Asian Growth Research Institute Repository (AGI) / リポジトリ
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Assessing the Impact of the Establishment of Japan Advanced Semiconductor Manufacturing on Taiwan’s Foreign Direct Investment in Japan: An Interrupted Time Series Analysis
Get PDFThis study examines the impact of the establishment of Japan Advanced Semiconductor Manufacturing (JASM) on Taiwan’s foreign direct investment (FDI) trends in Japan. Using interrupted time series analysis, we analyze both the immediate and long-term effects of JASM’s creation on FDI, while controlling for external shocks such as the Great East Japan Earthquake in 2011, the United States–China trade war in 2018–2019, and the COVID-19 pandemic (2020–2022). Our results indicate an immediate decline in the number of FDI cases following JASM’s establishment, accompanied by a positive post-event trend, suggesting gradual recovery and long-term growth. In contrast, the monetary value of FDI did not exhibit a significant immediate effect but demonstrated a positive trend over time. However, further analysis reveals that the initial negative impact on FDI may have been confounded by the effects of the pandemic rather than the JASM establishment itself. These findings highlight the complex dynamics of large-scale corporate investments and their influence on FDI patterns. They underscore the importance of maintaining investor confidence and policy stability to support long-term economic growth, especially in the face of external shocks.working pape
Spatial Dynamics of Air Pollution and Income in China
Get PDFWe examine the spatial distribution of air pollution, specifically PM2.5 levels, and income across 285 prefectural-level and above cities in China. Our analysis combines static spatial dependence techniques to identify clusters of high pollution (hot spots) and low pollution (cold spots), high lighting a strong negative relationship between income and air pollution, with wealthier regions typically enjoying better air quality. To deepen this understanding, we apply spatial Markov chains to evaluate whether regions are converging over time in terms of air pollution and income levels. This integrated approach not only uncovers spatial patterns but also tracks temporal dynamics, providing insights that can inform strategies to enhance public health, promote environmental equity, and improve overall quality of life.research repor
Method for Approximating Tax Revenue by Income Bracket
Get PDF本稿は、いくつかの単純化仮定の下で、所得税 （住民税を含む） の税収への効果を概算す
るための方法を提示するものである。ここに提示する方法は、単純化仮定を他の仮定に置き
換えても適用でき、税収の概算額を簡便に知る上で有用である。
具体的には、給与所得者の給与収入階層ごとの税収を概算する方法を特定の限界税率の
課税所得の層に関して例示する。また、単純化のために、納税者は単身で所得は給与のみで
ある場合を考える。この方法は、税率を変更した場合の税収を算出するのにも適用できるか
ら、所得税改革の効果の評価に役立つ。
本稿の税収概算方法を税制改革の効果分析に応用する例として、基礎控除の引き上げに
よって、限界税率が 15％の納税者のみの税負担を減らす税制改革案の下での税収変化を示
す。working pape
台湾におけるスタートアップ支援体制の研究
Get PDF本研究は，台湾の「工業技術研究院（ITRI）」およびそのベンチャーキャピタル（VC）子会社である「創新工業技術移轉公司（ITIC）」に焦点を当て，スタートアップ推進への取り組みを分析するものである。1973年設立のITRIは，台湾最大級の政府系研究開発機関として，台湾の産業技術の発展や半導体をはじめとするハイテク産業の推進に多大な貢献をしてきた。そのVC子会社のITICは，1979年設立の台湾最初のVC会社であり，ITRI の研究成果の事業化や技術移転，研究員のスピンオフ創業等に際して資金提供や事業評価などの面で協力してきた。ところが，2010年代に入ると，台湾でスタートアップ・エコシステムの発展が重視されるトレンドを背景に，それまでとは異なる形で台湾の産業発展に貢献するように変化した。例えば，創業基地・アクセラレータの運営，スタートアップと支援アクター（大企業，投資家など）とのマッチングと共創の後押し，国際連携の推進などである。本研究では，こうしたITRIとITICによる事業展開およびスタートアップ推進の取り組みを詳細に調べ，最後に事業展開ストーリーとしてわかり易く描き出す。This study focuses on “Industrial Technology Research Institute (ITRI)” and its venture capital (VC) subsidiary, “Industrial Technology Investment Corporation (ITIC)” of Taiwan, and analyzes their efforts to promote startups. Established in 1973, ITRI is one of the largest government-affiliated research and development institutions in Taiwan, and has made significant contributions to the development of Taiwan's industrial technology and the promotion of high-tech industries such as semiconductor. Its VC subsidiary, ITIC, was established in 1979 and is the first VC company in Taiwan, and has cooperated with ITRI in terms of funding and business evaluation for the commercialization of research results, technology transfer, and spin-offs of researchers. However, since the 2010s, with a background of emphasizing the development of the startup
ecosystem in Taiwan, they have tried to contribute to Taiwan’s industrial development in a different way. For example, the
operation of startup hubs and accelerators, the matching of startups with supporting actors (large companies, investors, etc.)
and support for co-creation between them, and the promotion of international collaboration. In this study, I will examine in
detail the business development and startup promotion efforts of ITRI and ITIC, and finally depict them in an easy-to
understand business development story.research repor
A NEW MODELING APPROACH TO HELP ADDRESS THE TRUMP TARIFFS
Get PDFIn this paper, we show that the existing models and descriptions of the transfer of capital between countries that are provided in international economics are inadequate because they fail to explain the causes of, or the consequences of, persistent trade imbalances and because the assumption that there is a world interest rate, r* at which all countries can theoretically lend or borrow is extremely misleading. Instead, we argue that a more fruitful modeling approach is to regard the world as consisting of a number of regions, each of which has a particular rate of return on capital, which is a function of the local marginal product of capital (MPK). We demonstrate that such a modeling approach can provide some additional insights into who gains and loses from persistent trade deficits and how this might be affected by the Trump Administration’s tariff policy.working pape
A Comprehensive Analysis of the Redistribution Structure of Taxes and Social Security Contributions in Japan
Get PDF本稿は、⽇本の税・保険料負担による再分配構造の問題点を包括的に分析し、解決策を提⽰する。
まず、格差に係る国際⽐較に基づき、⽇本の「政府の所得再分配が弱い」こと、とりわけ「負担（税・社会保険料）による再分配機能が弱い」ことを⽰す。次に、再分配機能の脆弱性をもたらす、⽇本の負担構造の特徴として、１）「所得税が低く、社会保険料が⾼い」こと、２）「所得税につき中所得層の負担が極めて軽い」ことを⽰す。さらに、特異な負担構造の⽣じた要因、そのもたらす弊害を分析し、解決策を提⽰している。This paper provides a comprehensive analysis of Japan's tax and social insurance redistribution systems, offering solutions to the identified problems. Firstly, it illustrates that the Japanese government's function of redistributing income through taxes and social insurance premiums is weak, especially when compared to other countries regarding income disparities. The paper identifies specific characteristics of Japan's burden structure that contribute to this weakness: 1) low income-tax rates coupled with high social insurance premiums, and 2) an extremely light tax burden on the middle-income group. Additionally, it examines the factors that lead to this unique burden structure and its drawbacks, ultimately proposing potential solutions.working pape
コロナ禍が通勤鉄道沿線に与えた住宅家賃への影響
Get PDF本稿は、コロナ禍後に普及したリモートワークが都市圏通勤鉄道沿線の住宅家賃に与える影響を、理論・実証両面から分析する。
リモートワークの普及は、①出勤率の低下と、②通勤混雑の緩和という二つの経路を通じて、都心から離れた地域の家賃を相対的に押し上げた。
しかし、通勤の非金銭的コストの影響を分析するために従来用いられてきた山鹿・八田（2000）の家賃モデルは、出勤率変数を含んでいない。本稿ではこの変数を導入して、リモートワークによる家賃変化を定式化する。
実証分析においては、コロナ禍前後の家賃データを用いて、混雑率のみを変数とする従来モデルから導かれる理論家賃と比較することで、出勤率の低下が家賃変動に与える追加的な効果を検証する。working pape
Takatoshi Ito: Scholarship on Japan’s Economy Transformed
Get PDFTakatoshi Ito, who passed away in September 2025, was a leading scholar of macroeconomics and international finance. This column, written by a group of friends and colleagues, outlines his many contributions in a lifetime of research, teaching and policy-making in Japan, the United States and around the world. His work is particularly notable for challenging the widespread perception that standard economic analysis is somehow ill-suited for understanding the Japanese economy. Indeed, using the discipline’s rigorous tools, he illuminated challenges that Japan faced earlier and more acutely than other countries – including population decline and ageing, ballooning government debt, the zero lower bound and unconventional monetary policies, real estate bubbles and their collapse, and the banking sector’s problem of non-performing loans.working pape
財政補助なしの「年収130万円の壁」対策
Get PDF給与所得者の妻の年収が130万円を超えると社会保険料を妻自身で納めなければならなくなるために、世帯の手取額が急減することは、「130万円の壁」と呼ばれている。本稿は、政府による財政支援なしにこの壁を取り除くことが可能であることを示す。具体的には、給与所得者の妻の年収が130万円を超えた場合、夫の雇用先に「卒扶養手当」の支給を義務付けることによって、雇用先の利益も、この世帯の手取りも、共に増加させ続けられることを示す。さらに、そのために必要な、日本年金機構と夫の雇用先との間の財務調整を明らかにし、それを可能にするために政府が整備すべき制度および税制を提案する。working pape
The impact of foreign direct investment from Taiwan on tourism development in Kyushu
Get PDFThis study aims to explore the impact of foreign direct investment (FDI) from Taiwan in the Kyushu region, particularly focusing on the establishment of facilities in Kumamoto by Taiwan Semiconductor Manufacturing Company (TSMC), on the development of airport infrastructure and its subsequent influence on the growth of regional tourism. The research focuses on Taiwanese visitors to Kyushu, encompassing both business and leisure travelers, with particular attention to changes in the number of flights between Taiwan and Kyushu, as well as fluctuations in visitor numbers to various prefectures within Kyushu as travel destinations. By analyzing flight data and tourism statistics, the study finds that FDI from TSMC has driven an increase in the number of scheduled flights at Kumamoto and surrounding airports, leading to a rapid rise in Taiwanese visitors to Kyushu. Moreover, the travel destinations of these visitors have expanded from a previous concentration in Fukuoka to include Kumamoto, Oita, and other prefectures. The findings indicate that industrial investment significantly stimulates regional transportation and tourism sectors, contributing to a deeper understanding of the interplay between industrial development and tourism economy.working pape