Name / Position
HOSHI, Takeo / Professor
|1988 May||MIT, Ph.D. Economics|
|1983 March||University of Tokyo, Bachelor of Liberal Arts|
Past Academic Work Experience
|2012-2019||Professor of Finance (by courtesy), Stanford Graduate School of Business, Stanford University|
|2012-2019||Henri and Tomoye Takahashi Senior Fellow, Freeman Spogli Institute for International Studies, Stanford University|
|2002-2012||Pacific Economic Cooperation Professor of International Economic Relations, Graduate School of International Relations and Pacific Studies, University of California, San Diego|
|2000-2002||Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego|
|1998||Visiting Scholar, Institute of Monetary and Economic Studies, Bank of Japan|
|1997-1998||Tokio Marine & Fire Visiting Associate Professor of Economics of Risk and Information, Faculty of Economics, Osaka University|
|1994-2000||Associate Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego|
|1988-1994||Assistant Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego|
Past Non-Academic Work Experience
|2018||Board of Directors, Japan Investment Corporation|
|2016-2018||Chair of the Board, Tokyo Foundation|
|2009-2014||Board of Directors, Union BanCal Corporation|
|2007-2010||Board of Directors, San Diego World Trade Center|
Corporate Finance, Macroeconomic Policy, Banking Regulation, Japanese Economy
Evolution of Corporate Financing and Governance in Japan
Zombie Lending and Economic Growth
Mechanism of Long-term Stagnation in Japan
Innovation System and Policy in Japan
- “The Great Disconnect: The Decoupling of Wage and Price Inflation in Japan” (Joint with Anil K Kashyap), in Takeo Hoshi and Phillip Y. Lipscy (Eds.) The Political Economy of the Abe Government and Abenomics Reforms, Cambridge University Press, pp.170-199, 2021.
- “The Political Economy of the Abe Government” (Joint with Phillip Lipscy), in Takeo Hoshi and Phillip Y. Lipscy (Eds.) The Political Economy of the Abe Government and Abenomics Reforms, Cambridge University Press, pp.3-39, 2021,
- “Potential for Inward Foreign Direct Investment in Japan” (Joint with Kozo Kiyota), Journal of the Japanese and International Economies, 52, 32-52, June 2019.
- “The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010” (Joint with Satoshi Koibuchi and Ulrike Schaede), Journal of the Japanese and International Economies, 47, 81-90, March 2018.
- “Has Abenomics Succeeded in Raising Japan’s Inward FDI?” Asian Economic Policy Review, 13, 149-168, January 2018.
- “Capital Market Regulation in Japan after the Global Financial Crisis” (Joint with Ayako Yasuda), in Douglas D. Evanoff, Andrew G. Haldane, and George G. Kaufman (Eds.) Analyzing the Cumulative Impact of Regulatory Reform, World Scientific Publishing, pp.165-195, 2016.
- “Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Post Crisis Experience” (Joint with Anil K Kashyap), IMF Economic Review, 63 (1), 110-163, 2015.
- “Japan’s Financial Regulatory Responses to the Global Financial Crisis” (Joint with Kimie Harada, Masami Imai, Satoshi Koibuchi, and Ayako Yasuda), Journal of Financial Economic Policy, 7 (1), 51-67. 2015. Also published as Chapter 6 of James R. Barth and George G. Kaufman (Eds.) The First Great Financial Crisis of the 21st Century: A Retrospective, Hackensack, NJ: World Scientific Publishing, pp.145-166, 2016.
- “Defying Gravity: Can Japanese sovereign debt continue to increase without a crisis?” (Joint with Takatoshi Ito) Economic Policy, January 2014, 5-44.
- “Is the Sky the Limit? Can Japanese Government Bonds Continue to Defy Gravity?” (Joint with Takatoshi Ito) Asian Economic Policy Review,, 8:2, 218-247, December 2013.
- “Role of Central Banks in Financial Stability: Lessons from the Experience of the Bank of Japan,” in Douglas D Evanoff, Cornelia Holthausen, George G Kaufman, and Manfred Kremer (Eds.) The Role of Central Banks in Financial Stability: How Has It Changed?, World Scientific Publishing, pp.83-104, 2013.
- “Japanese Government Debt and Sustainability of Fiscal Policy,” (Joint with Takero Doi and Tatsuyoshi Okimoto) Journal of the Japanese and International Economies, 25:4, 414-433, December 2011.
- “Japan in the Global Financial Crisis,” (Joint with Kimie Harada, Kaoru Hosono, Satoshi Koibuchi, and Masaya Sakuragawa) in Robert Litan (Ed) The World in Crisis: Insights from Six Shadow Financial Regulatory Committees from Around the World, Philadelphia, PA: FIC Press, pp. 193-225, November 2011.
- “Financial Regulation: Lessons from the Recent Financial Crises,” Journal of Economic Literature, 49:1, 120-128, March 2011.
- “Corporate Restructuring in Japan during the Lost Decade” (Joint with Satoshi Koibuchi and Ulrike Schaede) in Koichi Hamada, Anil Kashyap, and David Weinstein (Eds.) Japan’s Bubble, Deflation and Long-term Stagnation, Cambridge, MA: MIT Press, pp.343-373, January 2011.
- “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan” (Joint with Anil Kashyap), Journal of Financial Economics, 97, 398-417, September 2010.
- “Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period” (Joint with Yasushi Hamao and Tetsuji Okazaki) in Takatoshi Ito and Andrew Rose (Eds.) Financial Sector Development in the Pacific Rim. Chicago, IL: University of Chicago Press, pp.51-87, 2009.
- “Zombie Lending and Depressed Restructuring in Japan” (Joint with Ricardo Caballero and Anil Kashyap), American Economic Review, 98 (5), 1943-1977. December 2008.
- “Corporate Finance and Human Resource Management in Japan” (Joint with Masahiro Abe) in Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima (Eds.) Corporate Governance in Japan: Institutional Change and Organizational Diversity. Oxford, UK: Oxford University Press, pp.257-281. August 2007.
- “Monetary Policy in the Great Stagnation” (Joint with Yoichi Arai) in Michael H. Hutchison and Frank Westermann (Eds.) Japan’s Great Stagnation: Financial and Monetary Policy Lessons for Advanced Economies. Cambridge, MA: MIT Press, pp.157-181. June 2006.
- “Economics of the Living Dead,” The Japanese Economic Review, 57:1, 30-49, March 2006.
- “Solutions to Japan’s Banking Problems: What Might Work and What Definitely Will Fail” (Joint with Anil Kashyap) in Hugh Patrick, Takatoshi Ito, and David Weinstein (Eds.) Reviving Japan’s Economy: Problems and Prescriptions. Cambridge, MA: MIT Press, pp.147-195, 2005.
- “Financial Regulation in Japan: A Sixth Year Review of the Financial Services Agency” (Joint with Takatoshi Ito), Journal of Financial Stability, 1:2, 229-243, December 2004.
- “Japan’s Financial Crisis and Economic Stagnation” (Joint with Anil Kashyap) Journal of Economic Perspectives, 18:1, 3-26, Winter 2004.
- “Paying for the FILP” (Joint with Takero Doi) in Magnus Blomström, Jennifer Corbett, Fumio Hayashi, and Anil Kashyap (Eds.) Structural Impediments to Growth in Japan. Chicago, IL: University of Chicago Press, pp.37-69, 2003.
- “The Convoy System for Insolvent Banks: How It Originally Worked and Why It Failed in the 1990s,” Japan and the World Economy, 14:2, 155-180, April 2002.
- “What Happened to Japanese Banks?” Monetary and Economic Studies, 1-29, 2001.
- “The Japanese Banking Crisis: Where did it come from and how will it end?” (Joint with Anil Kashyap), NBER Macroeconomics Annual 1999, pp.129-201, 2000.
- “Bank-Owned Security Subsidiaries in Japan: Evidence after the 1993 Financial System Reform,” (Joint with Yasushi Hamao) in Masahiko Aoki and Gary R. Saxonhouse (Eds.) Finance, Governance, and Competitiveness in Japan. Oxford, UK; Oxford University Press, pp.105-117, 2000.
- “The Main Bank System and Corporate Investment: Further Robustness Tests,” in Masahiko Aoki and Gary R. Saxonhouse (Eds.) Finance, Governance, and Competitiveness in Japan. Oxford, UK; Oxford University Press, pp.99-104, 2000.
- “The Japanese Financial System: An Introductory Overview,” in Takeo Hoshi and Hugh Patrick (Eds.) Crisis and Change in the Japanese Financial System. Boston, MA; Kluwer Academic Publishers, pp.1-33, 2000.
- “Japanese Corporate Governance as a System,” in Klaus J. Hopt, Hideki Kanda, Mark J. Roe, Eddy Wymeersch, and Stefan Prigge (Eds.) Comparative Corporate Governance: The State of the Art and Emerging Research. Oxford, UK; Oxford University Press, pp.847-875, 1998.
- “Benefits and Costs of Japanese System of Corporate Governance,” Global Economic Review, 26, 77-95, 1997.
- “The Impact of Financial Deregulation on Corporate Financing,” in Paul Sheard (ed.) Japanese Firms, Finance and Markets. Melbourne, Australia; Addison-Wesley, pp.222-248, 1996.
- “Heterogeneous Beliefs, Wealth Accumulation, and Asset Price Dynamics” (Joint with Antonio Cabrales), Journal of Economic Dynamics and Control, 20, 1073-1100, 1996.
- “Back to the Future: Universal Banking in Japan” in Anthony Saunders and Ingo Walter (eds.) Universal Banking: Financial System Design Reconsidered. pp,205-244. Chicago, IL; Irwin, 1996.
- “Cleaning Up the Balance Sheets: Japanese Experience in the Post-War Reconstruction Period” in Masahiko Aoki and Hyung-Ki Kim (eds.) Corporate Goverance in Transitional Economies: Insider Control and the Role of Banks. pp.303-359. Washington, DC; The World Bank, 1995.
- “Lessons from the Japanese Main Bank System for Financial System Reform in Poland” (Joint with Anil Kashyap and Gary Loveman) in Masahiko Aoki and Hugh Patrick (eds.) The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. pp.592-633. Oxoford, UK; Oxford University Press, 1994.
- “Evolution of the Main Bank System in Japan” in Mitsuaki Okabe (ed) The Structure of the Japanese Economy. pp.287-322. London, UK; Macmillan, 1994.
- “The Economic Role of Corporate Grouping and the Main Bank System” in Masahiko Aoki and Ronald Dore (eds.) The Japanese Firm: The Sources of Competitive Strength. pp.285-309. Oxford, UK; Oxford University Press, 1994.
- “Japanese Corporate Investment and Bank of Japan Guidance of Commercial Bank Lending” (Joint with David Scharfstein and Kenneth Singleton). in Kenneth Singleton (ed.) Japanese Monetary Policy. pp.63-94. Chicago, IL; University of Chicago Press, 1993.
- “Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups” (Joint with Anil Kashyap and David Scharfstein), Quarterly Journal of Economics, 106, 33-60, February 1991.
- “Evidence on q and Investment for Japanese Firms” (Joint with Anil Kashyap), Journal of the Japanese and International Economies, 4, 371-400, December 1990.
- “The Role of Banks in Reducing the Costs of Financial Distress in Japan.” (Joint with Anil Kashyap and David Scharfstein), Journal of Financial Economics, 27, 67-88, September 1990.
- “Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships.” (Joint with Anil Kashyap and David Scharfstein) in Glenn Hubbard (ed.) Asymmetric Information, Corporate Finance, and Investment. Chicago, IL; Chicago University Press, pp.105-126, 1990.
- “Stock Market Rationality and Price Volatility: Tests Using Japanese Data,” Journal of the Japanese and International Economies, 1, 441-462, December 1987.
- “A Test of Stock Price Volatility: The Case of Japan,” Japan Financial Review, 5, pp.1-18, August 1986.
Books and Monographs
- The Political Economy of the Abe Government and Abenomics Reforms (Co-edited with Phillip Lipscy) Cambridge, UK; Cambridge University Press, 2021.
- The Japanese Economy, 2nd Edition (Joint with Takatoshi Ito) Cambridge, MA; MIT Press, 2020.
- Corporate Finance and Governance in Japan: The Road to the Future (Joint with Anil Kashyap) Cambridge, MA; MIT Press, 2001.
- Crisis and Change in the Japanese Financial System. (Co-edited with Hugh Patrick) Boston, MA; Kluwer Academic Publishers, 2000.
- Institutional Foundation for Innovation-Based Economic Growth (Joint with Richard Dasher, Nobuyuki Harada, Kenji Kushida, and Tetsuji Okazaki), National Institute for Research Advancement, July 2015.
- “Can Abenomics Restore Japan’s Growth?” Nomura Foundation Macroeconomy Proceedings, Issue No. 9, January 2014.
- Policy Options for Japan’s Revival (Joint with Anil Kashyap), National Institute for Research Advancement, June 2012.
- Why Did Japan Stop Growing? (Joint with Anil Kashyap), National Institute for Research Advancement, January 2011.
- Book Review of W. Miles Fletcher III and Peter W. von Staden (Eds.) Japan’s “Lost Decade”: Causes, Legacies, and Issues of Transformative Change. Routledge, London, 2013. In The Journal of Japanese Studies, 41:2, 452-456, 2015.
- Commentary “Financial Regulation after the Crisis: How Did We Get Here, and How Do We Get Out?” Reuven Glick and Mark M. Spiegel (eds.) Prospects for Asia and the Global Economy. San Francisco, CA: Federal Reserve Bank of San Francisco, pp.321-326, 2014.
- Book Review of W.R. Garside. Japan’s Great Stagnation: Forging Ahead, Falling Behind. Elgar, 2012. In Journal of Economic Literature, June 2013.
- Book Review of Yoshiro Miwa and Mark Ramseyer. The Fable of the Keiretsu: Urban Legends of the Japanese Economy. University of Chicago Press, 2006. In Social Science Japan Journal, 11:2, 2008.
- “Avoiding the Deflation Trap: Three Lessons from Japan,” Central Banking, 18(4), 51-54, May 2008.
- Book Review of Sanford M. Jacoby. The Embedded Corporation: Corporate Governance and Employment Relations in Japan and the United States. Princeton University Press, 2005. In Business History Review, Summer 2007.
- Book Review of Thomas F. Cargill, Michael M. Hutchison, and Takatoshi Ito. Financial Policy and Central Banking in Japan. MIT Press, 2000. In Journal of Economic Literature, 41, 223-225, March 2003.
- “Different Countries, Similar Experience” in William C. Hunter, George G. Kaufman, and Michael Pomerleano (eds.) Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies. MIT Press, 2003, pp.163-164.
- Book Review of Franklin Allen and Douglas Gale. Comparing Financial Systems. MIT Press, 2000. In Journal of Economic Literature, 40, 938-939, September 2002.
- Book Review of Junji Banno (ed) The Political Economy of Japanese Society: Volume 2. Internationalization and Domestic Issues. Oxford University Press, 1998. In Journal of Economic Literature, 38, 134-135, March 2000.
- “Financial Modernization and Regulation: Experience from Japan,” Journal of Financial Services Research, 16, 305-307, 1999.
- Book Review of Junji Banno (ed) The Political Economy of Japanese Society: Volume 1. The State or the Market. Oxford University Press, 1998. In Journal of Economic Literature, 37, 202-204, March 1999.
- Book Review of Michael Gerlach, Alliance Capitalism: The Social Organization of Japanese Business, University of California Press, 1992. In Journal
Other Professional Activities and Awards
Other Professional Activities and Services
- Professional Memberships
The American Economic Association, The American Finance Association, The Nippon Finance Association, The Japan Economic Association Services
- Reviewed articles for the following journals, 1983-present:
American Economic Review; Bank of Japan Monetary and Economic Studies; Contemporary Policy Issues; Critical Financial Review; Economic Inquiry; Economic Journal; European Journal of Political Economy; Financial Management; International Economic Review; International Organization; International Review of Financial Analysis; Japan and the World Economy; Japanese Economic Review; Japan Financial Review; Japanese Journal of Political Science; Japanese Political Economy; Journal of Banking and Finance; Journal of Business; Journal of Comparative Economics; Journal of East Asian Studies; Journal of Economic Dynamics and Control; Journal of Economics and Management Strategy; Journal of Economic Literature; Journal of Finance; Journal of Financial Economics; Journal of Financial Intermediation; Journal of Financial Services Research; Journal of Industrial Economics; Journal of International Financial Management and Accounting; Journal of International Money and Finance; Journal of the Japanese and International Economies; Journal of Law, Economics, and Organization; Journal of Macroeconomics; Journal of Monetary Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Keizai Kenkyu; Pacific Economic Papers; Quarterly Journal of Economics; Review of Economic Studies; Review of Economics and Statistics; Review of Financial Studies
- Reviewed manuscripts for the following publishers, 1991-present:
MIT Press, Oxford University Press, Cambridge University Press, Harper Collins College Publishers, World Scientific Publishing Co., Inc., Worth Publishers
- Reviewed grant proposals for National Science Foundation, Sloan Foundation.
- Japanese Bankers Academic Research Promotion Foundation Award (2015)
- Reischauer International Education Award (2011)
- Enjoji Jiro Memorial Prize (2006)
- Nakahara Prize (2005)
- Nikkei Prize for Excellent Books in Economic Science (2002)