Silviase/jgov_v1.4_full_ann huggingface dataset:
### V. Empirical Analysis

### 1. Data and Methodology

How well does our model, which highlights the capital inflows through the stock market, explain the reality? In order to gain insight on this question, we will look at the Korean economy. Korea provides an interesting example, because it completely opened its stock market fully to foreign investors following the currency crisis. At the same time, Korea's exchange rate regime changed from the de facto dollar peg to a flexible exchange rate regime. Thus, we compare the pre-crisis period and the post-crisis period to see how monetary policy affects the economy. The pre-crisis period is set from 1992:1 when the stock market opened to foreign investors, to 1997:8. The turmoil that resulted from the currency crisis began to stabilize by April 1998 and monetary authorities abandoned high interest policy. Therefore, the post-crisis period is set from 1998:4 to 2000:11.

Because we do not have enough observations, we cannot use the structural model to test our model. Instead, we adopt a vector autoregressive model to study the impulse responses of variables to shocks. The model consists of five variables that are of great importance to our theoretical model: (1) the domestic interest rate (INTEREST), (2) the money stock (LM), (3) the expected rate of return of equity (RHO), (4) the balance of payments (BOPY), and (5) the nominal exchange rate (LEX). The corporate bond rate with a 3-year maturity is used for the domestic interest rate. The money stock takes the value of the logarithmic transformation of M1. As for the expected rate of return on equity, the next period's realized rate of change in the Korea Stock Price Index (KOSPI) in annum is used as a proxy. The nominal exchange rate denotes the price of a unit of the
U.S. dollar in Korean won, after taking the logarithmic transformation. The balance of payments denotes the monthly overall balance relative to the GDP. $ ^{6} $

As expected, all five variables turn out to be non-stationary. However, there exists at least one cointegrating vector that makes a combination of these variables stationary in the long run. Therefore, we adopt the vector error correction model (VECM) for further empirical analysis. $ ^{7} $

### 2. Money Supply Shock

Using the residuals of the estimated VECM, we can obtain the impulse response of each variable included in the model to shocks in other variables. In order to evaluate our model, we consider a specific case of a shock in the money supply. Taking into account the variance decompositions of forecast errors, we determined the order of exogeneity of variables in deriving the impulse response functions as follows: INTEREST, LM, RHO, BOPY and LEX. The impulse responses to an increase in money supply are as shown in Figure 10.

First, domestic currency depreciates in response to an increase in the money stock while it appreciates in the post-crisis period. The depreciation of the domestic currency in the former period seems to reflect the effects of money supply on exchange rates through the inflationary mechanism, which results in the loss of international competitiveness. The exchange rate response in the latter period accurately reflects the prediction of our model.
Second, the expected rate of return on equity, RHO, does not show any definite trend in response to a money supply shock in the pre-crisis period. However, RHO becomes positive in the post-crisis period (except initially for several months). This is also explained well by our model.

Third, the balance of payments (BOPY) shows a vast difference in its response to the shock. In the former period, BOPY initially turns into deficit but after three months becomes a surplus. In the latter period, the balance of payments shows a surplus during the first four months but gradually turns into deficit due to the appreciation of the domestic currency.

Fourth, responses of the domestic interest rate do not show much difference. As expected, an increase in the money supply has a negative effect on the domestic interest rate in both periods.

In sum, the above empirical evidences appear to support clearly the predictions of our model derived in the previous chapter. As for the economy in which capital flows primarily through the stock market, not through the bond market, monetary expansion brings about the balance of payments surplus and the appreciation of the domestic currency. This finding is based on empirical evidence from the Korean economy and needs to be proven for other emerging market economies. Regardless, the traditional Mundell-Fleming model cannot explain our findings. We can expect that the appreciation of the domestic currency in response to a money supply shock will result in the deterioration of the current account as well as a decrease in income. Therefore, the efficacy of monetary policy in stabilizing this type of economy is questionable.
##

The Impulse responses to the Money Supply Shock

##### 1. The Pre-crisis Period: 1992.1-1997.8

##### 2. The Post-crisis Period: 1998.4-2000.11
### V I. Conclusion

In this paper, we attempted to explore the effects of macroeconomic policy in emerging market economies with an open capital market. For that purpose, we established a theoretical model focusing on the stylized fact that capital flow through the stock market has more of an effect than that through the bond market. Then, we reviewed the Korean economy for empirical evidence to test validity of the theoretical predictions of our model. The major findings of our study, particularly its policy implications, may be summarized as follows.

First, the relative effectiveness of monetary policy over fiscal policy based on the Mundell-Fleming model does not hold for emerging market economies. If portfolio investment is concentrated in equity, rather than in debt, fiscal policy is more effective under the flexible exchange rate regime, while the autonomy of monetary policy is severely restricted. An expansionary monetary policy decreases domestic interest rates and capital inflows through the stock market in the short-run, but an appreciation of the domestic currency makes the net effect on output indeterminate.

These results coincide with the experience of the Korean economy after the full liberalization of foreign investment in the stock market following the currency crisis. After discarding its high interest rates policy in April 1998, the Korean economy experienced a decrease in interest rates and a rapid growth in income. The overall balance turned into a huge surplus and the domestic currency appreciated due to the capital inflows in the stock market as well as a surplus in the current account balance. The Korean monetary authorities intervened in the foreign exchange market in order to build up foreign reserves and as a result, caused expansion of the money supply. As the Korean
won appreciated further due to the overall balance of payments surplus, the current account surplus as well as the growth rate of GDP began to decrease.

Second, the role of the exchange rate as a shock absorber against the rise in world interest rates or deterioration of the terms of trade is important in managing the macroeconomic stability. Under the flexible exchange rate regime, the negative short-run effect of the external shock may be mitigated due to depreciation of the domestic currency in the long run. Under the fixed exchange rate regime, however, the negative external shocks can only be absorbed by adjustment of output. Therefore, the flexible exchange rate regime seems to be more effective in stabilizing the economy to cope with negative external shocks.

Third, this study has an important implication for choosing an exchange rate regime in emerging market economies, which has become a focus of debate since the Asian currency crisis (Calvo and Reinhart (2000), Chang and Valesco (2000), Cooper (1999), Frankel (1999), Krugman (1998), Mussa et al (2000) and Williamson (2000)). It seems to be a tendency for intermediate exchange rate regimes such as the adjustable peg to lose its ground to the two corner solutions: the hard peg and the clean floating. In the case of the fixed exchange rate, a currency board system and dollarization are recommended as realistic options to guarantee credibility to fend off speculative attacks. If these regimes are adopted, however, the independence of monetary policy as analyzed in our model will be lost. Another option for emerging market economies, particularly those in Asia, is to promote a regional monetary arrangement. This option deserves due attention, but is expected to remain a long-term goal. Therefore, for now, we may conclude that the flexible exchange rate regime seems to be the only viable option.
As a final note, we would like to point out several directions for further research. Our model is basically static in the sense that the price level and the expected rate of change of exchange rates are assumed to be constant. To derive more realistic policy recommendations, dynamic equations for inflation and exchange rate change should be added to the model. Furthermore, the determination of the expected rate of return of a share in the stock price should be examined theoretically and empirically. On the empirical side, it would be useful to construct a structural model and to study several economies not only from East Asia but from Latin America as well. We hope that this paper provides a useful first step towards a more complete analysis of capital inflows into emerging market economies.
## References

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___, "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives 10(2), 1996, 123-139.

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Chang, Roberto, and Andres Velasco, “Exchange-Rate Policy for Developing Countries,” AEA Papers and Proceedings, 2000, 71-75.

Chuhan, Punam, Stijn Claessens, and Nlandu Namingi, “Equity and Bond flows to Latin America and Asia: the Role of Global and Country Factors,” Journal of Development Economics, Vol. 55, 1998, 439-463.
Choe, Hyuk, Bong-Chan Kho and Rene M. Stulz, “Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997,” Working Paper 6661, National Bureau of Economic Research, 1999.

Cooper, Richard, “Exchange Rate Choices,” in Jane S. Little and Giovanni P. Olivei, eds., Rethinking International Monetary System, Federal Reserve Bank of Boston, Conference Series No. 43, http://www.bos.frb.org/economic/conf/conf43/conf_43.htm, 1999, 99-123.

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Krugman, Paul, “The Eternal Triangle,” unpublished script, MIT, http://web/mit.edu/krugman/, 1998.

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Mishikin, Frederic, “International experiences with different monetary policy regimes,” Journal of Monetary Economics, Vol.43, 1999. 579-605.

Mundell, Robert, “Currency Areas, Exchange Rate Systems and International Monetary Reform,” unpublished script, Columbia University, http://www.columbia.edu/~ram15/cema2000.html, 2000.
Mussa, Michael, Paul Masson, Alexander Swoboda, Esteban Jadresic, Paolo Mauro, and Andy Berg, “Exchange Rate Regimes in an Increasingly Integrated World Economy,” Occasional Paper 193, The International Monetary Fund, 2000.

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Williamson, John, Exchange Rate Regimes for Emerging Markets, Institute for International Economics, 2000.
## Appendix

Unit Root Test

Variables	Pre-crisis period (1992:1-1997:8)	Post-Crisis Period (1998:4-2000:11)
ADF	Phillips-Perron	ADF	Phillips-Perron
LM	-.3072	.3290	-3.1697**	-3.2894**
INTEREST	-2.8975	-2.9823	-2.7859	-3.5098**
RHO	-3.6485	-1.3214	-.6663	-1.4517
BOPY	-3.6485*	-6.6146*	-1.7207	-3.3531**
LEX	-3.6535*	-6.7069*	-2.3699	-2.0930

Note: 1) The asterisk $ ^{(*)} $ denotes that the hypothesis of presence of an unit root is rejected at 1%(5%) significance level.

2) The number of lagged differenced terms in the Augmented Dickey-Fuller test is set to 4. The truncation lag for the Phillips-Perron test is 3.
### 1. Sample Period: 1992:1 – 1997:8

Eigenvalue	Likelihood Ratio	5 Percent Critical Value	1 Percent Critical Value	Hypothesized No. of CE(s)
0.466731	98.37445	68.52	76.07	None $ \^{**} $
0.405143	55.62084	47.21	54.46	At most 1 $ \^{**} $
0.151384	20.29937	29.68	35.65	At most 2
0.086829	9.137281	15.41	20.04	At most 3
0.042605	2.960670	3.76	6.65	At most 4

Note: Lags interval: 1 to 4

$ ^{*} $ (**) denotes rejection of the hypothesis at 5%(1%) significance level

Unnormalized Cointegrating Coefficients:

INTEREST	LM	RHO	BOPY	LEX
-0.042006	-0.682286	-0.006281	13.66441	4.075913
0.071105	0.387473	0.003257	7.605266	-1.164118
-0.027776	-0.678356	-0.001979	0.893386	-2.496933
0.079077	0.752514	-0.000867	-0.260182	-0.149871
0.051833	-0.253363	1.49E-05	-0.358936	4.538321

Normalized Cointegrating Coefficients: 1 Cointegrating Equation(s)
INTEREST	LM	RHO	BOPY	LEX	C
1.000000	16.24258	0.149536	-325.2966	-97.03169	470.5974
(4.49636)	(0.05164)	(135.625)	(44.5036)
Log likelihood	145.7549

INTEREST	LM	RHO	BOPY	LEX	C
1.000000	0.000000	-0.006567	325.1981	24.35196	-179.1057
(0.03192)	(113.421)	(27.3829)
0.000000	1.000000	0.009611	-40.04873	-7.473176	39.99999
(0.00316)	(11.2201)	(2.70883)
Log likelihood	163.4157
### 2. Sample Period: 1998:04 2000:11

Eigenvalue	Likelihood Ratio	5 Percent Critical Value	1 Percent Critical Value	Hypothesized No. of CE(s)
0.913944	156.1297	68.52	76.07	None $ \^{**} $
0.715292	80.09416	47.21	54.46	At most 1 $ \^{**} $
0.630565	41.14915	29.68	35.65	At most 2 $ \^{**} $
0.248065	10.27993	15.41	20.04	At most 3
0.045441	1.441674	3.76	6.65	At most 4

Note: Lags interval: 1 to 3

$ ^{**} $ denotes rejection of the hypothesis at 5%(1%) significance level

Unnormalized Cointegrating Coefficients:
LM	RHO	BOPY	LEX
0.015338	5.675400	0.003570	6.414059	6.161612
-0.321249	-1.555991	-0.006035	13.52980	5.020696
-0.311523	7.809582	-0.004570	-4.610968	20.91559
-0.187136	-0.293960	-0.000698	3.880261	2.912772
-0.169215	7.089130	-0.001487	-1.039826	10.43081

Normalized Cointegrating Coefficients: 1 Cointegrating Equation(s)
INTEREST	LM	RHO	BOPY	LEX	C
1.000000	370.0175	0.232748	418.1756	401.7169	-6765.078
(705.235)	(0.40353)	(797.509)	(815.844)
Log likelihood	64.67431

Normalized Cointegrating Coefficients: 2 Cointegrating Equation(s)
INTEREST	LM	RHO	BOPY	LEX	C
1.000000	0.000000	0.015948	-48.22141	-21.16423	143.3991
(0.00204)	(12.5969)	(2.01415)
0.000000	1.000000	0.000586	1.260473	1.142868	-18.67068
(5.6E-05)	(0.34541)	(0.05523)
Log likelihood	84.14681

Normalized Cointegrating Coefficients: 3 Cointegrating Equation(s)
INTEREST	LM	RHO	BOPY	LEX	C
1.000000	0.000000	0.000000	-160.7561	-0.559447	6.282490
(23.2749)	(5.87499)
0.000000	1.000000	0.000000	-2.874008	1.899880	-23.70829
(0.55808)	(0.14087)
0.000000	0.000000	1.000000	7056.418	-1292.010	8597.814
(1085.50)	(274.000)
Log likelihood	99.58142
## (2) 事件の処理経過

昭和48年度の第1次調停以来、平成25年度末までに53次にわたる調停を実施し、606件（患者数1,463人）について調停が成立した（表1－2－2）。

## （3） 慰藉料額等変更申請

水俣病事件の調停の成立した患者のうち、Bランク及びCランクの生存者の場合には、調停条項の中に、「将来申請人の症状に第1項の（1）及び（4）の金額の増額を相当とするような変化が生じたときは、申請人は、これを理由として、調停委員会に対し、当該金額の変更を申請することができるものとすること。」という条項がある（表1－2－6、「(4)調停調書の例」参照）。

第1次調停以降の調停成立者のうちから、この調停条項に基づいてなされた慰藉料額等変更申請を、平成25年度末までに556件受け付け、555件処理した。25年度中に新たに受け付けた申請は1件で、26年度に繰り越された（表1－2－4、表1－2－5）。

## (4) 調停調書の例

Bランク生存者の場合の調停調書の例は、次のとおりである。

なお、Aランク生存者の場合の例は、慰藉料等の金額が異なること、第3項及び第4項（将来の申請人の症状の変化に関する取扱い）相当の定めがないことのほかは、このBランクの例と同様である。また、Cランク生存者の場合の例は、慰藉料等の金額が異なること、第5項（家族の慰藉料支払）相当の定めがないことのほかは、このBランクの例と同様である（表1－2－6）。

## [Bランク調停調書の例]

## 平成〇年（調）第〇号

## 調 停 調 書

(申請人の住所・氏名)

大阪市北区中之島3丁目6番32号

被申請人 チッソ株式会社

上記代表者代表取締役

上記代表者代表取締役（氏名）

上記当事者間の損害賠償調停申請事件について，当調停委員会は，平成〇年〇月〇日〇時〇分水俣市〇〇会議室において

調停委員長 (氏名)

調停委員 (氏名)

調停委員 (氏名)

列席し第1回調停期日を開いた。

申請人（氏名）

被申請人代理人（氏名）各出頭

上記期日において明確にした事項は、次のとおりである。

申請人が調停を求めた事項

申請人の申請の趣旨とするところは，申請人が被申請人会社水俣工場の排水に起因した水俣病に罹り，これによって精神上，財産上の損害を蒙ったので，これに関する紛争の一切を早期円満に解決するため，妥当な賠償金の支払を含む適切な調停を求めるというにある。

当委員会は，双方の主張，意見等を検討し，事実の調査をした上，申請人に対し，その精神的苦痛のほか，今後の治療費，過去及び将来の逸失利益，症状とその経過，年齢，職業，収入，その他諸般の事情を斟酌して，慰藉料の支払その他の給付をさせる調停案を作成し，調停を進めたところ，当事者双方は，調停案を受諾し，別紙調停条項のとおり，調停が成立した。

当事者双方は，それぞれ，本調書の記載が相違ないことを承認し，署名押印した。

申請人（氏名）印
表1－2－6 水俣病ランク別補償額等一覧

区分項目	A ラ ラ ク	B ラ ラ ク	C ラ ラ ク	備 考
1 慰藉料	1,800 万円	1,700 万円	1,600 万円	水俣病認定申請日から年5分の遅延損害金
2 治療費	昭和48年7月9日以降同49年8月31日までの(旧)特別措置法の規定による医療費及び医療手当並びに同年9月1日以降の補償法の規定による療養費及び療養手当に相当する額	昭和48年7月9日以降の水俣病認定者は認定申請日から支給
3 介護手当	昭和48年7月9日以降同49年8月31日までの(旧)特別措置法の規定による介護手当に相当する額に1万円を加算した額及び同年9月1日以降の補償法の規定による障害補償費中の介護加算額に相当する額	同 上
4 特別調整手 当昭和48.4.27～49.5.31	6万 円/月	3万 円/月	2万 円/月	(1) 2年ごとに物価スライド(ただし,物価変動が著しい場合は1年目にも改定)
(2) 昭和48年4月27日以降の水俣病認定者は認定日から支給
49.6.1～50.5.31	7万 円/月	3万5,000円/月	2万4,000円/月
50.6.1～51.5.31	8万5,000円/月	4万3,000円/月	3万 円/月
51.6.1～52.5.31	9万4,000円/月	4万8,000円/月	3万4,000円/月
52.6.1～53.5.31	10万2,000円/月	5万2,000円/月	3万7,000円/月
53.6.1～54.5.31	11万 円/月	5万6,000円/月	4万 円/月
54.6.1～56.5.31	11万4,000円/月	5万8,000円/月	4万2,000円/月
56.6.1～58.5.31	12万9,000円/月	6万6,000円/月	4万8,000円/月
58.6.1～60.5.31	13万5,000円/月	6万9,000円/月	5万1,000円/月
60.6.1～62.5.31	14万2,000円/月	7万3,000円/月	5万4,000円/月
62.6.1～平成元.5.31	14万5,000円/月	7万5,000円/月	5万5,000円/月
元.6.1～3.5.31	14万6,000円/月	7万6,000円/月	5万6,000円/月
3.6.1～5.5.31	15万7,000円/月	8万2,000円/月	6万 円/月
5.6.1～7.5.31	16万5,000円/月	8万6,000円/月	6万3,000円/月
7.6.1～9.5.31	16万8,000円/月	8万8,000円/月	6万5,000円/月
9.6.1～11.5.31	16万9,000円/月	8万9,000円/月	6万6,000円/月
11.6.1～13.5.31	17万3,000円/月	9万1,000円/月	6万8,000円/月
13.6.1～15.5.31	17万2,000円/月	9万1,000円/月	6万8,000円/月
15.6.1～17.5.31	17万 円/月	9万 円/月	6万7,000円/月
17.6.1～19.5.31	17万 円/月	9万 円/月	6万7,000円/月
19.6.1～21.5.31	17万 円/月	9万 円/月	6万7,000円/月
21.6.1～23.5.31	17万3,000円/月	9万2,000円/月	6万8,000円/月
23.6.1～25.5.31	17万1,000円/月	9万1,000円/月	6万8,000円/月
25.6.1～27.5.31	17万 円/月	9万1,000円/月	6万8,000円/月

（注）上記表中「（旧）公害に係る健康被害の救济に関する特別措置法（昭和44年法律第90号）」は「（旧）特別措置法」と，「公害健康被害の補償等に関する法律（昭和48年法律第111号）」は「補償法」とそれぞれ略称した。
請人に対し，不法行為による損害賠償請求権に基づき，本件裁定申請の日である平成23年2月21日から別紙図面のT Z-5地点における測定値がピーク騒音レベル（ $ L_{A,\max} $ ）85dB以下・全日等価騒音レベル（ $ L_{Aeq,24h} $ ）70dB以下に低減されるまでの間，賃料減収相当損害金として日額9000円の支払を求め，さらに二重防音サッシ設置費用258万4800円の支払を求める事案である。

(以下省略)

(裁定書の全文は、「公害等調整委員会」のホームページ

http://www.soumu.go.jp/kouchoi/index.html から、画面左側メニューの「係属事件一覧」→一番上の「新しい動き・係属紛争事件一覧」の中の「終結した公害紛争事件」と進み、該当する事件を参照）

## 4 寝屋川市における廃棄物処理施設からの大気汚染による健康被害原因裁定申請事件（平成23年（ゲ）第2号事件・平成24年（ゲ）第2・9号事件）

## (1) 事件の概要

平成23年3月1日、大阪府、奈良県及び京都府の住民51人から、廃プラスチック処理会社と北河内4市リサイクル施設組合を相手方（被申請人）として原因裁定を求める申請があった。

申請の内容は以下のとおりである。申請人らに生じている皮膚症状、粘膜刺激症状、神経系の機能障害等を中心とする健康被害は、被申請人らの廃プラスチック処理施設から排出される有害化学物質によるものである、との原因裁定を求めるものである。

その後、平成24年1月25日、大阪府寝屋川市の住民11人から（平成24年（ゲ）第2号事件）、同年12月26日、同市の住民11人から（平成24年（ゲ）第9号事件）、それぞれ同内容の原因裁定を求める申請があり、平成24年2月6日（平成24年（ゲ）第2号事件）、平成25年1月15日（平成24年（ゲ）第9号事件）、これらを併合して手続を進めることを決定した。

## (2) 事件の処理経過

公害等調整委員会は、本申請受付後、直ちに裁定委員会を設け、6回の審問期日（4回の現地期日を含む。）を開催するとともに、平成23年10月1日、廃プラスチック処理施設から排出される有害化学物質と健康被害の因果関係に関する専門的事項を調査するために必要な専門委員3人を選任したほか、現地調査等、申請人本人及び参考人尋問を実施するなど、手続を進めている。

## 5 島原市における養豚場等からのし尿による水質汚濁被害原因裁定申請事件

(平成23年（ゲ）第4号事件)

## (1) 事件の概要

平成23年3月7日、長崎県島原市の食品会社から、畜産会社3社及び畜産事業者1人を相手方（被申請人）として原因裁定を求める申請があった。

申請の内容は以下のとおりである。申請人が食品製造に使用している井戸から硝酸
平成24年度特定調達品目調達実績取りまとめ表 合法性証明に係る集計表

府省・機関等名称 法務省

分 野 品 目	① 総調達量	② 材料に紙又は木質が含まれる物品の調達量<①の内数>	③ 材料に紙又は木質が含まれる場合で、合法性の証明を必要とする物品の調達量<②の内数	④ 材料に紙又は木質が含まれる場合で、合法性の証明がなさた物品の調達量	⑤ 合法性の証明がなさた物品の調達率【⑤=④/③】	⑥ 合法性の証明がなさた物品の調達量【⑥=(③-④)】	⑦ 具体的仕様	⑧ 主な理由
文 具 類 (1)	事務用封筒(紙製)	174,500 枚	174,500 枚	171,500 枚	171,500 枚	100 %	0 枚
オ フ イ ス 家 具 等(10)	いす	11759 脚	785 脚	751 脚	751 脚	100 %	0 脚
机	5483 台	490 台	406 台	406 台	100 %	0 台
棚	1704 連	154 連	128 連	122 連	95 %	6 連	3段ポックス	機能・性能上の必要性
収納用什器(棚以外)	2910 台	175 台	156 台	156 台	100 %	0 台
ローパーティション	690 台	38 台	31 台	31 台	100 %	0 台
コートハンガー	96 台	6 台	3 台	3 台	100 %	0 台
傘立て	82 台	1 台	1 台	1 台	100 %	0 台
掲示板	160 個	17 個	16 個	16 個	100 %	0 個
黒板	18 個	3 個	2 個	2 個	100 %	0 個
ホワイトボード	466 個	44 個	16 個	16 個	100 %	0 個
New ESRI Working Paper Series No. 1

R&D の資本化について

by

川崎 泰史

December 2006

內閣府経済社会総合研究所

Economic and Social Research Institute

Cabinet Office

Tokyo, Japan
新 E S R I ワーキング・ペーパー・シリーズは、内閣府経済社会総合研究所の研究者および外部研究者によってとりまとめられた研究試論です。学界、研究機関等の関係する方々から幅広くコメントを頂き、今後の研究に役立てることを意図して発表しております。

論文は、すべて研究者個人の責任で執筆されており、内閣府経済社会総合研究所の見解を示すものではありません。

なお、研究試論という性格上今後の修正が予定されるものであり、当研究所及び著者からの事前の許可なく論文を引用・転載することを禁止いたします。

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