OKAZAKI, Tetsuji

OKAZAKI, Tetsuji

Name / Position

OKAZAKI, Tetsuji / Professor


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Curriculum Vitae


1986 Ph.D., The University of Tokyo, Economics
1981 B.A., The University of Tokyo, Economics

Professional Experience - Primary Academic Appointments

April 1999-Present Professor, Graduate School of Economics, The University of Tokyo
April 1989-March 1999 Associate Professor, Faculty of Economics, The University of Tokyo
April 1986-March 1989 Research Associate, Institute of Social Science, The University of Tokyo

Professional Experience - Other Professional Positions

October 2018-Present Member of the Science Council of Japan
January 2014-Present Research Fellow, Canon Institute for Global Studies (CIGS)
April 2002-June 2002, April 2003-June 2003 Visiting Professor, Department of Economics, Stanford University
February 2002 Visiting Professor, Centre de Recherches Historiques, Ecole des Hautes Etudes en Sciences Sociales
April 2001-2004, 2009-Present Faculty Fellow, Research Institute of Economy, Trade and Industry (RIETI)
October 1996-March 1997 Visiting Scholar, Department of Economics, Stanford University

Research Field

Japanese Economic History, Comparative Economic History

Research Theme

I have been working on the history of the Japanese economic development in a comparative institutional perspective. Specifically, I have been studying complementary roles of markets and institutions in economic development as well as their overtime changes, using the framework of economics, historical micro-data and historical documents. The main focuses include finance, labor markets, corporations, industrial organization, regional economies, income distribution, macroeconomic policy, and industrial policy.



  • “Resource allocation and growth strategies in a multi-plant firm: Kanegafuchi Spinners in the early 20th century,” forthcoming in Strategic Management Journal (with Shotaro Yamaguchi, Serguey Braguinsky, and Takeobu Yuki)
  • “Elite Mobility and Continuity during a Regime Change,” forthcoming in British Journal of Sociology (with Tomoko Matsumoto)
  • “Designing wartime economic controls: Productivity and firm dynamics in the Japanese cotton spinning industry, 1937–39,” forthcoming in Economic History Review
  • “The Bright and Dark Sides of a Central Bank’s Financial Support to Local Banks after a Natural Disaster: Evidence from the Great Kanto Earthquake, 1923 Japan,” forthcoming in Journal of Money, Credit and Banking (with Toshihiro Okubo and Eric Strobl)
  • “Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan,” Canadian Journal of Economics, 55(4): 1990-2035, 2022 (with Toshihiro Okubo and Eichi Tomiura)
  • “The Effects of Lender of Last Resort on Financial Intermediation during the Great Depression in Japan”, forthcoming in European Review of Economic History, 26(3): 448-478, 2022 (with Masami Imai and Michiru Sawada)
  • “Excess Capacity and Effectiveness of Policy Interventions: Evidence from the Cement Industry,” forthcoming in International Economic Review, 63(2): 883-915, 2022(with Ken Onishi and Naoki Wakamori)
  • “Product Innovation, Product Diversification, and Firm Growth: Evidence from Japan’s Early Industrialization,” American Economic Review 111(12): 3795-3826, 2021 (with Serguey Braguinsky, Atsushi Ohyama, and Chad Syverson)
  • “Disentangling the Effects of Technological and Organizational Changes During the Rise of the Factory: The Case of the Japanese Weaving Industry, 1905-1914,” Economic History Review 74(4): 976-1005, 2021
  • “Creative Destruction of Industries: Yokohama City in the Great Kanto Earthquake,” Journal of Economic History 79(1): 1-31, 2019 (with Toshihiro Okubo and Eric Strobl)
  • “The Expanding Empire and Spatial Distribution of Economic Activities: The Case of Japan’s Colonization of Korea during the Pre-war Period,” Economic History Review 71(2): 593-616, 2018 (with Kentaro Nakajima)
  • “Measuring the extent and implications of corporate political connections in prewar Japan,” Explorations in Economic History 65:17-35, 2017 (with Michiru Sawada)
  • “Effects of Industrial Policy on Productivity: The Case of Import Quota Removal during Postwar Japan,” Journal of the Japanese and International Economies 40: 31-42, 2016 (with Kozo Kiyota)
  • “Impact of Natural Disasters on Industrial Agglomeration:The Case of the Great Kanto Earthquake in 1923” (with Asuka Imaizumi and Kaori Ito) Explorations in Economic History, 60:52-68, 2016
  • “Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry” (with Serguey, Braguinsky, Atsushi Ohyama,and Chad Syverson) American Economic Review, 105(7): 2086-2119, 2015
  • “Productivity Change and Mine Dynamics: The Coal Industry in Japan during World War II,” Jahrbuch fuer Wirtschaft Geschichte 2014/2:31-48, 2014
  • “Sources of Productivity Improvement in Industrial Clusters: The Case of the Prewar Japanese Silk-Reeling Industry,” Regional Science and Urban Economics, May 2014, v. 46, pp. 27-41 (with Yutaka Arimoto and Kentaro Nakajima)
  • “Interbank Networks in Prewar Japan: Structure and Implications,” Industrial and Corporate Change, April: 463-506, 2012 (with Michiru Sawada)
  • “Supplier Networks and Aircraft Production in Wartime Japan,” Economic History Review 67(3): 973-994, 2011
  • Yutaka Arimoto, Tetsuji Okazaki and Masaki Nakabayashi, “Agrarian Land Tenancy in Prewar Japan: Contract Choice and Implications on Productivity,” Developing Economies, 48(3): 293-318, 2010 (with Yutaka Arimoto and Masaki Nakabayashi)
  • “Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964,” Journal of Law and Economics, 53(3): 587-609, 2010 (with Kozo Kiyota)
  • “Micro-aspects of Monetary Policy: Lender of Last Resort and Selection of Banks,” Explorations in Economic History, 44: 657-679, 2007
  • “Effects of a Bank Consolidation Promotion Policy: Evaluating the 1927 Bank Law in Japan,” Financial History Review, 14(1): 29-61, 2007 (with Michiru Sawada)
  • “Fall of ‘Organ Bank Relationship over Bank Failure and Consolidation Wave: Experience in Pre-war Japan,” Corporate Ownership & Control, 4(4): 20-29, 2007 (with Michiru Sawada and Ke Wang)
  • “‘Voice’ and ‘Exit’ in Japanese Firms during the Second World War:Sanpo Revisited,” Economic History Review, 59(2): 374-395, 2006
  • “Foreign Technology Acquisition Policy and Firm Performance in Japan, 1957-1970: Micro-Aspects of Industrial Policy,” International Journal of Industrial Organization, 23(7-8): 563-586, 2005 (with Kozo Kiyota)
  • “Measuring the Extent and Implications of Director Interlocking in the Prewar Japanese Economic Development,” Journal of Economic History, 65(4): 1182-1115, 2005 (with Michiru Sawada and Kazuki Yokoyama)
  • “The Role of Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis,” Explorations in Economic History, 42: 184-201, 2005
  • “Holding Company and Bank: An Historical Institutional Analysis on Corporate Governance in Japan,” Seoul Journal of Economics, 17(3): 383-401, 2004
  • “The Role of Holding Companies in Pre-war Japanese Economic Development: Rethinking Zaibatsu in Perspectives of Corporate Governance,” Social Science Japan Journal, 4(2): 243-268, 2001
  • “Foreign Exchange Allocation and Productivity Growth in Postwar Japan: A Case of the Wool Industry” (with Takafumi Korenaga), Japan and the World Economy, vol.11, 1999
  • “Evolution of the Postwar Japanese Financial System,” Business History, 37(2): 89-106, 1995
  • “The Performance of Development Banks: Case of RFB and JDB” (with Kazuo Ueda), Journal of the Japanese and International Economies, vol.9, 1995.
  • “Foreign Exchange Allocation and Productivity Growth in Postwar Japan: A Case of the Wool Industry,” Japan and the World Economy, 11, 1999 (with Takafumi Korenaga)
  • “Evolution of Economic Systems: A Case of Japan,” in Y. Hayami and M. Aoki eds., The Institutional Foundations of East Asian Economic Development, London, Macmillan, 1998
  • “The Evolution of the Financial System in Post-War Japan,” Business History, 37(2), 1995
  • “The Japanese Firm under the Wartime Planned Economy,” Journal of the Japanese and International Economies, 7, 1993

Books and Monographs

  • Economies under Occupation: The Hegemony of Nazi Germany and Imperial Japan in World War II  London, Routledge, 2016(edited with Marcel Bordolf)
  • Production Organizations in Japanese Economic Development, London, Routledge, 2007 (edited)
  • The Japanese Economic System and Its Historical Origins, New York, Oxford University Press, 1999 (edited with Masahiro Okuno-Fujiwara)

Other Professional Activities and Awards

Other Professional Activities and Services

  • 2018~    International Economic History Association (IEHA) Honorary President
  • 2015~2018    IEHA President
  • 2012~2015    IEHA Vice-President
  • 2020~    Chair of the Committee of Economics, Science Council of Japan


  • Suntory Academic Award (1993)