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Over a period of years after the war, international financial and capital transactions were banned, in principle. However, since the Foreign Exchange and Foreign Trade Control Law was amended in December 19880 (the new Foreign Exchange Control Law), the system of licensing international financial and capital transactions was changed to a prior reporting system, making them free in principle. Furthermore, by virtue of an amendment to the new Foreign exchange Control Law in April 1998 (one the main reforms under what was locally called “the Japanese version of the Big Bang”), the prior reporting system of currency transactions was abolished, completely liberalizing direct financial transactions with overseas customers. A survey of inbound investment made by foreign investors in recent years shows that they have consistently net bought Japanese stocks except for selloffs in the markets that occurred in 2000 and 2002 after the bursting of the IT.


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戦後何年間にもわたって国際的な金融資本取引は、原則として禁止されていました。しかし、外国為替および外国貿易管理法(外為法)が1980年12月に改められた時以降(新しい外国為替管理法)、国際的な金融資本取引を認可する制度は事前届け出制に変えられ、原則としてそれらの取引を自由化しました。さらに、1998年4月の新しい外国為替管理法の改正(「日本版ビッグバン」と国内で呼ばれる改革のもとでの主要な改革)によって、通貨取引の事前届け出制は廃止され、海外顧客との直接金融取引を完全に自由化しました。近年、海外投資家によってなされた対内投資の調査は、ITバブル崩壊後の2000年と2002年の市場での売却をのぞいて、海外投資家が、一貫して、日本株の買い越しを続けていたことを示しています。 <参考> *次のページの「外為法の歴史と改正ポイント」 http://www.ifinance.ne.jp/glossary/currency/cur055.html *外為法改正の経緯 http://www.misstradewinds.com/?cat=5 *外為法改正(1)外為法改正の経緯 http://www.findai.com/yogo/0310.htm *インターネット・バブル http://ja.wikipedia.org/wiki/%E3%82%A4%E3%83%B3%E3%82%BF%E3%83%BC%E3%83%8D%E3%83%83%E3%83%88%E3%83%BB%E3%83%90%E3%83%96%E3%83%AB



  • 難文の和訳をお願いします。

    国連の世界貿易レポートを読んでいるのですが、イマイチ理解できません。 大変長い文章ですが、和訳していただけませんでしょうか。 どうかよろしくお願いします。 On the basis of these macro-indicators of international production and firm-level evidence, UNCTAD estimates that about 80 per cent of global trade (in terms of gross exports) is linked to the international production networks of TNCs, either as intra-firm trade, through NEMs (which include, among others, contract manufacturing, licensing, and franchising), or through arm’s-length transactions involving at least one TNC (figure IV.14 and box IV.3). The total TNC network of the 52 foreign affiliates in Thailand comprises some 6,000 co-affiliates located in 61 countries around the world (the sum of affiliates of all 35 business groups). About 27 per cent of the foreign value added used by individual affiliates in Thailand (of the 75 per cent of foreign value added in exports) is sourced intra-firm from within their own TNC networks or business groups. On the downstream side, an estimated 65 per cent of foreign affiliate exports is absorbed by firms within their own network. Downstream linkages are more concentrated, with potential intra-firm export connections limited to some 850 co-affiliates.

  • 和訳お願いします

    The financal makers provide a marketplace through which funds are chan-neled from sectors with idle cash (lenders) to cash-short sectors(borrowers), and the types of financing arranged on these markets are divided in terms of intermediaries into indirect and direct financing. Indirect financing means a form of transaction in which a financial institution acquires a primary secure-ty (IOUs and notes,ect.) from a borrower with a fund raised by issuing an in-direct security(certificates of deposit and insurance policies,etc.). In direct financing, a borrower raises funds by issuing a primary security (equity and debt securities, etc) to lenders though a market intermediary. The market place on which direct financing is arranged is the securities market, which is divided into an issue market(where securities are issued and distributed) and a trading market (where securities are bought and sold). Generally, the term ”security” refers to instruments that give their legal holders the rights to money or other property. They are designed to facilitate the assignment of such rights and have the characteristic of combining rights and certificates. More specifically, they are issued in various form, such as stocks and bonds issued by business corporations; notes, checks, and bills of lading ;government securities issued by national governments; and municipal bonds issued by local public bodies. Of these, securities traded in the securities markets are balled “securities under the Financial Instruments and Exchange Act(FIEA),” as defined in paragraphs 1 and 2, Article 2,of that law. Paragraph 1 defines securities whose interests are represented by securities or certificates that are physically issued as listed in the Securities and Exchange Law, new types of securities, such as mortgage securities and securities representing financial options contracts, have been included in the new definition. Item 21 of the paragraph provided that securities and certificates so designated by government ordinance, including bonds issued by educational institutions, shall be deemed to be securities under the law. Paragraph 2 of Article 2 sets forth the definition of deemed securities. First, interests represented by securities that are listed in the preceding paragraph are deemed to be securities by themselves in cases where no physical certificates are issued. For example, interests represented by bonds or stocks held under a book-entry transfer system are deemed equivalent of those securities listed in Paragraph 1. The latter part of the paragraph then goes on to define deemed securities as interests other than those represented by securities or certificates. The scope of the definition has been substantially widened compared with that of the former law, and specifically, there are comprehensive provisions in Item 5 of the paragraph for FIFA to be applicable to various types of collective investment vestment ordinance, including claims on loans o educational institutions, are provided for as deemed securities. In addition to securities, FIEA applies to derivative transactions in domestic financial instrument and over-the-counter markets and foreign markets.

  • 和訳お願いします。

    Publishers note the tendency of some teachers to consider prestige of a title avobe the needs of their particular of technical books tells of this incident. 'At our main editorial meeting I was describing a new and important project at Caltech for which I wanted to offer a contract,and stated that the title of the book was to be Elementary Particle Theory. Hearing this,the Vice President in charge of our International Division,ever mindful of the foreign demand for high level books,then told me that if Icould suggest that the authors remove the word 'Elementary'from the title,he would be able to sell another thousand copies in the international market.'

  • 和訳をお願いします。

    Among the propositions formulated at the conference was the proposal that central banks make a partial return to the gold standard, which had been dropped to print money to pay for the war. Central banks wanted a return to a gold-based economy to ease international trade and facilitating economic stability, but they wanted a gold standard that "conserved" gold stocks, with the gold remaining in the vaults and day-to-day transactions being conducted with representative paper notes. The partial return to the gold standard was done by permitting central banks to keep part of their reserves in currencies, which were themselves directly exchangeable for gold coins. However, citizens would not receive gold coins of the realm in exchange for their notes, unlike the prewar gold standard. Citizens of European countries had to redeem their banknotes in large gold bars, unsuitable for day-to-day transactions. That largely achieved the goal of keeping the gold in the vaults. On 16 April 1922 on the sidelines of the Genoa Conference, the RSFSR and Germany signed the Treaty of Rapallo. Ratifications were exchanged in Berlin on 31 January 1923. The treaty did not include secret military provisions; however secret military cooperation soon followed. With the Treaty of Rapallo pulling Russia and Germany out of the main picture, the conference lapsed into stalemate. The major powers at first agreed on a contingency package of financial aid to Russia, but the Allies could not agree on the final plan and nothing was offered. The issue of German reparations went nowhere after Poincaré threatened to invade Germany on a unilateral basis if Berlin defaulted on its next round of payments. Lloyd George was increasingly undercut by heavy attacks from the London newspapers. Nevertheless, he offered a final series of linked proposals, which would reduce Germany's liabilities for reparations, increase the French share of payments, and float an international loan to finance German payments, with the money from the loan going directly to France. But nothing was approved. Germany was expelled, France and Belgium withdrew, and the final draft communiqué to Russia was signed only by Britain, Italy, Japan, Poland, Romania, Switzerland, and Sweden, leaving out the key world powers except for Britain itself. Russia in turn rejected this final document. The last decision was to set up another conference at The Hague to take up the same issues. British historian Kenneth O. Morgan concludes: Genoa was a watershed in international diplomacy.... Never again would such a large, rambling assembly, on the lines of Paris in 1919, be convened, until San Francisco in 1945.... There was too little detailed preparation, too much generalized optimism, too many disparate issues muddled up with one another. In many ways, it was a parody of summit diplomacy at its worst.

  • 和訳の添削をお願いします。

    和訳の添削をお願いします。 経済学の内容のため、うまく訳せず困っています。 日本語として不自然な部分や間違った訳し方をしている箇所があれば訂正をお願いします。 In the monetary models the only thing that matters for the exchange rate is money supply in relation to money demand, the source of money creation being unimportant. This means that in such models there is no difference in the exchange rate and interest rate effects of an An expansionary a foreign exchange operation(FXO) or an open market operation(OMO) that change the money supply by like amounts. The reason being, that in the monetary models there is no distinction between domestic and foreign bonds. Within the context of the monetary models a sterilized foreign exchange operation(SFXO) will have no exchange rate of interest rate effects because it leaves money supply unchanged and is merely the exchange of domestic for foreign bonds which are perfect substitutes. 訳)金融モデルにおいて、為替相場のために重要である唯一のものは金銭要求に関するマネーサプライです。そして、金銭の発生源は重要でありません。これは、おおよその総計のマネーサプライを交換するFXOかOXOの為替相場と金利効果の違いがないことを意味します。その理由は国内外の債券に区別がないからです。それがマネーサプライを不変のままにして、単に完全な代わりである国外の債券のための国内の交換だけであるので、金融モデルの前後関係の範囲内で、SFXOは金利効果の為替相場を持ちません。

  • 至急この英文の和訳をお願い致しますm(><)m

    In the European tradition ideas of a universal law of nations or law of nature were contested by doctrines of a fundamental division of humanity between Greeks and barbarians,Christians and infidels,Europeans and non-Europeans. Most importantly,there was no single,agreed body of rules and institutions operating across the boundaries of any two regional international systems,let alone thoughout the world as a whole,such as we imply when we speak of an international society. よろしくお願いします

  • 和訳をお願いします。

    He devoted himself especially to financial questions, and in 1882 was reporter of the budget. He became one of the most prominent republican opponents of the Radical party, distinguishing himself by his attacks on the short-lived Gambetta ministry. He refused to vote the credits demanded by the Ferry cabinet for the Tongking expedition, and helped Georges Clemenceau overthrow the ministry in 1885. At the general election of that year he was a victim of the Republican rout in the Pas-de-Calais, and did not re-enter the chamber till 1887. After 1889 he sat for St Omer. His fear of the Boulangist movement converted him to the policy of "Republican Concentration," and he entered office in 1890 as foreign minister in the Freycinet cabinet. He had an intimate acquaintance and sympathy with English' institutions,' and two of his published works – an address, Biographie de Lord Erskine (1866), and Etude sur l'acte du 5 avril 1873 pour l'etablissement d'une cour supreme de justice en Angleterre (1874) – deal with English law; he also gave a fresh and highly important direction to French policy by the understanding with Russia, which was declared to the world by the visit of the French fleet to Kronstadt in 1891, and which subsequently ripened into a formal treaty of alliance.

  • 和訳していただけませんか?

    どなたか下の文を和訳していただけませんか? In contrast to the Great Depression in 1929, the government took different economic stimulus measures to deal with the financial crisis in 2008, pumping more money into the financial system and keeping the interest rates low to avert a credit crunch. In 1929 the Hoover administration failed to print enough money. This cash flow crisis had devastating consequences such as bank failures and bank runs in the early stage of the Great Depression, pushing the unemployment rate up to 25% in 1993. Other nations also suffered from high unemployment rates during that period: Australia was 29%, Canada 27% and France 27% in1993.

  • この英文の和訳をお願い致しますm(*_*)m

    Among the regiomal international syrtems into which the world was divided that which evolved in Europe was distinctive in that it came to repudiate any hegemonial principle and regard itself as a society of states that were sovereign or independent. This non-hegemonial society was not without historical precedent:the city states of classical Greece,the Hellenistic Kingdoms between the death of Alexander and the Roman conquest, perhaps the 'period of warring states' in ancient China,may all be thought to provide examples.

  • 英文の訳をお願いします。

    Emerging in the late 1970s, the Amsterdam School’s (AS) most distinctive contribution to international political economy was the systematic incorporation of the Marxian concept of capital fractions into the study of international politics. Contending that politics in advanced capitalist countries takes place in a fundamentally transnationalized space in which the distinction between ‘domestic’ and ‘international’ has blurred, it shows how in this space, politics is structured by competing comprehensive concepts of control. 上記英文のContending that以下を御訳し願います。(典拠は,Bob Jessop & Henk Overbeek eds., Transnational Capital and Class Fractions: The Amsterdam School Perspective Reconsidered, Routledge.)