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This book answers the question of how exactly property price
indexes should be constructed. The formation and collapse of
property bubbles has had a profound impact on the economic
administration of many nations. The property price bubble that
began around the mid-1980s in Japan has been called the 20th
century's biggest bubble. In its aftermath, the country faced a
period of long-term economic stagnation dubbed the "lost decade."
Sweden and the United States have also faced collapses of property
bubbles in the 20th and early 21st centuries, respectively. It has
been pointed out that the "information gap" that existed between
policy-making authorities and the property (including housing) and
financial markets was a problem. In 2009, the IMF proposed the
creation of a housing price index to the G20 in order to fill this
information gap, and the proposal was adopted. Furthermore, in
2011, it was suggested that the next economic crisis would be
caused by a bubble in commercial property prices, and it was
decided to create a commercial property index as well. This book
provides practical examples of how the theory of property price
indexes can be applied to the issues of property as a
non-homogenous good and a technological and environmental change.
This book is one of the first comprehensive works to fill the
knowledge gap resulting from the limited number of empirical
studies on interfirm networks. The in-depth empirical research
presented here is based on a massive transaction relationship
database of approximately 400,000 Japanese firms. This volume,
unlike others, focuses on the role of interfirm networks in three
different fields: (1) macroeconomic activities, (2) economic
geography and firm dynamics, and (3) firm–bank relationships. The
database for this work is constructed in collaboration with Japan's
largest credit research company, Teikoku Data Bank, and covers a
substantial portion of Japanese firms with information on firms'
transaction partners, shareholders, financial institutions, and
other attributes, including their locations and performance.
Networks prevail in many aspects of economic activities and play a
major role in explaining a wide variety of economic phenomena from
business cycles to knowledge spillovers, which has motivated
economists to produce a number of excellent works. Â In the
policy arena, there has been a growing concern on the
vulnerabilities of networks based on the casual observation that
idiosyncratic shocks on firms can be amplified through inter-firm
connections and leads to a systemic crisis. Typical examples are
the manufacturing supply-chain networks in the automobile and
electronics industries which propagated regionally concentrated
shocks (the Great East Japan Earthquake and floods in Thailand in
2011) into global ones. An abundance of theoretical literature on
the formation and functions of networks is available already. This
book breaks new ground, however, and provides an excellent
opportunity for the reader to gain a more integrated understanding
of the role of networks in the economy. The Economics of Interfirm
Networks will be of special interest to economists and
practitioners seeking empirical and quantitative knowledge on
interfirm and firm–bank networks.
This book is one of the first comprehensive works to fill the
knowledge gap resulting from the limited number of empirical
studies on interfirm networks. The in-depth empirical research
presented here is based on a massive transaction relationship
database of approximately 400,000 Japanese firms. This volume,
unlike others, focuses on the role of interfirm networks in three
different fields: (1) macroeconomic activities, (2) economic
geography and firm dynamics, and (3) firm-bank relationships. The
database for this work is constructed in collaboration with Japan's
largest credit research company, Teikoku Data Bank, and covers a
substantial portion of Japanese firms with information on firms'
transaction partners, shareholders, financial institutions, and
other attributes, including their locations and performance.
Networks prevail in many aspects of economic activities and play a
major role in explaining a wide variety of economic phenomena from
business cycles to knowledge spillovers, which has motivated
economists to produce a number of excellent works. In the policy
arena, there has been a growing concern on the vulnerabilities of
networks based on the casual observation that idiosyncratic shocks
on firms can be amplified through inter-firm connections and leads
to a systemic crisis. Typical examples are the manufacturing
supply-chain networks in the automobile and electronics industries
which propagated regionally concentrated shocks (the Great East
Japan Earthquake and floods in Thailand in 2011) into global ones.
An abundance of theoretical literature on the formation and
functions of networks is available already. This book breaks new
ground, however, and provides an excellent opportunity for the
reader to gain a more integrated understanding of the role of
networks in the economy. The Economics of Interfirm Networks will
be of special interest to economists and practitioners seeking
empirical and quantitative knowledge on interfirm and firm-bank
networks.
In recent years, as part of the increasing "informationization" of
industry and the economy, enterprises have been accumulating vast
amounts of detailed data such as high-frequency transaction data in
nancial markets and point-of-sale information onindividualitems in
theretail sector. Similarly,vast amountsof data arenow ava- able on
business networks based on inter rm transactions and shareholdings.
In the past, these types of information were studied only by
economists and management scholars. More recently, however,
researchers from other elds, such as physics, mathematics, and
information sciences, have become interested in this kind of data
and, based on novel empirical approaches to searching for
regularities and "laws" akin to those in the natural sciences, have
produced intriguing results. This book is the proceedings of the
international conference THICCAPFA7 that was titled "New Approaches
to the Analysis of Large-Scale Business and E- nomic Data," held in
Tokyo, March 1-5, 2009. The letters THIC denote the Tokyo Tech
(Tokyo Institute of Technology)-Hitotsubashi Interdisciplinary
Conference. The conference series, titled APFA (Applications of
Physics in Financial Analysis), focuses on the analysis of
large-scale economic data. It has traditionally brought physicists
and economists together to exchange viewpoints and experience
(APFA1 in Dublin 1999, APFA2 in Liege ` 2000, APFA3 in London 2001,
APFA4 in Warsaw 2003, APFA5 in Torino 2006, and APFA6 in Lisbon
2007). The aim of the conf- ence is to establish fundamental
analytical techniques and data collection methods, taking into
account the results from a variety of academic disciplines.
Like a river, the progress of science has a tendency to run tast or
slow. Once the water meets a dam, it may stop for a while, but
eventually it will flow over the top and run fast again. In
scientific research, a breakthrough to overcome a simile>r
barrier is often made by a small number of scientists, or perhaps
by a single person of special creativity, extraordinary talent and
unusual perseverance. Through such individuals science can proceed
in great strides. No one can deny that Professor Kazuo Takayanagi
is one of these special individuals who have played a leading role
in the field of atomic and molecular physics, as well as space
physics. This book is dedicated to Professor Takayanagi on the
occasion of his retirement from the Institute of Space and
Astronautical Science. Professor Takayanagi was born in 1926 and
grew up in Tomakomai in Hokkaido, the northern island of Japan. In
his boyhood, he was interested in natural sciences, particularly
astronomy. On 5th February, 1943, when he was attending secondary
school, a solar eclipse was seen in his town. He organized a group
of students from his school to observe the eclipse. He still
remembers the scene: it grew so dark during the eclipse that two
stars, Vega and Arcturus, could be seen. After graduation from the
University of Tokyo in 1948, he entered the graduate school there.
In recent years, as part of the increasing "informationization" of
industry and the economy, enterprises have been accumulating vast
amounts of detailed data such as high-frequency transaction data in
nancial markets and point-of-sale information onindividualitems in
theretail sector. Similarly,vast amountsof data arenow ava- able on
business networks based on inter rm transactions and shareholdings.
In the past, these types of information were studied only by
economists and management scholars. More recently, however,
researchers from other elds, such as physics, mathematics, and
information sciences, have become interested in this kind of data
and, based on novel empirical approaches to searching for
regularities and "laws" akin to those in the natural sciences, have
produced intriguing results. This book is the proceedings of the
international conference THICCAPFA7 that was titled "New Approaches
to the Analysis of Large-Scale Business and E- nomic Data," held in
Tokyo, March 1-5, 2009. The letters THIC denote the Tokyo Tech
(Tokyo Institute of Technology)-Hitotsubashi Interdisciplinary
Conference. The conference series, titled APFA (Applications of
Physics in Financial Analysis), focuses on the analysis of
large-scale economic data. It has traditionally brought physicists
and economists together to exchange viewpoints and experience
(APFA1 in Dublin 1999, APFA2 in Liege ` 2000, APFA3 in London 2001,
APFA4 in Warsaw 2003, APFA5 in Torino 2006, and APFA6 in Lisbon
2007). The aim of the conf- ence is to establish fundamental
analytical techniques and data collection methods, taking into
account the results from a variety of academic disciplines.
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