慶應義塾大学 経済学部 PEARL入試 志望理由書 提出例(櫻川 昌哉先生ゼミ向け)
Dr. Masaya Sakuragawa
Department of Economics, International Finance
Dear Professor Sakuragawa,
I am writing this letter with an intention to explain my background of study and determination in applying for Department of Economics at Keio University, specializing in International Finance. I have read a number of your published work which I was very intrigued by. I would be more than grateful if you could kindly give this a consideration.
Abstract – It is a long standing question, what it really takes to understand economic crisis – history, theories, warning signs and remedies. It is a complex phenomenon involving all sides of economic activities, and it is essential to study international finance, fiscal policies, macro and micro economics as well as social theories.
Argument – A number of experts and scholars have studied economic activities over the centuries, however, it was more simple when economic interdependence between countries was smaller than what it is now. Nowadays, after the establishment of global value chains, developing countries are catching up and threatening the landscape. In addition, global leaders with radical thoughts change policies and trade deals all the time which is making investment and businesses to plan long term strategies. In a time like this, it is a crucial job for experts to understand international finance and policies with both micro and macro standpoints.
Findings – From tulip mania in 1637, 1973 oil crisis to recent 2008 recession, the main cause was a poor management of investment or overvalued assets at a bank. A government policy or central bank can usually put a stop to it by controlling interest and giving aid, when it doesn’t work, it spreads among investors, businesses and consumers. A financial crisis may have been limited to a single country or one segment of financial services, but is more likely to spread regionally or globally now due to the connectivity. More than asset bubble or disturbance on oil resources, the risk is increasing in the agricultural sector due to climate change, more and more businesses are forced into bankruptcy where mortgage and loans are hurting banks that deprive them of the power of rescuing other businesses. As we speak, the fear of next financial crisis is starting to spread, as more businesses become unstable due to interest raise by banks, change in trade deals and tax, extreme climate change, wage waise in developing countries at the bottom of global supply chain.
Summary – We are never directly involved or affected by policies of central banks, however, it is extremely important we take the right actions – investment, consumption and every day business decisions that may hurt enterprises that support. I believe this is a very important topic with room for further review and I would love to take part in your seminar to conduct more research and deepen my understanding. Thank you very much for taking the time and I look forward to hearing from you soon.
*Quantitative impacts of the asset price channel in the credit-constrained economy, 櫻川, 昌哉, Keio Economic Society discussion paper series （Keio Economic Society, Keio University) 10 （ 12 ） 2010年 *Bank credit, asset prices and financial stability: Evidence from French banks 1 Prepared by Cyril Pouvelle Authorized for distribution by Erik de Vrijer April 2012