Details about Makoto Saito

Access statistics for papers by Makoto Saito.

Last updated 2023-03-16. Update your information in the RePEc Author Service.

Short-id: psa1216

Working Papers

2021

1. Estimation of nonlinear functions using coarsely discrete measures in panel data: The relationship between land prices and earthquake risk in the Tokyo Metropolitan District
   Discussion Paper Series, Institute of Economic Research, Hitotsubashi University

2020

2. Central bank cryptocurrencies in a competitive equilibrium environment: Can strong money demand survive in the digital age?
   Discussion Paper Series, Institute of Economic Research, Hitotsubashi University View citations (1)
   See also Chapter Central Bank Cryptocurrencies in a Competitive Equilibrium Environment: Can Strong Money Demand Survive in the Digital Age?, Advances in Japanese Business and Economics, Springer (2021) View citations (1) (2021)
3. Long-run mild deflation under fiscal unsustainability in Japan
   Discussion Paper Series, Institute of Economic Research, Hitotsubashi University View citations (1)
4. Public Bonds as Money Substitutes at Near-Zero Interest Rates: Disequilibrium Analysis of the Current and Future Japanese Economy
   Discussion Paper Series, Institute of Economic Research, Hitotsubashi University
   See also Chapter Public Bonds as Money Substitutes at Near-Zero Interest Rates: Disequilibrium Analysis of the Current and Future Japanese Economy, Advances in Japanese Business and Economics, Springer (2021) (2021)

2017

5. Central bank notes and black markets: the case of the Japanese economy during and immediately after World War II
   Discussion Papers, Graduate School of Economics, Hitotsubashi University View citations (5)
   See also Chapter Central Banknotes and Black Markets: The Case of the Japanese Economy During and Immediately After World War II, Advances in Japanese Business and Economics, Springer (2021) (2021)
6. On wartime money finance in the Japanese occupied territories during the Pacific War: The case of instant reserve banks as bad central banks
   Discussion Papers, Graduate School of Economics, Hitotsubashi University

2012

7. On the comparison of alternative specifications for money demand: The case of extremely low interest rate regimes in Japan
   MPRA Paper, University Library of Munich, Germany View citations (20)
   See also Journal Article On the comparison of alternative specifications for money demand: The case of extremely low interest rate regimes in Japan, Journal of the Japanese and International Economies, Elsevier (2012) View citations (20) (2012)
8. Public perceptions of earthquake risk and its impact on land pricing: The case of the Uemachi fault line in Japan
   Discussion Papers, Graduate School of Economics, Hitotsubashi University View citations (1)

2011

9. The context effect in the choice of earthquake insurance contracts in Japan
   Discussion Papers, Graduate School of Economics, Hitotsubashi University
10. 東京都内の家計向け地震保険加入率・付帯率の決定メカニズムに関するノート, A Note on the Mechanism behind the Earthquake Insurance Purchase Decision by Households in Tokyo
    Discussion Papers, Graduate School of Economics, Hitotsubashi University

2010

11. Can Cross-Border Financial Markets Create Endogenously Good Collateral in a Crisis?
    IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan View citations (2)
12. 地震保険加入行動におけるコンテクスト効果について, On context effects in the choice of earthquake insurance contracts
    Discussion Papers, Graduate School of Economics, Hitotsubashi University
13. 東京都における地域危険度ランキングの変化が地価の相対水準に及ぼす非対称的な影響について: 市場データによるプロスペクト理論の検証, On asymmetric effects of changes in regional risk rankings on relative land prices in the Tokyo metropolitan area: A test of prospect theory using market equilibrium prices
    Discussion Papers, Graduate School of Economics, Hitotsubashi University
14. 活断層リスクの社会的認知と活断層帯周辺の地価形成の関係について: 上町断層帯のケース, Social recognition towards active fault risks and its impact on land pricing: A case of the Uemachi active fault line in Japan
    Discussion Papers, Graduate School of Economics, Hitotsubashi University

2009

15. Credit Spreads on Corporate Bonds and the Macroeconomy in Japan
    Global COE Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University View citations (12)
    Also in MPRA Paper, University Library of Munich, Germany (2009) View citations (11)
    See also Journal Article Credit spreads on corporate bonds and the macroeconomy in Japan, Journal of the Japanese and International Economies, Elsevier (2009) View citations (11) (2009)
16. On the Consumption Insurance Effects of Long-term Care Insurance in Japan: Evidence from Micro-level Household Data
    Global COE Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University View citations (2)
    See also Journal Article On the consumption insurance effects of long-term care insurance in Japan: Evidence from micro-level household data, Journal of the Japanese and International Economies, Elsevier (2010) View citations (7) (2010)
17. On the Determinants of Corporate Cash Holdings in Japan: Evidence from Panel Analysis of Listed Companies [in Japanese]
    Global COE Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University View citations (3)

2008

18. On empirical implications of highly interest-elastic money demand: A Note
    MPRA Paper, University Library of Munich, Germany
    See also Journal Article On Empirical Implications of Highly Interest-Elastic Money Demand: A Note, Hitotsubashi Journal of Economics, Hitotsubashi University (2009) View citations (5) (2009)

2006

19. A Portfolio Theory of International Capital Flows
    Working Papers, Hong Kong Institute for Monetary Research View citations (47)
    Also in The Institute for International Integration Studies Discussion Paper Series, IIIS (2006) View citations (32)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (28)
20. On the Consumption Insurance Effects of Long-term Care Insurance In Japan: Evidence from Micro Household Data
    CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo
    Also in CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo (2006) View citations (1)

2003

21. "Equity Repurchases and Corporate Value: Evidence from Different Legal Procedures in Japan" (in Japanese)
    CIRJE J-Series, CIRJE, Faculty of Economics, University of Tokyo

2001

22. A Test of the Full Insurance Hypothesis: The Case of Japan
    Discussion Papers, Graduate School of Economics, Hitotsubashi University View citations (3)
    See also Journal Article A Test of the Full Insurance Hypothesis: The Case of Japan, Journal of the Japanese and International Economies, Elsevier (2002) View citations (10) (2002)
23. Forward Discount Puzzle and Liquidity Effects: Some Evidence from Exchange Rates among US, Canada, and Japan
    Discussion Papers, Graduate School of Economics, Hitotsubashi University

1997

24. Population Aging and Consumption Inequality
    ISER Discussion Paper, Institute of Social and Economic Research, Osaka University View citations (3)

Journal Articles

2022

1. On expenditure/income discrepancies in national accounts in the presence of two price units
   Japan and the World Economy, 2022, 64, (C) View citations (1)

2020

2. International capital flows, portfolio composition, and the stability of external imbalances
   Journal of International Economics, 2020, 127, (C) View citations (1)
3. Shinchiku ga osuki desu ka?: Nihon ni okeru jūtaku to seiji (How do you like new houses? Housing and politics in Japan)
   Social Science Japan Journal, 2020, 23, (1), 106-108

2018

4. Public Perceptions of Earthquake Risk and the Impact on Land Pricing: The Case of the Uemachi Fault Line in Japan
   The Japanese Economic Review, 2018, 69, (4), 374-393 View citations (5)
   Also in The Japanese Economic Review, 2018, 69, (4), 374-393 (2018) View citations (5)

2014

5. PERSISTENT CATASTROPHIC SHOCKS AND EQUITY PREMIUMS: A NOTE
   Macroeconomic Dynamics, 2014, 18, (5), 1161-1171 View citations (7)

2012

6. On the comparison of alternative specifications for money demand: The case of extremely low interest rate regimes in Japan
   Journal of the Japanese and International Economies, 2012, 26, (3), 454-471 View citations (20)
   See also Working Paper On the comparison of alternative specifications for money demand: The case of extremely low interest rate regimes in Japan, MPRA Paper (2012) View citations (20) (2012)

2010

7. ON THE INTERGENERATIONAL SHARING OF COHORT-SPECIFIC SHOCKS ON PERMANENT INCOME
   Macroeconomic Dynamics, 2010, 14, (1), 93-118 View citations (2)
8. On the consumption insurance effects of long-term care insurance in Japan: Evidence from micro-level household data
   Journal of the Japanese and International Economies, 2010, 24, (1), 99-115 View citations (7)
   See also Working Paper On the Consumption Insurance Effects of Long-term Care Insurance in Japan: Evidence from Micro-level Household Data, Global COE Hi-Stat Discussion Paper Series (2009) View citations (2) (2009)

2009

9. Credit spreads on corporate bonds and the macroeconomy in Japan
   Journal of the Japanese and International Economies, 2009, 23, (3), 309-331 View citations (11)
   See also Working Paper Credit Spreads on Corporate Bonds and the Macroeconomy in Japan, Global COE Hi-Stat Discussion Paper Series (2009) View citations (12) (2009)
10. EARTHQUAKE RISKS AND LAND PRICES: EVIDENCE FROM THE TOKYO METROPOLITAN AREA*
    The Japanese Economic Review, 2009, 60, (2), 208-222 View citations (28)
11. INCOMPLETE FINANCIAL MARKETS, IRREVERSIBILITY OF INVESTMENTS AND FISCAL AND MONETARY POLICY INSTRUMENTS*
    The Japanese Economic Review, 2009, 60, (3), 271-300
12. On Empirical Implications of Highly Interest-Elastic Money Demand: A Note
    Hitotsubashi Journal of Economics, 2009, 50, (1), 29-34 View citations (5)
    See also Working Paper On empirical implications of highly interest-elastic money demand: A Note, MPRA Paper (2008) (2008)
13. Risk Premiums versus Waiting-Options Premiums: A Simple Numerical Example
    The B.E. Journal of Theoretical Economics, 2009, 9, (1), 31 View citations (1)

2007

14. Earthquake risk and housing rents: Evidence from the Tokyo Metropolitan Area
    Regional Science and Urban Economics, 2007, 37, (1), 87-99 View citations (36)

2006

15. A NOTE ON THE ROBUSTNESS OF THE TOBIN EFFECT IN INCOMPLETE MARKETS
    Macroeconomic Dynamics, 2006, 10, (1), 131-143 View citations (1)
16. On Effects of the Hyogo Earthquake on Household Consumption: A Note
    Hitotsubashi Journal of Economics, 2006, 47, (2), 219-228 View citations (6)
17. REPLY
    The Japanese Economic Review, 2006, 57, (2), 310-311
18. WHAT CAUSED FIXED INVESTMENT TO STAGNATE DURING THE 1990S IN JAPAN? EVIDENCE FROM PANEL DATA OF LISTED COMPANIES*
    The Japanese Economic Review, 2006, 57, (2), 283-306 View citations (25)

2005

19. Equity Repurchases and Corporate Value―Evidence from Different Legal Procedures in Japan―
    Economic Review, 2005, 56, (1), 30-41

2004

20. Preference for early resolution and commitment
    Finance Research Letters, 2004, 1, (2), 113-118

2003

21. On Alternatives to Aggressive Demand Policies to Revitalize the Japanese Economy
    Asian Economic Papers, 2003, 2, (3), 87-126 View citations (6)
22. Precautionary Motives versus Waiting Options: Evidence from Aggregate Household Saving in Japan
    Monetary and Economic Studies, 2003, 21, (3), 1-20 View citations (7)

2002

23. A Test of the Full Insurance Hypothesis: The Case of Japan
    Journal of the Japanese and International Economies, 2002, 16, (3), 335-352 View citations (10)
    See also Working Paper A Test of the Full Insurance Hypothesis: The Case of Japan, Discussion Papers (2001) View citations (3) (2001)
24. Forward Discount Puzzle and Liquidity Effects: Some Evidence from Exchange Rates among the United States, Canada, and Japan
    Journal of Money, Credit and Banking, 2002, 34, (4), 1014-33 View citations (6)

2001

25. Financial Crises As the Failure of Arbitrage: Implications for Monetary Policy
    Monetary and Economic Studies, 2001, 19, (S1), 239-270 View citations (11)
26. Monetary Theory and Practice―A Review of the Recent Japanese Experience in Retrospect―
    Economic Review, 2001, 52, (2), 97-106 View citations (1)

1999

27. Dynamic Allocation and Pricing in Incomplete Markets: A Survey
    Monetary and Economic Studies, 1999, 17, (1), 45-75 View citations (6)
28. On the market risk involved in the public financial system in Japan: A theoretical and numerical investigation
    Journal of Banking & Finance, 1999, 23, (8), 1243-1259 View citations (2)

1998

29. A simple model of incomplete insurance the case of permanent shocks
    Journal of Economic Dynamics and Control, 1998, 22, (5), 763-777 View citations (14)
30. Asset Pricing in Japan
    Journal of the Japanese and International Economies, 1998, 12, (2), 151-166 View citations (8)
31. Estimating the effects of monetary shocks: An evaluation of different approaches
    Journal of Monetary Economics, 1998, 42, (2), 241-260 View citations (17)
32. Incomplete Insurance and Non-expected Utility
    The Japanese Economic Review, 1998, 49, (3), 271-283 View citations (1)
33. POPULATION AGING AND CONSUMPTION INEQUALITY IN JAPAN
    Review of Income and Wealth, 1998, 44, (3), 361-381 View citations (43)

1997

34. A note on ergodic distributions in two-agent economies
    Journal of Mathematical Economics, 1997, 27, (2), 133-141 View citations (4)
35. Growth and risk-sharing with incomplete international assets markets
    Journal of International Economics, 1997, 42, (3-4), 453-481 View citations (45)

Books

2021

1. Strong Money Demand in Financing War and Peace
   Advances in Japanese Business and Economics, Springer

Chapters

2021

1. Central Bank Cryptocurrencies in a Competitive Equilibrium Environment: Can Strong Money Demand Survive in the Digital Age?
   Springer View citations (1)
   See also Working Paper Central bank cryptocurrencies in a competitive equilibrium environment: Can strong money demand survive in the digital age?, Institute of Economic Research, Hitotsubashi University (2020) View citations (1) (2020)
2. Central Banknotes and Black Markets: The Case of the Japanese Economy During and Immediately After World War II
   Springer
   See also Working Paper Central bank notes and black markets: the case of the Japanese economy during and immediately after World War II, Graduate School of Economics, Hitotsubashi University (2017) View citations (5) (2017)
3. Introduction: Toward a Monetary and Fiscal Theory of the Price Level
   Springer
4. Long-Run Mild Deflation Under Fiscal Unsustainability in Contemporary Japan
   Springer
5. On Large-Scale Monetary Operations in the Japanese Occupied Territories During the Pacific War
   Springer
6. Public Bonds as Money Substitutes at Near-Zero Interest Rates: Disequilibrium Analysis of the Current and Future Japanese Economy
   Springer
   See also Working Paper Public Bonds as Money Substitutes at Near-Zero Interest Rates: Disequilibrium Analysis of the Current and Future Japanese Economy, Institute of Economic Research, Hitotsubashi University (2020) (2020)

2001

7. An Empirical Investigation of Intergenerational Consumption Distribution: A Comparison among Japan, the United States, and the United Kingdom
   A chapter in Aging Issues in the United States and Japan, 2001, pp 135-168 View citations (2)