{"created":"2023-05-15T13:44:28.898386+00:00","id":4570,"links":{},"metadata":{"_buckets":{"deposit":"0eea59c0-74a6-43c9-ab4b-9d2b0730d095"},"_deposit":{"created_by":3,"id":"4570","owners":[3],"pid":{"revision_id":0,"type":"depid","value":"4570"},"status":"published"},"_oai":{"id":"oai:stars.repo.nii.ac.jp:00004570","sets":["43:52:1244"]},"author_link":["7278","7279","7281","7280"],"item_3_biblio_info_12":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2002-06-15","bibliographicIssueDateType":"Issued"},"bibliographicIssueNumber":"1","bibliographicPageEnd":"51","bibliographicPageStart":"25","bibliographicVolumeNumber":"44","bibliographic_titles":[{"bibliographic_title":"桃山学院大学経済経営論集"},{"bibliographic_title":"ST. ANDREW'S UNIVERSITY ECONOMIC AND BUSINESS REVIEW","bibliographic_titleLang":"en"}]}]},"item_3_description_11":{"attribute_name":"抄録(英)","attribute_value_mlt":[{"subitem_description":"Japan’s deregulation of international capital movements and related matters progressed rapidly after the abolition of restricions on banks’ oversold actual position in June 1984 (deregulation of institutional investors’ external investments, amendment of the Principle of Income-gain Disbursement, etc.). Research on capital movements in 1990s between the U.S. and Japan (still the second biggest economic power as a single country) would be important as that of the first decade after the removal of important regulations concerned.    Common views on capital movements have tended to hold that they are primarily determined by interest rate differentials between the two countries concerned (Mundell-Fleming theory, Dornbusch theory, for example). It seems to us that the validity of these theories could be severely limited mainly due to the existence of exchange risk. To investigate empirically the capital movements between the U.S. and Japan from this viewpoint is the aim of this paper.    When we analyze international capital movements, it is not sufficient to observe only the movements of long-term capital, the main part of which consists of securities investments. As there are cases when short-term capital moves actively and independently, it would be necessary to consider both long- and shortterm capital movements and sometimes the intertwining of the two.    In the present issue of this journal, however, we analyze the external securities investments of life insurance companies at first. The reason is that their external securities investments consist mostly of those to the U.S., so that we can investigate relatively purely U.S. Japan capital movements in the form of selling and buying of securities without any statistical disturbance. Other capital movements carried out by banks and other parties, including short-term ones, will be discussed in the following issues.    In 1980s life insurance companies, capitalizing on the substantial interest rate differential between the two countries, dared to invest huge sums in U.S. bonds. The background to this development was the decline in ‘loans to big firms’ by life insurance companies due to shrinking demand for loans by major corporations. More direct ground for their vigorous buying of U.S. bonds was an administrative guidance called the ‘Principle of Income-gain Disbursement’, which prescribed that insurance companies could disburse profits only from income-gains but not from capital-gains. Due to this rule, they were driven to invest huge sums, in spite of the existence of big exchange risks, in order to secure profits in the form of income-gain.    Circumstances changed drastically in the 1990s. Following the relaxation of income-gain disbursement rule, securities investments to the U.S. came to be carried out in a more rational manner. When we analyze empirically the investing behavior of life insurance companies, the following points become clear. Firstly, in the 1980s, even though exchange risks were substantially high, investments in U.S. securities were undertaken, in pursuit of income-gains generated by big differentials between U.S. and Japanese interest rates. This increase in external securities investment was supported by the rise in Japanese share prices generating unrealized capital-gains (allocated to reserves). In the 1990s, the relation so changed that a decline of Japanese share prices produced alternatively an increase of investments in U.S. securities.    Secondly, investments in U.S. securities went hand in hand with exchange rate movements. When the dollar became weak, investment in U.S. securities contracted, and vice versa. Thirdly, the relation between investments in U.S. securities and interest rate differentials is not clear. (In the 1980s, investments in U.S. securities were carried out in pursuit of gain from interest rate differentials.)    The change of life insurance companies’ investing behavior depends, above all, on the relaxation of ‘regulations’, especially, the so-called ‘Principle of Income-gain Disbursement ’.","subitem_description_type":"Other"}]},"item_3_description_15":{"attribute_name":"表示順","attribute_value_mlt":[{"subitem_description":"2","subitem_description_type":"Other"}]},"item_3_description_16":{"attribute_name":"アクセション番号","attribute_value_mlt":[{"subitem_description":"KJ00000154984","subitem_description_type":"Other"}]},"item_3_description_8":{"attribute_name":"記事種別(日)","attribute_value_mlt":[{"subitem_description":"論文","subitem_description_type":"Other"}]},"item_3_description_9":{"attribute_name":"記事種別(英)","attribute_value_mlt":[{"subitem_description":"Article","subitem_description_type":"Other"}]},"item_3_source_id_1":{"attribute_name":"雑誌書誌ID","attribute_value_mlt":[{"subitem_source_identifier":"AN00240555","subitem_source_identifier_type":"NCID"}]},"item_3_source_id_19":{"attribute_name":"ISSN","attribute_value_mlt":[{"subitem_source_identifier":"02869721","subitem_source_identifier_type":"ISSN"}]},"item_3_text_6":{"attribute_name":"著者所属(日)","attribute_value_mlt":[{"subitem_text_value":"桃山学院大学経済学部"},{"subitem_text_value":"岡山大学大学院経済学修了博士課程"}]},"item_3_title_3":{"attribute_name":"論文名よみ","attribute_value_mlt":[{"subitem_title":"1990ネンダイ ノ ニチベイ カン シホン イドウ 1"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"一ノ瀬, 篤"},{"creatorName":"イチノセ, アツシ","creatorNameLang":"ja-Kana"}],"nameIdentifiers":[{"nameIdentifier":"7278","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"角南, 英郎"},{"creatorName":"スナミ, ヒデオ","creatorNameLang":"ja-Kana"}],"nameIdentifiers":[{"nameIdentifier":"7279","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Ichinose, Atsushi","creatorNameLang":"en"}],"nameIdentifiers":[{"nameIdentifier":"7280","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Sunami, Hideo","creatorNameLang":"en"}],"nameIdentifiers":[{"nameIdentifier":"7281","nameIdentifierScheme":"WEKO"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2017-03-21"}],"displaytype":"detail","filename":"KJ00000154984.pdf","filesize":[{"value":"980.6 kB"}],"format":"application/pdf","licensetype":"license_note","mimetype":"application/pdf","url":{"label":"KJ00000154984.pdf","url":"https://stars.repo.nii.ac.jp/record/4570/files/KJ00000154984.pdf"},"version_id":"f2bc0f21-0d7d-4d05-91c3-b20901b563af"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"生保証券投資，日米金利差，インカムゲイン配当原則","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"jpn"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"1990年代の日米間資本移動(1)","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"1990年代の日米間資本移動(1)"},{"subitem_title":"Capital Movements between the U.S. and Japan in the 1990s (1)","subitem_title_language":"en"}]},"item_type_id":"3","owner":"3","path":["1244"],"pubdate":{"attribute_name":"公開日","attribute_value":"2017-03-21"},"publish_date":"2017-03-21","publish_status":"0","recid":"4570","relation_version_is_last":true,"title":["1990年代の日米間資本移動(1)"],"weko_creator_id":"3","weko_shared_id":-1},"updated":"2023-05-16T06:30:58.864087+00:00"}