SUZUKI,Tomoya - Faculty of Economics Department of Economics International Economics

SUZUKI, Tomoya

Faculty, Department/Institute

Faculty of Economics Department of Economics International Economics

Academic status (qualification)

Professor Apr. 1,2012

Position

Professor

Undergraduate Degrees・University

Hitotsubashi University Faculty of Economics1989 Graduated

Graduate Degrees・University

Other Doctor's Degree Program 2002 Completed
Hitotsubashi University Doctor's Degree Program 1998 Withdrawal
Hitotsubashi University Master's Degree Program 1993 Completed

Academic Degrees

Hitotsubashi University

Research fields

Research fields	keyword
Macroeconomics	Small Open Economy;Business Cycle

Research topics

research topic	Destination Choice of Asylum Seekers: Are Asylum Seekers in Europe Economic Migrants?
Study theme state	Individual Research
research duration	2020 ～ 2025
Research Programs	Grant-in-Aid for Scientific Research
keyword	Asylum Seekers,Migrants
Research field	Economic demography
Research Topics Overview

research topic	Are Asylum Seekers from Conflict-Affected Countries to Europe Economic Migrants?
Study theme state	Individual Research
research duration	2019 ～ 2020
Research Programs	Grant-in-Aid for Promotion of Private Scientific Research
keyword	Asylum Seekers,Migrants
Research field	Economic demography
Research Topics Overview

research topic
Study theme state	Individual Research
research duration	2016 ～ 2019
Research Programs	Grant-in-Aid for Scientific Research
keyword	Small Open Economy,Business Cycle,Risk Premium
Research field	Open macro economics
Research Topics Overview

research topic	Theoretical Studies of Suicides due to Economic Difficulties: For the Prevention of Increasing Middle-Aged Suicides
Study theme state	Individual Research
research duration	2011 ～ 2013
Research Programs	Grant-in-Aid for Scientific Research
keyword	Suicide,Option,Intertemporal Optimization
Research field	Applied economics
Research Topics Overview

research topic	Macroeconomic Effects of the Sale of the Postal Savings Bank to Foreign Investors
Study theme state	Individual Research
research duration	2006 ～ 2007
Research Programs	Grant-in-Aid for Promotion of Private Scientific Research
keyword	Postal Savings
Research field	Economics of public sector
Research Topics Overview

research topic
Study theme state	Individual Research
research duration	2006 ～ 2008
Research Programs	Grant-in-Aid for Scientific Research
keyword	Monetary Policy,Credit Channel,New Zealand
Research field	International finance
Research Topics Overview

Research Career

Associate Professor, Faculty of Economics, Kansai University 2008/4/1～2012年/3/31
Associate Professor, Faculty of Economics, Ryukoku University 2005/4/1～2008年/3/31
Lecturer, Department of Accounting, Finance and Economics, Griffith University 2003/7～2004年/12
Associate Lecturer, Australian National University 2002/2～2002年/9
Professor, Faculty of Economics, Kansai University

Research Publications

No.	Type of publication	Date of publication (Date of presentation)	Title	Type of research result	Jointly authored or single authored	Publisher and journal name	Volume number
1	Papers1	2022/9～2022,09,00,,,	Destination choice of asylum applicants in Europe from three conflict-affected countries	Academic Journal	Single-Author	Taylor & Francis・Migration and Development	Volume 11, Issue 3, pp. 1016-1028.
2	Papers1	2021/12～2021,12,00,,,	Basic income, wealth inequality and welfare: A proposed case in New Zealand	Academic Journal	Single-Author	Elsevier・Economic Analysis and Policy	Volume. 72, pp. 118-128
3	Papers1	2019/11～2019,11,00,,,	Civil War, Migration and the Effect on Business Cycles: The Case of Sri Lanka	Academic Journal	Single-Author	Taylor & Francis・Defence and Peace Economics	Volume 30, Issue 7, pp. 783-798.
4	Papers1	2019/10～2019,10,00,,,	Counterfactual Inflation Targeting in Nepal	Academic Journal	Single-Author	Sage・South Asian Journal of Macroeconomics and Public Finance (Sage)	Volume 8, Issue 2,pp. 97-117.
5	Papers1	2018/112018,11,00,0000,00,00	Corruption, Interest Rates and Business Cycles: Comparison of Emerging Economies	Academic Journal	Single-Author	Springer・Economic Change and Restructuring	Volume 51, Issue4, pp. 303-316.
6	Papers1	2018/10～2018,10,00,,,	Permanent Productivity Shocks, Migration and the Labour Wedge: Business Cycles in South Africa	Academic Journal	Single-Author	Taylor & Francis・Macroeconomics and Finance in Emerging Market Economies	Volume 11, Issue 3, pp. 290-303.
7	Papers1	2018/6～2018,06,00,,,	Business Cycles in Post-Conflict Serbia: The Cycle Is the Trend	Academic Journal	Single-Author	Taylor & Francis・Eastern European Economics	Volume 56, Issue4, pp. 292-306.
8	Papers1	2016/12～2016,12,00,,,	Cash Benefits for Poverty Relief from the Viewpoint of Suicide Prevention	Academic Journal	Single-Author	Springer・Eurasian Economic Review	Volume 6, Issue 3, pp. 489-498.
9	Papers1	2015/12～2015,12,00,,,	How Will a Risk of Income Fluctuations Influence the Suicidal Decision Making? Insights from a Three-Period Model of Suicide	Academic Journal	Single-Author	Springer・Eurasian Economic Review	Volume 5, Issue 2, pp. 331-343.
10	Papers1	2015/3～2015,03,00,,,	A Finite-Time-Horizon Model of Suicide When a Person's Income Is at Risk: A Research Note	Academic Journal	Single-Author	Wiley・Australian Economic Papers	Volume 54, Issue 1, pp. 43-51.
11	Papers1	2008/12～2008,12,,,,	International Credit Channel of Monetary Policy: An Empirical Note	Academic Journal	Single-Author	Wiley・Australian Economic Papers	Volume 47, Issue 4, pp. 396-407.
12	Papers1	2008/9～2008,09,,,,	Economic Modellig of Suicide under Income Uncertainty: For Better Understanding of Middle Aged Suicide	Academic Journal	Single-Author	Wiley・Australian Economic Papers	Volume 47, Issue 3, pp. 296-310.
13	Papers1	2004/12/10～2004,12,10,,,	Credit Channel of Monetary Policy in Japan: Resolving the Supply versus Demand Puzzle	Academic Journal	Single-Author	Taylor & Francis・Applied Economics	Volume 36, Issue 21, pp. 2385-2396.
14	Papers1	2004/6～2004,06,,,,	Is the Lending Channel of Monetary Policy Dominant in Australia?	Academic Journal	Single-Author	Wiley・Economic Record	Volume 80, Issue 249, pp. 145-156.
15	Papers1	2008/12/20～2008,12,20,,,	Decision to Substitute from Gasoline to Alternative Fuels: Within a Framework of Real Options Models	In-house publication	Single-Author	Resources under Stress: Sustainability of the Local Community in Asia and Africa (Proceedings of the Third Afrasian International Symposium)	3, pp. 253-263

PapersDestination choice of asylum applicants in Europe from three conflict-affected countriesIn refereedAcademic JournalSingle-AuthorTomoya SuzukiNegative Binomial DistributionTaylor & Francis・Migration and DevelopmentVolume 11, Issue 3, pp. 1016-1028.2022/9～https://doi.org/10.1080/21632324.2020.1855738From the early 2010s onward, the number of asylum seekers in Europe has gradually increased, with 2015, in particular, experiencing a significant rise. These asylum seekers have mainly come from conflict-affected countries. In 2015, for instance, Syrians, Afghans and Iraqis accounted for the top three nationalities of first-time asylum applicants in the European Union. This study uses count data on Syrian, Afghan and Iraqi asylum seekers in 25 European countries over the sample period of 2001 to 2016 and investigates their destination choice within a framework of generalised linear models for modelling count data. The explanatory variables include economic and cultural factors, which the results show significantly, influenced the flows of asylum seekers. For instance, a high level of income per person employed in a European country was a common pull factor for Syrian, Afghan and Iraqi asylum seekers. The three groups of asylum seekers also shared a common preference for cultures in which people were individualistic, long-term orientated and tolerant of unorthodox behaviour and ideas.

PapersBasic income, wealth inequality and welfare: A proposed case in New ZealandIn refereedAcademic JournalSingle-AuthorTomoya Suzuki;;;Elsevier・Economic Analysis and PolicyVolume. 72, pp. 118-1282021/12～https://doi.org/10.1016/j.eap.2021.08.001Universal basic income (UBI) may be defined as a government programme that regularly distributes a set amount of income to every citizen. While many countries currently adopt need-based programmes, the idea of introducing a UBI programme has been discussed politically in several countries. For instance, The Opportunity Party in New Zealand proposed paying NZ$13,000 per year to every adult citizen as basic income. Unless the amount of transfer per person decreases under the new programme, the government will have to increase tax rates. If a difference exists in labour supply and saving responses to the increases in tax rates among households, wealth distribution will change. This study examines the details of the proposed UBI programme and demonstrates that it will increase wealth inequality across households and decrease the welfare of different types of households classified by wage level.

PapersCivil War, Migration and the Effect on Business Cycles: The Case of Sri LankaIn refereedAcademic JournalSingle-AuthorTomoya SuzukiTaylor & Francis・Defence and Peace EconomicsVolume 30, Issue 7, pp. 783-798.2019/11～https://doi.org/10.1080/10242694.2018.1428786

PapersCounterfactual Inflation Targeting in NepalIn refereedAcademic JournalSingle-AuthorSUZUKI,TomoyaInflation Targeting;Business Cycles;Welfare Cost;Fixed Exchange RateSage・South Asian Journal of Macroeconomics and Public Finance (Sage)Volume 8, Issue 2,pp. 97-117.2019/10～The Nepal Rastra Bank (NRB) pegs the Nepalese rupee to the Indian rupee, meaning that the NRB effectively transfers control over the country’s monetary policy to India. It is therefore argued that Indian inflation causes Nepalese inflation. This study investigates whether the NRB should have instead floated the Nepalese rupee and targeted inflation. For this purpose, a dynamic stochastic general equilibrium (DSGE) model under a fixed exchange rate regime is estimated using Nepalese data during the 1993–2016 period. The estimated model is used for simulations under counterfactual scenarios for which the NRB floated the Nepalese rupee and followed a rule to target inflation during the study period. Findings show that inflation targeting would have significantly increased the welfare cost associated with business cycles to riskaverse household, owing to interest-rate volatility. The volatilities of consumption and labour services would have become larger

PapersCorruption, Interest Rates and Business Cycles: Comparison of Emerging EconomiesIn refereedAcademic JournalSingle-AuthorTomoya SuzukiSpringer・Economic Change and RestructuringVolume 51, Issue4, pp. 303-316.2018/1110.1007/s10644-017-9206-5We examine the hypothesis that corruption in a country negatively influences the macroeconomy through an increase in the country-specific interest rate (interest rate shock). An empirical study estimated the contribution of the interest rate shocks to the variance in output growth at 5.1% in Mexico within the framework of stochastic growth models for small open economies. We replicate this study with the same dataset and investigate which parameters affect the contribution of the interest rate shocks to business cycles. Then, we estimate the same model for different emerging economies to investigate the relationship between the corruption level and macroeconomic contribution of the interest rate shocks. For this purpose, we use Transparency International’s Corruption Perceptions Index (CPI) to measure the corruption level. Finally, we investigate the correlation between the CPI and the estimated series of the interest rate shock. Our findings are as follows. First, the average size of the interest rate shocks is positively associated with the contribution of these shocks to the variability of output growth. Second, the average size of the interest rate shocks is also positively associated with the corruption level. Third, the estimated interest rate shock and the corruption level are positively correlated with each other. As we treat the corruption level as an exogenous variable in the model, these findings lead us to accept the hypothesis. The “Appendix” further clarifies a well-known hypothesis that the cycle is the trend in an emerging economy.

PapersPermanent Productivity Shocks, Migration and the Labour Wedge: Business Cycles in South AfricaIn refereedAcademic JournalSingle-AuthorTomoya SuzukiTaylor & Francis・Macroeconomics and Finance in Emerging Market EconomiesVolume 11, Issue 3, pp. 290-303.2018/10～10.1080/17520843.2018.1451352The findings of this study are as follows. First, permanent productivity shocks play a dominant role in South African business cycles. Second, the migration outflow has a negative effect on permanent productivity shocks. Third, a labour wedge that represents labour market inefficiency is significant in South Africa. Fourth, the labour wedge has a positive effect on the migration outflow. These findings are consistent with the hypothesis that labour market inefficiency in South Africa pushes workers out of the country and permanently influences the country’s labour effectiveness, thereby driving South African business cycles.

PapersBusiness Cycles in Post-Conflict Serbia: The Cycle Is the TrendIn refereedAcademic JournalSingle-AuthorTomoya SuzukiTaylor & Francis・Eastern European EconomicsVolume 56, Issue4, pp. 292-306.2018/6～10.1080/00128775.2018.1464882As a hypothesis, “the cycle is the trend” means that business cycles are driven primarily by permanent productivity shocks that generate stochastic trends. This study estimates stochastic growth models for Serbia during the 2002Q2–2017Q2 and 2007Q1–2017Q2 periods, thereby accepting the hypothesis. Major findings are as follows. Migration outflows from Serbia to Germany negatively influenced permanent productivity shocks. Permanent productivity shocks were negatively correlated with remittances, which is also suggestive of the negative effect of migration outflows on permanent productivity shocks under the assumption that workers migrate to send money home. Labor market inefficiency pushes workers out of Serbia.

PapersCash Benefits for Poverty Relief from the Viewpoint of Suicide PreventionIn refereedAcademic JournalSingle-AuthorTomoya SuzukiSpringer・Eurasian Economic ReviewVolume 6, Issue 3, pp. 489-498.2016/12～Eurasian Business and Economic Society10.1007/s40822-016-0052-yA welfare programme can contribute to preventing suicide by granting cash benefits to those experiencing considerable deterioration in their living standards. However, undesirable side effects may arise. Cash benefit beneficiaries might depend heavily on welfare, thus finding themselves caught in an unemployment trap in which they have little incentive to seek work. This problem should be considered when developing a welfare programme aimed at poverty relief. This paper assumes two welfare programmes as polar cases. One programme provides all beneficiaries with the same amount of cash benefits. The other provides each beneficiary with an amount that is proportional to the level of his or her previously earned wage income. This paper assumes that these welfare programmes prohibit beneficiaries from earning extra income and carrying cash benefits over to the next period. I numerically simulate suicidal decision making under each programme. The simulation results show that flat-rate cash benefits can contribute more to suicide prevention than wage-related cash benefits.

PapersHow Will a Risk of Income Fluctuations Influence the Suicidal Decision Making? Insights from a Three-Period Model of SuicideIn refereedAcademic JournalSingle-AuthorTomoya SuzukiSpringer・Eurasian Economic ReviewVolume 5, Issue 2, pp. 331-343.2015/12～Eurasia Business and Economics Society10.1007/s40822-015-0022-9A risk of income fluctuations have two opposite impacts on the decision-making who contemplate suicide due to economic difficulties. First, an increase in this risk makes risk-averse people more likely to commit suicide by reducing their expected utility. Second, the increased risk makes them less likely to commit suicide by creating a value to waiting for their economic environment to improve. Standard models typically ignore the latter of the two impacts, however. In this paper, I allow the agents in the model to delay the action of committing suicide. From a series of simulations, I derive four conclusions. First, it is misleading to ignore the agents’ ability to wait when they are endowed with no debts. Second, the young who are endowed with no debts may choose to stay alive only to commit suicide in near future when their income is at high risk of fluctuations. Third, the young who are endowed with debts cannot utilise the ability to wait at all. Fourth, the divorced, ceteris paribus, are more likely to commit suicide than the married.

PapersA Finite-Time-Horizon Model of Suicide When a Person's Income Is at Risk: A Research NoteIn refereedAcademic JournalSingle-AuthorTomoya SuzukiWiley・Australian Economic PapersVolume 54, Issue 1, pp. 43-51.2015/3～Flinders University and University of Adelaide10.1111/1467-8454.12038The risk of income fluctuations affects suicidal behaviour. First, an increase in this risk makes risk-averse individuals more likely to commit suicide by reducing their expected utility. Second, the increased risk makes them less likely to commit suicide by creating a value to waiting for economic conditions to improve. I lay out a theoretical model of suicide to assess the net impact of income fluctuations on suicidal behaviour by taking into account an individual’s ability to delay the action. I also address the question of whether there are generational differences in the suicidal behaviour.

PapersInternational Credit Channel of Monetary Policy: An Empirical Note In refereedAcademic JournalSingle-AuthorTomoya Suzuki;Wiley・Australian Economic PapersVolume 47, Issue 4, pp. 396-407.2008/12～Flinders University and University of Adelaide10.1111/j.1467-8454.2008.00357.xA longstanding macroeconomic issue is how monetary policy affects the real economy. There are economists placing an emphasis on the role of bank lending in monetary transmission. Their view, called the credit view, is that a monetary tightening shifts the supply schedule of bank loans left, thereby forcing bank‐dependent borrowers to cut back on expenditures. In the literature, the credit view is typically studied in a closed‐economy context. In reality, however, banks make international loans through their overseas branches and subsidiaries. This suggests that the credit view should be studied in an open‐economy context. This paper proposes the international credit view: a monetary‐policy shock originated in one country propagates to another through banks’ reallocation of funds between the two countries. For testing the hypothesis, Australia and New Zealand provide an excellent case to study. This is because Australian‐owned banks dominate the banking market in New Zealand. This paper aims to test the international credit view within a framework of vector auto‐regression models. A significant and robust finding is that the supply schedule of loans shifts left in New Zealand after a monetary tightening in Australia.

PapersEconomic Modellig of Suicide under Income Uncertainty: For Better Understanding of Middle Aged Suicide In refereedAcademic JournalSingle-AuthorTomoya Suzuki;Wiley・Australian Economic PapersVolume 47, Issue 3, pp. 296-310.2008/9～10.1111/j.1467-8454.2008.00349.xThis paper formalises an individual's decision about suicide within a framework of lifetime utility maximisation models. This is in line with the literature on economic modelling of suicide. The novelty of the paper is to take into account income uncertainty. Income uncertainty reduces a risk‐averse individual's expected utility, making them more likely to commit suicide. On the other hand, income uncertainty creates a value to postponing suicide even when their income gets sufficiently low. This is because income uncertainty means that if things go well, they will get higher income in the future. Thus, income uncertainty has two opposite effects on suicidal behaviour. The main objective of this paper is to construct an economic model of suicide for investigating net impacts of income uncertainty on suicidal behaviour. For this purpose, it is assumed that the wage evolves according to a stochastic process. Then, the threshold wage, below which an individual commits suicide, is derived as a function of the parameters of the stochastic process assumed for the wage evolution. Impacts of changes in these parameters on the threshold wage are calculated. With the result, the paper shows how income uncertainty affects suicidal behaviour.

PapersCredit Channel of Monetary Policy in Japan: Resolving the Supply versus Demand Puzzle In refereedAcademic JournalSingle-AuthorTomoya Suzuki;Taylor & Francis・Applied EconomicsVolume 36, Issue 21, pp. 2385-2396.2004/12/10～10.1080/0003684042000280517The credit view is that a monetary tightening affects the real economy by shifting the supply schedule of bank credit left. While bank credit typically contracts following a monetary tightening, the financial contraction does not necessarily mean a shift of the supply schedule. Testing the credit view requires the identification of the shifts of the demand and supply schedules of credit. Using an original approach, this study shows that the credit view is supported for Japan. The credit view is, however, composed of two different views, namely the lending view and the balance-sheet view. While the balance-sheet view implies that the cutback of lending has no impact on the real economy, the lending view implies independent impacts of the cutback. Given the acceptance of the credit view, this study further attempts to test the balance-sheet view against the lending view.

PapersIs the Lending Channel of Monetary Policy Dominant in Australia? In refereedAcademic JournalSingle-AuthorTomoya Suzuki;Wiley・Economic RecordVolume 80, Issue 249, pp. 145-156.2004/6～10.1111/j.1475-4932.2004.00169.xThe transmission process of monetary policy is a longstanding macroeconomic issue. The lending view is that a monetary tightening affects aggregate demand by shifting the supply schedule of bank loans left. The contraction of bank loans does not necessarily mean a shift of the supply schedule. Therefore, testing the lending view requires the identification of the shifts of the demand and supply schedules in the bank loan market. This paper employs an original approach, finding that the lending channel is not dominant in Australia. The paper also examines features of Australian banks’ behaviour which make the lending channel less dominant.

PapersUnrefereedIn-house publicationSingle-AuthorSUZUKI,Tomoya2017/9～

PapersUnrefereedMonographSingle-AuthorSUZUKI,Tomoya;2010/3/31～978-4-623-05791-7

PapersUnrefereedIn-house publicationSingle-AuthorSUZUKI Tomoya;16,pp.129-1582008/1～

PapersIn refereedIn-house publicationSingle-AuthorSUZUKI Tomoya;2007/10～

PapersIn refereedIn-house publicationSingle-AuthorSUZUKI Tomoya;2007/5～

PapersIn refereedIn-house publicationSingle-AuthorSUZUKI Tomoya;2007/3～

PapersIn refereedIn-house publicationSingle-AuthorSUZUKI Tomoya;2006/12～

PapersIn refereedIn-house publicationSingle-AuthorSUZUKI Tomoya;2006/10～

PapersDecision to Substitute from Gasoline to Alternative Fuels: Within a Framework of Real Options Models UnrefereedIn-house publicationSingle-AuthorSUZUKI Tomoya; Resources under Stress: Sustainability of the Local Community in Asia and Africa (Proceedings of the Third Afrasian International Symposium) 3, pp. 253-263 2008/12/20～Afrasian Centre for Peace and Development Studies, Ryukoku University978-4-903625-67-6

SUZUKI, Tomoya