In IS-LM model, it seems difficult to intuitively understand the concept of money market. Therefore, in Umada（2024） we discussed the determination of loan interest rate, deposit interest rate, and government bond yield without using the concept of money market. In addition to these three, we will also discuss GDP and price determination, adding the concept of goods market to the discussion.

This study uses the International Input-Output Table to estimate the impact on Japan of China's ban on the import of waste plastics implemented at the end of 2017. Initially, by employing an econometric model, it was estimated that Japan's total waste plastic emissions decreased by an average of 39,000 tons from 2018 to 2022 due to China's ban on waste plastic imports. This reduction corresponds to 0.46% of the average annual total waste plastic emissions. Assuming a proportional relationship between Japan's total waste plastic emissions and domestic production, it was projected that the domestic production would decrease by an average of 0.46% annually. Furthermore, due to the anticipated decrease in Japan's production leading to a reduction in the import of intermediate goods from China and other countries, the study used the modified Leontief inverse matrix derived from the International Input-Output Table to calculate the negative economic multiplier effects （decrease in production） on China and other countries resulting from the decrease in Japan's production. As a result, we showed that, on average, from 2018 to 2022, China's ban on waste plastic imports had a negative economic multiplier effect of 4.2 trillion yen in Japan, 119.5 billion yen in China, and 5.0 trillion yen in the world.

本研究では、日本のレストランのメニューにはイメージが多い理由を探るために、未知の食事の内容を映像的に知らせるため・映像のなさで高級であることを発信するためという情報伝達仮説と、来客の行動を客体化し欲望を高めるという「マッサージ」（McLuhan、1957）仮説を検証した。情報伝達仮説はいずれも支持されなかったが、マッサージ仮説が有意に支持されたので、既知且つ高級な料理の場合でも、メニューに映像を掲載することを推薦した。

In IS-LM model, it seems difficult to intuitively understand the concept of money market. Therefore, in this paper we present a simple economic model that explains the determination of loan interest rates, deposit interest rates, and government bond yields without using the concept of a money market.

For Chinese people, study abroad is an important matter. During the COVID-19 pandemic, many countries implemented travel regulation policies. Except for the early part of 2020, however, long term residents, including international students, were allowed to enter Japan. Despite the COVID pandemic, some of the degree program students entered Japan from abroad. In addition, as soon as the international travel regulations ended, a huge number of non-degree students including kenkyusei（ research students） and language program students rushed to Japan.

Online education has strongly developed during the COVID-19 pandemic. While public schools in Japan were off to a slow start, China became a pioneer in online education under the policy of "classes stop but learning continues." On the other hand, this drastic educational reform was painful, although the situation was better than in Japan. In this paper, we present both relevant literature and local examples in order to consider from various perspectives.

Humans now more or less cooperate in production and distribution to maximize their own pleasure. Pleasure can be divided into direct and indirect ones. Humans can increase their own pleasure through gift-giving behavior in addition to exchange behavior. Here people encounter the question of how much of the savingsable goods that can be used for gifts should be allocated to prepare for one's future anxiety. Gifts to a partner of collaboration are made to the extent that the gift contributes to one's survival by sustaining the collaboration with the partner. This is due to the self-love motive. By excluding this self-love motive from behaviors for indirect pleasure, we focus on the giving behavior, in which an increase in the other's pleasure increases one's own pleasure. We conclude that gifts are considered to be made when the indirect pleasure that arises when a certain amount of gift is given to the other party from one's ability to save is greater than the direct pleasure that arises from allocating it to savings. Further, it is considered that the magnitude relationship between the two is determined by the donor's "subjectivity level" and the giftee's need for gifting.

What can be done when the hot programming language Python is usedas a tool for macroeconomic data analysis? In this paper, while writingcode in Python, we explain the estimation of consumption functions asan example, discuss what advantages there are in analyzing economicdata using Python, and also discuss the possibilities and directions ofmacroeconomic data analysis in the future.

During the COVID time, international students could not enter Japan easily. Until March 2022, regulation and deregulation for degree course students often changed in Japan. Like tourists, furthermore, non-degree shorter student mobility opened later. For exchange, research, and other short course students, they needed to wait until October 2022 to come to Japan.

The Kuomintang （KMT） initiated nuclear power generation in Taiwan in the 1970s, resulting in three nuclear power plants being built. The debate over building a fourth nuclear power plant became a controversy that divided Taiwan before it was decided by the Democratic Progressive Party （DPP） that all nuclear power plants, including existing ones, would be phased out by 2025. However, once nuclear power plant operations are terminated, developing alternative power sources and promoting energy conservation will become major issues. The Atomic Energy Council（ AEC） is responsible for ensuring that Taiwan Power Company（ Taipower） is compliant with the license conditions throughout the operating license period of the nuclear power plants. Furthermore, the AEC has earned public trust by fulfilling its responsibilities. Taiwan is currently promoting the conversion from nuclear to renewable energy and energy conservation measures with the end of nuclear power plant operations. This study outlines the political process involved in abolishing nuclear power plants and the plans for alternative power sources and energy conservation after nuclear power plants have been shut down.

資産価格はしばしばファンダメンタル・バリューから乖離し，時として金融市場は資産価格の大きな下落や変動に見舞われる．急激な資産価格変動を緩和するための措置として，多くの国々で空売り規制が導入されてきた．本稿は空売り規制の導入が資産価格に与える影響を分析する．私的情報や価格支配力を持つ投資家と私的情報を持たない価格受容的な投資家が混在する資産市場を想定する．空売り規制の導入が事前に予期されていない場合，空売り規制が資産価格をファンダメンタル・バリューから乖離させることが明らかになった．これは資産価格の変動を大きくすることにもつながる．とりわけ資産価格の下支えが望まれるような下落相場の状況では，空売り規制の導入はより一層の価格下落をもたらすことになる．

In the 2000s, English-Medium Instruction (EMI) in non-English countries developed worldwide. Japan is one of these countries and the number of English-based students who cannot utilize Japanese language increased. Some of the Japanese universities offer dormitories for international students, who can gradually get used to learning the Japanese way of life after they arrive in Japan. Some of the universities also offer cultural exchange programs for EMI students. However, due to the COVID-19, the situation has changed.

China has been struggling with waste classification for decades, even after the mandatory implementation of relevant policy in 2017. However, the causes of the failing performance of waste classification in developing countries attract little scholarly attention. A recent literature review also identified a failure to classify waste in developing countries, noting that its causes have attracted little scholarly interest. In this paper, we would like to examine the current situation and issues of policies for classifying household waste in China's urban sector. In this paper, we conducted a questionnaire survey of residents in Changsha City, Hunan Province, examined their awareness of waste classification, classifying behavior, and their awareness of paying for waste reduction, elucidated the factors that affect them, and estimated the amount of willing to pay (WTP) for waste reduction. In this paper, endogenous factors are more significant influencing behaviors than exogenous factors.

The purpose of this paper is to present a macroeconomic model, in which the bank determine the loan interest rate and the deposit interest rate by assuming the loan demand curve and the deposit supply curve. The bank adjusts the loan interest rate and the deposit interest rate while observing the difference between the assumed demand for loan and the actual demand for loan.

Taiwan has not yet been singed the “Convention on Nuclear Safety; CNS” that was adopted by the International Atomic Energy Agency （IAEA） in 1994. However, if these international activities help promote nuclear safety, Taiwan must participate in it and fulfill its related obligations. Therefore, despite Taiwan being a non-member state to the CNS, it is required by the Convention to act as a member state to meet all the requirements addressed in the CNS. Ensuring the public trust of nuclear safety regulations in the most important policy issue for the location, operation, waste disposal and off-commissioning of nuclear power plants, etc. As part of an international comparison of nuclear safety regulatory bodies in the East Asian region, this note organizes and evaluates the independence and transparency of Taiwan’s regulatory bodies.

Consumer capability refers to the ability to apply relevant knowledge and perform desirable behavior for achieving wellbeing. Previous research reveals that consumer behavior is more important than knowledge to indicate consumer capability. How to motivate individual consumers to engage in consumption activities that contribute to sustainable development? This is the question this conceptual paper attempts to address. This paper proposes a definition of sustainable consumer behavior and applies a theory-based, conceptual framework to develop action-taking programs in sustainable consumption education. Sustainable consumer behavior is defined as consumer acts that consider current and future interests of themselves and others when they purchase and use market goods. The behavior change theory used here refers to the transtheoretical model of behavior change (TTM), a commonly used behavior change theory in health and finance. The paper demonstrates how to facilitate the development of sustainable consumer behavior in education intervention programs based on principles outlined in TTM with specific examples. Implications for policies and future research are also discussed.

As global warming continues to intensify, how to prevent climate deterioration has become a serious concern for all countries. In recent years, although China’s GDP has leap to the second place in the world after the United States, it is accompanied by serious problems of environmental pollution and energy consumption with the rapid development of the economy. Under the common goal of global energy conservation and emission reduction, China has established seven carbon trading markets. Because the energy-chemical industry is a major concern for emission reduction and the carbon trading market has market regulation functions, examining the relationship between them is of great significance and can help the emission reduction effort. This study investigates the relationship between the carbon emission price of China's carbon trading market and the stock price of 30 listed companies in the energychemical industry. We use daily data to establish a panel model and var model, and　then compare it with European Emissions Trading Scheme (EU-ETS). The result indicates that there is an asymmetric one-way relationship between the carbon emission price and the stock price of the energy-chemical industry in China. The main reason is that the internal endogenous mechanism and external response mechanism of the carbon trading market are not perfect. Then the government should improve relevant legal system and trading system, and furthermore, introduce third-party institutions and strengthen talent pools.

The establishment of the environmental protection law reflects the Chinese government's determination to achieve ecological civilization. Since January 1, 2015, when the revised Environmental Protection Law of the People's Republic of China came into effect, environmental public interest litigation in China has been rapidly growing. In the implementation of environmental law, environmental public interest litigation plays an irreplaceable role. The mechanism of environmental public interest litigation will ideally enhance the effectiveness and prevention of environmental protection and become a major contributor to public awareness of environmental protection. Despite the fact that environmental public interest litigation in China has made great progress, there are still many shortcomings and defects. One of the major difficulties facing environmental public interest litigation in China is the lack of standing of plaintiffs in environmental public interest litigation. This paper will explore the necessity of plaintiff status for environmental public interest litigation in China's grassroots self-governance organizations based on the situation of environmental pollution in rural China, using village committees as an example.

As income levels increase, numerous households will consider investing in risky assets. Credit availability, especially for high-income households, is playing an increasingly important role in enhancing households holdings of risky assets (HHRA). The purpose of this study is to investigate the impact of credit availability on HHRA. In this study, the data from the China Household Finance Survey in 2017 is utilized, and the approach of logit regression is employed to produce more accurate estimates. Meanwhile, this study also explores the heterogeneous roles of household income. The results show that the impact of credit availability on HHRA varies by household income. As household income increases from low to high, the effect of credit availability on HHRA transfers from negative to positive. Besides, the results also suggest that for high-income households, credit availability moderated with the attention to financial and economic information positively contributes to HHRA. Thus, it implies that policymakers and financial institutions are encouraged to expand access for households to invest in risky assets, enhance households’ availability of credit, and build more financing channels.

This paper empirically examines the impacts of household debt and　leverage ratio, measured by the ratio of aggregate household debt to GDP, on consumption using provincial-level macro-data in China. Results show that household indebtedness has a positive and significant effect on consumption expenditure and this remains true for both household debt and leverage ratio, as well as long-term and short-term debts and leverage ratios, and the encouraging effects are heterogeneous across regions. When the debt-to-GDP ratio is below 100%, the consumption experiences faster growth than that when the debt-to-GDP ratio exceeds 100%. In addition, residents’ saving, per capita disposal income and the public expenditure on education, social security, as well as medical and health services are found to have significant positive effects on consumption, while CPI and child dependency ratio have depressive effects.

本稿では，中国の浙江省の消費者を対象に実施したアンケート調査をもとに，新型コロナウイルス感染症の拡大が中国の消費者の消費行動に与えた影響を探るために，OLS回帰分析を用いて定量分析を行った。分析結果から，新型コロナウイルス感染症の拡大は中国における消費者の収入や仕事の安定さに一定の影響を与えていることがわかった。多くの回答者は将来の経済発展に対し強い確信を持っていることも確認された。また，新型コロナウイルス感染症の影響が強ければ強いほど節約的消費傾向が強まり，将来に確信を持つほど積極的消費傾向が強まることがわかった。

The purpose of this paper is to analyze the movement of the economy when the consumption demand is fully realized after the economy achieves full employment. If the investment demand is fully realized, full employment will not be sustained. However, full employment will continue if the consumption demand is fully realized.

To date, the process of implementing the global Sustainable Development Goals （SDGs） and global climate change mitigation and adaptation obligations has been largely decoupling in most countries. This creates administrative duplication, costs, and hinders the development of effective problem solving. Against this background, we show the present state of research on policy integration and integrated policymaking. Following the research results of Bauer et al. （2021） and Teebken et al. （2021）, this note briefly summarizes different understandings of policy integration and detailed criteria for evaluating policy integration from different　academic perspectives. Implementing an interactive agenda requires political　attention and institutional competence to address the interactions and complexity　of each, understand policies at a national level, and translation. In this note, we will　introduce the basic concept of what integration practice looks like, and focusing on　the interaction between the 2030 Agenda and the Paris Agreement.

We will discuss how a household determines the budget allocation to consumption goods and decides consumption and savings. Microeconomics explain that a consumer maximizes utility under budget constraint. However, in reality, a consumer first determines the budget for each consumption item such as food and clothing and then determines individual consumption goods to buy.

To minimize the impact of the COVID-19 pandemic, the Japanese government regulated the mobility of international visitors including students. Before March 2020, international students could enter Japan without restriction. During October and November 2020, a limited number of international students entered Japan with expensive air fares and a 14-day quarantine. However, except these months, many students, especially newly enrolled ones, could not enter Japan.

Due to the COVID-19, many countries including Japan have reinforced regulations at the borders. As many international students could not enter Japan due to the COVID-19 pandemic, some universities offered online education services as an alternate. On the other hand, since April 2020, many of international student livening in Japan have not been able to go back to their countries.

In 2020, global phenomena such as unprecedented scale forest fires, storms, melting glaciers, and dramatic declines in northern polar glaciers are very likely to be caused by climate change. By the middle of this century, it is becoming clear that it is not enough for Germany’s greenhouse gas emissions to be cut by 80％ compared to 1990 levels. In December 2015, to meet the climate targets agreed in the Paris agreement, stricter cuts from Germany are required, limiting global temperature rises to an average of 2 ℃（better 1.5 ℃） compared to pre-industrial levels. With regard to the transition of Germany’s energy systems, this paper begins with a comprehensive model of the Germany power and thermal sector in future energy systems with a major contribution to renewable energy technologies. Based on REMod-D （Renewable Energy Model - Germany）, the basic structure is summarized briefly. Then, we introduce some of the simulation results by REMod-D models by Philip et al. （2020）. The aim is to assess the energy transition and the possibility of climate-neutral systems in Germany.

Germany's energy transition （Energiewende） is a paradigm shift into a low-carbon and nuclear-free economy. As part of the European Union's climate neutralization drive, aiming to reduce greenhouse gases to net-zero by the middle of the century. Generous financial support for wind and solar power has boosted renewable energy to produce more electricity than fossil fuels for the first time in 2020. Germany's energy transition is not a policy shift after the Fukushima nuclear disaster, but a long-term process of policy making in response to public opinion and technological trends. Germany's energy transition is still underway and needs to be extended beyond the power supply. However, it may already be pushing more thoroughly through pricing and volume regulations, such as the European Emissions Trading Scheme （EU-ETS） and changes to the carbon tax, which provides incentives for changes to low-carbon technologies. This paper analyses Germany's energy transition and climate policy. The purpose of this paper is to clarify the actual conditions and issues of the reduction effects of greenhouse gas emissions, which are the main policy issues of the energy conversion policy that has been developed mainly on renewable energy for these 20 years.

In this study, we present a new method for estimating input coefficient matrix with deep learning. We use the data of prefectures of Japan as the training data. However, the data is small and is likely to cause overfitting. Therefore, we attempt to avoid the over-fitting by creating new data of virtual areas aggregating multiple prefectures. The approach is based on the concept of data augmentation. As a result of predicting the input coefficient matrix of Yamaguchi prefecture and Gujo city, we showed that the method using deep learning can estimate the matrix with more stable accuracy than RAS method for these areas.

This research aims to examine the relationship between political connections and bank performance during the COVID-19 pandemic in Indonesia, with data sample comprising banks listed on the Indonesia Stock Exchange （IDX）. The study employed a panel data linear regression and found an insignificant positive influence of political connections on banks' profitability. However, the result also indicates marginally lower profitability in politically connected banks compared to non-connected peers, and the event-study methodology reveals the tendency for affiliated banks to obtain substantial negative abnormal returns during the pandemic. Therefore, there is a negative effect of COVID-19 on stock performance of politically connected banks.

マーケット・タイミング理論が提唱されて以降，それを巡った実証研究が数多く行われている。しかしながら，実証研究のほとんどは欧米企業を対象として行われ，日本ではその理論がまだ注目されていない。本稿はマーケット・タイミング理論に基づき，株式発行におけるマーケット・タイミング行動に注目し，それに関する実証研究をサーベイする。主な結果は以下の2点である。まず日本企業ではマーケット・タイミング行動の実証的証拠が多いが，マーケット・タイミング行動と資本構成の関係についての実証研究はまだ少ない点である。また，マーケット・タイミング行動の資本構成への影響について，先行研究の結果が分かれており，そして異なる特性を持つ企業では影響効果も異なっている点である。このサーベイを通して，この研究分野の現状と動向を示し，さらなる発展に寄与することを目指す。

Retail investors, who are the majority traders in the Chinese stock market, cannot participate in off-line roadshows of IPO firms. Online roadshows are an important channel for them to learn about the situation of IPO firms. This study takes the IPO firms which are new-listed in Shenzhen Stock Exchange from 2010 to 2018 as the research subject, investigates the relationship between question-answers relevance in online roadshows and the first-day performance of IPO firms. According to the results, a high-level of question-answers relevance leads to a high first-day return and high liquidity. Furthermore, the additional analysis shows that the IPO firms with a high-level of question-answers relevance show stable long-term stock returns, on the contrary, the IPO firms with a low-level of question-answers relevance show the trends to decrease. Online roadshows could mitigate the information asymmetry between the investors and IPO firms, and play an important role in assessing firm values.

As climate change and various environmental pollution issues are becoming more serious, many countries are actively promoting energy transition. The Paris Agreement, adopted in 2015, is aimed at curbing the rise in global average temperatures to within 2℃ above pre-industrial levels and limiting temperature rises to 1.5℃ above pre-industrial levels. Taiwan is accelerating its path of energy transition to a "nuclear-free homeland" and “low-carbon economy” by phasing out all nuclear power generation in 2025 and imposing a legally binding goal of reducing coal-fired power generation from 47 percent to 26 percent. This paper investigates the impact of nuclear and coal power regulations on fuel mix CO2 emissions in the power sector by 2050 in Taiwan. Analysis is a future technology shift in the power sector called “Future Technology Transformations; FTT” for the power sector; Consider using the E3ME model linked to FTT: Power sub-model.

The purpose of this paper is to present an alternative macroeconomic model. The classical macroeconomic model and AD-AS model have some problems. The macroeconomic model presented in this paper solves them and is more realistic and logically consistent than the other models.

本稿では, 行動と成果の確率的関係について不確実性があるプリンシパルーエージェント関係を考え, 最適契約を特徴付ける.

The non-efficiency of the government hospital is pointed out. Then, I compare the management in government hospitals and non-government hospitals, and show clearly what kind of difference there is. In this paper, the following things are clear.
(1) Clarify the difference from a viewpoint of management in government hospitals and non-government hospitals.
(2) Classify government hospitals into two kinds (cites・towns・and villages-hospitals and prefectural hospitals), and clarify the difference from a viewpoint of management.
(3) Classify non-government hospitals into eight kind hospitals, and clarify the feature in management.

There is a risk of longevity i.e., the self-funds after retirement may deplete before the end of life. What is needed after retirement is to spend out of self-funds in addition to public pensions while investing self-funds over lifetime without depleting. We analyze a safe withdrawal rate based on varying self-funded amounts every month due to fluctuation in the market. According to this method, there is no longevity risk that self-funds are depleted throughout lifetime.