Taiwan is not a party to the Paris Agreement, but the impact of climate change on Taiwan is enough to be one. The Government of Taiwan has set a target of adjusting the power mix to 50% natural gas-fired, 30% coal-fired and 20% renewable energy by 2025, increasing the proportion of relatively low carbon emissions and renewable energy, and aiming to reduce GHG emissions as a climate change policy. One of the key aspects of Taiwan’s energy policy is to phase-out nuclear power generation by 2025, and to increase the share of renewable energy in the power supply configuration and reduce the use of coal-fired power. The phase-out of nuclear power plants was initially faster than the expansion of renewable energy, reducing CO2 emissions from electricity production as needed to a small amount. Nevertheless, since 2016, Taiwan has been evaluating the “energy transition” derived from Germany and is trying to decentralize its power supply using conventional large-scale, inflexible power generation systems. 　With regard to coal-fired power plants, Taiwan will accelerate the improvement of air pollution facilities at existing coal-fired power plants and implement utilization management measures in order to match air quality. Gas-fired and green energy power supplies will be the mainstays of power supply, which is the power stabilization target, in order to maintain 15% of the supply reserve rate. The government needs to plan supply-side measures and implement various tasks to save energy and reduce carbon emission in order to reduce electricity demand. To build clean energy systems and healthy living conditions, to promote the development of new green energy industries, to promote green employment, realize the spirit of energy empowerment, promote energy democracy and justice. Going forward, the focus will be on overall system integration, where all power supplies can ensure a sufficient level of revenue. In this study, we will consider Taiwan’s climate change and energy policy since the Paris Agreement, and summarize the current situation and issues.

We will discuss why Japan succeeded after the Meiji Restoration and why she has been stagnated since 1990s, and propose the conditions for the revitalization of the Japanese economy based on M.E. Porter’s factor condition and Michio Morishima’s view of population history. Michio Morishima maintains that the quantity and quality of population is the foundation of economy and society. This paper focus on values which is one of the qualitative aspects of human beings.

本研究では、深層学習により産業連関表の投入係数行列を推計する新たな手法を提示する。この研究では都道府県のデータを用いた深層学習を試みるが、そのデータが小さいために過学習を引き起こす可能性が高い。そこで、複数の都道府県を一つにまとめた仮想的な地域のデータを生成するデータ拡張により、データサイズを増加させ過学習の回避を試みる。山口県および岐阜県郡上市について投入係数行列を予測した結果、深層学習による推計方法はRAS法より安定した精度で投入係数を予測できうることを示した。

Germany's energy transition （Energiewende） is a paradigm shift into a low-carbon and nuclear-free economy. As part of the European Union's climate neutralization drive, aiming to reduce greenhouse gases to net-zero by the middle of the century. Generous financial support for wind and solar power has boosted renewable energy to produce more electricity than fossil fuels for the first time in 2020. Germany's energy transition is not a policy shift after the Fukushima nuclear disaster, but a long-term process of policy making in response to public opinion and technological trends. Germany's energy transition is still underway and needs to be extended beyond the power supply. However, it may already be pushing more thoroughly through pricing and volume regulations, such as the European Emissions Trading Scheme （EU-ETS） and changes to the carbon tax, which provides incentives for changes to low-carbon technologies. This paper analyses Germany's energy transition and climate policy. The purpose of this paper is to clarify the actual conditions and issues of the reduction effects of greenhouse gas emissions, which are the main policy issues of the energy conversion policy that has been developed mainly on renewable energy for these 20 years.

This research aims to examine the relationship between political connections and bank performance during the COVID-19 pandemic in Indonesia, with data sample comprising banks listed on the Indonesia Stock Exchange （IDX）. The study employed a panel data linear regression and found an insignificant positive influence of political connections on banks' profitability. However, the result also indicates marginally lower profitability in politically connected banks compared to non-connected peers, and the event-study methodology reveals the tendency for affiliated banks to obtain substantial negative abnormal returns during the pandemic. Therefore, there is a negative effect of COVID-19 on stock performance of politically connected banks.

マーケット・タイミング理論が提唱されて以降，それを巡った実証研究が数多く行われている。しかしながら，実証研究のほとんどは欧米企業を対象として行われ，日本ではその理論がまだ注目されていない。本稿はマーケット・タイミング理論に基づき，株式発行におけるマーケット・タイミング行動に注目し，それに関する実証研究をサーベイする。主な結果は以下の2点である。まず日本企業ではマーケット・タイミング行動の実証的証拠が多いが，マーケット・タイミング行動と資本構成の関係についての実証研究はまだ少ない点である。また，マーケット・タイミング行動の資本構成への影響について，先行研究の結果が分かれており，そして異なる特性を持つ企業では影響効果も異なっている点である。このサーベイを通して，この研究分野の現状と動向を示し，さらなる発展に寄与することを目指す。

中国証券市場において，取引者の多数を占める小口投資家は新規上場企業のオフラインロードショーに参加することができない。そのため，オンラインロードショーは彼らが企業の経営を知るための重要な方法である。本研究は2010年から2018年までに深圳証券取引所の中小企業ボードに新規上場する企業を研究対象とし，企業が開催したオンラインロードショーにおける投資家の質問と経営陣の回答の問答関連度を計量して，さらに，問答関連度と新規上場企業の初期パフォーマンスの関係を検証した。検証結果によると，オンラインロードショーでの質問と回答の関連度が高ければ高いほど，初期収益率と流動性が高くなる。また，長期的には，問答関連度の高い企業は株価が安定しているものの，問答関連度の低い企業は株価が低下しつつある傾向があるということが追加検証で分かる。オンラインロードショーは，投資家と新規上場企業間の情報非対称性を，ある程度緩和でき，企業価値を評価するには大切な役割を果たしている。

As climate change and various environmental pollution issues are becoming more serious, many countries are actively promoting energy transition. The Paris Agreement, adopted in 2015, is aimed at curbing the rise in global average temperatures to within 2℃ above pre-industrial levels and limiting temperature rises to 1.5℃ above pre-industrial levels. Taiwan is accelerating its path of energy transition to a "nuclear-free homeland" and “low-carbon economy” by phasing out all nuclear power generation in 2025 and imposing a legally binding goal of reducing coal-fired power generation from 47 percent to 26 percent. This paper investigates the impact of nuclear and coal power regulations on fuel mix CO2 emissions in the power sector by 2050 in Taiwan. Analysis is a future technology shift in the power sector called “Future Technology Transformations; FTT” for the power sector; Consider using the E3ME model linked to FTT: Power sub-model.

The purpose of this paper is to present an alternative macroeconomic model. The classical macroeconomic model and AD-AS model have some problems. The macroeconomic model presented in this paper solves them and is more realistic and logically consistent than the other models.