label: url

en: Have Henanese Really Been Discriminated Against in Chinese P2P Lending?

ja: P2Pネット金融において河南人が 本当に差別されたか?

en: パーソナルファイナンス研究

ja: パーソナルファイナンス研究


en: 主成分分析による中国P2Pネット金融プラットフォームの格付け

ja: 主成分分析による中国P2Pネット金融プラットフォームの格付け

en: Research bulletin of Tokushima Bunri University

ja: 徳島文理大学研究紀要


en: Why was Chinese P2P Lending driven into bankruptcy rush?

ja: 中国P2Pネット金融はなぜ倒産ラッシュに追い込まれたか

en: The P2P lending suffered a big bankruptcy rush in mid-2018 in China. Prior studies explaining the reasons can be divided into external factor theory and market failure theory. The former is attributed to tight monetary policies, economic recession, and the tightening of regulations. The latter is attributed to information asymmetry and investor bias. We propose an internal factor theory that is different from prior studies. Chinese P2P lending platforms were forced to pursue scale expansion with significant risks (full guarantee risk and disclosure risk), which can cause platform bankruptcy, because the platform has a special characteristic: a financial company while being an IT company. Since this characteristic, platforms, entering the P2P lending market, are in the situation of`` prisoner's dilemma of the arms race'' and are forced to scale up to monopolize the market. In other words, the reason for the bankruptcy rush is the same reason for the rapid growth of the P2P lending market. Risks that had been postponed for the expansion of scale come to the surface as the deterioration of the external environment. In short, the occurrence of the bankruptcy rush was already inevitable at the same time as the rapid growth of the P2P lending market.

ja: 中国のP2P ネット金融は2018 年半ばに大きな倒産ラッシュに見舞われた．その理由を説明する先行研究は，金融引き締め政策への変更，景気の悪化や規制の強化などによる外部要因説と，情報の非対称性や投資家の投資バイアスなどによる市場の失敗説に大別される．本稿は，これらの既存研究とは異なる内部要因説を提唱する．中国のP2P ネット金融は，「完全保証リスク」と「ディスクロージャーリスク」というプラットフォームの倒産に繋がる重大なリスクを抱えたまま，規模拡大を追求してきた．その原因は，P2P ネット金融プラットフォームが金融機関であり，かつIT 企業でもあるという特徴にある．その特徴により，各プラットフォームは，市場に参入した途端，「軍拡競争の囚人のジレンマ」的状況に置かれ，市場の独占を目指した規模拡大を強いられることになる．2018 年の倒産ラッシュの最大の原因は，プラットフォームが急成長を果たした原因と同一であり，これまで規模拡大によって先送りされたリスクが，外部環境の悪化をきっかけに一気に表面化したことによるものである．つまり，倒産ラッシュの発生は，急成長の時点ですでに避けられないものであった．

en: パーソナルファイナンス研究

ja: パーソナルファイナンス研究


en: The Discrimination against Non-financial Characteristics of Borrowers in Chinese P2P Lending

ja: 中国P2Pネット金融における差別

en: The market of Chinese P2P Lending has rapidly grown in the last ten years. We use transaction records of RRD, which is one of the leading platforms in Chinese P2P Lending, to analyze the financial discrimination in this market. Using the non-financial characteristics of borrowers, including five variables--gender, age, educational background, marital status, and working location, we estimate the funding rate, default rate, and return rate of the loan securities. Different from standard economics, the estimation results of these variables are significant, which means that non-financial characteristics are as important as financial ones for lenders. Moreover, we find that the discrimination regarding gender, marital status, and working location is rational statistical discrimination, while discrimination on age is irrational taste-based discrimination.

ja: 中国のP2P ネット金融は，ここ10 年の間，大きく成長してきた．本稿では大手P2P ネット金融プラットフォームである「人人貸」(RRD)の取引レコードを用いて，借手の非金融的属性(年齢，性別，婚姻状況など)がローン証券の成約，デフォルト及び収益に与える影響を3つの統計モデルに基づき分析した．結果として，標準的な経済学の理論に反し，統計モデルではローン証券の成約，デフォルト率と収益率に借手の非金融的属性が有意に効いていることが確認できた．これは貸手がローン証券に投資する際，借手の非金融的属性を積極的に利用していることを意味し，借手の非金融的属性が金融的属性と同じ，貸手にとっては非常に重要な借手情報である．さらに，性別，学歴，婚姻状況と勤務所在地に対する差別は合理的な統計的差別(Statistical Discrimination)に対して，年齢に対する差別は非合理的選好による差別(Taste-based Discrimination)と判別することができた．

en: パーソナルファイナンス研究

ja: パーソナルファイナンス研究


en: Regulations on P2P Lending in China

ja: 中国 P2P ネット金融規制について

en: パーソナルファイナンス研究

ja: パーソナルファイナンス研究


en: Are the Investors in Chinese P2P Lending Market Smart?

ja: P2Pネット金融の投資家が本当に賢いか?

en: パーソナルファイナンス研究

ja: パーソナルファイナンス研究


en: Event History Analysis on Chinese P2P Lending Platform

ja: 中国 P2P ネット金融プラットフォームのイベントヒストリー分析

en: ICCS Journal of Modern Chinese Studies

ja: ICCS現代中国学ジャーナル


en: Influence of Regular Employment on Marriage of Male

ja: 雇用形態が男性の結婚に与える影響

en: The purpose of this paper is that in order to elucidate the cause of the tendency to marry later or not marry, to investigate whether the type of employment affects the marital experience of man. It examines, applying the method of logistic regression to data drawn from Employment Status Survey by Ministry of internal affairs and communications. We hypothesized that upon selection of a marriage partner, to observe the signal that indicates the future income of men and women decide to get married on the basis of it. These are considered as a signal of future income of men that form of employment (regular employment of non-regular employment), that of first job, educational background or job changing. Based on the hypothesis, we analyzed which factors affect the rate of marital experience and how the effects of the factors vary by age group. The conclusions derived from the analysis are as follows. (1) To be a regular employment that is his signal of future income increases the probability of marriage of men through all age groups. (2) For the generation that graduated from the university after the collapse of the bubble economy, the employment patterns of first job was atypical reduces the probability of marriage experience. On the other hand, in previous generations it has no significant effect. (3) In the twenties and thirties, educational background is not effective as a signal of future income. And higher education is promoting the tendency to delay marriage of men.

ja: 本研究の目的は,晩婚化・非婚化問題の原因解明のため,男性の結婚に焦点を当て,男性の結婚経験は雇用形態によりどのような影響を受けているのかについて「就業構造基本調査(平成19年)」(総務省)を用いて実証的に分析することである．本稿では,女性は結婚相手の選択に際し,男性の将来所得を示すシグナルを観察し,それを基に結婚を決定しているという仮説を立てる．男性の将来所得のシグナルとしては,現在の雇用形態(正規雇用,非正規雇用),初職の雇用形態,職業や学歴などが利用されると考えられる．上記仮説を,「就業構造基本調査」の個票データを用いて検証し,男性の結婚経験率に与える要因を分析した．さらに,その要因が年齢階級によってどのように変容するのかを分析している．分析結果から得られた知見は次の通りである．第1に,将来所得のシグナルである雇用形態が,全年齢階級にわたって男性の結婚経験に影響を与える．具体的には非正規雇用と非就業であることが結婚経験率を低下させる．第2に,初職の雇用形態が非正規であったことは,それ以前の世代とは異なり,バブル崩壊以後に大学を卒業した世代に対して結婚経験の確率を低下させた可能性がある．第3に,学歴は20代から30代においては将来所得のシグナルとして有効ではなく,むしろ高学歴であることは若年層において結婚のタイミングを遅らせる効果を持つことが明らかになった．

en: Journal of Population Studies

ja: 人口学研究


en: Inflation Dynamics with Bounded Rationality

en: Journal of Business & Economics

ja: Journal of Business & Economics


en: Fetility Choice and Capital Accumulation in a Two-Setor Model of Economic Growth

ja: 二部門成長モデルにおける出生選択及び資本蓄積

en: This paper considers a two-sector endogenous growth model in which both human capital accumulation and physical capital accumulation are one of engines in economic growth. The model is also a dynastic model. In the model, parents choose own consumption, intergenerational transfers and fertility, and decide time spent in education which determines human capital accumulation in next period. It becomes clear that the relation between fertility and human capital accumulation is negative. With economic growth, the ratio of physical capital accumulation to human capital accumulaiton goes down, and human capital accumulation becomes more important than physical capital accumulation in economic growth. It also is clear that, in order for human capital accumulation and economic growth, not physical capital or consumption but fertility is sacrificed.

en: Journal of Economics

ja: 経済学雑誌


en: Endogenous Fertilty, Child Labor and Economic Growth

ja: 内生的人口成長，児童労働及び経済成長

en: We apply a dynamic model to a closed economy where parents decide fertility and child labor along with consumption and intergenerational transfers. In the model, parents are altruistic toward children, allocating children's time for leisure and child labor. We adopt "the luxury axiom" and the substitution axiom" of Basu and Van (1998), but modify "the luxury axiom" to recognize that child labor can be determined not as a corner solution but as an interior solution. This setup can result in the multiple steady-states, and which of steady-states is chosen is not dependent on coordination or other reasons based on externality, but on the utility levels of each steady-state. It becomes clear that, although parents are altruistic toward children, the relation between fertility and child labor is positive in the steady-state.


en: Innovation in Chinese Third-Party Payment Institutions

ja: 中国の新興決済機構のイノベーション

en: 東アジアへの視点

ja: 東アジアへの視点


en: Chinese P2P Lending and Eloancn.com

ja: 中国の「三農」P2Pネット金融と「翼龍貸」


en: The Development of Chinese P2P Internet Finance

ja: 中国 P2P ネット金融の現状


en: Factor analysis of Late Marriage and Non-Marriage of Tokushima Prefecture

ja: 徳島県の晩婚化・非婚化の現状とその要因

en: Social Science Research University of Tokushima

ja: 徳島大学社会科学研究


en: Gender Roles and Regionla Gaps in Martial Behavior

ja: 結婚行動の性別役割の違いと地域間格差

en: Research bulletin of Tokushima Bunri University


en: The Feature of Marriage among Yong Adult of Tokushima Prefecture

ja: 徳島県の若年層の結婚行動

en: Regional Science Research, the University of Tokushima

ja: 徳島大学地域科学研究


en: Phased Economic Growth, Poverty Traps and Overtaking

ja: 段階的経済成長，貧困のワナとオーバーテーキング

en: This paper presents a unified endogenous growth model which can explain the phased economic growth and the posibility of poverty traps and overtaking. Shift in the prime economic growth engines is the main mechanism for the phased economic growth. And the timing of shift in the prime engines decides whether economy is in sustainable growth or fall into poverty traps or catch-up and overtaking. To explain poverty traps and overtaking, such severe assumption as increasing returns or intermediate critical value which are widely used in pervious studies are not assumed in this paper.


en: Demographic Transition and Returns to Factors

ja: 人口転換と生産投入財の収穫率

en: Osaka Keidai Ronshu

ja: 大阪経大論集


en: Fertility and Rearing Cost of Children in A Growth Model

ja: 内生的成長モデルにおける出生率と子供養育費


en: Endogenous Fertility, Rearing Cost of Children and Economic Growth

ja: 内生的人口成長，子育て費用および経済成長

en: We apply a dynastic model to an economy where parents make choice of fertility along with decisions about consumption and intergenerational transfers. We consider that rearing children takes an opportunity cost associated with the parental wage, since it brings about subtraction from the time available for work. We show that fertility is negatively related to child-rearing cost in the steady-state, which Barro and Becker (1989) rejects. We also show that fertility is negatively related to the degree of parental altruism toward their children in the steady-state, which is contrary to the contention of Becker and Barro (1988) and Barro and Becker (1989).