KEIO RESEARCHERS INFORMATION SYSTEM

Profile 【 Display / hide 】

Profile 【 Display / hide 】

• PhD. Johns Hopkins University, 1979 (Thesis supervisor, Sir Alan Walters, British Prime Minister Margaret Thatcher's Chief Economic Advisor)
  Assistant Professor, State University of New York at Buffalo (1979-1981)
  Associate Professor, GRIPS (1982-1990)
  Professor, Faculty of Economics, Keio University (1991-2014)
  Dean & CEO, Asian Development Bank Institute(ADBI) (2014-2020)
  Professor Emeritus, Keio University (Economics) (since 2014-present)
  Visiting Professor, New South Wales University, Australia
  visiting Professor, Science Po, Paris, France
  Visiting Professor, Goteborg University, Sweden
  Visiting Professor, Martin Luther University of Halle-Wittenberg, Germany
  Visiting Professsor, University of Malaya, Kebansan, Malaysia
  Visiting Scholar, MIT, USA
  Visiting Scholar, Central Bank of Japan (Research Institute)
  Green Finance Lifetime Achievement Award, 2021 (Central Award: European Green Finance Conference, Central Bank of Hungary, Planet Budapest Sustainable EXPO Summit, December 2021)

Profile Summary 【 Display / hide 】

Profile Summary 【 Display / hide 】

• Green Finance, Infrastructure Finance, Fiscal sustainability, Postal Savings, Fiscal Policy, Monetary Policy, Exchange Rate System'''''''

Other Affiliation 【 Display / hide 】

Other Affiliation 【 Display / hide 】

• 2020-Present,Visiting Lecturer, University of Toyo, Graduate School of Public Policy

• 2020-Present, Visiting Professor of GRIPS, (National Graduate Institute of Policy Studies)

• 2020-Present, Director, Financial Research Center, FSA, Government of Japan

Career 【 Display / hide 】

Career 【 Display / hide 】

• 1979

  -

  1981

  Assistant Professor State University of New York at Buffalo

• 1982

  -

  1990

  Associate Professor Graduate school of Policy Science Saitama University

• 1990.04

  -

  1991.03

  Associate Professor, Keio University, Faculty of Economics, Associate Professor

• 1991.04

  -

  2014.03

  Professor of Economics, Keio University, Professor

• 1991.04

  -

  2014.03

  Graduate School of economics, Keio University, 教授

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Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1973.03

  Tohoku University, Faculty of Economics

  University, Graduated

• 1975.03

  Tohoku University, 経済学部

  Graduate School, Completed, Master's course

• 1975.09

  -

  1979.03

  Johns Hopkins University, Graduate School of Economics, Graduate School, PhD in Economics

  United States, Graduate School, Graduated, Doctoral course

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

• PhD(Economics,Johns Hopkins University), Johns Hopkins University, Coursework, 1979.03

• Honorary Doctorate (Goteborg University, Sweden), Goteborg University, Sweden, Dissertation, 2004.10

• Honorary Doctorate Martin Luther University of Hale Wittenberg (Germany), Martin Luther University of Halle-Wittenberg (Germany), Dissertation, 2013

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Public economics and labor economics

• Humanities & Social Sciences / Money and finance

• Monetary and Fiscal Policy

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Public Finance

• Fiscal and Monetary Economics

• Fiscal Policy

• Monetary Policy

• Money and Banking

Research Themes 【 Display / hide 】

Research Themes 【 Display / hide 】

• Green Finance, Infrastructure Finance, SME industries, Infra finance(Revenu Bond),Asian Bond Market, Basket Currency System, Fiscal Investment and Loan Program, Postal Savings, Effectiveness of Public Works, 

  2002

  -

  Present

  　View Summary

  Green Finance, Infrastructure finance, A comparative analysis of Floating exchange Rate and Basket-peg, Asian Bond Market, Effectiveness of Public Works, Revenue Bond

Books 【 Display / hide 】

Books 【 Display / hide 】

• Studies in International Economics and Finance

  Naoyuki Yoshino, Rajendra Paramanik and Anooop Kumar, Springer, 2022.04,  Page： 662

  , Accepted

  　View Summary

  The Indian economy is one of the fastest growing economies of the world with India being an important g-20 member. This festschrift volume has 32 chapters and covers a wide range of topics in international economics and finance. The papers were presented in a virtual conference which was jointly organized by Indian Institute of Technology and Gulati Institute of Finance and Technology.

  • Access to Document (DOI)

• Investment in startups and small business financing

  Taghizadeh-Hesary F., Yoshino N., Kim C.J., Morgan P.J., Yoon D., Investment In Startups And Small Business Financing, 2021.08

  　View Summary

  Successful startups and small businesses can play a significant role in economic growth and job creation. They also contribute to economic dynamism by spurring innovation and injecting competition. Startups are known to introduce new products and services that can create new value in the economy. It is notable that most startups exit within their first ten years, and most surviving young businesses do not grow but remain small. Startups and small businesses face several obstacles to their development. Accessing capital is a crucial constraint on their growth. Most startups and small businesses have difficulties getting the funds they need because of their lack of a performance track record and lack of collateral, making it difficult for lenders or investors to assess their risk. Besides, they are in the early stages of development and face a very high possibility of failure, which significantly raises financing and investment risk. Investment in Startups and Small Business Financing provides 12 thematic and case studies on new methods for bringing private investment (loans or equity) to startups and easing small businesses' access to finance (debt and capital). The contributors are senior-level policy experts and researchers from governments, think tanks, academia, and international organizations. The chapters are authored in a policy-oriented way to be understandable for the readers with a different background. This book is a precious source for the governments for adopting the right policies to develop small businesses and startups and valuable for the researchers in economics, business, and finance.

  • Access to Document (DOI)

• DEVELOPING INFRASTRUCTURE IN CENTRAL ASIA Impacts and Financing Mechanisms

  Naoyuki YOSHINO, Bihong Huang, Dina Azghayeva, Asian development Bank Institute, 2021

• Reforming State Owned Enterprises in Asia, Springer

  Springer, 2021

• Utilising Green Finance for Sustainability: Empirical Analysis of the Characteristics of Green Bond Markets

  Taghizadeh-Hesary F., Mortha A., Yoshino N., Phoumin H., Economics, Law, and Institutions in Asia Pacific, 2021

  　View Summary

  With increasing concern over climate change, many see green finance as a solution to fund sustainable projects. In particular, green bonds—a type of debt instrument which aims to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highlights the high level of risks and low returns associated with this instrument. This research investigates green bonds’ characteristics, depending on the issuing region, with a special focus on Asia and the Pacific. Our findings prove that green bonds in Asia tend to show higher returns but higher risks and higher heterogeneity. Generally, the Asian green bonds market is dominated by the banking sector, representing 60% of all issuance. Given that bonds issued by this sector tend to show lower returns than average, we recommend policies that could increase the rate of return of bonds issued by the banking sector through the use of tax spillover. Diversification of issuers, with higher participation from the public sector or de-risking policies, could also be considered.

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Papers 【 Display / hide 】

Papers 【 Display / hide 】

• Nonlinear tail dependence between the housing and energy markets

  Stenvall D., Hedström A., Yoshino N., Uddin G.S., Taghizadeh-Hesary F.

  Energy Economics （Energy Economics)  106 2022.02

  Research paper (scientific journal), Joint Work,  ISSN  01409883

  　View Summary

  This paper examines the quantile dependence between energy commodities (oil, coal, and natural gas) and the real housing returns of the nine US census divisions for the period 1991–2019. In contrast to the literature on the association between oil and housing markets, we contribute by studying the effect of additional commodities on the housing market returns. We use a cross-quantilogram and quantile regression approach and find regional variation in the impact of energy commodities on housing returns. The effect within the same region varies over the quantile distributions. In general, we observe that all energy commodities are negatively associated with real housing returns. Significant correlations are found more often when the oil and housing returns are in similar quantiles. Coal and natural gas show a stronger relationship with higher quantiles of housing returns. Further, the results for coal and natural gas remains relatively stable after controlling for macroeconomic variables.

  • Access to Document (DOI)

• LEVERAGING ON ENERGY SECURITY TO ALLEVIATE POVERTY IN ASIAN ECONOMIES

  Taghizadeh-Hesary Farhad, Zakari Abdulrasheed, Yoshino Naoyuki, Khan Irfan

  SINGAPORE ECONOMIC REVIEW （Singapore Economic Review)   2022.01

  Research paper (scientific journal), Joint Work,  ISSN  0217-5908

  　View Summary

  This study examines the role of energy security in poverty reduction in the 12 poorest Asian economies from 2000 to 2019. We postulated an energy security index using principal component analysis. We adopted the system generalized method of a moment technique to manage endogeneity and dynamism in the model. For robustness, we applied a panel-corrected standard error (PCSE). We found a negative relationship between energy security and poverty reduction, suggesting that energy security helps reduce poverty. We conclude that energy security promotes sustainable poverty alleviation and recommends feed-in tariffs, net metering, tax credits, and energy resource diversification away from fossil fuels.

  • Access to Document (DOI)

• Greenness, mood, and portfolio allocation: A cross-country analysis

  Mumtaz M.Z., Yoshino N.

  Environmental Challenges （Environmental Challenges)  5 2021.12

  Research paper (scientific journal), Joint Work

  　View Summary

  This study estimates the utility function, including the rate of return, riskiness, greenness, and mood across selected countries. We incorporate mood as investors’ sensitivity or momentum towards environmental issues. This study assumes that higher sensitivity of environmental issues compels the firms to follow green measures. We report that the proportion of investment is higher if the firms account for greenness measures. This study compares the results of five Asian economies and reports that Japanese and South Korean firms are following the greenness measures. However, the firms locating in developing countries are far behind in implementing greenness measures. Our regression results also suggest that greenness and mood x greenness positively influence stock returns.

  • Access to Document (DOI)

• Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

  Taghizadeh-Hesary F., Yoshino N., Rasoulinezhad E., Rimaud C.

  Global Finance Journal （Global Finance Journal)  50 2021.11

  Research paper (scientific journal), Joint Work,  ISSN  10440283

  　View Summary

  Investment volume in green projects, specifically in the green electricity market, suffers from limitations such as inadequate long-term financing, various risks, and a low rate of return on investment. Renewable energy power purchase agreements (PPAs), as a direct legal contract between a power provider and a power buyer, are one of the most popular instruments to increase investment. In this study, we model an adjusted PPA in the local currency framework to lower exchange rate risk and incremental tariffs by having the government pay part of the spillover tax revenues to the PPA, leading to a higher return on investment. The major conclusion of this study is that the use of tax revenue through the spillover effect of green electricity supply is a suitable source of financing for PPAs. As one policy implication, we recommend that developing countries allocate 50% of the tax revenue originating from power supply and adopt incremental PPAs to encourage private investment in green projects.

  • Access to Document (DOI)

• Determinants of the Russia and Asia–Pacific energy trade

  Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Sarker T., Mirza N.

  Energy Strategy Reviews （Energy Strategy Reviews)  38 2021.11

  Research paper (scientific journal), Joint Work,  ISSN  2211467X

  　View Summary

  Asia remained the largest energy consumer in 2020. The Russian Federation hopes to gain a greater share of the Asian energy market. This study examined the Russian Federation–Asia and Pacific energy trade patterns using gravity trade theory and GMM panel estimation for 17 selected Asia and Pacific economies. We found that the Russian Federation's energy exports to the Asia–Pacific region (APR) followed the Linder hypothesis, and economic growth positively influenced Russian energy exports in the region. Furthermore, The results indicated that the sanctions against Russia since 2014 stimulated an increase in Russian energy exports to the APR. To improve the region's energy security, we recommend developing an energy trading hub in the APR to increase regional pricing power.

  • Access to Document (DOI)

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Papers, etc., Registered in KOARA 【 Display / hide 】

Papers, etc., Registered in KOARA 【 Display / hide 】

• Optimal basel capital requirement ratio and economic effect of infrastructure investment

  Yoshino, Naoyuki

  Mita journal of economics （慶應義塾経済学会)  107 （ 2 ） 139(1) - 156(18) 2014.07

  ISSN  00266760

• Optimal premiums for the deposit insurance system : an empirical work on the deposit insurance system of Japan

  Yoshino, Naoyuki

  Keio Economic Society discussion paper series （Keio Economic Society, Keio University)  13 （ 1 ）  2013

• An Empirical Analysis of Japanese Banking Behavior in a Period of Financial Instability

  Yoshino, Naoyuki

  Keio economic studies （Keio Economic Society, Keio University)  45   1 - 15 2008

  ISSN  00229709

• The Optimal Exchange Rate System in a Model of Two Countries with the Rest of the World : A Comparative Analysis of the Fixed Exchange Rate , Basket-Peg and Flexible Exchange Rate Regimes

  YOSHINO, Naoyuki

  Keio economic studies （Keio Economic Society, Keio University)  41 （ 2 ） 27 - 75 2004

  ISSN  00229709

• Strategies for efficient use of social capital

  Yoshino, Naoyuki

  Keio journal of economics （慶應義塾経済学会)  93 （ 1 ） 91 - 107 2000.04

  ISSN  00266760

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Reviews, Commentaries, etc. 【 Display / hide 】

Reviews, Commentaries, etc. 【 Display / hide 】

• Introduction

  Taghizadeh-Hesary F., Panthamit N., Yoshino N.

  Economics, Law, and Institutions in Asia Pacific (Economics, Law, and Institutions in Asia Pacific)     vii - xi 2021

  Article, review, commentary, editorial, etc. (scientific journal),  ISSN  21998620

• Introduction: Investment in Startups and Small Business Financing

  Taghizadeh-Hesary F., Yoshino N., Kim C.J., Morgan P.J., Yoon D.

  World Scientific Series in Finance (World Scientific Series in Finance)  17   IX - XVII 2021

  Article, review, commentary, editorial, etc. (scientific journal),  ISSN  20101082

• Introduction: Energy efficiency financing and market-based instruments

  Liu Y., Taghizadeh-Hesary F., Yoshino N.

  Economics, Law, and Institutions in Asia Pacific (Economics, Law, and Institutions in Asia Pacific)     v - x 2021

  Article, review, commentary, editorial, etc. (scientific journal),  ISSN  21998620

• Comments on reforms and crises in government statistics: The case of japan

  Yoshino N.

  Asian Economic Papers (Asian Economic Papers)  19 ( 2 ) 38 - 40 2020.06

  Article, review, commentary, editorial, etc. (scientific journal),  ISSN  15353516

  • Access to Document (DOI)

• Regional economic integration in asia: Challenges and recommended policies

  Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan

  Journal of Economic Integration (Journal of Economic Integration)  35 ( 1 ) 1 - 9 2020.03

  Article, review, commentary, editorial, etc. (scientific journal), Joint Work,  ISSN  1225651X

  　View Summary

  © 2020-Center for Economic Integration, Sejong Institution, Sejong University, All Rights Reserved. Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of economic growth. Strengthening regional cooperation and integration in different Asian sub-regions offers great potential for eliminating poverty and achieving inclusive and sustainable development. Hurdles remain, however, for further integration. The willingness to commit to “unity in diversity” is important to overcoming this, requiring the acceptance of cultural, linguistic, social, religious, and political differences. Such complex unities have been achieved in the European Union (EU) and elsewhere (Fella, 2002). Currently, in most Asian sub-regions, such political ambitions for economic integration have been scarce. This implies that a more cautious approach is needed in Asia than in other places. However, by studying the European context, we can derive valuable lessons for better fostering economic integration. Regional economic integration should first ensure the maximization of benefits for all participants. With this, complete cooperation is required to develop an effective and uniform regional business environment. Second, a well-developed infrastructure with an absence of trade barriers is needed. Various Asian sub-regions (e.g., Central and South Asia), however, suffer from a lack of infrastructure, which hinders trade opportunities. Difficulties in accessing capital also presents a key obstacle. In this regard, the role of infrastructure financing is very important. In the EU, their European Investment Bank maintains equitable financing for intra-EU projects. Open engagements with partner countries also play a key role. Third, over the past 30 years, different institutional mechanisms have sprung into existence in Europe that have created the basis for strategic economic integration. Such institutional mechanisms and initiatives are needed in Asia.

  • Access to Document (DOI)

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Research Projects of Competitive Funds, etc. 【 Display / hide 】

Research Projects of Competitive Funds, etc. 【 Display / hide 】

• Efficiency of Regional Financial Market and the Impact of the Covid-19 Infections

  2021.04

  -

  2024.03

  Hitotsubashi University, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), No Setting

  　View Summary

  地域経済で大きな役割が期待される地域金融機関は、地域金融市場の構造変化の中で変革が求められている。少子高齢化による人口構造の変化が、地方企業の生産活動低下をもたらし、借入需要の減退へと結びついている。本研究課題では「貸出市場をどのように捉えるか」「預金を受け入れて貸し出す金融機関は地域金融市場でどのような仲介機能を発揮しているか」「個々の金融機関や地域金融市場は、地域経済にどのような影響をもたらしているか」という3つの問いに答えることを目指す。

• 21-COE

  2003

  -

  2005

  Research grant, Principal investigator

• COE

  2000

  -

  2002

  Research grant, Principal investigator

Awards 【 Display / hide 】

Awards 【 Display / hide 】

• Green Finance Lifetime Achievement Scientific Award

  Naoyuki YOSHINO, 2021.12, Central Bank of Hungary (Central European Green Finance Conference, Planet Budapest 2021 EXPO), The first Green Finance Lifetime Achievement Scientific Award

  Type of Award： Award from international society, conference, symposium, etc.,  Country： Hungary

  　View Description

  Contribution to the field of Green Finance Research

• International Green Finance Lifetime Achievement Award

  Naoyuki YOSHINO, 2021.12, Central Bank of Hungary, Planet Budapest sustainable EXPO summit 2021, Green Finance

• Honorary Doctorate, Martin Luther University of Halle Wittenberg

  2013

  Type of Award： International academic award (Japan or overseas)

• Fukuzawa Award

  2013, Keio University

  Type of Award： Keio commendation etc.

• Honorary Doctorate, Goteborg University, Sweden

  YOSHINO NAOYUKI, 2004, Optimal Exchange Rate System in Asian Region

  Type of Award： International academic award (Japan or overseas)

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Educational Activities and Special Notes 【 Display / hide 】

Educational Activities and Special Notes 【 Display / hide 】

• Financial Asset Market:2000-2014

  2000

  -

  2014

• Seminar Class

  1990

  -

  2014

• Monetary Economics

  1990

  -

  2014

Social Activities 【 Display / hide 】

Social Activities 【 Display / hide 】

• 金融庁金融研究センター

  2020

  -

  Present

  　View Summary

  金融庁

• 財務省、国債市場の在り方懇談会

  2015

  -

  Present

  　View Summary

  財務省理財局

• 財務省、国有財産審議会

  2005

  -

  2013

  　View Summary

  財務省理財局

• 文部科学省、中央教育審議会

  2004

  -

  2008

  　View Summary

  文部科学省

• 財務省、関税・外国為替審議会

  2004

  -

  2008

  　View Summary

  財務省国際局

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Media Coverage 【 Display / hide 】

Media Coverage 【 Display / hide 】

• 金融庁金融審議会

  2009.

• 財務省/国債投資家懇談会

  2004.

Memberships in Academic Societies 【 Display / hide 】

Memberships in Academic Societies 【 Display / hide 】

• Japan Academic Association of Financial Planning , 

  2015

  -

  Present

• 日本ファイナンス学会, 

  2010

  -

  Present

• Japan Association of Financial Planning, 

  2010

  -

  Present

• 日本金融学会, 

  2001

  -

  Present

• 生活経済学会, 

  2000

  -

  Present

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Committee Experiences 【 Display / hide 】

Committee Experiences 【 Display / hide 】

• 2020

  -

  Present

  金融庁金融研究センター長, 金融庁研究センター

  　View Remarks

  金融庁

• 2018

  -

  Present

  Presidend, Japan Association of Financial Planning

• 2015

  -

  Present

  会長, 日本FP学会(日本Financial Planning学会)

  　View Remarks

  日本ＦＰ学会

• 2010

  -

  Present

  Chair person, Meeting on JGB Investers

• 2005

  -

  2014

  委員, 財務省、国有財産審議会

  　View Remarks

  財務省理財局

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