Yao Feng

Faculty
Faculty of Economics
Department of Economics
Graduate School of Science for Creative Emergence
Division of Science for Creative Emergence
PositionProfessor
Last Updated :2022/08/10

Researcher Profile and Settings

Education

  •  - 1996 , Tohoku University, Graduate School of Economics and Management
  •  - 1996 , Tohoku University
  •  - 1993 , Tohoku University, Graduate School of Economics and Management
  •  - 1993 , Tohoku University
  •  - 1987 , 吉林大学大学院, 法学研究科
  •  - 1987 , Graduate School of Jilin University, Graduate School, Division of Law

Degree

  • 経済学博士, 東北大学
  • 経済学修士, 東北大学
  • 法学修士, 吉林大学
  • 理学学士, 吉林大学

Association Memberships

  • 中国経済経営学会
  • 中国経済学会
  • 日本経済学会
  • 日本統計学会
  • The Econometric Society
  • Japanese Association for Chinese Economy and Management Studies
  • Chinese Economic Society
  • Japanese Economic Association
  • Japan Statistical Society
  • The Econometric Society

Committee Memberships

  •   2018 03 , Kagawa University and Waseda University, 2018 Kagawa International Symposium“Recent Developments in Statistics and Econometrics”, 委員長・座長
  •   2017 07 , Kagawa University and Dalian University of Technology, The 9th International Conference on Financial Risk and Corporate Finance Management, 委員長・座長
  •   2015 01 , - 関西計量経済学研究会, 2015年度関西計量経済学研究会, 座長
  •   2014 06 , - Asian Management Science Society, Asian Journal of Management Science and Applications, 編集委員
  •   2014 06 , - Asian Management Science Society, Asian Journal of Management Science and Applications, 編集委員
  •   2014 03 , - 吉林大学東北アジア研究院, 人口学刊, 編集委員
  •   2014 03 , - 吉林大学東北アジア研究院, 人口学刊, 編集委員
  •   2011 04 , International Economic Society, International Conference on Banking and Finance Perspectives, International Advisory Board
  •   2006 03 , - International Economic Society, International Journal of Economic Perspectives, 編集委員
  •   2006 03 , - International Economic Society, International Journal of Economic Perspectives, 編集委員
  •   2006 03 , - International Economic Society, International Journal of Economic Perspectives, 編集委員
  •   2006 03 , - International Economic Society, International Journal of Economic Perspectives, 編集委員
  •   2001 , 中国経済経営学会, 正会員
  •   2001 , 中国経済学会, 正会員
  •   2000 , The Econometric Society, 正会員
  •   1996 , 日本経済学会, 正会員
  •   1993 , 日本統計学会, 正会員
  •   2001 , Japanese Association for Chinese Economy and Management Studies, 正会員
  •   2001 , Chinese Economic Society, 正会員
  •   2000 , The Econometric Society, 正会員
  •   1996 , Japanese Economic Association, 正会員
  •   1993 , Japan Statistical Society, 正会員

Academic & Professional Experience

  •   1997 ,  - 2002 , Kagawa University
  •   2002 , - 香川大学, 教授
  •   1996 ,  - 1997 , Kagawa University

Research Activities

Research Areas

  • 人文・社会 / 観光学 / インバウンド、地域選択要因
  • Humanities & social sciences / Economic statistics
  • Humanities & social sciences / Economic policy
  • Humanities & social sciences / Money and finance

Research Interests

    人口経済学, 日中経済, 中国経済, 地域経済, 統計学, 計量経済学, Demography, Japan-China Economy, Chinese Economy, Regional Economics, Statistics, Econometrics

Published Papers

  • East asian crude oil market patterns in the Change of interbational oil price, Tian H, Yao F, Li H, 3,   2022 06 , [Refereed]
  • 中国各省文化資本再評価とその経済効果検証, 李娟偉, 姚峰, 鋼翠翠, 統計と決策,   2020 09 , [査読有り]
  • Stability in dynamic optimization of competitive agents with a market externality, Yirong Ying, Jinze Li, Feng Yao, Information (Japan), 16, (2 A) 1097 - 1100,   2013 02 , [Refereed]
  • Analysis of stock market information - A new financial engineering approach, Feng Yao, Yirong Ying, Lingwen Zhang, 2010 IEEE International Conference on Information and Automation, ICIA 2010,   2010 , [Refereed]
  • Financial crises contagions and its inhibitions: A view of differential dynamical system, Ke Chen, Yu Yuan Tong, Yi Rong Ying, Feng Yao, 2010 7th International Conference on Service Systems and Service Management, Proceedings of ICSSSM' 10,   2010 , [Refereed]
  • One-way effect causal theory and its application, Yanwu Chen, Feng Yao, Chengye Wu, Statistic Methods and Applications in Modern China - Conference Proceedings of 2008 International Institute of Applied Statistics Studies,   2008 , [Refereed]
  • Testing the one-way effect in the presence of trend breaks, Yuzo Hosoya, Feng Yao, Taro Takimoto, Japanese Economic Review, 56, (1) 107 - 126,   2005 03 , [Refereed]
  • Inference on one-way effect and evidence in Japanese macroeconomic data, Feng Yao, Yuzo Hosoya, Journal of Econometrics, 98, (2) 225 - 255,   2000 10 , [Refereed]

Misc

  • Causal Relationships of FDI, Economic Growth and Upgrading of Industrial Structure : Econometric Analysis of Shaanxi Province (Barbican of One Belt and One Road), 90, (2), 215 - 236,   2017 09
  • 一方向因果測度の局所検定と応用, 姚峰, 統計関連学会連合大会講演報告集, 2006, (CD-ROM),   2006
  • The Analysis of Degree of Dependence upon Foreign Trade : The Case of China and Comparison between Japan-US-China, Yao Feng, Li Jiumei, The Kagawa University economic review, 78, (2), 209 - 230,   2005 09 01
  • 日本経済発展与中日貿易的計量分析, 管理科学学報, Vol.6, (No.4), 55 - 62,   2003
  • 動態経済系統分析的経済計量模型与方法, 管理科学学報, Vol.6, (No.2), 74 - 80,   2003
  • Investigation of Nested Chi-square Test and AIC in the Box-Cox Transformation Model, Kagawa University Economic Review, The Institute of Economic Research, Kagawa University, 71, (3), 217 - 256,   1998
  • Investigation of Information Criteria in the Box-Cox Transformation Model, Kagawa University Economic Review, 69, (2-3), 267 - 295,   1996
  • Information Crieria and Nested X2 Method for the Box-Cox Data Transformation, Annual Report of the Economic Society, Tohoku University, 57, (2), 85 - 99,   1995
  • Empirical Causality Analysis of Japanese Macro Economic Data, Statistical Analysis of Time Series : Theory and Application, The Institute of Statistical Mathemetics, Tokyo, 79, 85 - 96,   1995
  • Analysis of the Box-Cox Transformation by the General and Akaike Information Criteria, Annual Report of the Economic Society, Tohoku University, 56, (1), 123 - 139,   1994
  • 賃金と物価を繋ぐ問題に関する研究, 中国:発展と改革, (8),   1988
  • 都市化に関する問題の研究, 経済情報と予測, 1988, (8),   1988
  • Testing the one-way effect in the presence of trend breaks, Y Hosoya, F Yao, T Takimoto, JAPANESE ECONOMIC REVIEW, 56, (1), 107 - 126,   2005 03
    This paper provides an approach to testing the measures of the one-way effect for cointegrated vector time-series in the presence of trend breaks. We propose Wald testing the measures and their computational algorithm, an extension of previous work by Hosoya and Yao and Hosoya, to the case where trend breaks are explicitly taken into account in the cointegration relationship. On the basis of the proposed inferential method and the derived evidence, we present a causal structure characterization of money supply and income as well as interest rates for the last 44 years of the Japanese economy, and contrast it with the results of Yao and Hosoya.
  • Inference on one-way effect and evidence in Japanese macroeconomic data, F Yao, Y Hosoya, JOURNAL OF ECONOMETRICS, 98, (2), 225 - 255,   2000 10
    This paper provides an approach to testing a variety of causal characteristics expressed in terms of the measures of one-way effect for cointegrated vector time series. For this purpose, we propose Wald tests and their computational algorithm by means of the measures of one-way effect, incorporating Johansen's algorithm for the maximum likelihood estimates and the likelihood ratio tests. Using the Wald test statistics, the paper also provides a method of confidence-set construction for the causal measures. The approach proposed in the paper includes testing Granger's non-causality as an instance of its multiple applications. As an illustration, the paper presents a characterization of the causal structure of the recent Japanese macroeconomy on the basis of the proposed method and the derived evidence. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: C12; C13; C14; C32; E49; E51; E52; O11; O47; O53.

Books etc

  • Blue Book of Japanese Economy, Joint author, Dalian University of Technology Electronic & Audio-visual,   2018 05 , ISBN:9787894371751
  • Proceedings of the 9th International Conference on Financial Risk and Corporate Finance Management, Joint author,   2017 07
  • ベイズ計量経済学ハンドブック, 朝倉書店,   2013 , ISBN:9784254290196
  • 経済時系列分析ハンドブック, 朝倉書店,   2012 , ISBN:9784254290158
  • 現代物流とサプライチェーンマネジメント, 西安交通大学出版社,   2008 , ISBN:9787560527291
  • 計量経済学ハンドブック, 朝倉書店,   2007
  • 発展と改革(1983-1987), 中国計画出版社,   1988
  • 確率統計基礎(上.下), 吉林大学人口研究所・吉林省人口学会,   1986
  • The Oxford Handbook of Bayesian Econometrics, Asakura Publishing Co., Ltd,   2013 , ISBN:9784254290196
  • Handbook of Economic Time Series, Asakura Publishing Co., Ltd,   2012 , ISBN:9784254290158
  • Modern Logistics and Supply-chain Management, Xian Jiaotong University Press,   2008 , ISBN:9787560527291
  • Handbook of Econometrics, Asakura Publishing Co., Ltd,   2007
  • Econometric Analysis of Nonstationary and Nonlinear Relationships, Shinzansha International,   2002
  • Reform and development of Chinese Economy (1983-1987), 中国計画出版社,   1988
  • Introduction of Probability and Statistics, 吉林大学人口研究所・吉林省人口学会,   1986

Conference Activities & Talks

  • Empirical Causal Relationships between Money Supply and Stock Markets in China, Yao Feng, The 7th Kagawa University - Chiang Mai University Joint Symposium,   2018 08 , 招待有り
  • Causal Relationships between FDI Flow and Technological Innovation of China and Japan, 2018 Kagawa International Symposium“Recent Developments in Statistics and Econometrics”,   2018
  • 中日経済発展と国際貿易の因果関係研究, 2017年全国日本経済学会全国大会,   2017
  • Causal Analysis of Hong Kong Stock Market, the 9th International Conference on Financial Risk and Corporate Finance Management,   2017
  • Theory and Application of the Wald Test of One-way Effect Causal Measure, The 6th Kagawa University – Chiang Mai University Joint Symposium 2016,   2016
  • Theory and Application of the One-way Effect Causal Measure, Conference in Honor of Professor Yuzo Hosoya,   2016
  • 日中国際貿易と経済成長の因果関係, シルクロード経済ベルト国際協力メガニズムと内陸型改革開放シンポジウム,   2015
  • 多変量時系列因果分析の理論と応用, 中国科学協会エネルギー経済と気候政策フォラム,   2015
  • Granger's Non-causality and the Wald Test of One-way Effect, The 5th Chiang Mai University – Kagawa University Joint Symposium 2014,   2014
  • Nobel Prize in Economic Sciences and the New Statistical Approach for Analyzing Soft Power, The 3rd High-Level Forum on Soft Power,   2013
  • Time Series Causal Analysis and the Nobel Prize in Economic Sciences, Ishigaki International Conference on Modern Statistics Theories,Practices, and Education in the 21st Century,   2013
  • Stock Market Causal Relations between the US and East Asian Countries, 2012 Taipei International Statistics Workshop,   2012
  • 時系列因果分析方法の新たな展開, 中国数量経済学会2012年全国大会,   2012
  • Stability in Dynamic Optimization of Competitive Agents with a Market Externality, The Eleventh International Conference on Information and Management Sciences Shanghai University Economics Forum,   2012
  • 日中証券市場総合指数因果関係に関する分析, 国際学術シンポジウム「中国経済の転換と日中経済関係」,   2012
  • Asymmetric Causal Relationships between the Stock Markets of European and East Asian Countries, The 6th International Conference on Computational and Financial Econometrics,   2012
  • Stock Market Causal Relationships of China, the US and Japan, 2011 International Conference on Management Science and Engineering,   2011
  • Nobel Prize in Economic Sciences and the Theory of Causal Analysis, 2011 Shanghai University Economics Forum,   2011
  • Causal Relationship of the Stock Market Index between Developed and Developing Countries, Workshop on Time Series and Applications,   2011
  • Analysis of Stock Market Information: A New Financial Engineering Approach, IEEE ICIA 2010,   2010
  • Financial Crises Contagions and Its Inhibitions: a View of Differential Dynamical System, IEEE, ICSSSM 2010,   2010
  • 中国大陸八大台湾資本集中地域と台湾との経済貿易交流に関する研究, 第10回中国経済学年会,   2010
  • 日米中金融証券市場主な総合指数間の因果関係, 経済危機と政府マクロ経済コントロール,   2009
  • Japan-China International Trade and Sustainable Economic Development in East Asia, Economic Development and Culture in a Globalized Era of East Asia,   2008
  • Sustainable Economic Development and China-Japan Foreign Trade Relation, Symposium on Sustainable Development in East Asia,   2007
  • The Long-run and Short-run Causal Relationships between Japanese Money and, 2006 Far Eastern Meeting of the Econometric Society,   2006
  • 一方向因果測度の局所検定と応用, 2006年度統計関連学会連合大会,   2006
  • 中国の貿易依存度に関する統計分析, 2005年中国経済学会全国大会,   2005
  • Testing the Local One-way Effect and Its Application to Japanese Income and, IASC World Conference on Computational Statistics & Data Analysis,   2005
  • Testing Causality and the Japanese Economy, The 2nd International Workshop in Applied Probability,   2004
  • Causal Relationships in Japanese and Chinese External Trade, The 8th Japan-China Symposium on Statistics,   2004
  • Analysis of the Causal relations between GDP -- the case of China and Japan, 2017年全国日本経済学会全国大会,   2017 07
  • Stock Market Causal Relationships between the US and East Asian Countries, 2015年度関西計量経済学研究会,   2016
  • The sequence of RMB capital account openness reform, 2015CSBF 電子金融フォラム,   2015
  • 日中国際貿易と経済成長の因果関係, シルクロード経済ベルト国際協力メガニズムと内陸型改革開放シンポジウム,   2015
  • 多変量時系列因果分析の理論と応用, 中国科学協会エネルギー経済と気候政策フォラム,   2015
  • Stock Market Causal Relations between the US and East Asian Countries, 2012 Taipei International Statistics Workshop,   2012
  • 時系列因果分析方法の新たな展開, 中国数量経済学会2012年全国大会,   2012
  • Stability in Dynamic Optimization of Competitive Agents with a Market Externality, The Eleventh International Conference on Information and Management Sciences Shanghai University Economics Forum,   2012
  • 日中証券市場総合指数因果関係に関する分析, 国際学術シンポジウム「中国経済の転換と日中経済関係」,   2012
  • Asymmetric Causal Relationships between the Stock Markets of European and East Asian Countries, The 6th International Conference on Computational and Financial Econometrics,   2012
  • Testing Causality and the Japanese Economy, The 2nd International Workshop in Applied Probability,   2004

Works

  • 「世界の工場」の中国化と日系企業の管理会計・原価管理の現地適用と現地適応
  • 日中地域経済の比較研究

Awards & Honors

  •   2010 , Best Paper Finalist, ICIA 2010
  •   2008 , 中国数量経済学会優秀論文賞
  •   2008 , Best Paper Awards, Chinese Association of Quantitative Economics

Research Grants & Projects

  • A study on the empirical analysis of business fluctuations mechanism using big data, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C),   2019 04  - 2022 03
  • Theory for quantile regression inference of time series and its applications, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A),   2015 04  - 2019 03 , (1)We introduced a quantile regression statistic to classify time series data into a certain category. Results show that the misclassification probability of the discriminant statistic converges to zero as the sample size tends to infinity. We applied the proposed method in quantile autoregression to a dataset of the monthly mean maximum temperature at Melbourne.The findings illuminate interesting features of climate change and allow us to check the change at each quantile of the innovation distribution.(2)We considered minimax interpolation and extrapolation problems in Lp for stationary processes. We gave two conditions to find the minimax interpolator and extrapolator in the general framework under the Lp-norm. We showed that there exist minimax interpolator and extrapolator for the class of epsilon contaminated spectral densities.The results (1) and (2) open a new methodology for time serires analysis based on quantile informations for probability and spectral distributions.
  • Econometric Analysis of the Macroeconomy and Financial Causal Relationships between Japan, the US and China, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C),   2009  - 2012 , In the four-year period of the project, we got the following main results.For a deep investigation of cointegration and causal relationships between nonstationary multiple time series, based on Pro FORTRAN for personal computer, we succeeded in getting an updated version of the FORTRAN program CCTW which was written by the author before. By use of the new developed program CCTW2012, calculation of the long-run and short-run causal measures of one-way effect at time domain and at frequency domain, and also the Wald test of the one-way effect causal measures has become easier. The FORTRAN programCCTW2012 makes it possible to investigating the complex causal relationships in details. We also confirmed that the calculation algorithm for analyzing high frequency financial time series with FORTRAN 95 based on personal computer is possible. For the empirical analysis of the Japanese, the US as well as the Chinese economy, we gathered many economic and financial market data, renewed and also enriched the time series data base which was constructed by the author before. Based on ECM for daily observations in stock markets before and after the 2008 financial crisis, we obtained the stock market dynamic causal characterizations between the United States and Japan, China, Korea, Hong Kong as well as Taiwan.For exchanging research ideas with other scholars all over the world, we take active part in the international academic conferences. In the project period we published 8 research papers and reported our research results at 12 academic conferences. Some of the new empirical results about the asymmetric causal characteristics of the spotlighted stock market composite indices of European and East Asian countries will be reported at the 11thConference of Eurasia Business and Economics Society which will be held in Ekaterinburg, Russia, on September 12-14, 2013
  • Theory and Applications for Mathematical Methods in Statistical Science, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A),   2007  - 2010 , Mathematical models that describe random phenomena depending on past, present and future are called stochastic processes. In this research we established statistically optimal estimation theory for general stochastic processes, and applied the theoretical results to various fields, e.g., finance, economics, medical sciences, engineering and environment etc., yielding a lot of contributions. We performed the research with many foreign researchers as well as domestic ones, and developed young researchers.
  • Chinasation of the World Factory and Adaption and Adoption of Managerial Amounting & Cost Management of Japanese-affiliated Companies in China, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B),   2004  - 2007 , This project has mainly investigated the Chinese investment environments for foreign companies and the role of overseas companies for Chinese economic development, especially focusing on the case of Japanese-affiliated companies in the 'Socialist market economy'. Chinese economy has been greatly developing for over recent a decade at the higher growth rate of GDP. This phenomenon is the remarkable and unbelievable and many foreign globalized companies have been investing capital into China for manufacturing and market year by year : such as Hong Kong, Taiwan, Japanese, Korean, American, German and French companies. Having such a Chinese economic growth and management situation in mind, our research has developed from the management and accounting perspectives on Chinese economic growth. The first theme is to review Chinese macro economic trend and it has been examined how Chinese central and provincial governments have been supporting the Chinese economic growth. At the same time, it has been cultivated what kind of important role foreign-affiliated companies have been playing for Chinese economic and technological growth, especially in the Economic Development Districts (including advanced IT Special Zones). The second aim is to interview to JETRO Centers in China for hearing about the economic and investment situation of China and hearing how Japanese companies have adopted and adapted to the Chinese context in order to settle down their factories and expanding Chinese market. The third and the main purpose is to interview Japanese-affiliated companies to examine transferability of Japanese-style management practices, management accounting & cost management into the Chinese situation. As a result of this study, we could obtain several findings based on this survey research. Refining the report, the papers will be published later. But at the same time more survey researches to Chinese economy and companies should be added for gaining more universal reality of the subject.
  • Analysis of the long-run and one-way causality between macroeconomic index, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C),   2003  - 2005 , In term of the project, we get the following results. 1.Succeeded in transferred the program code written by the author at supper computer SX4 to personal computer (PC). Based on PC, we developed some programs by witch the calculation of one-way causal measures can be easily conducted. 2.Based on cointegrated time series model, we showed the calculation algorithm of the one-way effect measures at time domain and at frequency domain. The proposed new method can contributed to reduce the cost of simulation. 3.The calculation algorithms of long-run and short-run (local) one-way effects are made clearly. In addition, we developed the necessary calculation program based on Pro Fortran. By the use of these programs, it is possible to investigate the complex causal relationships in details. 4.To apply the approach of one-way effect causal measures to the analysis of high frequency financial time series based on PC, the algorithm is made cleared 5.To make use of the timely data published at internet, especially Chinese financial and market data, the way of transforming the date base file to text format is made cleared. By this way, we renew our time series data base of America and Japan as well as China. 6.To conduct the project, we reported our research results at internal and international conferences and also have had made oversea researches. 7.In this three years period, we published 5 research papers and reported 4 times at conference. Some of the new results will be reported at the 2006 Far Eastern Meeting of the Econometric Society which will be held in Tsinghua University, Beijing, China, on July 9-12, 2006.
  • Research of Modern Regional Economies in Both China and Japan, Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B).,   1998  - 2000 , The main aim of this research is to clarify the regional economy in modern China, which has been rapidly changing by introducing a new system of market economy into the old and traditional planned economy. In order to carry out this kind of research project, we tried to make some comparisons between the Chinese regional economy and the Japanese regional economy in the past. We also put an emphasis of our empirical fact-findings on revealing regional diferentials of, say, between the coastal and inland areas, as well as the urban and rural areas, so as to derive the meaningful and efficient policy-recommendations for the Chinese regional economy. The performance of this research project is summarized by the following paper, entitled the 'Research of Modern Regional Economies in Both China and Japan.' Eventually, this paper is truly a joint-reserach work by the Scholars of Northwest University in Chana and Kagawa University in Japan.It consists of the following three parts : 1) How to Evaluate the Current Situations (Recognition of the Status Quo), 2) Theoretical Research Works (by Regional Ecomonics), 3) Empirical Reseach Works (for Regional Policy).
  • Econometric Analysis of Nonlinear and Nonstationary Relationships,   1991
  • 日米中長期経済発展の相互依存関係に関する研究
  • Empirical Analysis of Japanese-Chinese Economy
  • 非線型・非定常時系列の計量分析
  • Econometric Analysis of Nonlinear and Nonstationary Relationships,   1991
  • 日米中長期経済発展の相互依存関係に関する研究
  • Empirical Analysis of Japanese-Chinese Economy


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