著書

A credit risk database (CRD) makes it possible to mitigate the problem of information asymmetry between SMEs and financial institutions and contributes to improving SMEs’ access to finance by collecting a large number of financial statements through the mechanism of SME finances and establishing a robust statistical model. In this chapter, we use the CRD in Japan, confirm the situation in Japan, and highlight the CRD’s contribution to evaluating the creditworthiness of SMEs. We also explain how to establish the CRD as a financial infrastructure, while indicating that the CRD and the scoring model based on it have maintained their quality due to their operating system. We hope our experience contributes to the introduction of a statistical CRD composed of a large number of anonymous financial statement data in other countries and that the CRD helps improve SMEs’ access to finance as a financial infrastructure.

The main obstacle to the development of Renewable Energy (RE) projects is lack of access to finance. Electricity tariff is often regulated by the government, hence, to increase the investment incentives the spill over effects originally created by energy supplies need to be used. Tax revenues are refunded to the investors in energy projects and such fiscal policy reform will increase the rate of return of energy projects. For smaller-size energy projects, this chapter provides a theoretical model for combining utilisation of carbon tax and a new way of financing risky capital, i.e., Hometown Investment Trust Funds (HITs). Because of the Basel capital requirement, and because most RE projects from the point of view of financers are considered to be risky projects, and thus many financers are reluctant to lend to them or they lend at high interest rates. This chapter theoretically shows that by taxing carbon dioxide (CO2), sulphur dioxide (SO2), and nitrogen oxides (NOx) and allocating those tax revenues to HITs, RE projects will become more feasible and more interesting for hometown investors, hence the supply of investment money to these funds will increase.

Due to the asymmetry of information between borrowers that are small and medium-sized enterprises (SMEs) and lenders (banks), many banks consider this sector to be risky. It is crucial for banks to be able to distinguish healthy companies from risky ones in order to reduce their nonperforming assets in the SME sector. If they can do this, lending and financing to SMEs through banks will be easier, with lower collateral requirements and lower interest rates. In this chapter, we provide a scheme originally developed by Yoshino and Taghizadeh-Hesary (2014) for assigning credit ratings to SMEs by employing two statistical analysis techniques - principal component analysis and cluster analysis - using 11 financial ratios of 1,363 SMEs in Asia. If used by financial institutions, this comprehensive and efficient method could enable banks and other lending agencies around the world, especially in Asia, to group SME customers based on financial health, adjust interest rates on loans, and set lending ceilings for each group.

There is limited access for small and medium-sized enterprises (SMEs) to bank credit. This book proposes new and sustainable models to help ease the access of SMEs to finance and boost economic growth and job creation in Asia. This book looks at the difficulties of SMEs in accessing finance and suggests ways on how to mitigate these challenges. It suggests how we can develop credit information infrastructures for SMEs to remedy the asymmetric information problem and to utilize credit rating techniques for the development of a sustainable credit guarantee scheme. The book provides illustrations of various Asian economies that implemented credit guarantee schemes and credit risk databases and is a useful reference for lessons and policy recommendations.

The Indian economy is one of the fastest growing economies of the world with India being an important g-20 member. his festschrift volume has 32 chapters and covers a wide range of topics in international economics and finance. The papers were presented in a virtual conference which was jointly organized by Indian Institute of Technology and Gulati Institute of Finance and Technology.

The recent political upheaval transgressing from the industrialization drive through forcible land grab in many parts of Asia (India, Indonesia, Nepal and the Philippines in particular) points to the need for a sustainable policy-a framework that results in a positive sum game, benefiting land owners without hurting growth prospects. Combining the tools from the fields of law and economics, we propose land trust or land lease for the development of infrastructure investment and industrialization purposes. We argue that this is one of the best ways to increase the rate of return to invite private investors into infrastructure investment. Through evidence from the success stories of land trust initiatives in many Asian countries, including India, we aim to showcase the relevance of this alternate method.

Indonesia, a country with the fourth-largest population and abundant energy resources, is yet to fully optimize its potential. Especially, the high cost of logistics, missing links in the road network, and the unstable power supply undermine opportunities to revitalize economic activities. While there is a constant need for developing infrastructures, the country has struggled with tardy or unsuccessful land acquisitions. This research investigates the landowners’ decision-making in the land lease for infrastructure. The investigation of the determinants of leasing will provide insights into land planning and the negotiation process. We find that landlords are less willing to rent out their land if they self-cultivate the plots, if plots have been obtained through inheritance or have been owned for a longer period and if the land area is small particularly in the case of non-wetlands and plots located in their villages. Currently, the compensation is calculated based on the physical value of relinquished property. For the better facilitation of land acquisition for infrastructure projects, it would be advisable to take the above factors into account, as it would encourage landowners to accept the proposed compensation.

The acquisition, administration, and allotment of land for the purposes of development are intimately tied up with the issues of rights, local aspirations, power structures, and economic factors. This book has aimed to explore through diverse perspectives of the land grab crisis and its impact on those displaced within Asia. Throughout, we have sought to establish that land is a crucial factor in attaining sustainable development and approaching it from just an economic perspective would mean to isolate the multiple other factors that involve land management. Evidence from our regional case studies also pointed for the need of a policy framework that we proposed as the land trust method of Japan, explained in Chap. 9.