慶應義塾大学　経済学部　PEARL入試　志望理由書　提出例(長倉 大輔先生ゼミ向け)

慶應義塾大学　経済学部　PEARL入試　志望理由書　提出例(長倉 大輔先生ゼミ向け)

Dr. Daisuke Nagakura

Professor

Department of Economics, Financial Econometrics

Keio University

Dear Professor Nagakura,

I am writing this letter with an intention to explain my purpose in applying for Department of Economics at Keio University, specializing in Financial Econometrics and related studies. I have read a number of your published work which I was very intrigued by. I would be more than grateful if you could kindly give this a consideration. 

Introduction
Japan as a nation functions on a mass pool of debts, and government officials and fundraisers have been looking outward rather than inward especially after the economic crisis that hit the globe in 2009. Recently, new developments are emerging in Asia. First, Asian countries have recently come to take greater initiative in liberalizing trade and investment, and strengthening development cooperation both within the region and cross-regions. Second, as capital flow to developing countries increase in the 1990s, the need to carefully assess the conditions of individual countries has heightened to secure appropriate and stable funding. Third, recent appreciation of the yen and expansion in Japanese direct investment in Asian countries has increased interest in the investment environments involving Asian countries, as well as internationalization of the yen as a way to cope with the situation.

Discussion
Since the Abe Kuroda combo took charge, Japan central bank has clamped a grip on the bond market in an effort to pull down borrowing costs and inject massive liquidity in order to propel Japan out of the deflation and stimulate the economy. There are three kinds of Japanese government bonds offered (1) General bonds, such as construction bonds and debt financing bonds (2) Fiscal Investment and Loan Program bonds used to raise funds for the investment of the Fiscal Loan Fund (3) Subsidy bonds. Japanese government bonds (JGBs) have various maturities ranging from 6 months to 40 years.

Methodology
Study Japan’s cash flow surrounding Asian countries and a role government bonds play.

Findings
New movements around fundraising abroad and domestic buying of Japanese government bonds have both advantages and disadvantages. For example, a decline in liquidity in the JGB market has been observed in recent years due to aggressive monetary actions of the central bank by flooding the economy with cash while keeping long-term interest rates at around 0%. Extremely low interest has uninvited many foreigninvestors however, for its stability, it is still a popular option for low risk investors. However, said Nagai, who is now head of Japan economics at the research group Oxford Economics, “downside of that is, extremely low interest rates have contributed to the low rate of metabolism among businesses. Unprofitable companies have survived and are dragging each other down by causing stiff competition on prices.” It is safe to say that the internationalization of the yen can contribute to achieving currency and economic stability in the Asian region as the cash flow into the region increases.

Summary
We may not be aware of the history of internationalization of Yen, but it is contributing to domestic income and establishing stability across the region. I believe it is an important mission for us to study our currency, policies and its financing. It would be extremely exciting for me to take part in your seminar to conduct meaningful research based on valid data points. Thank you very much for taking the time and I look forward to hearing from you on this matter.

Thank you and Kind Regards,

*On the Relationship between the Matrix Operators, vech and vecd, Daisuke Nagakura,Communications in Statistics, Theory and Method 47(3)   3252 – 3268 2018年 *日本企業の資本構成および資金調達手段の選択について, 長倉, 大輔, 学事振興資金研究成果実績報告書 （慶應義塾大学)  2017年