Are Japanese Firms Becoming More Independent from Their Banks?: Evidence from the Firm-Level Data of the "Corporate Enterprise Quarterly Statistics," 1994-2009

The Ministry of Finance's "Corporate Enterprise Quarterly Statistics" (Hojin kigyo tokei kiho) is the only statistical source of well-balanced information about the financing behavior of Japanese firms. Indeed, there are few comparable sources available anywhere in the world. Using this firm-level data set from 1994 to 2009, I investigate the financing behavior of Japanese firms with over \10 million in paid-in capital. The conclusions contrast sharply with the conventional wisdom. Much of the research and policy discussions about Japanese finance begin from the premise that banks play a decisive role in firm behavior. This paper shows that firms have maintained a dependence on financial institutions well below the level that the conventional wisdom has claimed. Under the recent gzero-interest-rate, quantity easingh monetary policy, this gindependence of the firms from the banksh has increased further. This tendency is clearest among the smaller firms. In turn, this first conclusion raises doubts about the plausibility of the basic premise of research and policy debate on financial issues, and leads us to question whether observers may not have confused a gcrisis of financial institutionsh with a gfinancial crisish. Investigation into firm financing behavior under the gfinancial crisish from the end of 1997 to the beginning of 1999 does indeed suggest that it was a fiasco caused by the confusion of a gcrisis of financial institutionsh with a gfinancial crisish.

From Democracy to Ochlocracy

democracy, ochlocracy, ignorance of ignorance

STRUCTURAL TRANSFORMATION OF THE METAMORPHOSIS GROUP : TOWARDS A METAECONOMIC THEORY OF METAMORPHOSIS

As a case study of metaeconomic analysis we discuss Marx.s economic thinking on .metamorphosis.. Our aim is to extend the coverage of the concept beyond the ordinary sphere of economic analysis. For that purpose, the formal structure of metamorphosis is represented by the algebraic structures of group and semigroup. Such a conceptual formalization of metamorphosis enables us to investigate various aspects of socio-economic and physical phenomena. A few examples of its application are presented in the later part of this article.metaeconomics, group, semigroup, metamorphosis

Fundamental Concepts for Economic Systems Theory

In the creation of a new nomenclature for economic systems theory, Nicklas Luhmann's sociological conceptualism may sometimes perform a heuristic role. In particular, the concepts of 'autopoiesis system' and 'observation of observations' can be extremely useful for the analysis of a far-reaching constellation of various economic concepts. This study develops the elementary terminology of metaeconomics and economic systems theory, and emphasizes the significance of the 'observation of observations'. In most cases when several fundamental concepts need to be logically constructed, the corresponding mathematical symbols and notions may often be utilized as the means for representing their formal functions. Amongst others, 'category' is the most important, because it can formalize the structure of economic systems and meta-observations from the viewpoint of logical foundations.system, observation of observations

Preliminary Concepts for Economic Systems Analysis

In preparing theoretical tools to analyze economic systems we need several fundamental concepts that are often applied in various scientific investigations outside economic studies. Amongst others, the concept of autopoiesis, which was introduced by Niklas Luhmann into his sociological systems theory, is the most important in constructing a theoretical model to explain the working of economic systems. An autopoietic system may be regarded as the functional core by which other elementary concepts such as homeostasis, machinery, corporate system and social entropy can be logically connected. In conclusion, all economic systems are contained in distinct social systems of autopoietic character and incorporated with them as a subsystem or partially independent system.system, autopoiesis

抗原および抗ヒトIgEに対する好塩基球の反応性. 1.好塩基球数の変化

Blood basophils in subjects with bronchial asthma migrate from blood stream into local allergic reaction sites after inhalation of antigen into airways. The phenomena can be observed by changes in number of basophils in the peripheral blood. The peripheral basophil count is at a normal level in non-attack stage of asthmatics as in healthy subjects. The basophil count increases in pre-attack stages, and decreases during attack stages. These findings suggest that number of basophils changes in close relation to asthma cycle, and that by observing number of basophils in the peripheral blood, it is possible to detect near future attacks. The decrease in number of basophils and histamine release by stimulation with antigen and anti-IgE can be observed in vitro in whole blood and basophils separated by density gradient centrifugation and by counterflow centrifugation elutriation. The decreased number of basophils in the peripheral blood represents migration of the cells into local allergic reaction sites.気管支喘息では,気道への抗原吸入後,好塩基球は末梢血よりアレルギー反応局所へと遊走する｡この現象は,末梢血中の好塩基球数の変動により観察することができる｡気管支喘息患者の好塩基球数は,非発作時には健常人とほぼ同じで正常範囲内にあるが,発作前段階で増加し,発作出現とともに減少する傾向を示す｡これらの所見は,好塩基球が喘息発作と密接な関連を持ちながら変動すること,そして,これらの変動を観察することにより,近い将来の発作を予知することが可能であることを示唆している｡抗原あるいは抗ヒトIgE刺激による好塩基球数の減少およびヒスタミン遊離は,全血法あるいは濃度勾配法やcounterflow centrifugation elutriation法により分離された好塩基球を用いてin vitroで観察することができる｡末梢血中の好塩基球数の減少は,好塩基球がアレルギー反応局所へと遊走したことを示している