003)".
  • Tadahiko Tokita (1995) "Japanese Health Economics", Toyokeizai Shimpo-sha.
  • Tokita and Nakayama (2001) "Japanese Medical Care and Public Regulation", Hitotsubashi University, Discussion Paper, No.26.
  • Tokita, Yamada et al. (2000) "Analysis of Determinants of Medical Supply and Demand by Inspection Check Data: National Health Insurance in 4 Prefectures including Hokkaido", "Economic Studies", Vol.51, No.4.
  • Cabinet Office, Quality-of-Life Policy Bureau (2001) "Final Working Group Report on Medical Care Prices".
  • Analytical Report of the Policy Impact by the Director General for Policy Planning and Coordination, No.16, "Economic Impact on Medical Services, Nursing Care, Childcare etc. by Regulation Reform: Estimation for considering the entry by private companies", (May 2003).
  • Yoshinori Hiroi (1994) "Irou no Keizai-gaku (Health Economics)", Nihon Keizai Shimbun-sha.
  • Yoshida and Ito (2000) "Impact of the revision of the health insurance system on attitudes toward receiving medical treatment", "Health Economics Study", Vol.7.

4. Columns

3-1 Acceptance of Foreign Workers and Immigrant Workers.

  • Ministry of Health and Welfare, Council on Population Issues (1999)" Concerning measures relevant to the declining birthrate in many foreign countries".
  • Ministry of Health, Labour and Welfare (2002) "Study Group Report on Employment Issues for Foreigners".
  • OECD (2002) "Trends in International Migration".

3-3 Needs for Revitalization of Domestic Direct Investment.

  • Report on Conference on Investment to Japan by Expert Group (2003) "Expert Group Report on Conference on Investment to Japan: Making Japan an Attractive Country for Global Companies".
  • 3-4 Concept of the National Burden Rate.

  • Yasuda Fire and Marine Insurance Memorial Foundation (1997) "Considering the National Burden Rate Issue: Presenting some problems to discuss regarding the National Burden Rate", Yasuda Fire and Marine Insurance Memorial Foundation series No.51.

3-5 Measures for NPM in advanced countries

  • New Administrative Management Study Group (2002) "Toward the realization of New Administrative Management".
  • Policy Research Institute of Ministry of Finance (2001) "Reform of Budget and Finance Management by Introducing the Ideas of Business and Management of the Private Sector: Experiences from the UK, New Zealand, Australia, Canada, Sweden and the Netherlands".
  • OECD (2002) "OECD Economic Surveys: New Zealand".
  • 3-6 NPM in Local Government: Mie Prefecture.

  • Shirakawa and Ono (2002) "Toward Reform of Local Governments by Introducing NPM", "Study Report" No.140, Fujitsu Research Institute.
  • Ministry of Public Management, Home Affairs, Posts and Telecommunications, Local Administration Bureau (2001) "Working Situation of Administrative Evaluation in Local Governments and Public Organizations".
  • Kozo Watanabe (2003) "Policy Evaluation System by Mie Prefecture", "ESP" May 2003, Mie Prefectural Government website:http://www.pref.mie.jp/ .

3-7 Reform of Public Pension System in Sweden.

  • Cabinet Office (2002) "Trends of the World Economy, Fall 2002".

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