List of papers in 2015(3)

HAYASHI, Toshihiko
Discussion Paper

Democracy and Globalization Are not Prerequisites for Higher Income: A Cross Country Analysis

[ Discussion Paper ] AUTHORHAYASHI, Toshihiko DATE2015-12-22

PDF_direct

Abstract/Keywords

This paper reports results from a cross country econometric analyses over 150 countries pertaining to possible correlation between per capita GDP and democracy, corruption, globalization and human development indices. Our findings include 1) of the four indices, the human development index has the strongest influence on per capita GDP and its growth, 2) fighting corruption pays as higher levels of cleanliness and transparency tend to raise per capita GDP, but less so in lower income economies, 3) the globalization index does not show any significant correlation with per capita GDP, and 4) the democracy index is not significantly correlated with per capita GDP or growth. but in some country it can hinder growth. The moral of our investigation is that economic growth does not automatically lead to better democracy, and higher per capita income does not warrant higher level of democracy. Democracy is not a means to higher income, but rather, it is an independent value in itself. 
HAYASHI, Toshihiko
Policy Brief

A TPP Headquarters should be Established in Osaka

[ Policy Brief ] AUTHORHAYASHI, Toshihiko DATE2015-10-14

PDF_direct

Abstract/Keywords

„   In order to support the successful implementation and maintenance of the Trans Pacific Partnership agreement, the Japanese government should establish a permanent TPP Headquarters in Japan, with 300 employees and an annual expenditure of 10 billion yen.„    The government should secure the necessary land and infrastructure needed to house the TPP Headquarters. „   The TPP Headquarters should be a fully endowed international organization with diplomatic immunity, hosting Ambassadors from each participant country and from non-member countries. „   Operational costs for the Headquarters should be covered by contributions from member countries.
OKANO, Mitsuhiro
Discussion Paper

Development of a Regional DSGE Model in Japan: Empirical Evidence of Economic Stagnation in the Kansai Economy

[ Discussion Paper ] AUTHOROKANO, Mitsuhiro / IDA, Daisuke DATE2015-04-13

PDF_direct

Abstract/Keywords

Using a dynamic stochastic general equilibrium model, this study empirically examines Japan’s Kansai Region to ascertain causes of its long-run economic stagnation. Simulations and the empirical investigation demonstrate that stagnant private residential and equipment investments and productivity persistency are structural problems responsible for Kansai’s unique economic fluctuations.