Updated on 2021/12/08

写真a

 
SHINO, Junnosuke
 
Affiliation
Faculty of International Research and Education, School of International Liberal Studies
Job title
Associate Professor

Concurrent Post

  • Faculty of Political Science and Economics   School of Political Science and Economics

  • Faculty of International Research and Education   Graduate School of International Culture and Communication Studies

Research Institute

  • 2021
    -
    2022

    データ科学センター   兼任センター員

Education

  • 2007.09
    -
    2011.10

    The State University of New Jersey, Rutgers   Department of Economics  

  • 2001.04
    -
    2003.03

    Tokyo Institute of Technology   Graduate school of Decision Science and Technology  

  • 2001.04
    -
    2003.03

    Tokyo Institute of Technology   Graduate school of Decision Science and Technology  

  • 1997.04
    -
    2001.03

    Waseda University   School of Political Science and Economics  

Degree

  • Ph.D. in Economics

Research Experience

  • 2020.04
    -
     

    Waseda University   School of International Liberal Studies   Associate Professor

  • 2018.04
    -
    2020.03

    Waseda University   School of International Liberal Studies   Assistant Professor

  • 2016.04
    -
    2018.03

    Waseda University   School of Political Science and Economics   Part-time Lecturer

  • 2003.04
    -
    2018.03

    Bank of Japan   Research and Statistics Department, Monetary Affairs Department, Financial Market Department, Financial System and Bank Examination Department   Director, Senior Economist

  • 2003.04
    -
    2018.03

    Bank of Japan   Research and Statistics Department, Monetary Affairs Department, Financial Market Department, Financial System and Band Examination Department   Director, Senior economist

Professional Memberships

  •  
     
     

    The Operations Research Society of Japan

  •  
     
     

    Nippon Finance Association

  •  
     
     

    Japanese Economic Association

  •  
     
     

    Japan Society of Monetary Economics

 

Research Areas

  • Money and finance

Research Interests

  • Banking & finance, Cooperative game theory

Papers

  • Counteracting Large-Scale Asset Purchase Program: The Bank of Japan's ETF Purchases and Securities Lending

    Kou MaedaJunnosuke, ShinoKoji Takahashi

       2021.11

    Authorship:Corresponding author

  • A SOLUTION MAPPING AND ITS AXIOMATIZATION IN TWO-PERSON INTERVAL GAMES

    Shinichi Ishihara, Junnosuke Shino

    Journal of the Operations Research Society of Japan   64 ( 4 ) 214 - 226  2021.10  [Refereed]

    Authorship:Corresponding author

    DOI

  • Shapley Mapping and its Axiomatization in n-person Cooperative Interval Games

    Shinichi Ishihara, Junnosuke Shino, Shimpei Yamauchi

      No.E2019  2021.03

    Authorship:Corresponding author

  • Shapley mapping and its axiomatization in 3-person cooperative interval games

    Junnosuke Shino

    WINPEC Working Paper Series    2020.11

    Authorship:Corresponding author

  • Vulnerability of fixed-rate funds-supplying operations to overbidding: An experimental approach

    Yukihiko Funaki, Junnosuke Shino, Nobuyuki Uto

    Global Finance Journal   46   100489 - 100489  2020.11  [Refereed]

    DOI

  • Interval Games and Solution Concepts

    Shinichi ISHIHARA, Junnosuke SHINO, Shinpei YAMAUCHI

    Waseda Global Forum, 16, 51-70    2020.03  [Refereed]

  • Effects of the Negative Interest Rate Policy on Bids in Fixed-Rate Operations

    Junnosuke Shino

    Waseda Global Forum   15   57 - 80  2019.03  [Refereed]

  • Stock Lending Market and the BOJ’s ETF purchasing program: Micro-Evidence from ETF Balance Sheet Data and Equity Repo Trading Data

    Junnosuke Shino, Kou Maeda

    WINPEC Working Paper    2019.01

  • Retailers' Market Concentration, Buyer-Size Discounts and Inflation Dynamics

    Mayumi Ojima, Junnosuke Shino, Kozo Ueda

    Japanese Economic Review   69 ( 1 ) 101 - 127  2018  [Refereed]

  • Behavioral characteristics affecting household portfolio selection in Japan

    Mizuki Nakajo, Junnosuke Shino, Kei Imakubo

    Bank of Japan Review Series    2017.05

  • A New Trend in Japan's Asset Management Business toward a Sift from Saving to Investment

    Kae Kunishima, Junnosuke Shino, Kei Imakubo

    Bank of Japan Review Series    2016.09

  • Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling

    Junnosuke Shino

    International Journal of Monetary Economics and FInance   8 ( 4 )  2015  [Refereed]

  • Some Characteristics of Employment and Income Situations under the Current Recovery in Japan

    Kenji Suganuma, Junnosuke Shino, Makoto Minegishi, Rieko Takada

    Bank of Japan Review Series    2014.06

  • A positive theory of fixed-rate funds-supplying operations in an accommodative financial environment

    Junnosuke Shino

    JOURNAL OF INTERNATIONAL MONEY AND FINANCE   32   595 - 610  2013.02  [Refereed]

     View Summary

    This paper studies bidding behaviors in fixed-rate funds-supplying auctions using a simple game-theoretic model. While the existing literature argues that such auction schemes are vulnerable to the overbidding problem, the bid-to-cover ratio for the Bank of Japan's current fixed-rate operations has remained stable. After reviewing the stylized repo game and the mechanism of overbidding under the fixed-rate operations, we argue that the current framework of fixed-rate funds-supplying auctions operated by the Bank of Japan and the recent accommodative financial environment make bidders' loss functions locally satiated. Given this argument, it is shown that any stable bid-to-cover ratios other than either undersubscription or overbidding can be supported by an equilibrium. Finally, we empirically find that the ratio under the Bank of Japan operations has been influenced by such financial conditions proxied by market interest rates and term spreads. (C) 2012 Elsevier Ltd. All rights reserved.

    DOI

  • 2x2 Delegation Games With Implementability In Weakly Undominated SPNE

    Junnosuke Shino

    Rutgers Working Paper   ( 2 )  2012

  • Farsighted stable sets in Hotelling's location games

    Junnosuke Shino, Ryo Kawasaki

    MATHEMATICAL SOCIAL SCIENCES   63 ( 1 ) 23 - 30  2012.01  [Refereed]

     View Summary

    We apply the farsighted stable set to two versions of Hotelling's location games: one with a linear market and another with a circular market. It is shown that there always exists a farsighted stable set in both games, which consists of location profiles that yield equal payoff to all players. This stable set contains location profiles that reflect minimum differentiation as well as those profiles that reflect local monopoly. These results are in contrast to those obtained in the literature that use some variant of Nash equilibrium. While this stable set is unique when the number of players is two, uniqueness no longer holds for both models when the number of players is at least three. (C) 2011 Elsevier B.V. All rights reserved.

    DOI

  • Stock Prices and Investment trends by investor category

    FInancial Market Department, Bank of Japan

    Bank of Japan Research Papers    2011.09

  • The Relationship between the Corporate Bond Spreads, CDS Premiums, and Stock Prices

    Junnosuke Shino

    Bank of Japan Review Series    2010.09

  • Expansion of Sovereign CDS markets

    Junnosuke Shino

    Kinyu-Zaisei Jijou    2010.07

  • Sovereign Credit Default Swaps: Market Developments and Factors behind Price Changes

    Koji Takahashi, Junnosuke Shino

    Bank of Japan Review Series    2010.04

  • New Forms of Employment in Japan --On the Increasing Influence of Part-time, Dispatched, and Contracted Workers--

    Junnosuke Shino, Shin Nakahara

    Bank of Japan Review Series    2003.04

  • Standards of Behavior and Stability

    Junnosuke Shino

     

  • Essays on Game Theory and Coordination Problems

    Junnosuke Shino

     

  • Bertrand Delegation Games With Implementability In Weakly Undominated SPNE

    Junnosuke Shino

    Rutgers Working Paper 2012_No3.   ( 3 )

▼display all

Misc

  • 拡大するソブリンCDS市場 (特集 欧州動乱 峠は越えたのか)

    篠 潤之介

    金融財政事情   61 ( 28 ) 24 - 27  2010.07

    CiNii

Research Projects

  • The effects of the index-tracking ETF purchase program

    Japan Securities Scholarship Foundation 

    Project Year :

    2021.06
    -
    2022.07
     

    SHINO Junnosuke, KATAGIRI Mitsuru

  • 近年の金融面の各種施策を受けた金融市場の構造変化:理論・実証・実験アプローチ

    Project Year :

    2019.04
    -
    2022.03
     

     View Summary

    本研究では、近年の政府による金融面での各種施策(スチュワードシップ・コードやコーポレートガバナンス・コードの策定など)や日本銀行の緩和的な金融政策(各種資産の買入れなど)が、本邦金融市場の市場構造や投資家行動にいかなる影響を及ぼしたのかについて、(1)理論、(2)実証、(3)実験の3アプローチを複合的に用いた分析を実行し、政策的な含意を導出する。2019年度の主な実績は以下の通り。・「固定金利資金供給オペレーションにおける投資家行動と安定性に関する実験研究」については、すでに実施した実験結果や、国際会議でのディスカッションをベースに、ワーキングペーパーの形で公表した。その後、学術雑誌への掲載が承認された。・「スチュワードシップ・コード(SC)およびコーポレートガバナンス・コード(CGC)策定に伴う本邦株式市場の構造変化」については、まず、既存研究のサーベイとデータの整備を行った。次に、海外投資家持ち株比率のパネル推計等の分析を行い、共同研究者との議論を深めた。・「日本銀行の資産(ETF)買入れが本邦株式貸借市場に与える影響」については、すでに作成したワーキングペーパーを、国内外のカンファレンスやワークショップ、あるいは民間金融機関の勉強会で発表した。また、そこでのディスカッションやコメントを基に、論文をリバイスし、学術雑誌へ投稿した。固定金利オペについては、実験結果をスムーズにまとめられたことから、当初予定対比早く雑誌掲載が決まった。本邦株式の構造変化については、固定オペ論文のリバイスに集中的に取り組んだことなどから、幾分遅れている。日本銀行の資産(ETF)買入れが本邦株式貸借市場に与える影響については、概ね予定通りのペースで進捗している。「固定金利資金供給オペレーションにおける投資家行動と安定性に関する実験研究」についてはひとまず雑誌掲載まで完了したので、今後は「スチュワードシップ・コード(SC)およびコーポレートガバナンス・コード(CGC)策定に伴う本邦株式市場の構造変化」と「日本銀行の資産(ETF)買入れが本邦株式貸借市場に与える影響」に集中的に取り組んでいく

  • 金融面の各種施策と緩和的金融環境がもたらした近年の投資家行動の構造変化

    科学研究費助成事業

    Project Year :

    2018.08
    -
    2020.03
     

     View Summary

    2019年度の主な実績は以下の通り。・「固定金利資金供給オペレーションにおける投資家行動と安定性に関する実験研究」については、すでに実施した実験結果や、国際会議でのディスカッションをベースに、ワーキングペーパーの形で公表した。その後、学術雑誌への掲載が承認された。・「スチュワードシップ・コード(SC)およびコーポレートガバナンス・コード(CGC)策定に伴う本邦株式市場の構造変化」については、まず、既存研究のサーベイとデータの整備を行った。次に、海外投資家持ち株比率のパネル推計等の分析を行い、共同研究者との議論を深めた。・「日本銀行の資産(ETF)買入れが本邦株式貸借市場に与える影響」については、すでに作成したワーキングペーパーを、国内外のカンファレンスやワークショップ、あるいは民間金融機関の勉強会で発表した。また、そこでのディスカッションやコメントを基に、論文をリバイスし、学術雑誌へ投稿した。平成30年度が最終年度であるため、記入しない。平成30年度が最終年度であるため、記入しない

Presentations

  • Research Institute of Economy, Trade and Industry (RIETI)

    SHINO Junnosuke

    Presentation date: 2021.07

  • The Operations Research Society of Japan

    SHINO Junnosuke

    Presentation date: 2021.03

  • Game Theory and Experimental Economics Seminar

    Waseda Institute of Political Economy

    Presentation date: 2020.11

  • The 26th Decentralization Conference in Japan

    Presentation date: 2020.10

  • Seminar at Institute for Monetary and Economic Studies, Bank of Japan

    Junnosuke SHINO

    Bank of Japan

    Presentation date: 2020.02

  • Monetary Economics Seminar of Kobe University

    Junnosuke SHINO

    Kobe University

    Presentation date: 2019.11

  • Vietnam Syimposium in Banking and Finance

    Junnosuke SHINO

    Presentation date: 2019.10

  • The 2nd Keio-Waseda Macro Workshop

    Junnosuke SHINO

    Keio University

    Presentation date: 2019.09

  • Citigroup Global Markets Japan

    Junnosuke SHINO  [Invited]

    Presentation date: 2019.09

  • Stock Lending Market and the BOJ's ETF Purchasing Program

    Korea Money & Finance Association  (Busan, Korea) 

    Presentation date: 2019.06

  • Japan's Economy and Political Learning from Policy Makers in Tokyo

    Jica ABE Initiative, Asia Pacific Leads Program  (JICA Tokyo Center)  International University of Japan

    Presentation date: 2019.06

  • Stock Lending Market and the BOJ’s ETF Purchasing Program: Micro-data Analysis

    Waseda Organizational & Financial Economics Seminar  Research Institute of Business Administration

    Presentation date: 2019.06

  • Stock Lending Market and the BOJ's ETF Purchasing Program

    Japan Society of Monetary Economics, Spring annual meeting 

    Presentation date: 2019.05

  • Vulnerability of Fixed-Rate Funds-Supplying Operations to Overbidding: an Experimental Approach

    Junnosuke Shino

    The 3rd East Asia Game Theory (EAGT) International Conference 2019  (Fuzhou, Fujian, China) 

    Presentation date: 2019.03

  • The effects of the BOJ's ETF purchasing on stock lending markets:

    Waseda Game Theory and Experimental Economics Workshop 

    Presentation date: 2019.01

  • Experiments of Fixed-Rate Funds-Supplying Auctions

    Junnosuke Shino

    Experimental and Behavioral Analyses in Macroeconomics and Finance  (Amsterdam)  Amsterdam School or Economics

    Presentation date: 2018.08

  • Asset Management Industry as Stockholder: Signalling-Game Analysis

    Junnosuke Shino

    Game Theory and Experimental Economics Workshop  (Tokyo)  Waseda University

    Presentation date: 2017.01

  • Monetary Policy, Central Banks' Assessment on Economic Activity and Prices and Game-theoretic Analysis

    Junnosuke Shino

    Game Theory and Behavioral Economics Workshop  (Tokyo)  Waseda University

    Presentation date: 2015.01

  • Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling

    Junnosuke Shino

    Game Theory Workshop 2011  (Nagoya)  Nagoya University

    Presentation date: 2011.03

  • Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling

    Junnosuke Shino

    6th Pan-Pacific Conference on Game Theory  (Tokyo)  Tokyo Institute of Technology

    Presentation date: 2011.02

  • Bank of Japan's Auctions during the Financial Crisis

    Junnosuke Shino

    Auctions Conducted by Central Banks during the Crisis  (New York)  NY Fed

    Presentation date: 2010.11

  • Sovereign CDS premiums and recent developments in the international and domestic financial markets

    Junnosuke Shino

    Financial facsimile Seminar  (Tokyo)  Financial facsimile news

    Presentation date: 2010.10

  • Farsighted Stable Sets in Hotelling's Location Game

    Waseda Getsu-Kin Seminar 

    Presentation date: 2010.01

▼display all

Specific Research

  • 近年の金融面の各種施策を受けた金融市場の構造変化:理論・実証・実験アプローチ

    2020  

     View Summary

    本研究では、我が国の金融面での各種施策や緩和的な金融政策が、金融市場の構造や投資家行動にいかなる影響を及ぼしたのかについて、理論・実証分析を進め、政策的な含意の導出を試みた。特に、(1)日本銀行のETF買入れ政策と株式貸借市場の取引拡大や取引行動の変化の間に、因果関係は存在するか、(2)本邦企業の長期的な企業価値向上を企図して近年策定されたスチュワードシップ・コードやコーポレートガバナンス・コードの機能を理論的にどう捉え、また、これらのコードが本邦株式市場の投資家行動(特に海外投資家の株式保有パターン)にいかなる変化をもたらしたのか、について、引き続き分析を進めた。また、(3)日本銀行の資金供給オペレーションに関する実験論文が学術雑誌に掲載された。さらに、本年度は、より基礎的な研究として、(4)協力ゲーム(区間ゲーム)の理論的性質についての分析を進め、論文を作成した。

  • 近年の金融面の各種施策を受けた金融市場の構造変化:理論・実証・実験アプローチ

    2019  

     View Summary

    本研究では、近年の金融面での各種施策や日本銀行の緩和的な金融政策が、本邦金融市場の構造や投資家行動にいかなる影響を及ぼしたのかについて、理論・実証分析を行い、政策的な含意を導出した。特に、(1)日本銀行のETF買入れ政策と株式貸借市場の取引拡大の間に、因果関係は存在するか、(2)本邦企業の長期的な企業価値向上を企図して近年策定されたスチュワードシップ・コードやコーポレートガバナンス・コードの機能を理論的にどう捉え、また、これらのコードが本邦株式市場の投資家行動(特に海外投資家の株式保有パターン)にいかなる変化をもたらしたのか、について分析を行った。

  • 近年の金融面の各種施策を受けた金融市場の構造変化:理論・実証・実験アプローチ

    2019  

     View Summary

    本研究では、近年の金融面での各種施策や日本銀行の緩和的な金融政策が、本邦金融市場の構造や投資家行動にいかなる影響を及ぼしたのかについて分析を行い、政策的な含意を導出した。特に、近年の緩和的な金融環境が、これまで構造的な不安定性を指摘されてきた<固定金利方式の資金供給オペレーションにおける投資家の入札行動>が、これまでのところ安定的に推移していることに対し、どの程度プラスの影響をもたらしてきたのか、について実験分析を行い、理論分析との関連を考察した。

  • 近年の本邦金融市場の構造変化:海外ショック波及の規模拡大とその経路

    2018  

     View Summary

    We in this project identify structural changes in spill-over mechanism through which overseas shocks affect domestic financial market or financial system. Particularly, we focus on Japanese and Canadian banks having been engaged in overseas business and construct Bayesian structural VAR models to identify which of the following mostly influences stock return of Japanese or Canadian banking sector: (i) overseas (= U.S.) yield shock, (ii) domestic yield shock, or (iii) exchange rate shock. Estimation results suggest that in recent years stock prices of the banking sector in these countries tend to be more vulnerable by U.S. yield shocks rather than domestic yields (proxies for domestic banking business) or exchange rate (proxies for corporate profits), both of which have been traditionally taken as major determinants of bank equity price before the great financial crisis. The result is consistent with recent efforts of Japanese and Canadian banking sector to expand their business in overseas markets such as the U.S. and suggests potential risk of vulnerabilities in the global financial system.

 

Syllabus

▼display all