2019年10月1日火曜日

研究成果の公開

関西外国語大学の小川さん,オランダ・フローニンゲン大学のシュテルケンさん,ヤコブスさんとの共同論文が学術雑誌に掲載されました。


Title: Public Debt, Economic Growth and the Real Interest Rate: A Panel VAR Approach to EU and OECD Countries

Authors: Jan Jacobs, Kazuo Ogawa, Elmer Sterken, Ichiro Tokutsu
Journal: Applied Economics
Abstract: We investigate the causal relationship between public debt ratios and economic growth rates for 31 EU and OECD countries. We estimate a panel VAR model that incorporates the long-term real interest rate on government bonds as a vehicle to transmit shocks in both the public debt to GDP ratio and the economic growth rate. We find no causal link from public debt to growth, irrespective of the levels of the public debt ratio. Rather, we find a causal relationship from growth to public debt. In high-debt countries, the direct negative impact of growth on public debt is enhanced by an increase in the long-term real interest rate, which in its turn decreases interest-sensitive demand and leads to a further increase in the public debt ratio.

三國志の人物

三國志の人物の判子を刻し始めた! 先ずは蜀から,劉備と五虎将,関羽,張飛,趙雲,馬超,黄忠の6人。白文と朱文三個ずつ。右下は雅号印(一老山人)。まだまだ先は長いがたくさん作って,魯迅筆名印集のような作品にしたいと思っている。 最近判子を綺麗に押すことに関してかなり重度のスランプ。...