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Naoyuki YOSHINO Dean & CEO Asian Development Band Institute (ADBI)

Promotion of gender equality by use of hometown crowd funding. Naoyuki YOSHINO Dean & CEO Asian Development Band Institute (ADBI) Professor Emeritus, Keio University March --2019 Bangkok. Infrastructure Investment Needs in Asia-Pacific (2016-2030)

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Naoyuki YOSHINO Dean & CEO Asian Development Band Institute (ADBI)

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  1. Promotion of gender equality by use of hometown crowd funding Naoyuki YOSHINO Dean & CEO Asian Development Band Institute (ADBI) Professor Emeritus, Keio University March --2019 Bangkok

  2. Infrastructure Investment Needs in Asia-Pacific (2016-2030) ($ billion in 2015 prices, annual average) Source: Meeting Asia’s Infrastructure Needs, ADB (2017)

  3. High Quality Infrastructure:high spillover effects of infrastructure investment 1, sustainable economic development 2, reduce income disparities 3, poverty reduction 4, gender equalitybyuseofHometown Investment Trust Funds

  4. Circulation of Savings into Domestic Investment Domestic Savings Hometown Crowd funds Bank Deposits Insurance Pension Funds Public Sector (Tax finance) Large Corporates Start ups SMEs Loans Infrastructure

  5. Direct Effect and Spill-over Effects Production Function Y=F( Kp, L, Kg ) Spillover effects Direct Effect Y= Output, Kp= private capital, L = labor Kg = public capital (infrastructure) Output Quality of Infrastructure is measured by the spillover effects

  6. Railways Spillover Effects of Infrastructure Investment

  7. The Southern Tagalog Arterial Road (STARHighway), Philippines, Manila Tax Revenues in three cities Yoshino and Pontines (2015) ADBI Discussion paper 549 Construction Operation period

  8. User Charges are not enoughIncrease in tax revenues by spillover effectsuser charges

  9. Concept of subsidy based on additional flow of tax revenue due to infrastructure Outcome Treatment Group ∆Tax= ∆Y ∆Tax (no need for increase in tax rates) Subsidy = 0.5*∆Tax Control group α+β0 α Time

  10. Highspeed Rail Network High speed railway Lines of JR Standard Gauge 2,765 km Usual Lines of JR Narrow Gauge 19,835 km 800 series, JR Kyushu

  11. Increases in Tax Revenues

  12. Railway Station in India

  13. Hotel Business Promote Tourism Restaurants at Various Stations JR Farm

  14. Financing for Start-ups along Roads and Railways(Hometown crowd funding)

  15. Infrastructure & Education Yoshino and UmidAbidhadjaev (2016)

  16. LandTrustforInfrastructureInvestment Spill Over Effects Trust Bank (Watch Proper Use Of Land) Investors Tax Increase Transfer of Management ⑤ Land Owners Railway Company New Business Increased Employment Dividends ④ 1, Reduction of Costs of Land Purchase 2, Leasing contract 3, future tax revenues can be used for repayment 4, Land owners keep their ownership

  17. Benefits of Land Trust 1, Annual Income rather than one time receipt of huge income 2, Even if Land owners are not in the country trust bank keeps the rent 3, Smooth construction 4, Need Trust Laws 5, Give Trust license to bank by the Central Bank No need to establish trust bank

  18. Long term bond (Floating rate) Fixed Interest Rate Return

  19. References YOSHINONaoyuki, andFarhad Taghizadeh–Hesary, (2019)“Modelling the social funding and spill-over tax for Addressing the green energy financing gap”, Economic Modelling, 2019, Asian Development Bank (2017) Meeting Asia’s Infrastructure Needs Yoshino, Naoyuki, and Umid Abidhadjaev. 2017a. “An Impact Evaluation of Investment in Infrastructure: The Case of a Railway Connection in Uzbekistan.” Journal of Asian Economics 49: 1–11. Yoshino, Naoyuki, and Umid Abidhadjaev. 2017b. “Impact of Infrastructure on Tax Revenue: Case Study of High-Speed Train in Japan. Journal of Infrastructure, Policy and Development 1 (2): 129–148. Yoshino, Naoyuki, and Masaki Nakahigashi. 2004. “The Role of Infrastructure in Economic Development.” ICFAI Journal of Managerial Economics 2: 7–24. Yoshino, Naoyuki, Masaki Nakahigashi, and Victor Pontines. 2017. “Attract Private Financing to Infrastructure Investment by Injection of Spillover Tax Revenues.” Nomura Journal of Asian Capital Market 1 (2): 4–9.

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