|September 1996 - June 2000||The University of Chicago, Ph.D. (Economics)|
|September 1993 - June 1995||The University of Chicago, A.M. (Economics)|
|April 1987 - March 1991||The University of Tokyo, B.A. (Economics)|
|April 2022 – present||Director, Center for Advanced Research in Finance (CARF), The University of Tokyo|
|February 2021 - present||Professor, Faculty of Economics (Graduate School of Economics / Graduate School of Public Policy), The University of Tokyo|
|September 2014 - January 2021||Associate Professor, Faculty of Economics (Graduate School of Economics / Graduate School of Public Policy), The University of Tokyo|
|April 2021 - present||Assistant to the President, The University of Tokyo|
|September 2011 - February 2012||CFSP Policy Fellow, Department of Economics, Massachusetts Institute of Technology|
|June 2000 - August 2014||Senior Economist / Economist, International Monetary Fund|
|January 1997 - June 2000||Research Assistant for Professor Townsend, The University of Chicago|
|Spring 2000||Teaching Assistant for a second year graduate course of Growth and Development, The University of Chicago|
|January 1998 - December 1999||College Core Tutor of Economics, The University of Chicago|
|April 1991 - July 1996||Planning Cheif / Economist, Ministry of Finance, Japan|
Research Institution Affiliation
|June 2020 - present||Executive Director, Tokyo Center for Economic Research (TCER)|
|June 2018 - May 2020||Comptroller, Tokyo Center for Economic Research (TCER)|
|May 2015 - present||Fellow, Tokyo Center for Economic Research (TCER)|
|April 2019 - present||Associate Fellow, Centre for Economic Policy Research (CEPR), London|
|April 2019 - present||Vice Director, Center for Advanced Research in Finance (CARF), The University of Tokyo|
|September 2014 - present||Faculty member, Center for Advanced Research in Finance (CARF), The University of Tokyo|
|June 2016 - present||Steering Committee member, Institute for Future Initiatives (IFI), The University of Tokyo
(renamed from Policy Alternatives Research Institute in April, 2019, merging with another institute)
|April 2017 - present||Research Unit Chief, Risks in the Global Economy: Analysis and Policy, Institute for Future Initiatives (IFI), The University of Tokyo
(renamed from Policy Alternatives Research Institute in April, 2019, merging with another institute)
|March 2015 - present||Member, Council on Customs, Tariff, Foreign Exchange, and other Transactions (for the Ministry of Finance, Japan)|
|March 2015 - present||Member, IMF Study Group, the Ministry of Finance|
|November 2017 - July 2019||Member, Financial System Council, Study Group on Financial System (for the Financial Services Agency, Japan)|
|June/July, 2020||Member, Central Bank Digital Currency Study Group, Bank of Japan|
|April 2016 - March 2018||Member, Committee for Accreditation and Evaluation for Public Policy Schools, Japan University Accreditation Association|
|January 2016 - September 2016||Member, Medium-term Policy Lab, the Ministry of Economy, Trade and Industry|
|April 2018 - present||Senior Research Fellow, Policy Research Institute, the Ministry of Finance|
|September 2018 - June 2020||Research Fellow, Capital Market Forum, Japan Security Dealers Association|
|June 2018 - March 2020||Research Fellow, Financial Research Group, Japan Bankers Association|
|July 2015 - March 2018||Faculty Fellow, Research Institute of Economy, Trade and Industry|
Macroeconomics and Financial Economics (e.g., Growth and Development, Money and Banking, Financial System, Micro-foundation of Macroeconomics, International Finance)
I have been studying on how institutional setup of financial system affects macroeconomy and which policies, if any, can improve economic welfare.
REFEREED JOURNAL PUBLICATIONS
- “Zombies, again? The COVID-19 business support programs in Japan,” Journal of Banking and Finance, February 2022, in press, (with Takeo Hoshi and Daiji Kawaguchi).
- “Price Stability of Cryptocurrencies as a Medium of Exchange,” JPS Conference Proceedings, 2021, 011001 (with Tatsuru Kikuchi and Toranosuke Onishi).
- “Listing Advantages around the World,” (with Somnath Sharma), Journal of the Japanese and International Economies, 2020, Vol.58.
- “Basic Employment Protection, Bargaining Power, and Economic Outcomes,” (with Stijn Claessens), Journal of Law, Finance, and Accounting, 2020, Vol. 5, pp.179-229.
- “Listing and Financial Constraints,” (with Akira Ishide and Yasuo Goto), Japan and the World Economy, 2019, Vol. 49, pp.1-16.
- “Corrigendum to ‘Central Bank Independence and Macro-Prudential Regulation’ [Econom. Lett. 125(2014) 327-330],” (with Fabian Valencia), Economics Letters, 2015, vol. 136, pp. 243-244.
- “Central Bank Independence and Macro-Prudential Regulation,” (with Fabian Valencia), Economics Letters, 2014, vol. 125, pp. 327-330.
- “Institutions and Financial Frictions: Estimating with Structural Restrictions on Firm Value and Investment,” (with Stijn Claessens and Yishay Yafeh), 2014, Journal of Development Economics, vol.110, pp.107-122.
- “Quantifying Structural Subsidy Values for Systemically Important Financial Institutions,” (with Beatrice Weder di Mauro), Journal of Banking and Finance, 2013, vol.37, pp.3830-3842.
- “Banks as Coordinators of Economic Growth and Stability: Microfoundation for Macroeconomy with Externality,” Journal of Economic Theory, 2013, vol.148 (1), pp.322-352.
- “Welfare Gains from Financial Liberalization,” (with Robert M. Townsend), International Economic Review, 2010, vol.51, pp.553-597.
- “Corporate Governance Quality: Trends and Real Effects,” (with Gianni de Nicolo and Luc Laeven), Journal of Financial Intermediation, 2008, vol.17, pp.198-228.
- “The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?” (with Abdul Abiad and Nienke Oomes), Journal of Development Economics, 2008, vol.87, pp.270-282.
- “Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation,” (with Robert M. Townsend), Review of Economic Studies, 2006, vol.73, pp.251-293.
MAJOR WORKING PAPERS
- “Industrial Revolutions and Global Imbalances,” (with Alexander Monge-Naranjo), RIETI Discussion Paper, 2017, 17-E-067.
- “Monopoly Rights and Economic Growth: An Inverted U-Shaped Relation,” (with Stijn Claessens), RIETI Discussion Paper, 2016, 16-E-093, CARF Working Paper F-396.
- “Effects of Unconventional Monetary Policy on Banking Sector Soundness,” (with Frederic Lambert), IMF Working Paper, 2014, WP/14/152.
- “Banks and Labor as Stakeholders: Impact on Economic Performance,” (with Stijn Claessens), IMF Working Paper, 2008, WP/08/229, ECGI Finance Working Paper 220/2008.
- “Life Expectancy and Income Convergence in the World: A Dynamic General Equilibrium Analysis,” IMF Working Paper, 2008, WP/08/158.
- “Are Developing Countries Better Off Spending Their Oil Wealth Upfront?” (with Hajime Takizawa and Edward Gardner), IMF Working Paper, 2004, WP/04/141.
- “Implications of Migration on Income and Welfare of Nationals,” IMF Working Paper, WP/02/215.
- “Transitional Growth with Increasing Inequality and Financial Deepening” (with Robert M. Townsend), IMF Working Paper, 2001, WP/01/108, 2001.
- “Income Distribution, Informal Safety Nets, and Social Expenditures in Uganda” (with Calvin McDonald and Christian Schiller), 1999, IMF Working Paper, WP/99/163, 1999.
IMF OFFICIAL PUBLICATIONS - Global Financial Stability Report
- “How Big is the Implicit Subsidy for Banks Considered Too Important To Fail?” (co-lead author with Frederic Lambert and several other co-authors), Chapter 3, Global Financial Stability Report, IMF, April 2014.
- “Assessing Policies to Revive Credit Markets,” (with several co-authors) Chapter 2, Global Financial Stability Report, IMF, October 2013.
- “Do Central Bank Policies Since the Crisis Carry Risks to Financial Stability?” (with several co-authors) Chapter 3, Global Financial Stability Report, IMF, April 2013.
IMF OFFICIAL PUBLICATIONS - World Economic Outlook
- “The Evolution and Impact of Corporate Governance Quality in Asia,” (with Gianni De Nicolo and Luc Laeven), Box 3.2, World Economic Outlook, IMF, September 2006.
- “Awash with Cash: Why Are Corporate Savings So High?” (with Roberto Cardarelli), Chapter IV, World Economic Outlook, IMF, April 2006.
- “Return on Investment in Industrial and Developing Countries,” (with Robin Brooks), Box 2.2, World Economic Outlook, IMF, September 2005.
- “Financial Deepening and Development,” (with Enrica Detrageache), Box 4.1, World Economic Outlook, IMF, April 2004.
IMF OFFICIAL PUBLICATIONS - Staff Position Note
- “The Economics of Bank Restructuring: Understanding the Options,” (with Augustin Landier), IMF Staff Position Note 09/12, June 2009.
IMF OFFICIAL PUBLICATIONS - Staff Report (contributed as a team member)
- Switzerland: Staff Report, IMF Country Report 08/170, May 2008.
- Unites States: Staff Report, IMF Country Report 04/230. July 2004.
- Fiji: Staff Report, IMF Country Report 03/8, January 2003.
- New Zealand: Staff Report, IMF Country Report 02/71, March 2002.
IMF OFFICIAL PUBLICATIONS - Selected Issues
- “Possible Subordination Effects of Eurosystem Bond Purchases,” (with Nico Valckx and Manmohan Singh), Chapter IV, Euro Area Policies: Selected Issues, IMF Country Report No. 12/182, July 2012.
- “Domestic and Global Perspectives of Migration to the United States,” (with Roberto Cardarelli), Chapter II, The United States: Selected Issues, IMF Country Report 04/228, July 2004.
- “Public Investment and Economic Growth,” (with Eric Parrado) Chapter I, Fiji: Selected Issues, IMF Country Report 03/9, January 2003.
- “Sugar Sector Issues,” Chapter II, Fiji: Selected Issues, IMF Country Report 03/9, January 2003.
- “Implications of Migration on Economic Growth and Welfare of New Zealanders,” Chapter II, New Zealand: Selected Issues, IMF Country Report 02/72, March 2002.
IMF OFFICIAL PUBLICATIONS - Other Policy Papers
- “Monetary Policy in the New Normal,” (a contributor to this policy paper by many co-authors), IMF Staff Discussion Note 14/3, April 2014.
- “Unconventional Monetary Policies—Recent Experience and Prospects,” (a main contributor to this policy paper by many co-authors), April 2013.
- “The Value of the Too-Big-to-Fail Subsidy to Financial Institutions,” (with Beatrice Weder di Mauro), Chapter 6, Financial Sector Taxation: The IMF’s Report to the G-20 and Background Material, Stijn Claessens, Michael Keen, and Ceyla Pazarbasioglu eds, September 2010.
- “Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation” (Reprint of REStud paper with Robert M. Townsend), a chapter in Finance and Growth, Asli Demirgüç-Kunt and Ross Levine eds, The International Library of Critical Writings in Economics series, Edward Elgar Publishing, 2018.
- “Possible Subordination Effects of Eurosystem Bond Purchases,” (Reprint of Chapter IV of IMC Country Report No. 12/182), Chapter 5 in The Mechanics of A Strong Euro Area: IMF Policy Analysis, Petya Koeva Brooks and Mahmood Pradhan eds, IMF, 2015.
- “The Economics of Bank Restructuring: Understanding the Options,” (Reprint of IMF SPN 09/12 with Augustin Landier), Chapter 16 in Financial Crisis: Causes, Consequences, and Policy Responses, Claessens et al. eds., IMF, 2014.
- “The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?” (Reprint of JDE article with Abdul Abiad and Nienke Oomes), Chapter 12 in Macrofinancial Linkages, Crowe et al. eds., IMF, 2010.
- “Corporate Governance Quality: Trends and Real Effects,” (Reprint of JFI article with Gianni de Nicolo and Luc Laeven), Chapter 14 in Macrofinancial Linkages, Crowe et al. eds., IMF, 2010.
- “Allocative Efficiency of Capital across Japanese Firms” (in Japanese with Khaliun Dovchinsuren), 2020, Financial Review, Vol. 142, pp. 3-22; Public Policy Review (English version) 2020, Vol.16, No.7, 2020, pp.1-22.
- “Digital Finance and Banking” (in Japanese), 2020, Chapter 5 in Report on Changes in Business Environment and Diversification of Revenue Sources for Japanese Banks, Financial Research Group, Japan Bankers Association.
- “Sustainability of Economic Growth and Financial Sector” (in Japanese), 2019, Chapter 5 in Report on SDGs and Financial Sector, Financial Research Group, Japan Bankers Association.
- “FinTech and the Financial System” (in Japanese), 2019, Serviceology, Vol. 6, No 2, pp. 14-20.
- “Global Imbalance and IMF’s External Balance Assessment” (in Japanese with Takahiro Hattori), 2019, PRI Discussion Paper, 19A-06.
- “On the External Sector Assessment by the IMF” (in Japanese with Takahiro Hattori), 2018, Finance, June, pp. 66-73.
- “Trumponomics to Nihon Keizai” (in Japanese with Tokuo Iwaisako, Daiji Kawaguchi, Kozo Kiyota, and Naohiko Baba), panel discussion in Japanese Economic Association Meeting, a chapter in Gendai Keizaigaku no Choryu, Ohashi et. al., eds., Toyo Keizai Shinposha, 2018.
- “Comment on ‘Is China’s Development Finance a Challenge to the International Order?’” Asian Economic Policy Review, 2018, Vol. 13, pp. 299-300.
- User Manual for the Corporate Sector Vulnerability Utility, First version: April 2005 (with Robin Brooks); Updated version: March 2011 (updated only by myself), IMF internal document.
- Increasing Returns, Long-Run Growth, and Financial Intermediation, Ph.D. dissertation, the University of Chicago, June 2000.
- Nihon-no-Kokusai (Japanese Government Bonds, a book in Japanese, coauthored with members of Government Debt Division, Ministry of Finance), Okura-Zaimu-Kyokai, Tokyo, 1992.
MEDIA APPEARANCES (excl. IMF official publications)
- Nihon Keizai Shimbun(a Japanese newspaper)
Keizai-Kyoshitsu (Economics Column), October 5, 2020; October 9, 2019; July 29, 2016; June 17, 2015. Shiken-Takken (Op-Eds), June 1, 2020.
- AERA (a Japanese weekly news magazine), February 2, 2021.
- BS Japan (TV) Nikkei-FT Saturday 9, December 10, 2016.
- NHK (TV) World Newsline, January 7, 2016.
- NHK (TV) Nichiyo Toron (Sunday Debate), July 5, 2015.
- BS11 (TV) Hodo Live 21, July 1, 2015.
- Nikkei (newspaper) Keizai-Kyoshitu (Economics Column) on June 17, 2015, July 29, 2016.
- Op-Eds in Nikkei Business (a Japanese weekly magazine) on October 5, 2009, March 22, 2010, October 18, 2010, and March 21, 2011; as well as in Nikkei Business Online on January 31, 2012, December 16, 2013, and March 23, 2015, July 7, 2015. Three articles are reprinted in Atarashii Keizai no Kyokasho, 2011, 2012, and 2014 editions, by Nikkei Business Publications.
- Op-Eds in Vox EU on July 25, 2009 (with Augustin Landier).
- Cited in The Guardian (August 19, 2014) on IMF WP 14/152.
- Cited in Bloomberg (online, February 20, March 12, and Magazine April Issue, 2013), New York Times (online, February 28, 2013), among others, on IMF WP 12/128. This led to US Senate amendment to the budget bill on March 22, 2013, proposed by Senators Brown and Vitter (IMF WP 12/128 was officially cited in their proposal).
- Cited in Wall Street Journal (online, July 24, 2012) on Chapter IV, IMF Country Report 12/182.
- Cited in Bloomberg (online, June 18, 2012) on IMF WP 12/128.
- Cited in Le Monde (June 10, 2009) and Les Echos (June 9, 2009) on IMF SPN 09/12.
Other Professional Activities and Awards
- Membership: American Economic Association
- Membership: Econometric Society
- Membership: Japanese Economics Association
Selected Research Presentations after 2010
Digital Currency & Finance Workshop at U Tokyo, Kanto Macro Seminar at Waseda University
IMF･OAP-PRI Economics Workshop on Sovereign and Corporate Debt in Tokyo**, RIETI, Japanese Economic Association Spring Meeting at Kyushu University (online), TWID International Finance Conference at U Tokyo, Productivity Research Network Conference in Tokyo (online)**, UBRI Conference at U London (online), Japanese Economic Association Fall Meeting at Taisho University (online), 1st International Macro/Finance and Sovereign Debt Workshop in East Asia at Sogan University (online).
G20 Global Financial Stability Conference in Seoul***, NBER-TCER-CEPR (TRIO) Conference at U Tokyo, FRB St. Louis*, ABFER Conference in Singapore, Policy Research Institute, BOJ-UTokyo Conference at BOJ**, Symposium on Consumption Tax at U Tokyo***
Chicago-Tokyo Symposium at the University of Chicago, ABFER Conference in Singapore, SAET conference at Academia Sinica Taiwan, NBER-EASE Conference in Seoul, Corporate Governance Conference at Hitotsubashi University, Journal of Law, Finance, and Accounting Conference at University of Padova, University of Tokyo and Seoul National University Joint Conference in Tokyo, Symposium on Financial System at the University of Tokyo*** (panel discussion is published in NBL, No.1134, pp.23-28, 2018)
NBER-TCER-CEPR Conference on Corporate Governance**, Econometric Society North American Summer Meeting at Washington University, Productivity Research Network Workshop at Singapore National University, AMRO, Econometric Society Asian Meeting at Chinese University of Hong Kong, Global Corporate Governance Colloquia at the U Tokyo**, IMF Conference on Labor and Product Market Reforms in Advanced Economies**.
Kanto Macro Seminar at Gakushuin University, RIETI, Institute of Statistical Research, Japan Association of Applied Economics Annual Conference, Association IMF-U Tokyo Conference on Global Economy and China**, IMF-U Tokyo Conference on Coping with Macroeconomic Vulnerabilities and Spillovers**, JIMF Tokyo Conference on the Pacific Rim and the Global Economy**, CEPR-RIETI Workshop on Brexit**.
University of Vienna, IMF, RIETI, SUERF/OeNB/BWG Conference on Asset-Liability Management with Ultra-Low Interest Rates*,ADBI-OECD Roundtable on Capital Market Reform and Financial Reform in Asia**, Conference honoring the scholarship of Robert M. Townsend at the FRB Chicago and the University of Chicago, NBER East Asian Seminar at FRB San Francisco, NBER-TCER-CEPR Conference on International Finance in the Global Markets**, MOFIR Conference at RIETI, Japanese Economic Association Fall Meeting at Sophia University, Latvia Central Bank Conference “Quo vadis Europe? How to achieve growth in high debt environment?”**, Kansai Macro Seminar at Osaka University, DSGE Conference at Tokai University Kumamoto Campus.
Institute of International Finance, Keio University, Hitotsubashi University.
Georgetown Center for Economic Research Annual Conference; FRB Minneapolis Conference on Quantifying the TBTF Subsidy; FRB St. Louis; FRB Richmond; University of Tokyo.
Paris School of Economics; Finlawmetrics Conference at Bocconi University; BIS-CEPR-JFI Workshop on Banks—How big is big enough?
MIT; Georgetown; FRB Boston; Georgetown Center for Economic Research Annual Conference; Econometric Society Winter Meeting in Denver.
Michigan State; George Washington; World Congress of Econometric Society in Shanghai, Society for Economic Dynamics Annual Meeting in Montreal; Dubrovnik Economic Conference; Annual Research Conference at the Central Bank of Netherland; Workshop on Financial Underpinnings of Macro Models at MIT.
- Program Committee Member, Japanese Economic Association Fall Meeting, 2015.
- Co-Organizer, IMF/WB/CFSP Conference on Financial Deepening, Macro-Stability, and Growth in Developing Countries, IMF, September 24, 2012.
- Co-Organizer, CFSP Workshop on Savings and Financial Underpinnings of Macro Models, Bretton Woods Hotel, NH, August 28-29, 2011.
- Co-Organizer, CFSP Workshop on Financial Underpinnings of Macro Models, MIT, October 22-23, 2010.
- Co-Organizer, Conference on Macroeconomic and Policy Challenges Following Financial Meltdowns, IMF, April 3, 2009.
- Selected to a collective volume: “Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation” (Reprint of REStud paper with Robert M. Townsend), a chapter in Finance and Growth, Asli Demirgüç-Kunt and Ross Levine eds, The International Library of Critical Writings in Economics series, Edward Elgar Publishing, 2018.