Monetary Flow 貨幣の流れ


Monetary Flow


“Regional economic integration via detection of circular flow in international value-added network ”

Sotaro Sada, Yuichi Ikeda, 
PLOS ONE  16(8): e0255698 , 

Created with Sketch.

 Global value chains are formed through value-added trade, and some regions promote economic integration by concluding regional trade agreements to promote these chains. However, it has not been established to quantitatively assess the scope and extent of economic integration involving various sectors in multiple countries. In this study, we used the World Input–Output Database to create a cross-border sector-wise network of trade in value-added (international value-added network) covering the period of 2000–2014 and evaluated them using network science methods. By applying Infomap to the international value-added network, we confirmed two regional communities: Europe and the Pacific Rim. We applied Helmholtz–Hodge decomposition to the value-added flows within the region into potential and circular flows, and clarified the annual evolution of the potential and circular relationships between countries and sectors. The circular flow component of the decomposition was used to define an economic integration index. Findings confirmed that the degree of economic integration in Europe declined sharply after the economic crisis in 2009 to a level lower than that in the Pacific Rim. The European economic integration index recovered in 2011 but again fell below that of the Pacific Rim in 2013. Moreover, sectoral economic integration indices suggest what Europe depends on Russia in natural resources makes the European economic integration index unstable. On the other hand, the indices of the Pacific Rim suggest the steady economic integration index of the Pacific Rim captures the stable global value chains from natural resources to construction and manufactures of motor vehicles and high-tech products. 


“Location-sector analysis of international profit shifting on a multilayer ownership-tax network”

T. Nakamoto, O. Rouhban, Y. Ikeda, 
Evolutionary and Institutional Economics Review, 17, 219-241, 2020/01

Created with Sketch.

Currently all countries including developing countries are expected to utilize their own tax revenues and carry out their own development for solving poverty in their countries. However, developing countries cannot earn tax revenues like developed countries partly because they do not have effective countermeasures against international tax avoidance. Our analysis focuses on treaty shopping among various ways to conduct international tax avoidance because tax revenues of developing countries have been heavily damaged through treaty shopping. To analyze the location and sector of conduit firms likely to be used for treaty shopping, we constructed a multilayer ownership-tax network and proposed multilayer centrality. Because multilayer centrality can consider not only the value flowing in the ownership network but also the withholding tax rate, it is expected to grasp precisely the locations and sectors of conduit firms established for the purpose of treaty shopping. Our analysis shows that firms in the sectors of Finance and Insurance and Wholesale and Retail trade etc. are involved with treaty shopping. We suggest that developing countries make a clause focusing on these sectors in the tax treaties they conclude. 


“Identification of Key Companies for International Profit Shifting in the Global Ownership Network”

T. Nakamoto, A. Chakraborty, Y. Ikeda
Applied Network Science, 4, 58, 1-26,

Created with Sketch.

In the global economy, the intermediate companies owned by multinational corporations (MNCs) have become important players in policy issue, influencing the international profit shifting and diversion of foreign direct investment (FDI). The purpose of this analysis is to identify and analyze high-risk intermediate companies used for international profit shifting. To achieve this aim, we propose a model that focuses on the structure of MNC’s ownership of each affiliate. On the basis of the information in the Orbis database, we constructed the Global Ownership Network (GON) to reflect the relationship between MNCs and intermediate companies. Moreover, we analyzed large MNCs listed in Fortune Global 500. In this analysis, we confirmed the validity of this model by identifying affiliates playing an important role in international tax avoidance. We found that intermediate companies are mainly based in the Netherlands and the United Kingdom, etc., and these companies are located in the jurisdictions favorably to treaty shopping. And it was found that such key companies are concentrated in the IN component of the bow-tie structure, which is the giant weakly connected component with the GON. Therefore, this clarifies that the key companies are geographically located in specific jurisdictions and concentrates on the specific GON components. The key companies are located in the areas that facilitate treaty shopping. Depending on the location of the MNCs, a difference is remarked in the jurisdiction where key companies are located.

世界経済において、多国籍企業(MNC)が所有する中間企業は、国際的な利益移転や外国直接投資(FDI)の転用に影響を与え、政策問題の重要なプレーヤーとなっている。本分析の目的は、国際的な利益移転に利用されるリスクの高い中間企業を特定し、分析することである。この目的を達成するために、多国籍企業の各関連会社の所有構造に着目したモデルを提案する。Orbisデータベースの情報を基に、多国籍企業と中間企業の関係を反映したグローバル・オーナーシップ・ネットワーク(GON)を構築した。さらに、Fortune Global 500に上場している大規模多国籍企業を分析した。この分析では、国際的な租税回避に重要な役割を果たしている関連会社を特定することで、このモデルの妥当性を確認した。その結果、中間企業は主にオランダや英国等に拠点を置き、これらの企業は条約ショッピングに有利な国・地域に所在していることが判明した。そして、そのようなキー企業は、GONとの巨大な弱接続構成要素であるボウタイ構造のIN構成要素に集中していることが判明した。したがって、このことは、キー企業が地理的に特定の管轄区域に位置し、特定のGON構成要素に集中していることを明らかにしている。キー企業は、条約ショッピングを容易にする地域に位置している。多国籍企業の所在地によって、キーカンパニーが所在する管轄区域に違いが生じる。

“Identification of conduit jurisdictions and community structures in the withholding tax network”

T. Nakamoto, Y. Ikeda, 
Evolutionary and Institutional Economics Review, 15, 2, 477-493, 2018/12

Created with Sketch.

Due to economic globalization, international tax avoidance has emerged as a well-known global issue. To contribute to providing the solution of international tax avoidance, we tried to investigate which part of the network is vulnerable. Specifically, focusing on treaty shopping, which is one of the international tax avoidance schemes, we attempt to find which jurisdictions are likely to be used for treaty shopping from the viewpoint of tax rates and reveal the relationships between jurisdictions used for treaty shopping and the others. For that purpose, based on withholding tax rates imposed on dividends, interest, and royalties, we produced the withholding tax network expressed as weighted graphs, computed the centralities and detected the communities. As a result, we identified the jurisdictions used for treaty shopping and pointed out that there are community structures. The results of our study suggested that fewer jurisdictions need to introduce more regulations for the prevention of treaty shopping worldwide.


“Complex correlation approach for high frequency financial dataComplex correlation approach for high frequency financial data”
M. Wilinski, Y. Ikeda, H. Aoyama,
Journal of Statistical Mechanics: Theory and Experiment, 023405-023405,

"Reconstruction of Interbank Network using Ridge Entropy Maximization Model"
Y. Ikeda, H. Takeda,
2020/01 (submitted to the Journal of Economic Interaction and Coordination)

中央大学企業研究所, 研究叢書 第42号, 


Commodity Flow



Monetary Flow



Human Flow



Decarbonized energy system



Economic Collective Motions