start-ver=1.4
cd-journal=joma
no-vol=30
cd-vols=
no-issue=2
article-no=
start-page=163
end-page=194
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=1998
dt-pub=19980910
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Fluctuations, Risks and Uncertainty in Economics
kn-title=ゆらぎ，危険，そして不確実性―｢不確実性論」周辺整理ノート(1)―
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This note aims at preparing a fundamental framework for our dynamics models taking true uncertainty concept into consideration, and it states the following. First, the rationalities supposed in non-neoclassical economics such as economics of complexity or economics of anomalies are wider sense concepts than that supposed in rational expectation hypothesis.But these schools coincide with each other in the viewpoint of the assumption of stationarity in the economic processes or ergodicity in the stochastic processes. Their main difference just exists between their scopes of stationarity or those of ergodicity. Second, their difference above is not a matter in the face of unpredictable economic shocks, which interrupt stationary states in any
sense and should not be in any category of ergodic stochastic processes. Such a shock has a tendency to enlarge uncertainty consciousness in the mental states of the economic units whether another economic shock would come or not in the near future. Increased uncertainty might prevents a person from his rationally expecting, or if we support economics of complexity, we would think that enlarged uncertainty consciousness in human mind might invalidate the several buffers such as inventories, money and credit system, by which economic units deal with some fluctuations in normal ergodic processes. Lastly, however, uncertainty in economics is just a psychological phenomena which we may almost neglect in an ordinary way although it occasionally has serious influences on our economy. Accordingly, we should never regard uncertainty in our models as a universal factor but as a peculiar thing after an economic shock.
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=36
cd-vols=
no-issue=4
article-no=
start-page=101
end-page=126
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2005
dt-pub=20050310
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Latest Development in the Electronic Settlement System in Japan
kn-title=わが国の電子決済システムにおける新展開
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This paper examines the latest development in the electronic settlement system in Japan by analyzing it from two points of view : the reason why the e?money?related businesses in Japan have grown so rapidly in the past few years ; and the projection on problems which are expected to arise after the quick prevalence of the use of e?money, with the absence of regulations in the dealing in particular. These analyses are made by taking into account the history of e?money project, ranging from the initial experiments in the U. K. and the U. S. to the recent commercialization efforts in Japan.
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=31
cd-vols=
no-issue=4
article-no=
start-page=347
end-page=370
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2000
dt-pub=20000310
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=An Essay on the Whole Image of Keynes's Concept of of Uncertainty
kn-title=ケインズ的不確実性の全体像
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=34
cd-vols=
no-issue=3
article-no=
start-page=75
end-page=96
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2002
dt-pub=20021210
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=On the Real Image of Extinction and Revival of New Zealand Postal Saving
kn-title=ニュージーランド郵貯の消滅と復活の実像をめぐって
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=49
cd-vols=
no-issue=3
article-no=
start-page=203
end-page=218
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2018
dt-pub=20180319
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Ａ Reconsideration on Interest Rate Level Problems in Microfinance
kn-title=マイクロファイナンスにおける金利水準問題の再考
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学大学院社会文化科学研究科
END

start-ver=1.4
cd-journal=joma
no-vol=32
cd-vols=
no-issue=3
article-no=
start-page=53
end-page=74
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2000
dt-pub=20001120
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Review of the Prudence Policy in Japan from the Viewpoint of Economic Uncertainty
kn-title=不確実性の視点によるプルーデンス政策の再検討
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=30
cd-vols=
no-issue=4
article-no=
start-page=239
end-page=266
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=1999
dt-pub=19990310
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=An Essay on Japanese Version of Big-Bang from the Personal Users' Viewpoints
kn-title=個人利用者側からの金融ビッグバン考察
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=Japanese version of Big-Bang is not independent of the previous reformations on the financial system in Japan since 1980's, which has firstly attempted for the purpose of increasing the convenience of the customers of financial institutions and of the users of financial markets. Big-Bang in Japan, however, has been treated as if it had other more political or macro-economic aims such as demand stimulating effect or breaking the financial hollowing of Tokyo market, and the improvement of the convenience has practically been ranked as a secondary object. This paper contemplates Japanese version of Big-Bang from the view-point of personal users and customers, who themselves are per se central figures of financial deregulation, and we'll consider the merits and
demerits of our Big-Bang for them (or ourselves). In our consideration, we separate the wealthy persons, who have the ability to invest a financial commodity of more than ten millions yen without hesitation, from other ordinary persons, who have no ability to do so. And this paper indicates that, as the result of Big-Bang in Japan, the wealthy people would be able to get the great profits in addition to the profits belonging to ordinary people. But this paper also indicates another fact that wealthy class might suffer from greater losses such as market risks than those of ordinary class. The immediate subject of the proper authorities should be the
legislation connected with the users' protections. We think that the postponement ofsuch legislation in Japan must be the clear evidence that the convenience of personal users has been treated as a secondary end.
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=30
cd-vols=
no-issue=3
article-no=
start-page=365
end-page=385
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=1999
dt-pub=19990310
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Rational Expectation and True Uncertainty
kn-title=合理的期待と真の不確実性―｢不確実性論｣周辺整理ノート(2)―
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=42
cd-vols=
no-issue=4
article-no=
start-page=77
end-page=102
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2011
dt-pub=20110318
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Postal Services Administration Controversies in Japan Regarded as a Doctrinal History (I) Mainly the Debates within Koizumi Administration on the Reform
kn-title=学説史としてみた郵政論争(上)改革についての政府内論議を中心に
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=43
cd-vols=
no-issue=4
article-no=
start-page=15
end-page=49
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2012
dt-pub=20120315
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Postal Services Administration Controversies in Japan Regarded as a Doctrinal History（�V）：An Evaluation from a viewpoint of international comparisons
kn-title=学説史としてみた郵政論争（下） : 国際比較の視点からの評価
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=The purpose of this paper is to re-evaluate the four positions of the postal administration disputes discussed in our previous papers, which can be regarded as political positions peculiar to Japan in a global viewpoint based on precedence researches of the international comparisons about postal reforms in several countries, such as Germany, UK and New Zealand, and on international comparison analysis original with this paper. After the work above, we will also re-evaluate“ The Postal Service Privatization Law”（ passed in the time of
Koizumi Administration） and“ The Postal Reform Bills”（ under parliamentary discussion when this paper was written） each other.
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=43
cd-vols=
no-issue=1
article-no=
start-page=19
end-page=52
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2011
dt-pub=20110615
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Postal Services Administration Controversies in Japan Regarded as a Doctrinal History（�U）: Concerning Anti-Privatization Arguments and Criticisms for Systemic Problems in Postal Services
kn-title=学説史としてみた郵政論争（中） : 民営化反対論と組織批判論の体系化
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=41
cd-vols=
no-issue=2
article-no=
start-page=1
end-page=20
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2009
dt-pub=20090910
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Were Privileges and Restrictions given to Japanese Postal Savings as a Government Enterprise balanced in the 10 years before Privatization?
kn-title=官業の特典と制約はバランスしていたか？−郵便貯金民営化前１０年間について−
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=The reason why public financial institutions that should tightly regulated have great power and oppress the private sector, which has been significantly deregulated in recent years, is often thought to be that so many privileges are given to public financial institutions as government enterprises. Indeed, we agree that government enterprises have had privileges, but if total size of them is smaller than that of their restrictions as government enterprises, it is difficult to say that they are the main cause of competitive dominance of government enterprises. Nishigaki (2009a) re?estimated sizes of privileges given to Japanese Postal Savings in the 10 years before privatization (1997FY-2006FY), and found that the size as to the accumulated amount of the 10 years was considerably smaller than that in the method of Japanese Bankers Association (2002, 2004), to which Yamori and Nishigaki (2004) had pointed its irrationality and great possibility of overvaluation. This paper firstly estimates sizes of restrictions (such as universal service obligations, social contribution activities, and opportunity costs caused by regulations of investments and businesses) given to Japanese Postal Savings in the same term, and secondly compares the total size with that of privileges in time?series. We will find the facts that, in the first half of the period, the privileges and the restrictions were almost balanced, so that in this regard no evidence can be confirmed that Postal Savings should have been oppressing private banks in Japan, and in the latter half (age of Japan Post), the balance came to be collapsed because of the large reduction of the privileges and of the rapid increase of the opportunity costs, as a result, its social contribution activities had to be reduced sharply.
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=41
cd-vols=
no-issue=1
article-no=
start-page=53
end-page=72
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2009
dt-pub=20090610
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=官業の特典についての再推計 ―郵便貯金事業民営化前の10年間について―
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=
en-aut-sei=
en-aut-mei=
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=39
cd-vols=
no-issue=4
article-no=
start-page=123
end-page=150
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2008
dt-pub=200803
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Reforms of Policy?based Financial Institutions Directed at Small and Medium Sized Enterprises in Japan
kn-title=日本における中小企業を対象とした政策金融の改革について
en-subtitle=
kn-subtitle=
en-abstract=現在日本において，公的金融あるいは政策金融の抜本的な「改革」が進められている。西垣（２００３）およびNishigaki（２００６）では公的金融全般について，改革が行われる必然性と改革の在り方を考察した。本稿では特に中小企業を対象にした政策金融に限定した考察を行う。中小企業政策金融においてもやはり鍵となる概念は情報生産である。現代金融理論の常識からすれば，情報生産なくして正常な金融活動はあり得ない。不良債権問題に象徴される金融仲介不全は，原理的には，情報生産に何らかの障害があり，非対称情報が解消されないために生じる。不況やデフレ経済といった外的要因は損失を増幅するが，根本の原因ではない。２００７年夏のサブプライムローン・ショックは，金融仲介の本質を説明するには良い例である。元々信用力の低い個人に無審査で，それも不適切な金利で融資を実行したのだから，証券化や債務保証を施したところで，損失は必ず誰かが負担しなければならなくなる。本来リスク分散（＝低減）機能を持った証券化装置が，リスクを
分散する（＝撒き散らす）働きをしたのである。わが国の政策金融が，現在進めている「改革」によって，アメリカのように債務保証や証券化支援といった信用補完に活動の中心を移したとしても，補完を受ける民間金融機関サイドの情報生産に問題を残したままならば，金融システム全体としては改革されたことにはならない。戦後日本の金融システムは，急速な経済復興，経済成長の時期に企業部門の慢性的赤字を効率よく埋めることを目的に構築された。そこで特に成長産業に資金を効率よく供給するため，統制のとれやすい銀行中心のシステムが選択された。しかし，民間金融機関の資金供給能力が限定的で，政府が民間金融機関のリスクテイクを望まなかったことから，公的金融部門に多くの期待が寄せられることになった。各々の政府系金融機関は，実績から判断してその期待に十分応えるだけの働きをしたと考えられる。各公庫等において，戦後の何十年かの間に情報生産のためのノウハウが蓄積され，融資の現場にある年長者から若年者へと，ノウハウの多くは口伝という形で継承された。官業が民業に比較して非効率であるというよく普及した見解は，少なくとも８０年代までの日本の金融業には該当しないようである。戦後わが国の公的金融は，民間の資金供給不足を補い，さらに民間銀行に代わって多くのリスクを引受け，日本の高度成長にとって金融面における主導的役割を果たした。その一方において，民間金融機関の情報生産ノウハウの蓄積と継承は，機関ごとに相当大きなばらつきのあったことが，９０年代以降，マーケットの選別によって各機関の格付けや株価の違いとなって
表れ，また早期是正措置の発動などによって情報生産の優劣の差が次第に明らかとなってきた。西垣（２００３）では，「直接融資では官民は競合的であっても，債務保証や証券化支援等の信用補完においては政府の「不確性」担保能力が民間に優越し官民は補完関係を築くことができる。したがって原則，政府系金融機関は信用補完活動に徹するべきである」という一つの結論を導いた。ただし，官民の情報スキルが同じであるという条件を付した。現実に照らせば，この前提条件が成立しない場合のことをもっと議論するべきであった。理由は，以下の２点である。まず，民間サイドの情報生産が不十分なまま行われる公的金融機関の信用補完活動は，最終的に国民の税金で損失が穴埋めされる危険がある。次に，民間機関が情報生産スキルを十分高めないまま，公的機関が信用補完活動に重心を移し，創業者支援を含む直接融資を削減させたとしたら，システム全体として産業が必要とするに十分な金融仲介が行われなくなる危険がある。本稿はこれらの問題意識に基づいて，特に中小企業を対象とした政策金融に的を絞り，進行中の「改革」について提言を行う。第２節では，公的金融および政策金融の改革が求められるようになった根拠について整理する。第３節では，実際の改革がこれまでどのように行われ，今後どのように進められようとしているのかについてまとめる。第４節では，中小企業政策金融の改革が，今後どのように進められるべ
きかについて考察する。そこで西垣（２００３）よりも情報生産に関する論点をより明示的に扱った分析を試みる。第５節ではマーケット重視の経済システムで中小企業政策金融に期待される新機能について，その可能性を探る。最終第６節は本稿の結論である。
kn-abstract=In Japan today, public financial system or policy?based financial institutions are under drastic reforms. For a
better implementation of the reforms, this paper proposes new rules in which state owned institutions can　complement the roles of private financial institutions for small and medium sized enterprises.　In the rules, and in view of the actual situation in Japanese financial system, direct　loans of policy?based　financial institutions ought not to be abolished. Instead, they should be limited to such　cases as private　institutions can’t judge future result of their lending due to their screening ability which is lower than that of　policy?based financial institutions. Concerning credit insurance activities, easy promotion of policy?based　financial institutions’ securitization　support or guarantee activities should be avoided. This is becanse it would　bring about much danger of losses than the case of housing loan because of its more complicated screening　process.
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=46
cd-vols=
no-issue=2
article-no=
start-page=77
end-page=106
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2014
dt-pub=20141218
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Microfinance Facing a Big Turning Point: Important Matters Derived from the Systematization of the Criticism for Microfinance
kn-title=転換期のマイクロファイナンス―批判の体系化から導かれる普及の留意点―
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=NishigakiNarunto
en-aut-sei=Nishigaki
en-aut-mei=Narunto
kn-aut-name=西垣鳴人
kn-aut-sei=西垣
kn-aut-mei=鳴人
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END