市場の高質化と市場インフラの総合的設計 Raising Market Quality- Integrated Design of “Market Infrastructure”

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市場の高質化と市場インフラの総合的設計 Raising Market Quality- Integrated Design of “Market Infrastructure” 慶應義塾大学大学院経済学研究科・商学研究科/京都大学経済研究所連携 グローバルCOE (Center of Excellence)プログラム March 2013 No.18(最終号) Newsletter 市場の高質化と市場インフラの総合的設計 Raising Market Quality- Integrated Design of “Market Infrastructure” Contents 目次 01 The Outcome of Global COE and the View to the Future 01 グローバル COE の成果と展望 04 The Organization of Global COE 04 グローバル COE の組織 05 The Outcome and the View to the Future from Section Leaders 05 班リーダーからの総括と今後の展望 Theory Development Section 理論開発班 Panel Data Section パネルデータ班 Finance Section 金融班 Money Section 財政班 Labor Section 労働班 International and Economic Development Section 国際・経済発展班 Management, Accounting and Marketing Section 経営 ・ 会計・商業班 Historical Analysis Section 歴史分析班 Policy Design Section 政策設計班 10 Introduction of Research Activities by “Young Researchers” 10 若手研究者の研究活動紹介 12 List of Members 12 メンバー一覧 15 Awards 15 受賞 16 Presentations of Degrees 16 学位授与 17 List of Achievements 17 業績一覧 The Final Comments by External Evaluation Committee 外部評価委員による最終評価 グローバル COE の成果と展望 The Outcome of Global COE and the View to the Future 拠点リーダー 吉野直行 慶應義塾大学経済学部教授 Naoyuki Yoshino Project Leader Professor, Faculty of Economics, Keio University Hometown Investment Trust Funds and ふるさと投資信託と金融市場の高質化 Raising the Quality of Financial Markets 本拠点の研究教育では、京都大学・矢野誠教授の提唱 This GCOE has advanced education and research activities applying する「市場の質」の理論を、さまざまな分野に応用する研 the market quality theory advocated by Kyoto University Professor 究・教育を進めてきた。(ⅰ)金融市場の高質化に関する教 Makoto Yano to various fields. The GCOE has advanced education 育・研究、(ⅱ)財政破たんを防ぐための市場の高質化に関 and research across multifaceted areas including (i) education and research on raising the quality of financial markets, (ii) education する教 育・研究、(ⅲ) パネルデータを用いた市場の質に関 and research on raising market quality to prevent fiscal default, (iii) する教育・研究、(ⅳ)市場の質に関する歴史分析など、多 education and research on market quality using panel data, and (iv) 方面に広がる教育・研究が 推 進されて来た。 historical analyses on market quality. Efforts to reinforce financial regulations are being advanced as サブプライムローンやユーロ危機により、金融の規制の global rules following the subprime mortgage and European debt 強化が、世界的なルールとして推し進められている。特に、 crises. In particular, more stringent self-capitalization regulations are 銀行部門のリスクを管理するため、銀行に対して、より厳 being imposed on banks for the risk management of the banking 密な自己資本規制を課す方向となっている。欧米のように、 sector. In Western countries where venture capital markets are devel- ベンチャーキャピタル市場が発達し、社債市場やベンチャ oped and the corporate bond and venture capital markets are func- ーキャピタル市場が機能している国々の場合には、銀行の tioning, even when bank lending is moving toward safety there are 貸出を安全な方向に向けても、リスクのある企業やプロジ remaining channels for funds to flow into enterprises and projects ェクトに資金 が流れる経路が 整 備されている。 with risk. In Japan and other Asian countries, however, indirect financ- し か し 、日 本 や ア ジ ア 諸 国 で は 、銀 行 中 心 の 間 接 金 融 が 、 ing centered on bank lending still holds a large share, and the fi- 未だ大きなシェアを占めており、スタートアップ企業やリスク nancial systems make it difficult for funds to be provided to startup ある中小企業への資金提供はされにくい金融システムであ companies and SMEs with risk. Raising the quality of the financial る。金融市場の質を高め、さまざまな資金提供がなされる markets so there will be diverse funds provision flows is an urgent ように、金融市場の高質化が喫緊の課題である。また、ア issue. Moreover, because the corporate bond market is undeveloped ジアでは社債市場が未発達であるため、長期資金を企業 in Asia, enterprises face a shortage of means of securing long-term が確保する金融手段に不足している。長期資金の提供者と funds. There are also problems with the incentive mechanism for the しての機関投資家である年金基金、生命保険会社などの運 investment of capital by pension funds and life insurance companies, 用の Incentive メカニズムにも問題がある。 which are institutional investors, as long-term funds providers. 教 育 面 でも、 英 語 による PCP(Professional Career In educational efforts, the GCOE began the Professional Career Program)を 2009 年より開始し、学部・大学院の教育を Program from 2009 and established new undergraduate and graduate 英 語で 行うコースを新 設した。 アメリカ・ヨーロッパさらに courses taught in English. Young researchers and graduate students はアフリカ・中近東・ASEAN・中国・韓国からの若手研究 from the U.S. and Europe, and from Africa, the Middle East, ASEAN, China and South Korea conducted research on “Raising Financial 者や大学院生が「金融市場の高質化」に関する研究を行い、 Market Quality,” and the fruits of their efforts are emerging. The その成果が花開きつつある。以下の(1)-(4)は、その研 research results include the following four examples. 究成果の一例である。 (1) Provision of risk money and SME financing (1)リスクマネーの提供と中小企業金融 (2) Raising the quality of bond markets and the health of gov- (2)債券市場の高質化と財政の健全化 ernment finances (3)社会資本市場の高質化 (3) Raising the quality of social capital markets (4)預金保険市場の高質化 (4) Raising the quality of the deposit insurance market 1 (1)リスクマネーの提供と中小企業金融 (1) The Provision of Risk Money and SME Financing 「ふるさと投資信託(以下、ふるさと投資ファンド)」は、 “Hometown Investment Trust Funds” are a financing means which それぞれの地域やプロジェクトに、預金ではなく、「投資 use, for each region or project, monies collected locally not as depos- 信託(投資ファンド)」として地元から集めた資金を使って、 its but in an “Investment Trust (Investment Fund)” to provide capital to SMEs and startups that have risk. Various examples are actually リスクのある中小企業やスタートアップ企業に資金提供をし being advanced as policies, including an investment fund to repair ようとする金融手法である。東日本大震災後の漁船修繕 fishing vessels in Tohoku following the Great East Japan Earthquake, のための投資ファンド、農業の活性化のための投資ファン an investment fund for revitalization of agriculture, and an invest- ド、太陽光パネルのための投資ファンドなど、さまざまな事 ment fund for solar panels. The use of “Hometown Investment Trust 例が実際の政策として推進されている。福岡や沖縄の空港 Funds” to collect capital for expanding runways at Fukuoka and 滑走路の増設にも「ふるさと投資ファンド」によって資金を Okinawa airports is also being considered. “Hometown Investment 集める方法も模索中である。日本ばかりでなく、タイ・イン Trust Funds” are being advanced for SMEs not only in Japan, but also ドネシアなどでは、中小企業のための「ふるさと投資ファン in Thailand, Indonesia and other countries. In India, there are plans ド」が進められている。インドでは、高速道路の建設に、 to use revenue bonds as a funding method for highway construction. レベニュー債券の手法がとられようとしている。研究成果 The research results are published in Hometown Investment Trust はヨーロッパ Springer 社から出版されている(Hometown Funds (Yoshino and Kaji edition), Springer Publishing Company. Investment Trust Fund, Yoshino and Kaji edition)。 The GCOE is also collecting and analyzing CRD data to eliminate information asymmetry in the SME financing market by また、中小企業金融市場の情報の非対称性を解消させよ collecting SME data via credit guarantee corporations and estimat- うと、信用保証協会を介して、中小企業データを集め、企 ing company bad debt risk using finance theory, and thus remove 業の貸し倒れリスクをファイナンス理論を用いて推計する手 the asymmetry of SME information between banks and borrowers. 法により、銀行と借り手の中小企業の情報の非対称性を解 The GCOE research findings have been presented internationally at 消させようとする CRD データの収集と分析が進められてい meetings of APEC (Moscow and Indonesia) and the OECD. る。APEC(モスクワ会議、インドネシア会議)や OECD 会議で、グローバル COE の研究成果が世界に発信されて いる。 (2) Raising the Quality of Bond Markets and the Health of Government Finances (2)債券市場の高質化と財政の健全化 In Europe, the debate on how to raise the quality of govern- ment bond markets and set fiscal discipline turned active with the ヨーロッパでは、ギリシャの財政破たんを契機に、国債 financial collapse in Greece. The GCOE’s research results have been の市場の質をいかに高めるか、財政規律をどのように設定 highly evaluated in Europe as well, with research presentations on するかの議論が活発になされている。グローバル COE の fiscal rules to maintain fiscal order in Germany (Berlin, Leipzig Uni- 研究成果は、ヨーロッパでも高い評価を受け、ドイツ(ベ versity), France (Science Po) and Belgium (ECB conference). The ルリン会議、Leipzig 大学)、フランス(Science Po)、ベ contents included the proposal of new fiscal stabilization rules using ルギー(ECB 会議)などで、財政規律を保つための財政 a model that considers government bond demand, which has been ルールに関する研究報 告を行った。 その内容としては、 こ ignored in the Domar’s condition and Bohn’s condition that were れまで使われてきた財政安定化ルールである Domar 条件 used to date as fiscal stabilization rules (Public Policy Review, 2013). や Bohn 条件では無視されていた国債需要も考慮したモ Proposals to raise the quality of bond markets based on the Japanese デルを用いた新しい財政安定化ルールを提案した(2013、 bond market experience have also been presented at OECD meet- Public Policy Review)。さらに、国債市場の高質化につ ings, and have become a reference for various countries. いて、日本の国債市場の経験に基づいた提言を OECD 会 議 で 行っており、 諸 外 国 の 参 考となって いる。 (3) Raising the Quality of Social Capital Markets Infrastructure and other social capital improvement projects have (3)社会資本市場の高質化 traditionally been financed using national government funds. In the 従来は、インフラ整備など、社会資本の整備は、国の U.K., U.S., Australia and other countries, however, social capital mar- 資金によって賄われて来た。しかし、イギリス、アメリカ、 kets using private-sector funds are being arranged. The GCOE held 2 オーストラリアなどでは、民間資金を用いた社会資本市場 a joint conference on the use of private funds for improving social の整備が行われている。スタンフォード大学、オーストラリ capital in Singapore together with Stanford University and the Uni- アのウーロンゴン大学と合同で、シンガポールにおいて社 versity of Wollongong (Australia), and is advancing joint research to- 会資本整備のための民間金融の活用に関する共同コンファ ward improving research in each country. The GCOE research on the improvement of social capital レンスを開催し、各国の研究の高度化に向けた共同研究を through revenue bonds on financial markets has been recorded in 進めている。 publications from the OECD and become a guidebook for each レベニュー債券による金融市場を使った社会資本整備 country. Through graduate school exchange students from overseas, については、OECD からの出版物にも収録され、世界各 the GCOE’s project research results have been advanced as actual 国の手引きとなっており、 海 外からの大学院留学 生により、 policies in India and other Asian countries. 本グローバル COE プロジェクトの研究成果は、インド、ア ジアで、実際の政策として推進されている。 (4) Raising the Quality of the Deposit Insurance Market (4)預金保険市場の高質化 Following the collapse of the bubble economy in 1990, Japan was struck by the Asian financial crisis of 1997-1998 which lead to a 日本は、1990 年にバブルが崩壊し、その後、1998 年に bank credit squeeze. The U.S.
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